Flutter Entertainment

Flutter is the largest online sports betting and iGaming (online casino) company in the world. In the US, it owns FanDuel, which had 39% of US online sportsbook gross gaming revenue and 27% of iGaming gross gaming revenue in Q2 2026. FanDuel also runs FanDuel Predicts, a prediction market product. Outside the US, Flutter owns brands such as Paddy Power, Betfair and Sportsbet, and it owns Snai in Italy and 56% of NSX (Betnacional) in Brazil.

Flutter makes money from the margin on bets and from casino games, after taxes and promotions. It expects 2026 revenue of about $17.6 billion at the midpoint of its guidance of November 4, 2026. Since August 3, 2026, its shares trade only on the New York Stock Exchange.

Flutter trades at a discount because its US profit fell sharply, regulators and new competitors keep raising costs, and the CEO changed. In Q2 2026, US revenue fell 6% and US adjusted EBITDA fell 70%, after FanDuel lost customers from Q4 2025 and spent on prediction markets and new states. Prediction markets offer sports contracts also in states without legal sports betting, and investors fear that they take business from sportsbooks. On August 5, 2026, Flutter cut its 2026 guidance by $395 million of revenue and $210 million of adjusted EBITDA at the midpoints, and it said that Peter Jackson will hand over to Dan Taylor as CEO on October 1, 2026.

Taxes also rose, such as the UK gaming tax, and on September 25, 2026, Brazil banned online betting by a provisional order, so Flutter stopped its business there. Leverage rose to 4.6 times EBITDA at September 30, 2026, against a target of 2.0 to 2.5 times, and Flutter paused its share buybacks. For the gap to close, FanDuel must grow its customer base and sportsbook revenue again during the 2026 NFL season, the $500 million cost plan must protect margins, Brazil's Congress must reject or change the ban within 120 days, and leverage must fall toward the target. The Q3 2026 report on November 4, 2026 failed the first test: US sportsbook handle rose 13% and US iGaming revenue rose 8%, but Flutter cut its 2026 guidance again, mostly because sports results went against it.

The decision in Brazil is due by about late January 2027, and the 2027 guidance comes in early 2027. If the US business grows again, the gap can close over the next four to eight quarters. The main risk is that prediction markets take a large share of US sports betting.

1. Nov 4, 2026Failed

   Q3 2026 results: FanDuel customers and guidanceGrowth in US sportsbook customers and handle, US iGaming growth and no further guidance cut beyond Brazil pass; another cut to US guidance fails.Outcome: US sportsbook players rose 9%, handle 13% and iGaming revenue 8%, but Flutter cut its 2026 US guidance by $60 million of revenue and $45 million of adjusted EBITDA for sports results.
2. Jan 2027 · est.Pending

   Brazil: Congress decision on the betting banCongress rejects or changes the provisional ban so that Flutter can reopen in Brazil passes; a permanent ban fails.
3. Feb 4, 2027 · est.Pending

   Full-year 2026 results, 2027 guidance and the new CEO's strategy2027 guidance with growth in US adjusted EBITDA and a path to leverage of 2.0 to 2.5 times passes; lower US profit or higher leverage fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Flutter reported Q3 2026 results. Revenue rose 2% to $3.87 billion, and adjusted EBITDA fell 25% to $360 million. US revenue rose 6%, with sportsbook handle up 13% and iGaming revenue up 8%, but US adjusted EBITDA fell 94% to $3 million because of spending on prediction markets and the Alberta launch. The net loss was $1.15 billion, after an $873 million impairment in Brazil and a $105 million provision for a class action in Australia. Flutter cut its 2026 guidance to $17.61 billion of revenue and $2.495 billion of adjusted EBITDA at the midpoints, mainly for sports results and Brazil. Leverage rose to 4.6 times, and Flutter paused its share buybacks for the foreseeable future. It closed Betfair in Brazil and keeps only Betnacional there.
• November 3, 2026Flutter completed a refinancing of its term A loans and revolving credit facility. Their maturity moved to May 3, 2032 from 2028, the revolving facility rose to $1.86 billion, and the leverage covenant is now a net first lien leverage ratio of at most 5.70 times.
• October 20, 2026Flutter started a restructuring plan for its UK and Ireland business to reduce the effect of the higher UK gaming taxes. The plan can remove up to 1,400 jobs, including UK and Ireland staff in Portugal and Romania. Flutter expects pre-tax charges of about $80 million to $90 million, mostly in Q4 2026, and it said that its 2026 guidance of August 2026 already includes these costs.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · flut-20260930
• 8-KNew material agreement and New debt or financial obligationFiled November 4, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled November 4, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled October 22, 2026 · Read it on sec.gov
• 8-KExit or restructuring costs and Investor disclosureFiled October 20, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled October 1, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 28, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · flut-20260630
• 8-KEarnings release and Investor disclosureFiled August 5, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled August 5, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1635327)

• Prediction markets offer sports contracts also in US states that have not legalized sports betting. Flutter says that it sees limited loss of its own customers in regulated states so far, but prediction market companies now raise media costs with more marketing. It spends on its own prediction market product, which cut US adjusted EBITDA to $3 million in Q3 2026, and it expects similar or higher spending in 2027.
• Gambling taxes and rules can change quickly. The UK raised its gaming tax, which cut International adjusted EBITDA in Q2 2026, and Brazil banned online betting on September 25, 2026. Flutter also closed its business in India in August 2025.
• Leverage was 4.6 times adjusted EBITDA at September 30, 2026, against a target of 2.0 to 2.5 times. Flutter paused its share buybacks to reduce debt. Lower EBITDA slows the path back to the target.
• The leadership changed. A new Group CEO started on October 1, 2026, FanDuel's CEO left in May 2026, and the Chief Legal Officer left in September 2026.
• Sports results change revenue from quarter to quarter. Results that favored customers cut US revenue growth by 6 percentage points in Q2 2026.

At September 30, 2026, Flutter had $1.71 billion of cash, not counting $2.12 billion of cash held for player deposits, and $12.39 billion of debt principal with accrued interest. The debt is mostly secured: term loans A, term loans B due 2030 and 2032, £500 million drawn on the revolving credit facility, and senior secured notes in US dollars, euros and pounds due 2029 and 2031. Read more

Flutter Entertainment does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.