Paddy Power owner Flutter reports a $1.15bn loss and cuts its forecast after football results go the PUNTERS' way

A Paddy Power betting shop, as Flutter Entertainment aims to cut $500m in costs and debt by 2029 after shutting down its Brazilian business in September.

Flutter Entertainment cut its full-year revenue forecast by $300m and halted share buy-backs after recording a $1.15bn net loss in the third quarter, a figure driven mainly by $873m in non-cash impairment charges linked to the collapse of its Brazilian operations. The gambling group, whose portfolio includes Betfair, Sky Bet and FanDuel, shut down its Brazilian business in September after the government provisionally banned online sports betting.

Adjusted EBITDA fell 25pc to $360m, while US arm FanDuel saw adjusted EBITDA collapse 94pc to just $3m.

Flutter aims to achieve $500m in savings by 2029 through cost cuts and debt reduction after suspending its share buy-back programme.

UK and Ireland sports betting revenue dropped 6pc despite amounts wagered rising 5pc, as early-season football results went in customers' favour.

LBCPaddy Power owner Flutter cuts outlook after hefty quarterly loss Irish TimesPaddy Power owner Flutter pauses share buy-backs to focus on cutting costs and debt Irish IndependentPaddy Power owner Flutter reports $1.15bn loss as annual forecast is cut

Read today's full feed at The Newshound →