Flutter Entertainment reported a significant net loss of $296 million for the second quarter of 2026. This downturn stems from heightened gaming duties in the UK, sluggish growth in the U.S. sportsbook sector, and rising investment costs. Despite this, Group revenue saw a 3% year-over-year increase, totaling $4.33 billion. However, adjusted EBITDA plummeted by 45% to $508 million, leading to a drop in profitability from 21.9% to 11.7%. The average number of monthly players decreased by 11% to 14.3 million, largely due to the company’s exit from the Indian real money gaming market due to regulatory constraints.
Flutter’s U.S. division reported the steepest decline, with revenues falling 6% to $1.68 billion. Specifically, revenue from sportsbooks declined by 15%, while iGaming revenues fell by 14%. Adjusted EBITDA in the U.S. dropped by 70% to $119 million, although FanDuel maintained a 39% market share in sports betting and 27% in iGaming.
In contrast, Flutter’s international operations showed stronger results, with revenues increasing by 10% to $2.64 billion, though adjusted EBITDA fell 19% to $476 million.
These financial results were announced alongside a leadership change, with Peter Jackson resigning as CEO effective September 30, 2026. Dan Taylor, currently the CEO of Flutter International and the group’s president, will assume the role on October 1 and join the board. Taylor's division reportedly generated $9 billion in revenues and over $2.2 billion in adjusted EBITDA in 2025.
Following the announcement, Flutter’s share price dropped by 11.5% to $92.91, although analysts maintain a "moderate buy" consensus, with a 12-month price target averaging $175.26.
