Flutter faces $70m revenue hit from Brazil betting ban
Flutter carries $539m in Brazilian goodwill alone as it weighs an appeal.
The hit
Flutter & Entain have both revised their 2026 outlooks after Brazil’s President Luiz Inacio Lula da Silva signed a provisional order banning online gambling, according to Yogonet. Entain shares fell 4% on the FTSE 250 in Monday afternoon trading, while Flutter estimated the ban could cost it $70 million in revenue.
Why it matters
Brazil was forecast to generate about 5% of Entain’s online net gaming revenue this year, with the country’s contribution to earnings expected to be “modest” in a “challenging & highly competitive” market, according to Entain. Entain said it was “disappointed” by an announcement made “without consultation of industry stakeholders”. Flutter said it was “extremely disappointed” & is reviewing its options.
The record
| Entain full-year online net gaming revenue growth cut to | 4%-6% (Entain) |
|---|---|
| Entain underlying earnings guidance | £910m-£960m, now expected at lower end (Entain) |
| Flutter estimated underlying earnings hit | $20m (Flutter) |
| Flutter Brazilian goodwill carrying value | $539m (Flutter) |
| Entain planned job cuts worldwide, citing higher gambling taxes | around 400 (Entain, disclosed earlier this month) |
What happens next
Brazil’s provisional ban needs congressional approval within 120 days to become permanent. UK operators also face a possible doubling of machine games duty in the upcoming Budget, amid speculation that the Chancellor is considering the move.
Sources: Brazil online gambling ban forces Flutter and Entain to revise 2026 outlooks
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