Flutter cuts 2026 guidance, Greek winnings tax jumps 73% and Malta narrows Recognition Notice reforms

Flutter Entertainment reduced its 2026 revenue and adjusted EBITDA guidance on 4 November. It pointed to Brazil's ban on online betting and gaming, along with sports results that favored customers, as the factors that weighed on its third quarter. Revenue rose 2% to $3.87 billion, but adjusted EBITDA fell 25% to $360 million. Flutter booked a net loss of $1.15 billion, most of it from $873 million in non-cash impairment charges on its Brazilian business.

Chief executive Dan Taylor, in the role since 1 October, set a target of an additional $500 million in cost and capital expenditure savings by 2029. The plan relies on artificial intelligence, fewer management layers and simpler technology. Flutter has paused its share buyback to reduce debt after leverage rose to 4.6x, and it said it will give more detail on strategy with full-year results in February.

In Greece, data from the Hellenic Gaming Commission show that tax withheld from players' winnings by online operators climbed 73% to €91.3 million in July and August. Those were the first two months under higher rates on online casino and poker winnings, effective 1 July. Winnings up to €500 are taxed at 20% and anything above that at 30%, while the first €100 per session remains tax-free. Online gross gaming revenue barely changed, slipping 1.4% to €206.5 million. The government has projected €50 million from the change in 2026 and €100 million in 2027. The commission now publishes data monthly, and figures through September are due by 10 November.

The Malta Gaming Authority has scaled back planned changes to its Recognition Notice framework following industry feedback. The framework allows companies to operate in or from Malta using a gaming licence issued elsewhere. Malta's 2023 National Risk Assessment rated its money laundering risk as medium-high. Under the revised approach, B2B suppliers will be exempt from many of the new obligations, and the regulator will request ranges and categories rather than exact data where possible. The first round of data collection will cover 2025 and apply only to B2C operators, and the MGA has said it will provide further guidance on how the requirements will be applied.

Elsewhere, France's competition authority cleared Banijay Gaming's takeover of casino group JOA without conditions, and Betfred said it will not renew its title sponsorships of the five British Classics, citing UK tax increases.