Flutter Entertainment reported a miss on both top and bottom lines for the third quarter of 2026, significantly impacted by customer-friendly sports results and a challenging regulatory shift in Brazil. While U.S. volume remained resilient, the company recognized a massive non-cash impairment and reduced its full-year outlook to account for ongoing margin headwinds and the closure of its Betfair operations in Brazil.
Key Highlights
- U.S. sportsbook handle grew 13% year-over-year, though revenue growth moderated to 4% as promotional spend increased to defensive levels.
- Recognition of a $873 million non-cash impairment charge related to Brazil operations following a government measure provisionally banning online betting.
- U.S. Adjusted EBITDA plummeted 94% to $3 million, driven by significant investments in prediction markets and the Alberta market launch.
- Full-year 2026 Group revenue guidance was reduced by $300 million at the midpoint to $17.61 billion, while Adjusted EBITDA guidance was cut by $160 million.