Flutter Entertainment has cut its full-year 2026 guidance after Brazil’s gambling shutdown and unfavourable sports results dragged its third-quarter adjusted EBITDA down 25%. The operator’s net loss exceeded $1bn in the period, even as group revenue rose modestly. Elsewhere, Kambi, Super Group and Zeal posted stronger quarterly numbers, while the Dutch regulator took rare direct action against a B2B slot supplier over content appearing on illegal sites.
Flutter Entertainment posts $1bn Q3 loss as Brazil exit weighs
Group revenue increased 2% year-on-year to $3.874bn in the first trading period under new Chief Executive Officer Dan Taylor.
Despite that top-line growth, profitability deteriorated sharply.
Flutter’s adjusted EBITDA fell 25%, prompting a reduction in its annual financial forecasts.
The company pointed to the closure of Brazil’s iGaming market as a key factor behind the downgrade, compounding pressure from unfavourable sports betting outcomes during the quarter.
The scale of the net loss underlines how quickly Brazil’s prohibition has reshaped operator balance sheets across the sector. For affiliates that had built traffic strategies around Brazilian iGaming brands, the shutdown removes a significant monetisation channel and forces a rapid pivot toward markets still open for player acquisition. Operators under similar guidance pressure are likely to scrutinise marketing spend more closely, which could tighten commercial terms for performance partners in the short term.
Kambi grows revenue 23% despite Brazil and World Cup drag
Sports betting technology provider Kambi reported a strong third quarter, with revenue up 23% year-on-year to EUR 46 million and adjusted EBITA more than doubling.
Kambi gained renewed confidence that the shock ban on online gambling in Brazil will not overly impact its 2026 performance, having reported improved revenue and profit during Q3, despite having seen huge growth prospects in Latin America.
The company also
narrowed its full-year earnings guidance, citing improved profitability despite challenges in some jurisdictions.
Kambi’s resilience despite the same Brazilian headwind that hurt Flutter suggests diversification across regulated markets is increasingly the differentiator between operators and suppliers that weather sudden regulatory shocks and those that do not.
Super Group closes in on full-year profit record
Super Group has maintained a steady growth trajectory in Q3, with its latest financial report indicating that it is close to surpassing the profit it achieved in 2025, with profit for the nine months ending 30 September 2026 coming in at $350m, up from $218m for the twelve months ending 31 December 2025.
The company highlighted the strength of its casino-led business model as a buffer against volatility elsewhere in the business, though it also adjusted guidance to reflect customer-friendly sports results during the period.
Zeal reports 22% revenue growth on back of SevenCanyon deal
Zeal reports 22% revenue growth following the acquisition of a 96.5% stake in operator SevenCanyon, which led to €10.5 million of revenue over the first nine months of 2026.
The acquisition-driven uplift illustrates how smaller operator groups continue to use M&A to bolster growth figures even as larger listed operators face downgrades.
Dutch regulator targets supplier over illegal site content
The Dutch regulator has used a binding instruction against a B2B game supplier, Endorphina, rather than an operator, signalling that suppliers serving licensed European markets now face scrutiny over where their content ends up.
This marks a notable shift in enforcement approach, moving compliance responsibility upstream to the content providers themselves rather than focusing solely on operators running unlicensed sites.
For suppliers and their distribution partners, the implication is clear: licensing agreements and aggregator relationships will need tighter monitoring of where games ultimately surface, particularly in markets like the Netherlands where regulators have shown a willingness to act directly against content providers.
Readers tracking the wider pressure on Brazil’s market can find further context in our earlier coverage of the Brazil betting ban deepening after Lula’s re-election.
Sources
- GamblingNews – Flutter Reduces FY 2026 Guidance as Brazil iGaming Shutdown Impacts Financials
- iGaming Business – Flutter cuts FY26 guidance as Brazil exit and sports results hit Q3 earnings
- SBC News – Flutter posts Q3 of compounding headaches as net loss exceeds $1bn
- GamblingNews – Kambi Remains Optimistic After 23% Q3 Revenue Growth
- SBC News – Kambi reports resilient Q3 against Brazil ban and post-World Cup slowdown
- GamblingNews – Super Group Posts Strong Q3 Financials, Lowers Guidance Due to Customer-Friendly Results
- SBC News – Is Super Group about to lap itself? YTD profit close to beating FY25 figures
- iGaming Business – Zeal reports 22% revenue growth following SevenCanyon acquisition
- CasinoBeats – Ksa issues binding instruction to slot supplier Endorphina over games on illegal Dutch sites
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