TLDR Flutter Entertainment stopped sports betting and iGaming in Brazil after a Sept. 25 government ban on online betting. The company expects 2026 revenue to drop about $70 million and adjusted EBITDA to fall $20 million if the ban lasts through year end. Brazil’s Congress must approve or amend the ban within 120 days, and Flutter is reviewing options, including an appeal. Peter Jackson steps down as CEO on Sept. 30, and Dan Taylor takes over on Oct. 1. Flutter shares fell about 4% on Monday, adding to a 2026 decline of more than 50%.
Flutter Entertainment has stopped its sports betting and iGaming operations in Brazil. The move follows a provisional measure the Brazilian government issued on Sept. 25 that bans online betting nationwide.
The shutdown comes days before the company changes chief executives. It also adds to a difficult year for the gambling company.
If Flutter cannot operate in Brazil through the end of the year, it expects 2026 revenue to fall by about $70 million. Adjusted EBITDA would drop by around $20 million.
The company said it is reviewing its options, including a possible appeal. Brazil’s Congress must approve or amend the measure within 120 days for it to stay in effect. Flutter said it expects to resume operations if Congress rejects it.
The revenue loss is small compared to Flutter’s size. The company is expected to bring in nearly $18 billion in revenue in 2026.
Brazil Shifts From Growth Market to Ban
In 2025, Flutter bought a 56% stake in NSX. The deal combined NSX’s Betnacional brand with Flutter’s Betfair Brazil business. The total cost was $674 million, including $348 million in cash.
Brazil brought in $72 million in revenue in the second quarter of 2026, up from $44 million a year earlier.