Flutter Ceases Brazil Betting and iGaming Operations After Ban

Flutter Entertainment has ceased operating sports betting and iGaming in Brazil, the company said in a statement on September 28, 2026, complying with provisional executive measures announced by the Brazilian Government on September 25, 2026, that ban online betting and gaming in the country.

The statement, issued with a New York dateline, said Flutter had noted the provisional executive order issued by the Brazilian Government. The company, which described itself as the world’s leading online sports betting and iGaming operator, said it was “extremely disappointed by this development” and is reviewing all available options, including the potential to appeal.

Flutter said it “continues to engage constructively with the Brazilian authorities on sensible, effective regulation to protect customers from the risks of the unregulated market.”

What the Provisional Measures Require

The measures were signed by President Luiz Inácio Lula da Silva on September 25, 2026, published in an extra edition of the Diário Oficial da União, and took effect on their publication date. According to the official text, the measure prohibits the exploitation, offer, intermediation and advertising of fixed-odds betting across the national territory, in physical or virtual form, including when carried out by agents based abroad that offer bets to people located in Brazil. The prohibition covers bets on real sporting events and on virtual online gaming events, and does not apply to other lottery modalities authorized by law. It applies to the exploitation of fixed-odds betting in the states and in the Federal District.

Authorizations granted under Brazil’s fixed-odds betting law of December 29, 2023 are extinguished 30 days after publication, and no new concessions, permissions or authorizations may be granted from the publication date, with applications still awaiting a decision barred. Operators must make their betting sites and internet applications unavailable 10 days after publication, under penalty of blocking, and new funds cannot be deposited into the transactional accounts from the publication date, apart from amounts proven to come from the redemption, maturity, sale or settlement of financial assets in which bettor funds, including earnings, were invested on that date, provided they go exclusively toward meeting the obligations set out in the measure. Open bets whose results have not been settled within that period become void, with bettors assured full restitution of the amounts wagered without deductions of any kind, while prizes on bets settled in time remain payable.

After taking their sites and applications offline, operators have two days to ensure the availability and liquidity of the funds needed to repay bettors in full, including available balances, voided stakes and prizes owed, and to send their financial and payment institutions an individualized list of bettors showing each bettor’s registration number in the CPF, Brazil’s individual taxpayer registry, the amounts to be returned and the originating accounts. The same information, with proof of the necessary funds, must go to the Secretariat of Prizes and Betting at the Ministry of Finance, and failure to meet those duties carries a daily fine of R$200,000 until compliance. Advertising, marketing and sponsorship tied to fixed-odds betting is prohibited in any physical or digital medium, and advertising material and sponsorship signs must be withdrawn within 10 days of publication.

Congressional Review and Possible Restart

Flutter said the executive order is expected to require Congressional approval or amendment within 120 days to remain in effect. Should Congress reject the measure, the company said it would expect its online sports betting and iGaming activity in Brazil to recommence.

Estimated 2026 Financial Impact

Flutter said that if Flutter Brazil is unable to operate for the remainder of the year, it expects a reduction to 2026 revenue of approximately $70 million and a reduction in adjusted EBITDA of approximately $20 million.

In a footnote to the statement, Flutter said Flutter Brazil’s carrying value at Q2 2026 primarily included $539 million of goodwill, $127 million of online customer relationships, $124 million of trademarks and $31 million of computer software and technology. The company said it is assessing the associated non-cash accounting implications of the announced measures and will provide additional disclosures in due course.