Flutter Entertainment has reported a net loss of $296m for the second quarter of 2026, a dramatic reversal from the $37m profit recorded in Q2 2025.
The results reflect a period of heavy investment across the group, with revenue reaching $4.326bn for the quarter, representing 3% growth year-on-year.
Despite that top-line improvement, adjusted EBITDA fell sharply by 45% to $508m, signalling significant pressure on the business beneath the surface.
Alongside the financial results, Flutter dropped a major announcement confirming that Chief Executive Officer Peter Jackson is stepping down after almost nine years in the role.
Dan Taylor, currently President of Flutter and CEO of FanDuel, is set to take over as CEO on 1 October 2026.
Jackson said: “After nearly nine years as CEO, I believe this is the right point in Flutter’s journey for me to hand over the leadership of the business to Dan.”
He added: “In my time as CEO Flutter has changed beyond recognition, transitioning from a UK-focused Paddy Power Betfair, into the world’s leading online sports betting and iGaming operator, with market leading positions in the US and around the world.”
Jackson also confirmed he would remain involved during the transition, stating: “I will help the transition during Q3 as we prepare for the important NFL season and hand over fully at the end of the quarter.”
Flutter’s sportsbook revenue dipped 1% year-on-year from $2.26bn to $2.229bn, despite the early impact of the 2026 FIFA World Cup boosting activity, though amounts staked rose 7% to just under $21bn.
The US sportsbook operation was particularly affected, with Flutter reporting a $21m hit from adverse sports results, contributing to a 15% revenue decline to $1.039bn despite average monthly players growing by 8%.
Flutter did highlight positive momentum in the US market, citing “excellent FanDuel execution driving strong customer engagement during the FIFA World Cup” as it progressed its FanDuel Predicts offering.
The business retained its number one online sportsbook position globally, holding a 39% Gross Gaming Revenue market share across its operations.
International sportsbook performance moved in the opposite direction to the US, with strong momentum largely supported by recent acquisitions including SNAI and Betnacional.
In the UK and Ireland, revenue rose 4% year-on-year to $971m, with iGaming growing 7%, though the UK’s Remote Gaming Duty increase from 21% to 40% threatens to stifle that growth before the year is out.
