Flutter cuts FY2026 guidance after Brazil ban and weak sports results

Flutter Entertainment reduced its FY2026 guidance after unfavourable sports results and Brazil’s betting ban hit its Q3 results, iGaming Business reported. Flutter posted a net loss of $1.15 billion during the three months ending 30 September. Revenue edged up 2% to $3.87 billion, but $873 million in non-cash impairment charges relating to its Brazilian business left the loss higher than the $789 million posted in Q3 2025.

Brazil impairment and guidance cut

$537 million of Flutter’s post-tax impairment charge was attributable to its 56% stake in Flutter Brazil. In response to the ban, Flutter closed its Betfair business in Brazil, with Betnacional now its sole brand in the market. Adjusted EBITDA fell 25% during Q3 to $360 million. The company lowered its full-year revenue guidance midpoint by $300 million to $17.61 billion and reduced full-year adjusted EBITDA guidance by $160 million to $2.495 billion.

CEO Dan Taylor, who replaced Peter Jackson on 1 October, said the company was “very disappointed” with the provisional measure that banned betting in Brazil. Taylor said: “In response, we have acted decisively; our operations are currently closed, and we have paused all discretionary and uncommitted spend.”

US and UK&I

Flutter’s US revenue through its FanDuel brand rose 6% to $1.46 billion, while FanDuel’s adjusted EBITDA dropped 94% to $3 million. FanDuel Predicts had 66,000 average monthly players across Q3, a 39% quarter-on-quarter rise. UK&I revenue increased 4% to $889 million during Q3 as iGaming revenue surged by 12%, offsetting a 6% decline in sportsbook revenue. Last month, Flutter announced a business restructure in which 1,400 jobs could be lost across its UK&I operations.