Flutter Reports Mixed Q3: UK Casino Revenue Up 12%, International EBITDA Down 14%

Flutter Entertainment has released its third-quarter financial results, revealing a 12% increase in revenue from its UK and Ireland online casino operations. However, the company's International segment experienced a 14% decline in EBITDA, largely attributed to a near doubling of remote gaming duty in certain markets.

The operator, which holds the largest market share in the UK and Ireland, has revised its full-year guidance downward for the second time. In response to the financial pressures, Flutter has also suspended its share buyback program and shifted focus toward reducing its debt load.

These developments come under the leadership of a new chief executive, who has prioritized debt reduction amid the changing regulatory and tax landscape. The increased duty rate, now at 40%, has significantly impacted profitability in the International division.

Despite the headwinds in international markets, the growth in the UK and Ireland online casino segment underscores the resilience of Flutter's core operations. The company continues to navigate a complex environment of rising taxes and regulatory changes across multiple jurisdictions.