Flutter foots Brazil's bill, cuts forecasts as it accelerates its commitment to predictive markets

Flutter Entertainment closed the third quarter of 2026 with revenues of $3.874 billion, 2% more than in the same period of the previous year, although the final result was marked by a net loss of $1.148 billion.

The main explanation is in Brazil. The company has recognized an accounting impairment of 873 million dollars after the deterioration of the operating environment and the provisional ban on sports betting and online gambling approved on September 25. Flutter closed its operations on September 26 and has concentrated its future Brazilian strategy on Betnacional, leaving behind the Betfair brand.

The international business had a turnover of 2,419 million dollars, a practically stable figure, while its adjusted EBITDA fell by 14% to 435 million. Both the increase in the taxation of remote gaming in the United Kingdom and favorable sports results for the customer in several markets weighed.

The company has also lowered its annual forecast: it places the midpoint of expected revenue for 2026 at $17.61 billion, $300 million less than previously calculated, and adjusted EBITDA at $2.495 billion, $160 million below the previous estimate.

But the quarter also leaves a clear signal about where Flutter is headed. FanDuel Predicts, its predictive markets proposition, reached 66,000 monthly active players and a volume of $119 million during the quarter. In October, volume was 271% higher than in July. Although its revenue is not yet material, Flutter anticipates that it will continue to increase investment in this business during 2027.

The U.S. group increased its revenue in that market by 6%, to $1.455 billion, with a growth of 4% in sports betting and 8% in online gambling. However, adjusted EBITDA in the United States plummeted by 94%, to just 3 million, due to investment in predictive markets, the launch in Alberta and the promotional effort. VIEW REPORT