Flutter Cuts 2026 Guidance After Brazil Exit and Sports Results
Published: November 4, 2026 | Author: Roxy Vance
Flutter Entertainment, the owner of FanDuel, cut its full-year 2026 guidance on November 4, 2026, lowering its revenue midpoint by $300 million to $17.61 billion and its adjusted EBITDA midpoint by $160 million to $2.495 billion. In its third-quarter results, the company blamed sports results that went against it and its exit from Brazil.
A Q3 Loss After Brazil
Group revenue rose 2% to $3,874 million in the quarter, but adjusted EBITDA fell 25% to $360 million. The net loss widened to $1,148 million from $789 million a year earlier, mainly because of $873 million in non-cash impairment charges on Brazil. Flutter closed its Brazilian operations on September 26, 2026, the day after a Provisional Measure provisionally banned sports betting and iGaming there. The loss also includes a $105 million provision for a class action lawsuit in Australia.
US: iGaming Up 8%
US revenue grew 6% to $1,455 million, with sportsbook revenue up 4% to $817 million and iGaming revenue up 8% to $572 million. The number of US iGaming players, counted as average monthly players, rose 24%. US adjusted EBITDA fell 94% to $3 million, after spending on Flutter’s prediction market offering and its launch in Alberta, which the company called “very strong”.
Flutter lowered its US guidance midpoint to $7.34 billion in revenue and $715 million in adjusted EBITDA, with a better outlook for sports betting and a weaker one for online casino “in light of recent trends”.
UK and Ireland: Higher Tax Bites
International revenue was flat at $2,419 million and adjusted EBITDA fell 14% to $435 million. The main reason for the lower margin was the rise in UK remote gaming duty from 21% to 40%, the same tax increase Evoke warned about in October. In the UK and Ireland, revenue still grew 4%: iGaming revenue rose 12% on a 20% increase in monthly players, while sportsbook revenue fell 6%.
The New CEO’s Priorities
Dan Taylor, in one of his first updates as CEO, said: “Our Q3 performance gives me confidence that we are moving in the right direction.” He set out four priorities: building on the US lead, capturing the prediction markets opportunity, getting more out of the International businesses and simplifying the way the group operates. Flutter also paused its share buyback for the foreseeable future to focus on investment and paying down debt.
What It Means
Flutter is counting on new markets opening to online casinos: it said the potential for new states to regulate iGaming provides “very significant upside”, and pointed to its launch in Alberta’s market as evidence. In the UK, its iGaming business kept growing despite the higher duty, while in the US it now expects weaker iGaming trends for the rest of the year. Our Q3 2024 report covers the group’s results two years ago.
