Dan Taylor, who has been CEO for just five weeks, reported disappointing third-quarter results for Flutter, with revenue of $3.87 billion falling short of the $4 billion expected by analysts. The company also posted an adjusted loss of 18 cents per share, better than the anticipated loss of 28 cents. However, Flutter's stock has plummeted over 60% this year.
Taylor emphasized the importance of customer satisfaction and has implemented changes to the product offerings, including a new nationwide rewards program that has shown early success, with a 9% increase in average monthly players and a 15% rise in bet counts for FanDuel's U.S. sportsbook.
Despite these improvements, Flutter's adjusted EBITDA dropped 25% year over year to $360 million, and the company reported a net loss of $1.15 billion, largely due to an impairment related to Brazil's ban on sports betting. As a result, Flutter has revised its full-year revenue forecast down by $300 million to $17.61 billion and lowered its 2026 adjusted EBITDA outlook by $160 million.
Taylor noted the competitive landscape and the need for continued investment in customer experience while indicating that capital returns will be paused until the company can reduce its leverage to a target range of 2 to 2.5 times over the next two years