Flutter Entertainment, the owner of FanDuel, Sky Bet, Paddy Power and Betfair, lowered its forecasts for 2026 when it reported third-quarter results on 4 November. The group pointed to three pressures at once: sports results that went the way of customers, the closure of its business in Brazil, and higher online gambling tax in the UK.
The quarter in numbers
Group revenue for the three months to 30 September rose 2% to $3,874 million, according to the results filed with the US Securities and Exchange Commission. Adjusted EBITDA, the profit measure Flutter uses, fell 25% to $360 million, and the group’s net loss widened to $1,148 million from $789 million a year earlier.
Most of that loss came from $873 million of non-cash impairment charges linked to Brazil, of which $537 million after tax falls to Flutter, which owns 56% of its Brazilian business. Flutter shut its Brazilian operations on 26 September, the day after the government banned online sports betting and casino games by provisional measure. It has also closed Betfair there, leaving Betnacional as its only Brazilian brand. Our earlier report covers how Brazil’s ban came about.
UK sportsbook revenue falls
In the UK and Ireland, revenue rose 4% to $889 million, but the mix shifted. Sportsbook revenue fell 6% to $309 million, while online casino and gaming revenue grew 12% to $540 million.
Profit in Flutter’s International division, which includes the UK and Ireland, fell 14% to $435 million. Flutter said the main cause was Remote Gaming Duty on online casino rising from 21% to 40% in April 2026, partly offset by tax mitigation and cost savings. iGaming Business reported that chief executive Dan Taylor, who took over from Peter Jackson on 1 October, described a restructuring of the UK and Ireland business, including up to 1,400 job cuts announced in October, as right-sizing it for the higher-tax market. Our story on the latest Budget sets out the wider tax changes, including the new online betting duty due in April 2027.
FanDuel profit nearly wiped out
In the US, FanDuel’s revenue grew 6% to $1,455 million, but adjusted EBITDA fell to $3 million from $51 million a year earlier. Flutter also expects its prediction markets product, FanDuel Predicts, to lose about $200 million on an adjusted EBITDA basis in 2026, with similar or higher spending in 2027.
For the full year, Flutter cut the midpoint of its revenue guidance by $300 million to $17.61 billion and its adjusted EBITDA midpoint by $160 million to $2.495 billion. It has paused share buybacks for the foreseeable future and set a new target of a further $500 million in cost and capital spending savings by 2029. The company said sports results early in the fourth quarter had also been unfavourable.
What it means for players
The results do not change how Flutter’s brands operate in licensed markets such as the UK, Ireland and the US. The exception is Brazil, where Flutter has shut its operations since the ban, closed Betfair and kept Betnacional as its only brand in case the market reopens.
What the figures do show is a business under cost pressure. Flutter says its new $500 million savings target will come from AI adoption, organisational restructuring and simpler technology, on top of the UK and Ireland job cuts. Whichever brand you use, it is worth reading each offer’s terms when you claim it and comparing prices across licensed bookmakers rather than relying on habit. Our reviews of Sky Bet, Paddy Power, Betfair and FanDuel cover their current offers, licences and payment options.
Sources
- Flutter Entertainment plc Form 8-K, Exhibit 99.1: Q3 2026 results (US Securities and Exchange Commission (Flutter Entertainment))
- Flutter cuts FY26 guidance as Brazil exit and sports results hit Q3 earnings (iGaming Business)
Written in our own words from the sources above. Spotted an error? Tell us and we will correct it and log it on our corrections page.
About the author
The BettingSeeker News Desk covers regulation, operator news and safer gambling developments in the UK, the US and Canada. Every story is based on primary sources such as regulator announcements, government publications and company filings, or on reporting by established news outlets, and every source is linked at the end of the article.
- Gambling regulation in the UK, US and Canada
- Sports betting and online casino legalisation
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