Flutter APAC revenue hit by India’s real-money gaming ban

Flutter’s APAC revenues were down 12 per cent in Q3.

US.- Flutter Entertainment has reported a 12 per cent year-on-year revenue decline to US$363m in the APC region in Q3 It was the only one of Flutter’s six international divisions to see revenue fall during the quarter.

The biggest cause was the ban on real-money gaming in India, which hit Flutter’s Junglee Games subsidiary as it was shifted to free-to-play content. This prompted Flutter to list a US$556m non-cash impairment, reflecting the full write-down of Junglee’s goodwill and intangible assets.

According to Flutter’s latest guidance, the ban is expected to result in revenue losses of US$70m in 2025, US$250m in 2026 and US$310m in 2027, with corresponding EBITDA declines.

“We are extremely disappointed with the sudden and unexpected change to the regulatory landscape in India,” said Flutter CEO Peter Jackson. “Flutter has invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers.”

Meanwhile, Australia, Flutter’s largest APAC market, did badly in the quarter as sportsbook brand Sportsbet saw a 110-basis-point adverse swing in sports results and a 5 per cent drop in horse racing handle, partially mitigated by improved promotional efficiency.

Globally, Flutter delivered strong results, with revenue rising 17 per cent to US$3.79bn and adjusted EBITDA 6 per cent to US$478m. The India-driven impairment pushed the group to a net loss of US$789m, compared with US$114m a year earlier.

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Flutter’s APAC revenues were down 12 per cent in Q3. US.- Flutter Entertainment has reported a 12 per cent year-on-year revenue decline to US$363m in the APC region in Q3…