Flutter Q3: $1.15bn net loss after $873m Brazil write-down

Last updated: 4 Nov 2026, 20:03 CET: first published

Flutter Entertainment reported a net loss of $1,148m for the third quarter of 2026, up from a $789m loss a year earlier, as it booked an $873m non-cash impairment on its Brazilian business. Revenue rose 2% to $3,874m (Q3 2025: $3,794m), according to the company's earnings release of 4 November. Flutter also lowered its full-year guidance and paused its share repurchase programme "for the foreseeable future".

The Brazil write-down

Flutter links the impairment to what it calls a challenging trading environment in Brazil and to the Provisional Measure of 25 September 2026 that provisionally bans sports betting and iGaming. Of the post-tax charge, $537m is attributable to Flutter, reflecting its 56% ownership of Flutter Brazil. Brazil revenue fell 31% in the quarter (35% at constant currency).

In its shareholder letter, Flutter says its Brazil operations "are currently closed" and that it has restructured to focus on Betnacional as its sole brand there, closing its Betfair operations. We covered that closure in our earlier report.

What else drove the loss

• A legal provision in Australia: a $105m increase in legal loss contingencies, which the release says relates to a provision recognised to facilitate a potential resolution of the Fast Code Class Action. A provision is money set aside; the release does not say the case has been resolved.
• The US: adjusted EBITDA fell to $3m (-94%).
• International: adjusted EBITDA fell 14% to $435m, which Flutter attributes mainly to the UK gaming tax increase.
• Group adjusted EBITDA: $360m (-25%).

Guidance cut and cost plan

Flutter lowered its full-year 2026 midpoints by $300m for revenue, from $17.91bn to $17.61bn, and by $160m for adjusted EBITDA, from $2.655bn to $2.495bn. It cites unfavourable sports results in the US and International, and the Brazil closure, which it puts at -$70m revenue and -$20m adjusted EBITDA in International, offset at the EBITDA level by cost actions.

The company says it now prioritises reducing debt and organic investment, and expects an additional $500m in gross operating cost and capital expenditure savings by 2029, through AI, "removing layers and duplication" and simpler technology.

What it means for players

This is a company results story, and it changes nothing about how any Flutter site works for players today. What it does show is the scale of the Brazil ban for Flutter, which describes itself as the world's leading online sports betting and iGaming operator, and the pressure from tax and legal costs in the UK and Australia. For players in Brazil, see what the 25 October licence cut-off means for accounts and how the Supreme Court hearing on the ban ended. For Flutter elsewhere, see its UK and Ireland restructuring and Betfair's exit from Italy. More news is in the news hub.

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Updates

• 4 Nov 2026: first published.