Flutter Cuts 2026 Outlook After $1.15 Billion Loss

The gambling company lowered its forecast as Brazil complications and sports results weighed on results, while U.S. betting volumes grew.

Updated on Nov. 5, 2026 in Gambling

Flutter Cuts 2026 Outlook After $1.15 Billion Loss

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Flutter Entertainment reported a $1.15 billion net loss and lowered its 2026 outlook. Its U.S. sportsbook handle rose 13% in the third quarter, even as companywide adjusted EBITDA fell about 25% to $360 million.

Why it matters

The results show U.S. betting activity continuing to grow even as the company takes large write-downs tied to its exit from Brazil. The loss reflects how international setbacks can offset domestic gains for major sports betting operators.

FanDuel's U.S. sportsbook averaged 9% more monthly players and processed 15% more bets, while average monthly players across Flutter's U.S. business rose 12%. Adjusted loss was 18 cents per share, and the $873 million impairment was tied primarily to Brazil's September ban on sports betting and online gaming.

The players

Flutter Entertainment

Flutter Entertainment is an Irish-headquartered gambling company that owns FanDuel and operates sportsbook and online gaming businesses across multiple countries.

FanDuel

FanDuel is a U.S. sports betting and daily fantasy sports platform, operated by Flutter Entertainment, that has been one of the largest sportsbooks in the American market.

The details

Flutter attributed its forecast cuts to Brazil-related complications and sports results. FanDuel introduced a nationwide rewards program in September and increased media spending to build FanDuel Predicts, which has seen trading volume rise 271% since July.

September: FanDuel launches its nationwide rewards program and Brazil bans sports betting and online gaming.
Third quarter: U.S. sportsbook handle rises 13%.
October: FanDuel Predicts adds 140,000 customers.

Market Landscape

U.S. sports betting has expanded steadily since the 2018 Supreme Court ruling in Murphy v. NCAA allowed states to legalize sportsbooks. Flutter's results show that domestic growth is now being weighed against costly retreats from foreign markets such as Brazil.

Americans who bet through FanDuel can expect continued promotions through its nationwide rewards program and new prediction products. The company's push into prediction markets may change how and where users place wagers on sports and other events.

The takeaway

Growth in U.S. betting volume does not always translate into profit, as international write-downs and rising promotional costs can erase domestic gains. Readers interested in sports betting should weigh the risks of wagering and consult responsible gambling resources before placing bets.

What happens next

Flutter expects its product mix changes to support stronger margins over time, and resumption of share buybacks is tied to reaching its leverage target in roughly 24 months.