Flutter posts $1.14bn Q3 net loss as Brazil closure dents revenue
Full-year revenue and adjusted EBITDA guidance cut after Brazil market closure and India exit.
Key Takeaways
- Flutter reported a Q3 net loss of $1.14bn with group revenue of $3.87bn and adjusted EBITDA of $360m.
- Full‑year 2026 revenue guidance was cut to $17.61bn, about $300m below the prior forecast.
- Adjusted EBITDA guidance was reduced by about $160m to $2.50bn.
- US operations led Q3 growth with revenue up 6% to $1.46bn and US iGaming revenue rising 8% to $572m.
- Brazil recorded a 31% revenue decline ahead of the market closure and betting ban.
Flutter Entertainment reported a net loss of $1.14bn in the third quarter, and on 5 November 2026 the group cut full-year revenue and adjusted EBITDA guidance after the closure of Brazil’s regulated betting market. Group revenue in Q3 rose 2% year‑on‑year to $3.87bn, while adjusted EBITDA fell 25% to $360m.
Results and guidance update
Flutter now expects full‑year 2026 revenue of $17.61bn, approximately $300m below its prior forecast, and has reduced adjusted EBITDA guidance by about $160m to $2.50bn. The company said the revisions follow the closure of Brazil’s regulated market and other portfolio moves.
"Flutter enters its next phase from a position of strength," said Dan Taylor. "Our job now is to make more of those advantages."
Regional performance and product notes
US operations delivered the strongest Q3 growth, with revenue up 6% to $1.46bn. Sportsbook revenue in the US increased 4% to $817m and handle rose 3% to $12.02bn. US iGaming revenue climbed 8% to $572m, with player frequency up 12% supported by exclusive content. The group also reported $66m from other activities, a 20% year‑on‑year increase, citing progress at FanDuel Predicts after product improvements and partnerships with Crypto.com and the FanDuel One App.
International revenue totalled $2.42bn in Q3. Sportsbook revenue in international markets fell 2% to $963m despite an 8% rise in handle to $8.57bn. International iGaming revenue increased 1% to $1.38bn, a figure that the company said reflects an exit from India in August 2026 while organic iGaming grew 3%.
Revenue rose 4% in the UK and Ireland and 13% in Southeast Asia; Asia‑Pacific revenue declined 4%. Brazil registered a 31% decrease ahead of the market closure and betting ban.
"In the US, our sportsbook improvement plan is delivering early but tangible progress in customer engagement and performance," Taylor added.
Priorities going forward
The group said its priorities are to build on US leadership, capture prediction markets, unlock more value from its international portfolio and simplify operations. Delivering those priorities, the company said, will require faster execution, tough decisions and disciplined investment.
Frequently Asked Questions
When did Flutter announce the Q3 results and guidance change?
Flutter announced the third‑quarter results and guidance revision on 5 November 2026. The company reported a net loss of $1.14bn for Q3 and cut full‑year revenue and adjusted EBITDA guidance the same day.
How much did Flutter reduce its full‑year revenue and adjusted EBITDA forecasts by?
Flutter lowered its full‑year 2026 revenue forecast to $17.61bn, approximately $300m below its previous forecast, and reduced adjusted EBITDA guidance by around $160m to $2.50bn.
Which region delivered the strongest growth for Flutter in Q3?
The US delivered the strongest Q3 performance, with revenue up 6% to $1.46bn. US sportsbook revenue rose 4% to $817m, handle increased 3% to $12.02bn, and US iGaming revenue climbed 8% to $572m.
What impact did Brazil and India have on the quarter?
Brazil was a material drag, recording a 31% revenue decrease ahead of the market closure and betting ban, and Flutter said its international iGaming figures reflected an exit from India in August 2026 while organic iGaming grew 3%.
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Oliver Grant
Industry Technology Correspondent
Oliver Grant covers the technology and business machinery of iGaming — platform and data deals, AI and compliance tooling, affiliate and marketing shifts, and the quarterly numbers behind them. The reports lead with the announcement, name the vendors and figures exactly as published, and separate genuine capability from press-release promise. When a supplier ships a new engine or a regulator tightens ad rules, Oliver Grant explains what actually changes for the companies involved.
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