Results
New York, November 4, 2026: Flutter Entertainment plc (NYSE: FLUT) (“Flutter”), the world’s leading online sports betting and iGaming operator, today announces Q3 2026 results.
CEO Dan Taylor sets priorities to drive greater value from Flutter’s scale
US sportsbook execution driving improved market share trajectory 1
FanDuel prediction market capabilities substantially improved
Strong execution in International offset by year-over-year swing in sports results 2
Prioritizing organic investment and deleveraging; share repurchase program paused for the foreseeable future
Decisive cost actions taken including UKI restructuring and Betfair Brazil closure
Refinancing complete, extending Revolving Credit Facility and Term Loan A maturities to 2032
2026 guidance updated for adverse sports results and Brazil
Q3 Overview 3
Group AMPs -3% (US +12%, International -8%) reflecting India closure in August 2025
Group revenue +2%, driven by underlying performances in US sportsbook, UKI and SEA, offset by an adverse year-over-year impact from sports results in International
US revenue $1,455m, +6% (sportsbook +4%, iGaming +8%) with adjusted EBITDA $3m, (-94%), following investment in our prediction market offering and Alberta launch
1International revenue $2,419m, flat year-over-year (sportsbook -2%, iGaming +1%).
Adjusted EBITDA $435m (-14%), reflecting the UK gaming tax increase, partially mitigated by cost savings in UKI and Brazil
Group net loss, $1,148m (Q3 2025: $789m loss) due to:
Recognition of non-cash impairment charges of $873m relating to Brazil, reflecting previously disclosed challenging trading conditions and the Provisional Measure banning sports betting and iGaming. $537m of the post-tax impairment charge was attributable to Flutter reflecting 56% ownership of Flutter Brazil
$105m increase in legal loss contingencies
Group adjusted EBITDA $360m (-25%) due to factors outlined above
Net cash provided by operating activities +1%, with the Group performance outlined above offset by a positive movement in working capital
2026 Guidance 6,7
Early Q4 trading has been in line with expectations on an underlying basis, while sports results have been unfavorable in both the US and International.
Full year guidance is updated to include the impact of sports results and the previously disclosed impact of the Brazil closure, partially offset by mitigating cost actions.
This results in a reduction in full year Group revenue midpoint guidance of $300m to $17.61bn, and a reduction in full year adjusted EBITDA guidance of $160m to $2.495bn.
Dan Taylor, CEO, commented:
“It is a privilege to take on the role of Flutter CEO.
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 behavior 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.
Our Q3 performance gives me confidence that we are moving in the right direction.
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 programs.
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.”
To our shareholders,
This is one of my first opportunities as CEO to set out my initial thoughts and priorities.
Having worked at Flutter and in the industry for many years, I know the strengths of our business well, and also the improvements required to deliver our next phase of growth.
Flutter is the largest online gambling business with number one positions in many of the world’s most attractive betting and gaming markets.
We have fantastic brands, deep sector expertise and significant scale, but we are not getting enough from these advantages.
We need to simplify how we operate and move faster, removing costs so that we can invest more behind the right opportunities with the strongest long-term returns.
Our Q3 performance shows that the actions we have already taken are the right ones.
Underlying performance in the US was ahead of expectations, while in International we are building on our transformation program and delivering market share gains in our core markets.
Sports results went against us in the quarter, however, which is reflected in our updated 2026 guidance.
Against that backdrop I have four immediate operational priorities: building on our US leadership position; capturing the prediction markets opportunity; driving more value from our International portfolio; and simplifying our operating model.
Delivering on these priorities will require clear leadership and tough decisions, while remaining disciplined in our investments, focused on improving our cashflow conversion and deleveraging the balance sheet.
Build on our US leadership position
I strongly believe we have the best assets to capture the significant opportunity in the increasingly competitive North American market.
However, we must reaffirm our US leadership position by operating at a faster pace, delivering relentless product innovation, and investing where we see the opportunity to deliver long-term value.
We took decisive action earlier in the year to improve our value proposition and increase our share of wallet, including the launch of our FanDuel Rewards program and accelerating our product roadmap.
These actions are delivering encouraging returns; our sportsbook performance was ahead of expectations and we took market share.
2Customers are responding well to these changes; generosity perception increased seven percentage points 8 , while player frequency rose 4%, and bet count grew 15% 9 .
3Sportsbook revenue increased 4%, reflecting promotional spend increasing to market levels, with strong AMP and handle growth of 9% and 13%, respectively.
This good performance provides a solid base for us to build on.
We must continue what we are doing well, while ensuring our customer proposition remains at competitive levels.
I am confident we are making the right decisions to defend our leadership position and deliver FanDuel’s long-term success.
We continue to see a limited impact from prediction markets on the betting activity of our existing customer base, which I believe, and our consumer research affirms, reflects the superior proposition offered by sportsbooks.
We are, however, beginning to see an impact on our overall media costs as prediction market operators increase marketing spend.
The duration of this trend will depend in part on how the regulatory landscape develops, but at this early stage, we expect our marketing intensity 10 to continue in 2027 at levels similar to this year.
Over the last four years, we have transformed FanDuel Casino from a distant third place, into the market-leader 1 by delivering best-in-class content and rewards to our customers.
We must ensure we maintain our laser-focus on our customer proposition, delivering market-leading content.
4Player engagement in Q3 was strong with AMP growth of 24%.
5Revenue growth moderated to 8% primarily driven by competitive dynamics, and market moderation as the US iGaming states move through the maturity curve.
Looking forward, the potential for new states to regulate iGaming provides very significant upside, as evidenced by our very strong launch in Alberta in July.
Capturing the prediction markets opportunity
Prediction markets represent a significant incremental growth area.
Our priority is to build a strong position now, investing with discipline and maintaining flexibility to adapt quickly as regulation develops.
We believe the actions we have taken in recent months mean we are much better positioned to deliver in three core areas:
First, we must deliver a competitive product.
The nationwide launch of our FanDuel One App and the transition of all sports contracts to Crypto.com, means we believe we now have a much more competitive sports offering that customers like and are increasingly engaging with.
We have more work to do, and we have a clear plan to further strengthen our customer proposition.
Second, we must use the strength of the FanDuel brand to acquire customers and build a meaningful database in non-sportsbook states.
Initial trading volumes are encouraging with total October volume growth almost tripling when compared with July.
The customers we are acquiring look like typical sportsbook customers, demonstrating similar characteristics, but with lower costs per acquisition.
We are investing at a level that we believe will position us well for the long term, balancing the need to operate at scale in targeted states, against the regulatory uncertainty in this space.
Third, we can use our leading expertise in pricing sports events, and in particular complex correlated events to drive market-making growth.
We are making excellent progress, we are on track to deliver our guidance for 2026, and going forward we believe that this growth will help fund our prediction market customer acquisition spend.
Unlock more value from our International portfolio
We have built a portfolio of regional powerhouses with number one positions in many of the world’s major regulated markets.
Our scale allows us to invest in better products and customer experiences, while we believe our diversified business delivers resilient growth when individual markets face regulatory or economic change.
My focus is on consistent execution, sustained growth and further market share gains.
We made good strategic progress during the quarter, strengthening our market-leading positions in Italy, UKI and CEE.
6Successful integrations in Italy (Snai), UKI (Sky Bet) and PokerStars are unlocking meaningful revenue upside, with cost benefits expected to be in excess of our $300m target.
In Italy, Sisal delivered another very strong performance supported by a revamped casino experience and an expanded MyCombo product.
Snai momentum also gathered pace with the product and generosity upgrades unlocked by the platform migration driving strong AMP growth.
7Our overall Italian online market share in Q3 grew by 2ppt year-over-year to 32% 11 making us the clear number one.
Within UKI a strong performance across our portfolio of leading brands saw us take market share.
Record customer engagement during the FIFA World Cup helped deliver good sportsbook handle growth while strong cross-sell helped drive double-digit iGaming revenue growth.
We also recently announced the significant restructuring of our UKI business.
We believe this right-sizes the UKI business going forward and positions us well to take market share in the post UK tax increase environment.
While momentum in these regions was strong, our overall International revenue growth was flat year-over-year, as sports results went against us, and the impact of what has become an increasingly challenging trading environment in Brazil played through into our financial performance.
Adjusted EBITDA declined by 14% primarily due to the increase in UK gaming taxes.
We are very disappointed with the Government Provisional Measure banning online sports betting and iGaming in Brazil.
In response, we have acted decisively; our operations are currently closed, and we have paused all discretionary and uncommitted spend.
We have also restructured our business to focus on Betnacional as our sole brand in Brazil, closing our Betfair operations.
The previously disclosed challenging trading environment together with the ban and the uncertain regulatory environment, resulted in a non-cash impairment of our assets in Brazil.
With the right regulation, Brazil still has the opportunity to be an attractive market for us, however, we will remain disciplined in our deployment of capital as the regulatory environment continues to evolve.
Despite the regulatory challenges we have faced over the last 12 months, I feel very confident that our International portfolio is now well set to leverage the transformations and cost efficiencies we have delivered, continue to take market share, and deliver against our target of 5-10% annual growth.
Simplifying our operating model to get more value from our scale
The next phase for Flutter will be more streamlined to maximize the benefits of scale and ensure we do non-customer facing work once.
That should help us move faster, reduce costs, and improve cash generation, allowing us to invest organically in the areas that drive the highest returns while also deleveraging the balance sheet.
In addition to our existing International cost transformation and UK gaming tax mitigation programs, we expect to deliver an additional $500 million in gross operating cost and capital expenditure savings by 2029.
By using AI, removing layers and duplication, and simplifying our technology infrastructure, we can make decisions faster, and direct greater investment towards our customers.
In the US, these efficiencies will create more room to invest behind the next stage of growth.
Internationally, we expect these benefits to support our previously projected long-term 5–10% annual revenue growth, while protecting adjusted EBITDA margins in more mature markets and funding investment in growth areas.
Final thoughts and outlook
Looking ahead, I am encouraged by the momentum we are building.
My focus is on turning our progress in the US into continued delivery, and ensuring we are making the right choices to secure FanDuel’s long-term success.
In International, consistent execution and further cost efficiencies should deliver continued profit growth.
Flutter has an exceptional set of assets and opportunities.
Realizing their full potential will require hard choices, faster decisions and strong execution.
I know confidence is earned through delivery and that is what I am focused on.
I look forward to sharing more on our strategy, building on the priorities I have set out today, alongside our Q4 results in February.
Dan Taylor
Flutter CEO
Group
Group revenue growth in Q3 was 2%, with sportsbook revenue growth of 1%, iGaming revenue growth of 3%, and other revenue growth of 10% year-over-year.
Further detail is provided in the US and International sections below.
The net loss of $1,148m for the quarter increased by $359m (Q3 2025 loss: $789m) primarily due to:
A non-cash impairment charge of $873m related to our operations in Brazil, see further detail below
A $105m increase in legal loss contingencies driven by a provision recognized in respect of a Class Action lawsuit in Australia
Lower segment profitability, with a $48m reduction in US adjusted EBITDA to $3m (-94%) and a $70m decrease in International adjusted EBITDA to $435m (-14%), as outlined below
A $45m decrease in other income, net, primarily due to a $40m year-over-year foreign exchange loss (Q3 2026 loss of $13m; Q3 2025 gain of $27m)
These factors were partly offset by benefits arising from:
Q3 2025 included a non-cash impairment charge of $556m relating to Junglee 13
Q3 2025 transaction fees and associated costs included $205m related to the revision of US market access terms with Boyd Gaming Corporation
A $50m increase in income tax benefit to $95m (Q3 2025: $45m) driven by the higher year-over-year operating loss, and deferred tax benefits relating to the Brazil impairment and legal loss contingencies discussed above
$537m of the post-tax Brazil impairment is allocated to the Group, reflecting the 56% ownership of Flutter Brazil.
This led to a net loss attributable to Flutter shareholders of $862m for the quarter, and a loss attributable to non-controlling interests of $286m (Q3 2025: $99m).
As a result, the loss per share of $4.90 was $0.99 higher year-over-year (Q3 2025: $3.91) and the adjusted loss per share of $0.18 compared with adjusted EPS of $1.64 in Q3 2025.
Brazil non-cash impairment charge:
The previously disclosed challenging trading environment driven by Government implemented socio-economic measures, together with the Provisional Measure issued on September 25, 2026 provisionally banning sports betting and iGaming, have resulted in Brazil revenue growth being behind expectations.
Looking ahead, uncertainty remains surrounding the future operating environment.
As a result, the Group has recognized total non-cash impairment charges of $873m, primarily comprising $296m related to long-lived assets and $541m related to goodwill.
Revenue grew 6% year-over-year with sportsbook revenue growth of 4% and iGaming revenue growth of 8%.
8Other revenue grew 20%, primarily driven by our market-making activity in the quarter.
AMPs grew 12% year-over-year to 3.9m (sportsbook AMPs +9%, iGaming AMPs +24%, other AMPs +19%).
Sportsbook revenue growth of 4% year-over-year driven by a strong handle performance with 13% year-over-year growth, well ahead of expectations.
This was despite a headwind from sporting calendar changes year-over-year with one week less of NFL and CFB.
This performance was driven by a strengthened customer proposition which included the expansion of our rewards program to all sportsbook customers and Betprotect+ expanded to NFL.
New product features included improved social features such as bet-sharing, and greater personalization with our Re-Use+ and Bet it Again markets.
These product improvements ensured excellent retention of players reactivated and acquired during the World Cup, with an all-time high number of customers entering the football season.
We delivered growth in player frequency (+4%) and bet count (+15%) which ensured that handle growth fully offset a 60bps decline in net revenue margin to 6.8%.
Net revenue margin included:
No change in structural revenue margin at 12.9% reflecting a higher proportion of MLB, which typically has a lower parlay penetration, during the quarter
No change in the impact of sports results year-over-year (Q3 2026: 10bps unfavorable, Q3 2025: 10bps unfavorable).
The in-quarter net revenue impact in Q3 2026 was approximately $38m unfavorable (Q3 2025: $45m unfavorable)
A 60bps increase in promotional spend to 6.0% of handle, in-line with expectations, and reflecting our increased return of value to customers, the impact of new state launches, and investment in the FIFA World Cup.
Promotional spend is expected to remain at similar levels in Q4 and for 2027, resulting in a broadly flat net revenue margin year-over-year
In iGaming, exclusive new content including the launch of Huff ‘n Even More Puff Hard Hat, and content featuring Vegas Matt and Lady Luck helped deliver an increase in player frequency of 12%.
These new products and features, together with our very successful launch in Alberta in July where we delivered 23% GGR share in the quarter, drove AMP growth of 24%.
Revenue growth of 8% reflected a strong comparative period, which featured the launch of some of our most successful products, and the current year competitive dynamics and market moderation outlined in the shareholder letter.
Other revenue grew 20% driven by market-making activity.
FanDuel Predicts revenue was not material during the quarter, however we made significant operational progress through our partnership with Crypto.com and the FanDuel One App delivering a step change in our product offering.
New features launched since the start of the NFL season included a broader selection of sports markets, variable fees, sub-penny contracts and fractional contracts, alongside a superior promotions experience including our popular refer-a-friend mechanic.
FanDuel Predicts had 66k AMPs in Q3 representing quarter-on-quarter growth of 39%, with volume of $119m and growth quarter-on-quarter of 102%.
2 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.