Flutter Reports $3.87bn Revenue as FanDuel Predicts Expands
United States.- 5 November 2026 | www.zonadeazar.com Flutter Entertainment, the international gambling group behind FanDuel, Betfair, PokerStars and other leading brands, has published its financial results for the third quarter of 2026.
The company reported revenue of $3.874 billion, representing year-on-year growth of 2%, while adjusted EBITDA declined by 25% to $360 million.
The results also highlight FanDuel’s expansion in the United States, the growing importance of prediction markets and a strategic restructuring of Flutter’s international operations.
Third-Quarter Financial Performance
Between July and September 2026, Flutter reported:
- Revenue: $3.874 billion, up 2% year-on-year.
- Adjusted EBITDA: $360 million, down 25%.
- Net loss: $1.148 billion, compared with $789 million in 2025.
- Average monthly players: 13.7 million, down 3%.
- Operating cash flow: $211 million, up 1%.
The company attributed the results to unfavourable sporting outcomes, increased investment and accounting adjustments associated with Brazil.
FanDuel Drives Growth in the United States
Flutter’s US business generated revenue of $1.455 billion, representing year-on-year growth of 6%.
Within the segment:
- Sportsbook revenue increased by 4%.
- iGaming revenue grew by 8%.
- Sports betting handle rose by 13%.
- Average monthly players increased by 12%.
Flutter highlighted the contribution of commercial and technological improvements at FanDuel to its market share performance.
However, US adjusted EBITDA declined to $3 million, mainly reflecting investment in prediction markets and new market launches.
FanDuel Predicts Accelerates Expansion
A major strategic priority is the development of FanDuel Predicts, Flutter’s prediction markets offering.
During the third quarter, the platform recorded:
- 66,000 average monthly players.
- $119 million in trading volume.
- Quarter-on-quarter volume growth of 102%.
Furthermore, October trading volume was 271% higher than in July.
Flutter highlighted technological improvements delivered through its partnership with Crypto.com and the launch of the FanDuel One App.
The company considers prediction markets an additional growth opportunity, although it acknowledges the regulatory uncertainty surrounding the sector.
Brazil Results in $873 Million Impairment Charge
Brazil was one of the principal factors affecting Flutter’s financial performance.
The group recognised a non-cash impairment charge of $873 million relating to its Brazilian assets.
The adjustment reflects challenging trading conditions and regulatory uncertainty following the provisional measure prohibiting sports betting and iGaming.
Flutter confirmed that its Brazilian operations remain closed and that it has decided to focus its local strategy on Betnacional, discontinuing Betfair operations in the country.
The group retains an interest in Brazil, subject to future regulatory developments.
International Business Maintains Revenue
Outside the United States, Flutter generated revenue of $2.419 billion, broadly unchanged year-on-year.
International adjusted EBITDA declined by 14% to $435 million.
The company reported several regional developments:
- UK and Ireland: revenue increased by 4%.
- Southern Europe and Africa: growth of 13%.
- Central and Eastern Europe: revenue rose by 10%.
- Brazil: revenue declined by 31%.
In Italy, Flutter achieved a 32% share of the online gambling market, representing an increase of two percentage points year-on-year.
Dan Taylor Outlines Four Strategic Priorities
Dan Taylor, CEO of Flutter Entertainment, outlined his initial priorities for the group’s next stage of development.
His strategy focuses on four areas:
- Strengthening FanDuel’s leadership in the United States.
- Capturing opportunities in prediction markets.
- Improving profitability across the international portfolio.
- Simplifying operations to reduce costs.
Taylor emphasised that Flutter possesses leading brands and significant competitive advantages but must execute more quickly and make better use of its international scale.
Flutter Targets Cost Savings and Pauses Buybacks
The company announced further operational efficiency measures.
Flutter expects to achieve an additional $500 million in gross operating cost and capital expenditure savings by 2029.
The programme includes technology simplification, eliminating duplication and increased use of artificial intelligence.
The group also confirmed that its share repurchase programme will be paused for the foreseeable future, as it prioritises organic investment and debt reduction.
Flutter Lowers Its 2026 Guidance
Flutter has also revised its full-year financial outlook.
Updated projections include:
- 2026 revenue: $17.61 billion.
- Adjusted EBITDA: $2.495 billion.
The changes represent reductions of $300 million in expected revenue and $160 million in projected adjusted EBITDA.
Flutter attributed the revisions to unfavourable sporting outcomes and the impact of developments in Brazil, partially offset by cost-saving initiatives.
Industry Impact and Next Steps
Flutter’s third-quarter results reveal modest revenue growth accompanied by increased pressure on profitability.
FanDuel’s expansion and prediction markets remain major priorities, while Brazil continues to present significant regulatory challenges.
With quarterly revenue of $3.874 billion, growing investment in FanDuel Predicts and new efficiency measures, Flutter aims to strengthen its international leadership and improve profitability during 2027.
The company will continue implementing its strategy under Dan Taylor, with particular emphasis on the United States, prediction markets and optimising its international operations.
Edited by: @fonta
