Flutter posts $1.148 billion quarterly loss as Brazil ban hits gambling companies
A review of 20 gambling companies found divergent third-quarter results, with Betsson posting record revenue despite a decline in EBITDA.
Key points
- Flutter's Q3 revenue rose 2% to $3.874 billion, while its net loss widened to $1.148 billion.
- Flutter recorded an $873 million non-cash impairment related to Brazil's online betting prohibition.
- Betsson's revenue reached a quarterly record of €326.5 million, but EBITDA fell 23%.
- Inspired Entertainment cut its 2026 adjusted EBITDA forecast after the suspension of regulated online betting in Brazil.
Flutter Entertainment reported a $1.148 billion net loss for the third quarter of 2026, as a non-cash impairment tied to Brazil's online betting prohibition weighed on results despite a 2% rise in revenue.
The Gamblest reported that Flutter's $873 million impairment was connected to the temporary prohibition on online betting and gambling issued by the Brazilian government. The ban was issued on 25 September and is subject to congressional approval.
Flutter's quarterly revenue reached $3.874 billion, while adjusted EBITDA fell 25% to $360 million from $478 million. Its net loss increased from $789 million a year earlier. Brazil revenue fell 31% to $60 million; Flutter closed Betfair in Brazil and continued working with Betnacional.
Flutter lowered its 2026 revenue outlook by $300 million to $17.61 billion and its adjusted EBITDA outlook by $160 million to $2.495 billion. It cited unfavorable sports results in Q3 and Q4 and the closure of Brazil operations, and also suspended share buyback operations.
The Gamblest's review of 20 companies showed that revenue growth did not always translate into higher earnings. Betsson posted its highest quarterly revenue of €326.5 million, up 10%, while EBITDA fell 23% to €63.4 million. Betting duties increased, B2B revenue fell and the sportsbook margin declined.
DraftKings reported $1,329 million in revenue, compared with $1,144 million in the same period in 2025, but its net loss widened to $468.7 million from $256.8 million. The company linked the wider loss to promotional investment around the launch of its Predictions product and lowered its 2026 outlook.
Inspired Entertainment cut its 2026 adjusted EBITDA forecast to $109–112 million from $112–118 million after the suspension of regulated online betting in Brazil, which accounted for about 5% of its revenue. Its third-quarter revenue fell 29% to $61.4 million, largely reflecting the sale of its UK holiday parks business and a change to its pubs operating model.
Sources
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