Flutter Entertainment has halted its sports betting and iGaming operations in Brazil after the Brazilian government issued a provisional measure banning fixed-odds betting across the country. The company said the suspension could reduce its 2026 revenue by approximately $70 million and adjusted EBITDA by about $20 million if its Brazilian business cannot resume operations for the rest of the year. SEC +1
Flutter disclosed the development in a September 28 filing with the U.S. Securities and Exchange Commission, citing provisional executive measures announced by the Brazilian government on September 25. The company said it had ceased operating sports betting and iGaming in Brazil to comply with the measures and was reviewing its available options, including a potential appeal. SEC +1
Brazil’s Measure No. 1,394 prohibits the operation, offering, intermediation and advertising of fixed-odds betting in the country, including sports-related wagers and virtual online gaming. The measure applies to operators based outside Brazil when they offer betting services to people located in the country. Existing authorizations are scheduled to expire after a 30-day transition period, while the measure also establishes restrictions on new deposits and requires betting operators to make their websites and applications inaccessible after 10 days. Presidência da República +1
The measure has the force of law immediately but requires congressional action to remain in effect beyond its initial period. Flutter said the executive order is expected to require Congressional approval or amendment within 120 days. If Congress rejects the measure, the company said it would expect its online sports betting and iGaming activity in Brazil to recommence. SEC +1
The potential $70 million revenue reduction and $20 million adjusted EBITDA reduction are therefore contingent estimates rather than confirmed full-year losses. Flutter specifically said the figures apply if Flutter Brazil remains unable to operate for the remainder of 2026. The company is also assessing the non-cash accounting implications of the government measures and said it will provide additional disclosures in due course. SEC
The disruption affects a business that had been a significant part of Flutter’s international expansion strategy. Flutter acquired a 56% interest in Brazilian operator NSX Group, whose Betnacional brand became part of the combined Flutter Brazil business, in May 2025. The acquisition was intended to strengthen Flutter’s position in Brazil following the country’s move to regulate online betting. Flutter +1
Brazil had continued to contribute to Flutter’s international revenue growth during 2026 despite tougher market conditions. In its second-quarter results, Flutter reported Brazil revenue of $72 million, up 64% year over year, although organic revenue declined 14% as the market faced government socioeconomic measures, including a centralized self-exclusion register. Flutter said at the time that it remained focused on developing its Brazilian sportsbook and iGaming products. GlobeNewswire
The latest government action changes that operating environment immediately. Brazilian authorities said the prohibition covers both sports betting and online games, while existing operators have been given a transition process for customer withdrawals and the winding down of authorized operations. Government agencies subsequently reported enforcement activity against unauthorized betting sites following the measure’s publication. Serviços e Informações do Brasil +1
For Flutter, the financial effect will depend on whether the prohibition remains in force and whether the company can resume operations during 2026. The company has not yet quantified the full accounting consequences of the measures, and its $70 million revenue and $20 million adjusted EBITDA estimates remain subject to the outcome of the Brazilian legislative process and any subsequent regulatory developments. SEC
