Flutter Reports $1.15bn quarterly loss as Brazil ban hits earnings
Flutter Entertainment has reported a $1.15 billion net loss for the third quarter of 2026 after recording substantial impairment charges related to the closure of its Brazilian gambling operations.
The company reported revenue of $3.87 billion for the three months ending September 30, an increase of 2% year-on-year, however, adjusted EBITDA declined 25% to $360 million, while the net loss widened from $789 million in the corresponding period last year.
Flutter Chief executive Dan Taylor, who assumed the role in October, has identified strengthening the company’s US position, developing prediction-market opportunities and simplifying operations as priorities.
“It is a privilege to take on the role of Flutter CEO. I know this business and the industry well, and I have a clear view of our strengths, where we need to improve, and where the biggest opportunities lie,” he said.
“Online betting and gaming is still a relatively young industry, with significant room to grow as markets develop and customer behavior evolves. Flutter enters its next phase from a position of strength. We have leading businesses in many of the world’s most attractive markets, great brands and scale advantages that few others can match. Our job now is to make more of those advantages.
“Our Q3 performance gives me confidence that we are moving in the right direction. In the US, our sportsbook improvement plan is delivering early but tangible progress in customer engagement and performance. Our International business continues to benefit from strong underlying momentum and the impact of our cost transformation programs.”
Flutter recorded $873 million in non-cash impairment charges relating to Brazil following the government’s September 25 provisional measure banning online sports betting and casino gaming.
The company also recognised a $105 million increase in legal loss contingencies associated with an Australian class action.
Flutter reduced its full-year revenue guidance midpoint by $300 million to $17.61 billion, while its adjusted EBITDA forecast was lowered by $160 million to $2.495 billion.
The company attributed the revisions to unfavourable sporting results and the closure of its Brazilian operations.
US revenue increased 6% to $1.46 billion, although adjusted EBITDA in the division fell sharply to $3 million.
Flutter has also suspended its share buyback programme as it prioritises debt reduction, investment and operational savings.
