FanDuel US profit falls 94% to $3m as Flutter backs predictions
FanDuel Predicts trading volume rose 102% quarter-on-quarter as Flutter poured money into the product & its Alberta launch.
The hit
FanDuel’s US adjusted EBITDA collapsed to just $3 million in the third quarter of 2026, down from $51 million a year earlier, even as US revenue rose 6% to $1.455 billion. Flutter, FanDuel’s parent, blamed the drop on spending tied to FanDuel Predicts & its new Alberta launch.
Why it matters
For traders watching the regulated US market, the numbers show prediction-market spending is squeezing one of its biggest operators. Flutter has paused buybacks to focus on organic investment & debt paydown. FanDuel Casino’s revenue growth is also slowing as iGaming states mature & rivals press harder.
The record
| FanDuel US adjusted EBITDA | $3m, down from $51m a year earlier (Flutter) |
|---|---|
| Flutter group net loss | $1.148bn, widened from $789m, tied partly to Brazil impairments (Flutter) |
| FanDuel Predicts trading volume | $119m, up 102% quarter-on-quarter (Flutter) |
| Flutter leverage | 4.6x at quarter end, up from 3.7x in December 2025 (Flutter) |
| FanDuel iGaming market share | 25.1%, down from 26.6% a year earlier (Citizens figures via NEXT.io) |
What happens next
Watch Flutter’s buyback pause, which stays in place until leverage falls to 2-2.5x, a target new CEO Dan Taylor has set for around 24 months.
Sources: FanDuel US profit falls 94% to $3 million as Flutter spends on FanDuel Predicts
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