New Flutter CEO Dan Taylor, five weeks into the role, is relying on better products and more generous customer rewards to turn FanDuel's improving engagement into stronger profits. Third-quarter revenue and adjusted EBITDA both missed Wall Street expectations, and the stock is down more than 60% year to date. FanDuel's average monthly U.S. sportsbook players rose 9% and bet counts rose 15%, but sportsbook revenue grew only 4% as promotional spending increased. Flutter posted a net loss of $1.15 billion, including an $873 million non-cash impairment tied mainly to Brazil, which banned sports betting and online gaming in September. The company cut $300 million from its full-year revenue midpoint, to $17.61 billion, and lowered its 2026 adjusted EBITDA outlook by $160 million to nearly $2.5 billion; buybacks remain on hold until leverage returns to 2 to 2.5 times, which Taylor said could take roughly 24 months.
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