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Tax hike, football results and Brazil’s betting ban hit Flutter Entertainment
Flutter Entertainment has published its results for the third quarter
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Higher taxes in the UK, punter-friendly football results and Brazil’s betting ban have all hit Flutter Entertainment, which released its third-quarter results on Wednesday.
The parent company of Paddy Power and Sky Bet, whose share price has fallen by 62 per cent over the last 12 months, has lowered its guidance for the year as a result of the headwinds it is facing.
Group revenue was up two per cent driven by the underlying performance in the US and the UK and Ireland but offset by the impact from sports results in its international division.
Flutter’s net loss increased by 46 per cent to $1.15 billion thanks to an $873m impairment charge relating to its business in Brazil, while adjusted earnings for the group fell by a quarter to $360m.
In the US revenue rose six per cent to $1.45bn but adjusted earnings fell 94 per cent to $3m following investment in Flutter’s prediction market offering and launching in the Canadian province of Alberta.
A 14 per cent fall in adjusted earnings in Flutter’s international division reflected the gaming tax increase in the UK’s budget last year but was partly mitigated by cost savings in the UK and Ireland, and Brazil. The company recently announced plans to cut 1,400 jobs.
Meanwhile, “customer-friendly results during the start of the soccer season” had a $131m impact on revenue during the quarter.
The impact of sports results and the closure of its operations in Brazil meant that Flutter reduced its guidance for full-year group revenue by $300m to $17.61bn, and adjusted earnings by $160m to $2.49bn.
The company added that trading at the start of the fourth quarter had been in line with expectations on an underlying basis, but that sports results had been unfavourable in both the US and international divisions.
New Flutter Entertainment chief executive Dan Taylor
Dan Taylor, who took over as chief executive of Flutter at the start of October, said: “I know this business and the industry well, and I have a clear view of our strengths, where we need to improve, and where the biggest opportunities lie.
“Online betting and gaming is still a relatively young industry, with significant room to grow as markets develop and customer behaviour evolves. Flutter enters its next phase from a position of strength. We have leading businesses in many of the world’s most attractive markets, great brands and scale advantages that few others can match. Our job now is to make more of those advantages.”
Taylor said Flutter’s performance in the third quarter gave him confidence but warned there would be “tough decisions” ahead.
He added: “In the US, our sportsbook improvement plan is delivering early but tangible progress in customer engagement and performance. Our international business continues to benefit from strong underlying momentum and the impact of our cost transformation programmes.
“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. Delivering against those priorities will require faster execution, tough decisions and disciplined investment. I am confident our actions will make Flutter a stronger business in the long-term.”
David Brohan, gaming and leisure analyst at Goodbody stockbrokers, described it as a “mixed update from Flutter”, but the company’s shares were up 1.76 per cent to $85.21 in morning trading on the New York Stock Exchange.
Flutter Entertainment trading update key points
Group revenue rose by two per cent to $3.87 billion.
Net loss widened by 46 per cent to $1.15bn.
Adjusted earnings fell by 25 per cent to $360 million.
Customer-friendly results at the start of the football season have hit revenues in Flutter’s international division.
Flutter has had to lower its guidance for the year due to those sports results and the ban on betting in Brazil.
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Published on4 November 2026
inBetting Industry
Last updated17:21, 4 November 2026
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