Flutter Entertainment sees headline growth continue to be undone by enlarged impairments related to its global profile.

Publishing its Q3 2025 accounts, the NYSE/LSE gambling group has booked a net loss of $789m, which follows a $158m loss declared during Q2 trading.

Q3’s multi-million-dollar loss is primarily attributed to Flutter booking $556m  in non-cash impairments related to the termination of its Junglee business in India.

Further factors contributing to the net loss include a $205m payment made to Boyd Gaming for market concessions in the US, and a $126m adjustment related to the ongoing settlement of Fox’s option in FanDuel, recognised as a “fair value gain.”

Period trading saw Flutter absorb higher interest expenses of $47m, as year-to-date losses for 2025 stand at approximately $815m. As of 30 September, group accounts detail that net debt totals $10.6bn, up from $6.7bn registered on 31 December 2025.

Leadership views the impairments as a necessary part of Flutter’s evolution into the highest-value gambling PLC, as it continues to absorb new M&A assets including Snaitech (Italy), Betnacional (Brazil), MaxBet (Serbia), and strategic deals enhancing market access in North America.

Regarding the costly setback in India, CEO Peter Jackson expressed that he was “extremely disappointed by the unexpected regulatory change.” 

However, Flutter will maintain its Hyderabad tech hub and continue to offer free-to-play games,  while “monitoring the market for future opportunities.”

FanDuel drags on a minimal sports margin

In the US, FanDuel generated $1.37bn in revenue, up 9% year-on-year. However, growth was subdued by disappointing NFL outcomes and elevated promotional activity, particularly at the start of the season. 

These dynamics pushed sportsbook margins down to just 3.7%. The segment was buoyed by iGaming revenue growth of 44%, helping deliver $51m in adjusted EBITDA for the quarter.

Despite the headwinds, Flutter CEO Peter Jackson remains confident in the long-term US prospects and profitability: “We remain the clear number one operator in the US market, and we plan to continue consolidating our lead to benefit from future profitability. 

“Our substantial investments, such as FanDuel Predicts and our recent international acquisitions, position us exceptionally well to capture additional opportunities and deliver sustainable, profitable expansion.”

International shows its muscle

By contrast, Flutter International delivered $2.43bn in revenue and $505m in adjusted EBITDA, maintaining a strong unit-wide 20.8% margin. 

Performance was supported by the successful integration of Snai (Italy), Betnacional (Brazil), and MaxBet (Serbia), alongside robust organic iGaming growth across Southern Europe and Africa. These gains helped absorb the broader group impact from the shutdown of real-money operations in India.

Year-to-date, the US business has contributed approximately $4.85bn in revenue and $375m in adjusted EBITDA, while the International division added around $7bn in revenue and $1.73bn in EBITDA.

In total, Flutter has reported $11.85bn in group revenue and $2.1bn in adjusted EBITDA over the first three quarters of 2025 demonstrating its ability to navigate regional volatility while delivering to the expectations of its monthly active base of + 14 million customers.

“Our strategic investments, including recent international acquisitions, prepare us uniquely to seize new opportunities and deliver sustainable, profitable growth,” Jackson added.

Home adjustment, whatever the Budget outcome 

Flutter’s UK and Ireland segment reported $853m in revenue and an estimated $210m in adjusted EBITDA for Q3 2025. Revenue growth was a subdued 1%, as expected given the tough prior-year comparatives from the Euros and favourable sports outcomes. 

While iGaming momentum remained positive, leadership is turning its focus to the UK government’s upcoming budget, which could introduce new gambling tax measures.

Flutter has signalled that while its scale provides flexibility, it will reassess market investment depending on the severity of any fiscal changes.

“A lot of speculation is circulating about potential gaming tax increases in the next UK budget,” said Jackson. 

“We continue to cooperate with policymakers and anticipate that decisions will be based on economic merit — recognising the industry’s significant contribution to UK tax revenues and employment.”