Content Writer: Janice Chew • Thursday, 25/11/2025 - 17:55:30 - PM
Flutter Entertainment reported that its Asia-Pacific division faced a sharp 12% year-on-year revenue decline in Q3 2025, dropping to US$363 million, driven by weaknesses in both sports betting and iGaming. Sports revenue in APAC fell 9%, while iGaming contracted a steep 35%, reflecting significant pressures across the region. The downturn contrasted with the company’s overall global performance, where revenues still climbed 17% to US$3.79 billion.
Much of the drag stemmed from developments in India. The enactment of the Promotion and Regulation of Online Gaming Act, 2025 effectively banned all real-money gaming, including fantasy sports and card-based online games. The law prohibited operation, promotion, and even participation in such games, leaving major operators scrambling. Flutter’s CEO said the move was “sudden and unexpected,” especially given the investments made in the Indian market.
As a direct result of the new law, Flutter’s Junglee brand exited the Indian real-money gaming space almost immediately. The withdrawal not only slashed iGaming revenue but also triggered a significant US$556 million impairment charge, tied to the reduced value of Flutter’s Indian assets. This impairment was the primary factor behind the company’s widened global net loss, which reached US$789 million for the quarter.
Meanwhile, in Australia, Flutter faced a different kind of challenge: unfavorable sports results. Sportsbet, the company’s flagship Australian arm, experienced a 110-bps adverse swing in sports outcomes. At the same time, horse-racing turnover dipped by 5%, undermining what is typically one of the most stable revenue pillars in the Australian wagering market. Marketing efficiency gains, including a 50-bps reduction in targeted spend, were not enough to offset the poor results.
Industry analysts note that India’s gaming ban has far-reaching implications beyond Flutter. The prohibition affects sponsorships, tech startups, and the broader digital ecosystem tied to fantasy sports and real-money gaming—a sector previously projected for massive growth. Early reports suggest that some users may migrate to offshore platforms, potentially complicating the regulatory landscape.
In Australia, challenges in the sporting calendar—combined with unpredictable match outcomes—are reinforcing the volatility of the sports betting industry. Some experts argue that Flutter’s diversified global portfolio is helping cushion the blow, as growth in markets like the US continues to outpace downturns in APAC. However, the quarter makes clear that the company remains heavily exposed to regulatory risk in Asia and performance swings in Australia’s mature betting market.
Looking ahead, Flutter’s APAC strategy is expected to shift. With India off the table for real-money gaming, the company will likely focus on stabilizing its Australian operations and reallocating investment into more predictable markets. The combination of regulatory shocks and unfavourable sports outcomes demonstrates how quickly regional disruptions can impact even the largest global gaming operators.
