TLDR
- Flutter Entertainment stopped sports betting and iGaming in Brazil after a Sept. 25 government ban on online betting.
- The company expects 2026 revenue to drop about $70 million and adjusted EBITDA to fall $20 million if the ban lasts through year end.
- Brazil’s Congress must approve or amend the ban within 120 days, and Flutter is reviewing options, including an appeal.
- Peter Jackson steps down as CEO on Sept. 30, and Dan Taylor takes over on Oct. 1.
- Flutter shares fell about 4% on Monday, adding to a 2026 decline of more than 50%.
Flutter Entertainment has stopped its sports betting and iGaming operations in Brazil. The move follows a provisional measure the Brazilian government issued on Sept. 25 that bans online betting nationwide.
The shutdown comes days before the company changes chief executives. It also adds to a difficult year for the gambling company.
If Flutter cannot operate in Brazil through the end of the year, it expects 2026 revenue to fall by about $70 million. Adjusted EBITDA would drop by around $20 million.
The company said it is reviewing its options, including a possible appeal. Brazil’s Congress must approve or amend the measure within 120 days for it to stay in effect. Flutter said it expects to resume operations if Congress rejects it.
The revenue loss is small compared to Flutter’s size. The company is expected to bring in nearly $18 billion in revenue in 2026.
Brazil Shifts From Growth Market to Ban
In 2025, Flutter bought a 56% stake in NSX. The deal combined NSX’s Betnacional brand with Flutter’s Betfair Brazil business. The total cost was $674 million, including $348 million in cash.
Brazil brought in $72 million in revenue in the second quarter of 2026, up from $44 million a year earlier. First-half revenue reached $146 million. Much of that growth came from adding NSX and from spending around the FIFA World Cup.
During the August earnings call, CEO Peter Jackson called Brazil “an attractive long-term opportunity.” CFO Rob Coldrake said the company was “still really excited” about the market.
President Luiz Inácio Lula da Silva had warned of a ban if rules failed to reduce gambling harms. As of the second quarter, Flutter’s Brazil business carried about $539 million in goodwill, $127 million in customer relationships and $124 million in trademarks, which could face an accounting impact.
FanDuel and Leadership Changes
The Brazil news adds to pressure at FanDuel, Flutter’s U.S. business. Amy Howe left as FanDuel CEO in May. Christian Genetski took over FanDuel, while Dan Taylor became Flutter President.
In the second quarter, U.S. revenue fell 6% and sportsbook revenue dropped 15%. U.S. adjusted EBITDA fell 70% to $119 million.
Flutter cut the midpoint of its full-year revenue outlook by $395 million to $17.91 billion. It lowered adjusted EBITDA guidance by $210 million to $2.655 billion. The company said much of the cut reflected higher planned investment.
Flutter is also working on prediction markets. It expects FanDuel’s market-making business to generate about $50 million in revenue this year.
Jackson will step down as CEO on Sept. 30 after nearly nine years in the role. Taylor takes over on Oct. 1.
Analysts have grown more cautious. J.P. Morgan started coverage at Neutral with a $114 price target. Rothschild Redburn downgraded the stock to Neutral in September, pointing to four guidance cuts in 2026.
Flutter shares fell about 4% in Monday trading after the Brazil announcement. The stock has lost more than half its value this year.
