Flutter’s new chief executive, Dan Taylor, is relying on better customer experiences and more generous FanDuel rewards to convert rising engagement into stronger profits. In the third quarter, FanDuel’s average monthly players in the United States rose 9%, betting counts increased 15% and total wagers rose 13%, while revenue grew only 4% because of higher promotional spending. Flutter reported revenue of $3.87 billion, below expectations of about $4 billion, and adjusted EBITDA fell 25% to $360 million. The company also cut its revenue outlook to $17.61 billion and lowered its 2026 adjusted EBITDA forecast to nearly $2.5 billion. It has suspended share buybacks until leverage returns to a range of 2 to 2.5 times within roughly two years.
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