Flutter Entertainment

New CEO Dan Taylor said FanDuel product changes and a nationwide rewards program are boosting engagement, with U.S. average monthly players up 12% and sportsbook bet counts rising. Third-quarter revenue and adjusted EBITDA missed expectations, with adjusted loss of $0.18 per share and a $1.15 billion net loss that included an $873 million impairment tied to Brazil. Promotional spending weighed on sportsbook revenue despite higher handle, prompting a cut to full-year revenue and EBITDA guidance. Capital returns are paused while Flutter focuses on organic growth and reducing leverage before considering buybacks. » More on cnbc.com

Flutter, owner of Paddy Power and SkyBet, plans to cut up to 1,400 roles as it restructures its UK and Ireland division, with job losses concentrated in Leeds, Dublin and Sunderland and additional reductions in Porto and Cluj-Napoca. The group said a significant increase in betting and gaming duties announced in the 2025 budget has changed the economics of the regulated market and forced a reduction in its fixed-cost base. Flutter expects a one-off charge of $90m (£67.3m) for the redundancies; its shares rose as investors anticipated a leaner cost structure. The move intensifies debate ahead of consideration of further machine games duty increases by the chancellor. » More on theguardian.com

Fitch has cut the outlook for Flutter from “stable” to “negative” but kept the long‑term issuer default rating at BBB. The agency expects leverage to exceed the threshold that could trigger a downgrade in 2026 and possibly 2027, depending on margin recovery in the US and higher taxes in the UK. Fitch points to pressures from investments in forecast markets and marketing as well as subdued Q2 results; these investments are likely to reduce adjusted EBITDA in 2026 by USD 200–300 million. Flutter has largely suspended its share buyback programme and executed only USD 250 million in 2026; Fitch expects strong free cash flow generation in 2026–2028 and limited M&A activity. » More on de.investing.com