Flutter Entertainment reported third-quarter results on Wednesday that fell short of Wall Street forecasts, with the company’s stock trading down more than 60% year to date. New Chief Executive Dan Taylor, who has held the position for five weeks, attributed recent challenges to competitive pressures but expressed confidence in the company’s strategic direction moving forward.
Taylor emphasized that customer acquisition and retention rely on superior product design and attractive promotional offerings. The company launched a nationwide rewards program in September that has generated positive early reception. U.S. sportsbook average monthly players increased 9% during the quarter, while bet counts rose 15%. Total U.S. average monthly players climbed 12% when including iGaming, which showed 24% growth. However, sportsbook handle increased 13% while sportsbook revenue grew only 4% due to elevated promotional spending.
Flutter’s third-quarter adjusted loss reached 18 cents per share against analyst expectations for a 28-cent loss. Revenue increased 2% to $3.87 billion, missing consensus estimates of approximately $4 billion, while adjusted EBITDA declined roughly 25% year over year to $360 million. The company posted a net loss of $1.15 billion, which included an $873 million non-cash impairment related primarily to Brazil following that country’s ban on sports betting and online gaming in September.
Looking ahead, Flutter reduced its full-year revenue midpoint by $300 million to $17.61 billion and lowered 2026 adjusted EBITDA guidance by $160 million to nearly $2.5 billion. Taylor indicated that capital returns remain suspended as the company works to reduce leverage to its target range of 2 to 2.5 times over approximately the next 24 months. FanDuel Predicts, the predictions platform competing with Kalshi and Polymarket, added 140,000 new customers in October and experienced trading volume growth of 271% since July. Taylor noted that significant market expansion opportunities remain, with roughly half the country lacking regulated sports betting access and 90% without regulated online gaming.
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