Paddy Power owner Flutter cuts outlook after hefty quarterly loss. By Holly Williams, Press Association Business Editor Published 4th Nov 2026, 16:14 GMT The group recently said it would cut around 1,400 jobs in the UK and Ireland as part of an overhaul after UK gambling tax hikes. Paddy Power owner Flutter has slashed its full-year guidance after slumping to a quarterly loss of over a billion US dollars just weeks after revealing plans to axe 1,400 jobs in the UK and Ireland. The New York-listed gambling giant, which also owns Betfair, reported net losses widening to 1.15 billion dollars (£840 million) for the three months to the end of September from losses of 789 million dollars (£581.5 million) a year ago. It said it was knocked by higher taxes in the UK, punter-friendly football results and Brazil's betting ban. The group revealed its international arm - including the UK - suffered a 14% drop in underlying earnings to 435 million dollars (£320.4 million) over the third quarter as profit margins were hit by the Government's move in last year's autumn budget to increase remote gaming taxes from 21% to 40%. Flutter cut its annual outlook after the third quarter performance, saying it now expects underlying earnings to fall by 12% to 2.5 billion dollars (£1.82 billion) and sales to rise by 7% to 17.61 billion dollars (£12.84 billion). This marked a reduction from previous guidance of 160 million dollars (£118 million) and 300 million dollars (£220 million) respectively. "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," Flutter said. It said last month it would cut around 1,400 jobs in the UK and Ireland - 15% of its 9,000 strong workforce in the division - as part of a major restructuring after being hit by increases in UK gambling taxes. The group said the proposed job cuts will impact workers in Leeds and Dublin. The restructuring will also impact UK and Ireland staff based at Flutter hubs in Porto, Portugal, and Cluj-Napoca, Romania. It followed the increase in remote gaming duty - the tax on online casino games and slots - but came before the Government's move in the October 31 budget to increase machine games duty from 20% to 25% from April next year. Dan Taylor, who took over as chief executive of Flutter at the start of October, said: "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." Five-star memories in Punta Cana.Not all memories feel the same. At Grand Palladium Hotels & Resorts, yours include waking up to the Caribbean Sea, dining under the stars, and the privilege of having everything taken care of.Palladium Hotel Group | Sponsored Reconnecting is easier in Punta Cana.Some trips are about seeing places. Others are about finding yourself. At TRS Turquesa Hotel, you get both. Enjoy exclusive suites, spa, and gourmet dining that you'll remember forever.Palladium Hotel Group | Sponsored

Flutter reduces FY 2026 guidance as Brazil iGaming shutdown impacts financials. November 4, 2026 Key Points * Q3 revenue rose 2% to $3.87 billion, but adjusted EBITDA fell 25% to $360 million * Brazil's market closure triggered $873 million in non-cash impairment charges and contributed to a $1.15 billion net loss * Flutter lowered 2026 revenue guidance to $17.61 billion and adjusted EBITDA guidance to $2.495 billion Flutter Entertainment has published its financial report for the third quarter of the year, highlighting a double-digit decrease in EBITDA. To make matters worse, the closure of Brazil's iGaming market impacted the company's revenues, causing it to adjust its outlook for the year. Flutter reported mixed Q3 results. In its report, the international gaming giant reported $3.87 billion in revenue. This figure marks a 2% increase year-on-year, highlighting some improvements. Flutter explained that the revenue was driven by strong performances in the UKI and SEA regions, which were partially offset by weaker sports results in the wider International segment. At the same time, the company's adjusted EBITDA plummeted to $360 million, down 25% year-on-year. For comparison, the company's adjusted EBITDA for Q3 2025 was $478 million. Taking a look at Flutter's two main reporting segments, US revenue reached $1,455 million, up 6% year-on-year. The increases were driven by the expansion of FanDuel rewards, the launch of new iGaming products, and the growth of the FanDuel Predicts prediction market platform. US adjusted EBITDA, meanwhile, was only $3 million, down 94% year-on-year. The company explained that this was due to its heavy investment in prediction markets and the lunch of gaming in Alberta. The International segment, on the other hand, reported $2,419 million in revenue, which was mostly consistent with the prior-year results. The segment's adjusted EBITDA, however, decreased by 14% to $435 million. Flutter attributed the decrease to the UK tax hikes and said that its cost savings in UKI and Brazil partially offset the decline. Speaking of Brazil, the Provisional Measure, which banned online sports betting and iGaming in the country, impacted Flutter, resulting in $873 million in non-cash impairment charges. The company added that $537 million of the post-tax impairment charge was attributable to Flutter reflecting 56% ownership of Flutter Brazil. In any case, the difficulties led to a group net loss of $1,148 million, which marks a significant increase from a loss of $789 million in Q3 2025. Flutter lowered its FY 2026 guidance. In addition to publishing its financial report, Flutter Entertainment also announced changes to its full-year guidance. As a result of the various headwinds and the impact of the closure in Brazil, the company reduced its financial expectations for 2026. According to the announcement, the revenue midpoint guidance has been reduced by $300 million to $17.61 billion, while the full year adjusted EBITDA guidance has been lowered by $160 million to $2.495 billion. CEO Dan Taylor remained optimistic about Flutter's direction despite the headwinds, saying that he trusts in the strength of both the US and International segments. He was likewise pleased with the iGaming performance, saying that there is significant room to grow yet. He added that flutter "enters its next phase from a position of strength." Gambling News has leading businesses in many of the world's most attractive markets, great brands and scale advantages that few others can match. Its job now is to make more of those advantages. Dan Taylor, CEO, Flutter Entertainment Talor cited building on its US leadership, capturing prediction market opportunities, and enhancing its International portfolio as Flutter's three core goals.

Flutter cuts FY26 guidance as Brazil impairment widens Q3 net loss. Despite a modest increase in quarterly revenue, Flutter's adjusted EBITDA fell 25%, prompting a reduction in its annual financial forecasts. The impacts of unfavourable sports results and the ban on betting in Brazil have led Flutter Entertainment to reduce its FY2026 guidance. In its Q3 results released on Wednesday, Flutter posted a net loss of $1.15 billion during the three months ending 30 September. Despite revenue edging up 2% to $3.87 billion, $873 million in non-cash impairment charges relating to its Brazilian business led to a loss significantly higher than the $789 million posted in Q3 2025. With Brazil's regulated market shut down by President Lula in late September, $537 million of Flutter's post-tax impairment charge was attributable to its 56% stake in Flutter Brazil, a business formed last year in a deal that saw the Paddy Power owner pay $356 million to Betnacional owner NSX Group. In response to the ban, Flutter closed its Betfair business in Brazil, with Betnacional now its sole brand in the market. Flutter's adjusted EBITDA fell 25% during Q3 to $360 million, and the company has opted to reduce its guidance to reflect the Brazil market shutdown, as well as unfavourable sports results in its US and International segments. The company has lowered its full-year revenue guidance midpoint by $300 million to $17.61 billion, while its full-year adjusted EBITDA guidance has been reduced by $160 million to $2.495 billion. In a letter to shareholders, CEO Dan Taylor, who replaced Peter Jackson on 1 October, said the company was "very disappointed" with the provisional measure that banned betting in Brazil. "In response, we have acted decisively; our operations are currently closed, and we have paused all discretionary and uncommitted spend," Taylor said. "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." How did Flutter's FanDuel brand perform in the US? Flutter's US revenue through its FanDuel brand rose 6% to $1.46 billion, supported by sportsbook growth of 4% and iGaming growth of 8%. However, FanDuel's adjusted EBITDA dropped 94% to $3 million, which Flutter attributed to investment into its prediction market offering, as well as its July launch in the Canadian province of Alberta. With Flutter vowing earlier this year to improve its US value proposition, Taylor said the measures it had taken, such as the launch of its FanDuel Rewards programme, had delivered "encouraging returns", helping it gain market share in sportsbook. "I strongly believe we have the best assets to capture the significant opportunity in the increasingly competitive North American market," Taylor explained. "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." Taylor also identified prediction markets as a key growth area after Flutter launched FanDuel Predicts last December. FanDuel Predicts had 66,000 average monthly players across Q3, a 39% quarter-on-quarter rise. Flutter's CEO said the company will continue to invest in the product next year, with the business "increasingly well-placed to capture the prediction markets opportunity". Business restructuring in the UK&I. Last month, Flutter announced a business restructure in which 1,400 jobs could be lost across its UK&I operations. With adjusted EBITDA from Flutter's International segment down 14%, the company attributed this primarily to the near doubling of the UK's remote gaming duty from 21% to 40%, which came into effect on 1 April this year. However, Flutter's UK&I revenue increased 4% to $889 million during Q3 as iGaming revenue surged by 12%, offsetting a 6% decline in sportsbook revenue. The company took market share in the UK during Q3, and Taylor said the restructure will put the company in a stronger market position. "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," Taylor said. Flutter's geographical performance. Of Flutter's other geographical segments, Southern Europe and Africa performed most strongly, with revenue growing 13% to $836 million, powered by 17% iGaming growth from the region. Meanwhile, its Central and Eastern Europe segment also increased its revenue by 10% to $166 million, with market share gains in Georgia, Serbia and Armenia. Growth in these regions helped to offset a 4% decline in revenue to $349 million from its Asia Pacific region. Flutter attributed this drop to the closure of the real-money gaming market in India. Taylor vows to simplify Flutter's operating model. In his letter to shareholders, Taylor said Flutter's next phase would be "more streamlined" to maximise its scale. With that in mind, Taylor said Flutter expects to deliver an additional $500 million in gross operating cost and capital expenditure savings by 2029. Flutter plans to achieve this through AI adoption, organisational restructuring and technology simplification. "Flutter has an exceptional set of assets and opportunities," Taylor commented. "Realising 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."