Flutter’s 3Q25 revenue declines, hit by India’s gaming ban
UK gaming giant Flutter Entertainment has reported a sharp decline in its Asia-Pacific (APAC) revenues for the third quarter of 2025, citing the impact of India’s sudden online gaming ban and an unfavourable swing in sports results in Australia.
The company said the twin setbacks contributed to a 12 percent year-on-year fall in APAC revenues to $363 million, making it the only one of Flutter’s six international divisions to post a decline for the quarter.
India’s gaming ban hits revenue stream
Flutter attributed most of the regional decline to India’s Promotion and Regulation of Online Gaming Act, 2025, a sweeping law passed in August that effectively prohibits real-money gaming across the country. The change triggered a $556 million impairment charge for Flutter, reflecting the lost value of its Indian operations following the ban.
The new regulation bans “the offering, operation, facilitation, advertisement, promotion and participation in online money games”, directly targeting popular formats such as fantasy sports and online card games where users can deposit and wager money.
The move took the industry by surprise, with multiple operators forced to suspend their services almost overnight. Flutter’s Indian arm, Junglee Games, which previously offered real-money rummy and fantasy sports titles, was among those affected.
“We are extremely disappointed with the sudden and unexpected change to the regulatory landscape in India.”
– Peter Jackson, CEO, Flutter Entertainment
Junglee has since restricted its operations to free-to-play gaming content, with Flutter now reassessing its medium-term strategy for the market. In a statement accompanying the company’s results, CEO Peter Jackson described the policy shift as “sudden and unexpected”, adding that Flutter had “invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers.”
Australia adds pressure
Beyond India, Flutter’s performance in Australia, its largest market in the region, was also subdued. The company’s sportsbook brand, Sportsbet was hit by what it called a “110 basis-point adverse swing” in sporting results.
It also noted a five percent reduction in horse racing handle, reflecting lower betting activity, though this was partially offset by a 50-basis-point reduction in customer generosity through more targeted promotions. Despite the slowdown, Flutter maintained its leading position in the Australian market.
Business remains strong
Globally, Flutter’s overall revenue rose 17 percent year-on-year to $3.79 billion, while Adjusted EBITDA climbed six percent to $478 million, supported by growth in Europe and the United States. The company’s international division recorded a 21 percent increase in revenue to $2.43 billion, underscoring the resilience of its broader operations. However, the group’s net loss widened sharply from $114 million to $789 million, largely due to the India-related impairment charge.
While India’s government framed the new law as a consumer protection measure, critics argue it blurs the line between games of skill and chance, putting legitimate operators in the same category as illegal betting sites. For Flutter, the episode shows the risks of overexposure in markets with evolving or unpredictable regulatory frameworks, even as the company continues to expand its global footprint in the US and Europe.
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