Flutter Q3 Revenue Hits $3.87 Billion as UK Casino Growth Meets 40 Percent Duty Headwind and Guidance Cuts

Flutter Entertainment reported group revenue of $3.87 billion for the third quarter, up 2 percent year on year. Adjusted EBITDA fell 25 percent to $360 million. UK and Ireland online casino revenue reached $540 million while the remote gaming duty increase from 21 percent to 40 percent in April 2026 weighed on profits.

International revenue stayed flat at $2.419 billion. The division's EBITDA declined 14 percent. Casino growth in the home market did not offset the tax rise, which Flutter estimated would reduce full-year adjusted EBITDA by $320 million before mitigation.

Tax Impact and Brazil Exit Drive Earnings Pressure

Sportsbook revenue in the UK and Ireland dropped 6 percent to $309 million, producing 4 percent overall regional growth to $889 million. The company recorded a $541 million goodwill write-down on its Brazil business after trading ceased in September 2026. It owns 56 percent of Flutter Brazil, with $537 million of the post-tax charge attributed to the parent.

A $105 million increase in legal contingency provisions added further pressure. Poor sports results in Q3 and early Q4 reduced revenue by $170 million and adjusted EBITDA by $115 million, according to reporting by iGaming Business. The SEC filing details a combined net loss that widened 46 percent from the $789 million deficit in the same quarter of 2025.

@InferentAnalyst posted on X: FLUTTER TOOK A $873 MILLION BRAZIL IMPAIRMENT AND CUT GUIDANCE, WHILE A NEW CEO CALLED ITS OWN PREDICTION MARKET PRODUCT "NOT COMPETITIVE" UNTIL RECENTLY. Q3 group revenue grew 2% and adjusted EBITDA fell 25%, which management tied to adverse sports results, Alberta and…

Leadership Change Redirects Capital to Debt Reduction

Dan Taylor became chief executive on 1 October 2026 after leading the International division. The company lowered its full-year adjusted EBITDA guidance midpoint by $160 million to $2.495 billion. An earlier August update had already reduced the revenue midpoint by $395 million to $17.91 billion and the EBITDA midpoint by $210 million to $2.655 billion. International EBITDA guidance fell by $115 million to $2.09 billion.

The share repurchase program is paused. Cash will instead support organic investment and debt reduction. A scheduled 25 percent remote betting duty takes effect in April 2027 and is estimated to reduce 2027 adjusted EBITDA by $540 million before mitigation. The combined coverage leaves open exactly how much of the Brazil exit cost will recur in future periods.