Flutter Entertainment posts $296m net loss as US pressure, tax charges and FanDuel investment weigh on Q2

Flutter Entertainment’s second quarter was a reminder that revenue growth and profit growth are not the same thing. The group still grew to $4.326bn in quarterly revenue, but adjusted EBITDA fell 45% to $508m and the company posted a $296m net loss — a combination that matters for anyone watching high-risk payment flows, because it shows where tax, regulatory and expansion costs are hitting the P&L.

1. Flutter’s Q2 revenue rose 3% year-on-year to $4.326bn, but adjusted EBITDA fell 45% to $508m. Net loss came in at $296m, versus $37m in profit in Q2 2025. The company said underlying growth in much of its international business and iGaming was offset by weaker US sportsbook performance, higher costs and several significant one-off charges.
2. The reported profitability decline included $95m of legal contingencies tied to India’s Goods and Services Tax (GST) and US sales and use taxes. Higher interest and depreciation costs linked to recent M&A also weighed on the quarter, alongside continued investment in the US business and FanDuel Predicts.
3. Flutter’s US business was the main pressure point. Revenue fell 6% to $1.683bn from $1.79bn a year earlier, while adjusted EBITDA dropped to $119m, down 70% year-on-year. The company linked that decline to a heavy investment push into FanDuel, including the launch of the FanDuel Predicts app, its entry into the prediction market space dominated by Kalshi and Polymarket.
4. International revenue increased 10% year-on-year to $2.6bn, but international adjusted EBITDA still fell 19% to $476m, with the company pointing to global tax and regulatory headwinds. The text also says one of the biggest hits to that metric was a 16% decline, though the source excerpt cuts off before specifying what fell.
5. Separately, Flutter confirmed that Peter Jackson will step down as CEO after almost nine years. Dan Taylor, currently President of Flutter and CEO of FanDuel, will take over on 1 October. Jackson said he will help with the transition during Q3 as the company prepares for the NFL season and will hand over fully at the end of the quarter.

For PSPs, acquirers and banks, the useful read here is straightforward: Flutter is still putting serious money into the US and into prediction markets, while tax exposure and regulatory drag are already visible in reported earnings. That tends to matter when a merchant is scaling fast, paying more tax in more places, and asking partners to keep up.