Flutter reports $1.14bn net loss in Q3 after Brazil market closure
Group cuts 2026 guidance after regulated market closure in Brazil reduced revenues
Key Takeaways
- Flutter recorded a net loss of $1.14bn in the third quarter of 2026.
- Group revenue for Q3 was $3.87bn, up 2% year-on-year, while adjusted EBITDA fell 25% to $360m.
- US revenue grew 6% to $1.46bn, with sportsbook $817m and US iGaming up 8% to $572m.
- The regulated market closure in Brazil caused a 31% decline there and contributed to the downgrade of the group's guidance.
- 2026 revenue guidance is now $17.61bn, about $300m lower, and adjusted EBITDA guidance is reduced to $2.50bn.
Flutter Entertainment recorded a net loss of $1.14bn in the third quarter and cut its 2026 guidance after the regulated betting market in Brazil was closed. At the close of Q3 the group reported revenue of $3.87bn, up 2% year-on-year, while adjusted EBITDA fell 25% to $360m.
Performance by area
Operations in the United States drove the quarter's growth, with revenue of $1.46bn, 6% higher than the same period last year. The US sportsbook delivered $817m, up 4%, with handle rising 3% to $12.02bn. US iGaming grew 8% to $572m, supported by exclusive content and a 12% increase in play frequency. Flutter also earned $66m from other activities, up 20% year-on-year, and highlighted progress on FanDuel Predicts after product improvements and partnerships with Crypto.com and the FanDuel One App.
"In the US, our sportsbook improvement plan is delivering early but tangible progress in customer engagement and performance," said Dan Taylor when presenting the results.
International impact and Brazil
International revenue totalled $2.42bn in Q3. International sportsbook fell 2% to $963m, despite handle growing 8% to $8.57bn. International iGaming rose 1% to $1.38bn; Flutter attributed part of the performance to its exit from India in August 2026, while organic iGaming grew 3%. By market, the UK & Ireland increased 4%, Southeast Asia 13%, and Asia-Pacific declined 4%.
Brazil recorded a 31% decline ahead of the market closure and betting ban in the country, and the company cited that event as a key factor for revising its guidance.
"Looking ahead, our priorities are clear: build on our US leadership, capture the prediction markets opportunity, unlock more value from our International portfolio and simplify the way we operate," added Dan Taylor.
New 2026 guidance
Flutter now expects revenue of $17.61bn for the 2026 financial year, around $300m below its previous forecast. Adjusted EBITDA guidance is reduced by about $160m to $2.50bn.
For more coverage on market moves, see the [news](/news) section and analysis in [b2b](/b2b).
Frequently Asked Questions
What was Flutter's net loss in Q3?
The net loss was $1.14bn in the third quarter of 2026, alongside revenue of $3.87bn and adjusted EBITDA of $360m.
How did Brazil affect Flutter's results this quarter?
Brazil saw a 31% decline ahead of the market closure and a betting ban; Flutter cited the closure as a key factor in revising down its 2026 guidance.
What changes did Flutter make to its 2026 financial guidance?
Flutter trimmed 2026 revenue guidance to $17.61bn, roughly $300m below the prior forecast, and lowered adjusted EBITDA guidance by about $160m to $2.50bn.
Which markets drove growth in the quarter?
The United States led growth with $1.46bn revenue, up 6%, driven by an $817m sportsbook and $572m in iGaming, which rose 8%.
Tags
About the author
Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
More from Emilio Navarro
