Brazil’s suspension of online betting and gaming is forcing major international gambling companies to revise their financial expectations. Additionally, they are assessing their options in the market.
Flutter Entertainment estimates that a full-year suspension could reduce its 2026 revenue by approximately $70 million. The company also expects adjusted EBITDA to drop by around $20 million. Entain has lowered its online net gaming revenue (NGR) growth outlook to 4%–6%. Meanwhile, Allwyn has withdrawn its previous adjusted EBITDA margin guidance.
Flutter Estimates $70m Revenue Impact
Flutter, which operates brands including Paddy Power and FanDuel, has suspended its Brazilian sports betting and iGaming operations. This suspension follows the government measure.
The company estimates a potential $70 million revenue reduction and $20 million adjusted EBITDA impact for 2026. This would apply if the suspension remains in place for the rest of the year. Flutter is also assessing potential non-cash accounting implications related to its Brazilian assets.
The company said it is reviewing its available options, including a potential appeal, while continuing discussions with Brazilian authorities.
Entain Lowers Online Growth Forecast
Entain expects Brazil to account for approximately 5% of its 2026 online NGR. The company now expects online NGR growth of 4%–6% on a constant-currency basis. This guidance applies if the Brazilian restrictions remain in effect.
Entain has maintained its FY2026 underlying EBITDA guidance of £910 million to £960 million. However, the company expects results toward the lower end of that range. It also said Brazil’s contribution to EBITDA was expected to be modest.
Allwyn Reviews Betano Options
Allwyn holds a 36.75% stake in Kaizen Gaming, which operates the Betano brand in Brazil.
Allwyn said Betano is evaluating measures to mitigate the impact of the provisional measure. Betano is also preparing potential legal action to protect its rights under its five-year Brazilian licence, which began on January 1, 2025.
Allwyn also said its previous FY2026 adjusted EBITDA margin guidance would no longer apply. This would be the case if the restrictions remain in force through the end of 2026.
Better Collective Suspends Future Guidance
The impact also extends beyond operators. Sports media and affiliate company Better Collective has suspended its 2027 and 2028 financial guidance. This suspension is due to the uncertainty created by the Brazilian restrictions.
The company had expected approximately €45 million in Brazilian revenue during 2026. Now, it estimates that the ban could reduce revenue by around €15 million during the remainder of the year.
Brazil Market Faces Regulatory Uncertainty
Brazil’s provisional measure took effect on September 25 and requires congressional approval to remain permanently in force. The measure therefore creates an immediate commercial impact while leaving the longer-term regulatory position uncertain.
For international operators, suppliers and affiliates, the suspension has already triggered changes to financial guidance, market strategies and legal planning. The extent of the longer-term impact will depend on the legislative process and any legal challenges to the measure.
