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UK-based gaming giant Flutter Entertainment saw a tough third quarter in 2025, as regulatory changes in India and adverse sporting outcomes in Australia combined to weigh on its Asia-Pacific revenue and trigger a substantial impairment charge.
Flutter Group saw an overall group-wide international revenue gain of 21 percent year-on-year to $2.43 billion, but APAC bucked that trend, reporting revenues down 12 percent at $363 million. A 9 percent decline in sports betting revenues and a 35 percent drop in iGaming revenues, related mainly to India’s surprise ban on real-money online gaming, led to an overall decline in revenue for the region.
In August 2025, the Indian government passed the Promotion and Regulation of Online Gaming Act, 2025, which has broadly banned online money games with staking of real money. The act particularly targeted operators offering fantasy sports and card games for betting. After the ban, Flutter and its Junglee brand stopped operating in India.
CEO Peter Jackson expressed disappointment over the unexpected regulatory shift, highlighting Flutter’s significant, responsible investments in India over the past few years. He explained that Junglee Games would move to provide only free-to-play gaming content while the company considered mid-term strategies for the market in India.
In Australia, Flutter’s sports segment was affected by a 110-basis-point adverse swing in sporting results and a 5 percent reduction in horse racing betting handle, dominated by market leader Sportsbet. Partially offsetting this was strategic cost management that included a 50-basis-point reduction in promotional generosity through targeted spending.
In spite of the regional headwinds, group revenues increased 17% year-over-year to $3.79 billion, while adjusted EBITDA grew 6% to $478 million. Meanwhile, net losses expanded sharply from $114 million in Q3 2024 to $789 million in the current quarter, partially due to a $556 million non-cash impairment charge related to the Indian market exit.
The impairment primarily pertains to the write-down in carrying value of Flutter’s investments in Junglee and related intangible assets. Such a step is an indication of the direct financial impact of changing regulatory environments and Flutter’s exit from some market verticals.
Noting the setbacks experienced recently, Jackson was optimistic about the company’s broader market leadership in the US and its expanding international portfolio. He noted that Flutter continued to introduce innovative products, such as FanDuel Predicts, and made strategic acquisitions positioning it for new growth opportunities.
Looking ahead, Flutter continues to focus on enhancing its capital allocation strategy to underpin long-term value creation sustainably for shareholders in light of some short-term headwinds. It has been confronting dynamic regulatory and market environments while defending its global online sports betting and iGaming position.
The case of Flutter serves to highlight the risks that international operators face through changes in legislation and competitive pressures, requiring agility as well as diversified market exposure in the fast-changing gaming industry.
Source: Inside Asian Gaming (IAG)
