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Flutter’s UK and Ireland online casino arm grew 12% in the third quarter, reaching $540m in revenue, while sportsbook revenue fell 6% to $309m.
UK Casino Growth vs. Duty Impact
The region’s total revenue rose 4% to $889m, yet profit moved the opposite way. International revenue stayed flat at $2,419m, but earnings dropped sharply as the UK’s remote gaming duty jumped from 21% to 40% in April 2026. Flutter estimated the new tax would trim adjusted EBITDA by about $320m in 2026 before mitigation.
Group Financials and Balance-Sheet Tightening
Group revenue climbed 2% to $3.87bn for the quarter, but adjusted EBITDA fell 25% to $360m, widening the deficit from the $789m loss in the same quarter of 2025 by 46%. Flutter owns 56% of Flutter Brazil; a $537m post-tax charge from Brazil falls to it. A $105m rise in legal loss provisions and a $541m goodwill write-down on Brazil, where trading stopped in September 2026, added to the loss.
On 1 October 2026, Dan Taylor became chief executive. He halted the share repurchase programme and redirected cash toward organic investment and debt reduction. The company also trimmed its FY26 guidance: the adjusted EBITDA midpoint fell by $115m to $2.09bn, and the revenue midpoint was cut by $395m to $17.91bn.
Upcoming Tax Changes
A 25% remote betting rate will take effect in April 2027, and Flutter’s Budget-day estimate projects a $540m hit to adjusted EBITDA in 2027 before mitigation.
The data show that casino growth in Flutter’s home market cannot offset the higher UK duty, and the operator is tightening its balance sheet in response to mounting losses.
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