Flutter Entertainment, the parent company of Paddy Power and Betfair, reported a net loss of 296 million dollars for the second quarter of 2026 and cut its full-year guidance after a decline in United States sportsbook revenue. The company also confirmed that Group Chief Executive Officer Peter Jackson will step down on 30 September 2026, and that Dan Taylor, currently head of Flutter's International division, will succeed him.
Flutter's Q2 Loss
Flutter Entertainment reported a net loss of 296 million dollars, equivalent to 1.57 dollars per share, for the second quarter of 2026. Adjusted EBITDA fell 45 percent to 508 million dollars, down from 919 million dollars in the same quarter last year. The loss came despite group revenue rising 3 percent to 4.326 billion dollars, up from 4.187 billion dollars a year earlier.
The performance of Flutter's United States business drove much of this result. Revenue in the US fell 6 percent year on year to 1.68 billion dollars for the quarter. Sportsbook revenue in the US declined 15 percent, which the company attributed to unfavourable sports results during the quarter. Against this, US iGaming revenue grew 14 percent to 577 million dollars, and FanDuel retained its position as the number one operator in both US sports betting and US iGaming, with respective gross gaming revenue market shares of 39 percent and 27 percent.
Following the results, Flutter revised its outlook for the remainder of 2026. The company cut full-year group revenue guidance by 395 million dollars at the midpoint, to 17.91 billion dollars, still representing 9 percent growth year on year. It also cut full-year adjusted EBITDA guidance by 210 million dollars at the midpoint, to 2.655 billion dollars.
Leadership Transition Announced
Alongside the financial results, Flutter confirmed a change at the top of the company. Group Chief Executive Officer Peter Jackson will step down from the role on 30 September 2026. Dan Taylor will succeed him effective 1 October 2026, while Jackson will remain with Flutter in an advisory capacity through the end of 2026.
Taylor currently leads Flutter International, the division that includes the company's UK and Ireland brands, Paddy Power, Betfair, and Sky Vegas, alongside its other international markets. Flutter stated that the division generated more than 9 billion dollars in revenue and 2.2 billion dollars of adjusted EBITDA in 2025.
Jackson has led the business for nearly nine years, having become Chief Executive Officer of Paddy Power Betfair, Flutter's predecessor brand, in January 2018. Commenting on his departure, Jackson said: "It has been such a privilege to lead Flutter's transformation and I am incredibly proud of what we have achieved over nearly nine years." He added of his successor: "Having worked closely with Dan for many years, I have seen first-hand his ability to grow businesses, build strong teams and deliver exceptional results." Flutter Chair John Bryant said Jackson "leaves Flutter with gold medal positions around the world and exceptionally well positioned for the future."
What This Means For UK Players
The announcement is a financial results update and a leadership change, not a regulatory or compliance matter. Flutter's UK brands, including Paddy Power and Betfair, continue to operate as normal under their existing UK Gambling Commission licences. Flutter has not announced any change to player-facing products, offers, or responsible gambling tools as part of this update. Gambling Zone will continue to monitor whether the incoming leadership brings any changes to Flutter's UK-facing brands and will report on any further developments.
