Flutter Entertainment cut its 2026 forecast: group revenue by $300 million, to $17.61 billion, and adjusted EBITDA by $160 million, to $2.495 billion. The reasons, according to its third-quarter 2026 report, are the closure of the Brazilian market and poor sports results.
The net loss for the third quarter was $1.15 billion, against $789 million a year earlier. The main reason was a non-cash impairment of $873 million on the Brazilian business. Revenue rose 2% to $3.87 billion, while adjusted EBITDA fell 25% to $360 million.
President Lula signed provisional measure No. 1,394 dated September 25, 2026. It bans fixed-odds betting, including sports betting and online casinos, as well as advertising for them. Players could withdraw funds until October 5. From October 6, operators' websites and apps are shut down, and banks return balances from October 9 to 14.
The forecast accounts for the Brazil closure and sports results at the same time, partly offset by cost measures. Both factors went into a single adjustment, so the group's decline cannot be attributed to sports alone.
In the US, FanDuel's adjusted EBITDA fell 94% to $3 million. At the same time, the average monthly audience for FanDuel Predicts grew 39% in the third quarter, to 66 thousand players. Flutter plans to keep investing in this product in 2027.
In the UK, the tax rate on remote gaming rose from 21% to 40% starting April 1, 2026. The tax on remote betting on sports will rise to 25% from April 1, 2027.
Dan Taylor took over the leadership of Flutter on October 1, replacing Peter Jackson. By 2029, the company expects to cut costs by $500 million.
Congress must approve the measure within 120 days, that is, by about January 23, 2027. The government will also send Congress an urgent bill with criminal penalties for organizing and promoting betting.
