Key Moments:
- Flutter’s international revenue grew 21 percent year-over-year to $2.43 billion, but APAC revenue dropped 12 percent to $363 million in Q3 2025.
- A $556 million impairment charge was recorded due to Flutter’s withdrawal from the Indian real-money online gaming market.
- Net losses expanded from $114 million in Q3 2024 to $789 million, impacted by regulatory and sporting results in Asia-Pacific.
Steep Revenue Declines in APAC
Flutter Entertainment encountered a challenging third quarter in 2025, with its Asia-Pacific operations under significant strain. The company’s global international revenue climbed by 21 percent, reaching $2.43 billion. However, this growth was not mirrored in the Asia-Pacific market, where revenue declined by 12 percent to $363 million.
A primary contributor to this downturn was a 9 percent drop in sports betting revenue and a significant 35 percent decrease in iGaming revenues, largely linked to India’s regulatory changes and the abrupt halt of real-money online gaming services.
Impact of India’s Online Gaming Ban
In August 2025, the Indian government enacted the Promotion and Regulation of Online Gaming Act, 2025, instituting a broad ban on online money games. The new regulations specifically targeted fantasy sports operators and card games involving real-money stakes. Following these developments, Flutter and its Junglee brand ceased operations in India.
CEO Peter Jackson expressed disappointment over this unforeseen regulatory turn, noting the company’s considerable and responsible investments in India. Junglee Games will now provide only free-to-play gaming content, as the company evaluates its medium-term outlook in the Indian market.
Flutter Entertainment, $FLUT, Q3-25. Results:
📊 Adj. EPS: $1.64 🟢
💰 Revenue: $3.79B 🟢
📈 Net Loss: $789M
🔎 Q3 impacted by a $556M India impairment and $205M Boyd payment, despite 17% revenue growth and solid iGaming momentum. pic.twitter.com/9syfxTqEC2— EarningsTime (@Earnings_Time) November 12, 2025
Australian Sports Results and Cost Controls
Flutter’s sports segment in Australia experienced adverse shifts in sporting results, resulting in a 110-basis-point negative swing. Additionally, horse racing betting handle dropped by 5 percent, a trend seen in market leader Sportsbet. Cost management strategies partially mitigated these setbacks, including a 50-basis-point reduction in promotional expenditure through targeted marketing.
Financial Performance and Impairment Charge
Despite the regional pressures, Flutter’s group revenues increased 17 percent year-over-year to $3.79 billion, while adjusted EBITDA climbed 6 percent to $478 million. Nevertheless, net losses widened considerably from $114 million in Q3 2024 to $789 million in the latest quarter, influenced in part by a $556 million non-cash impairment charge related to Flutter’s exit from the Indian market.
The impairment was connected to the write-down in carrying value of Flutter’s interests in Junglee and related intangible assets, symbolizing the financial repercussions of regulatory changes and strategic market withdrawals.
| Financial Metric | Q3 2025 | Change (YoY) |
|---|---|---|
| Group International Revenue | $2.43 billion | +21% |
| APAC Revenue | $363 million | -12% |
| Group Revenue | $3.79 billion | +17% |
| Adjusted EBITDA | $478 million | +6% |
| Net Loss | $789 million | Increased from $114 million |
| Impairment Charge | $556 million | N/A |
Strategic Outlook Amid Market Turbulence
Peter Jackson commented on the company’s continued leadership in the US and growth in its international portfolio despite recent challenges. He referenced the introduction of products such as FanDuel Predicts and ongoing strategic acquisitions that are positioning Flutter for new opportunities.
Looking forward, Flutter aims to enhance its capital allocation approach to support sustainable long-term value creation for shareholders, even as it navigates evolving regulatory and market conditions within the global online sports betting and iGaming sector.
Risks and Market Dynamics
Flutter’s recent experience highlights the risks international operators face as regulatory environments shift and competitive pressures mount. The need for flexibility and diversification remains critical in the rapidly changing gaming industry.
- Author
Daniel Williams
