Flutter Entertainment reported third-quarter revenue of $3.874 billion, up 2% year on year, while adjusted EBITDA fell 25% to $360 million. The group’s net loss widened to $1.148 billion from $789 million, largely because of a non-cash impairment charge of $873 million relating to Brazil and higher legal loss contingencies.
US growth comes with investment costs
US revenue increased 6% to $1.455 billion, including 8% growth in iGaming. US adjusted EBITDA fell to $3 million from $51 million as Flutter invested in its FanDuel prediction-market product and the Alberta launch. FanDuel Predicts recorded 66,000 average monthly players in Q3 and $119 million in contract volume, with October volume almost three times July’s level. Management also said prediction-market marketing activity was adding pressure to media costs.
Guidance and strategy
Flutter reduced its 2026 revenue midpoint by $300 million to $17.61 billion and adjusted EBITDA guidance by $160 million to $2.495 billion. It paused share repurchases and outlined a further $500 million in gross operating-cost and capital-expenditure savings by 2029. The results highlight the cost of competing in prediction markets while absorbing Brazil-related regulatory losses.