Flutter cuts its 2026 forecast after a Brazil write down and a weak run of sports results
On 4 November 2026 Flutter reported a Q3 net loss of $1.15 billion, driven by $873 million of non-cash Brazil impairments, and cut its full year revenue and adjusted EBITDA guidance. Revenue still rose 2% to $3.87 billion, with its Southern Europe and Africa segment growing 13%.
Flutter is one of the largest listed operators in the world, and its Southern Europe and Africa segment, which grew fastest in the quarter, includes African operations. The results show how quickly a single regulatory decision can hit a global operator, which is a reminder for South African players that licensing rules shape which sites stay open. Nothing in the report changes the legal position for South Africans, and the segment figures do not tell us about any specific casino's bonuses or payouts.
What happened
Flutter Entertainment published its third quarter results on Wednesday 4 November 2026. According to iGaming Business, the company posted a net loss of $1.15 billion for the three months to 30 September, against a $789 million loss a year earlier. Revenue edged up 2% to $3.87 billion. Adjusted EBITDA fell 25% to $360 million.
The Brazil effect
The widened loss comes mainly from $873 million of non-cash impairment charges linked to Brazil. Of that, $537 million after tax relates to its 56% stake in Flutter Brazil. Brazil's regulated betting market was shut down by presidential provisional measure in late September, and Flutter closed its Betfair business there, leaving Betnacional as its only brand in the market. The incoming chief executive, Dan Taylor, who took over on 1 October, said the company was very disappointed and had paused discretionary spend, while still seeing long term potential with the right regulation.
Lower forecasts
Flutter lowered its full year revenue guidance midpoint by $300 million to $17.61 billion and its adjusted EBITDA guidance by $160 million to $2.495 billion. It blamed the Brazil shutdown and unfavourable sports results in the United States and International segments. It also targets a further $500 million of cost and capital spending savings by 2029.
- FanDuel US revenue rose 6% to $1.46 billion, with iGaming up 8%.
- FanDuel adjusted EBITDA fell 94% to $3 million, which Flutter linked to its prediction market push and an Alberta launch.
- UK and Ireland revenue rose 4%, while the UK remote gaming duty rise to 40% weighed on International profit.
Why it matters in South Africa
Southern Europe and Africa was Flutter's fastest growing segment, with revenue up 13% to $836 million and iGaming up 17%. The report does not break that out by country, so we cannot say how much comes from South Africa. The wider point is that tax and regulation decisions can wipe out value fast, as Brazil and the UK show. South African players should treat any operator's market commitments as changeable and check licence details on our casino reviews pages.
What to watch next
Watch for the Brazilian Supreme Court's next step on the provisional measure, further Flutter cost actions, and whether the Africa growth continues in the next quarter.