Flutter Cuts Forecast, Suspends Share Buybacks

Flutter reported a $1.148 billion net loss due to a non-cash impairment of $873 million in Brazil. The company is targeting $500 million in savings on gross operating and investment spending by 2029.

The company cut its annual outlook once again and suspended its existing share buybacks for the foreseeable future. It cited poor sports results and Brazil as the reasons. As a result, investment and debt reduction took priority over cash returns to shareholders.

FanDuel's recovering customer numbers and betting volumes kept US adjusted EBITDA roughly break-even in the three-month period ended September 30. US segment revenue rose from $1.368 billion to $1.455 billion, but adjusted EBITDA fell from $51 million to $3 million. Expenses were affected by investment in prediction markets, the Alberta launch, World Cup spending, promotions and payment processing costs.

In the international segment, casino growth in Italy stood out. Revenue in Southern Europe and Africa rose 13% to $836 million. The segment's adjusted EBITDA margin, however, fell from 20.8% to 18.0% due to the increase in the UK remote gaming duty from 21% to 40% on April 1, 2026. The group's margin also declined from 12.6% to 9.3%.