Flutter Entertainment has reported a significant net loss of $296 million in the second quarter of 2026. This setback is largely due to increased gaming duties in the UK, sluggish growth in the U.S. sportsbook sector, and rising investment costs. Despite this, the group’s revenue rose by 3% year-on-year, reaching $4.33 billion. However, adjusted EBITDA saw a dramatic decrease of 45%, totaling $508 million, leading to a decline in profitability from 21.9% to 11.7%. Average monthly players also fell by 11% to 14.3 million, particularly influenced by Flutter's decision to exit the Indian real money gaming market due to regulatory challenges.
The U.S. division experienced the most significant drop, with revenues decreasing by 6% to $1.68 billion. Specifically, sportsbook revenue dropped by 15%, and iGaming fell by 14%. Adjusted EBITDA for this division plummeted by 70%, amounting to $119 million. Nevertheless, FanDuel continues to maintain a 39% market share in sportsbooks and a 27% share in iGaming.
In contrast, Flutter's international operations fared better, with revenue climbing by 10% to $2.64 billion, although adjusted EBITDA declined by 19% to $476 million.
These results were published alongside an announcement regarding a leadership transition. Peter Jackson is set to resign as CEO on September 30, 2026, with Dan Taylor, currently the CEO of Flutter International and president of the group, stepping into the role beginning October 1 and joining the board. In 2025, Taylor’s division reported revenues of $9 billion and adjusted EBITDA exceeding $2.2 billion.
Following the results release, Flutter's shares fell by 11.5% to $92.91, despite analysts maintaining a consensus rating of "moderate buy," with a 12-month price target average of $175.26.
