Flutter and Entain have revised their 2026 financial outlooks following Brazil's provisional ban on online gambling, introduced by President Luiz Inácio Lula da Silva. The measure requires congressional approval within 120 days to become permanent.
Entain cut its full-year online NGR growth forecast to 4–6%. The group expects underlying profit at the lower end of the £910–960 million ($1,203–1,270 million) range. Brazil was projected to contribute around 5% of Entain's total online NGR in 2026, though profit contribution was expected to be modest due to market competition. Entain shares fell 4% on Monday.
Flutter estimates the suspension of Brazilian operations through end-2026 will cost $70 million in revenue and around $20 million in underlying profit. The company said it is "extremely disappointed" by the ban and is reviewing options to challenge the decision. Flutter disclosed the carrying value of its Brazilian business: $539 million in goodwill, $127 million in online customer relationships, $124 million in brands, and $31 million in software.
The ban adds pressure on operators already facing higher taxes in the UK. Earlier this month Entain announced around 400 job cuts globally, citing increased gambling duties. The company warned further roles may be at risk amid speculation that the UK budget could double the tax on gaming machines.
