UK gaming giant Flutter Entertainment pointed to the enactment of India’s controversial Promotion and Regulation of Online Gaming Act, 2025 as well as an adverse swing of sporting results in the Australian sports betting market for a notable decline in its Asia-Pacific revenues in 3Q25.
It also revealed a US$556 million impairment charge as a result of India’s online gaming ban.
With Flutter’s international revenues rising by 21% year-on-year to US$2.43 billion, APAC was the only one of its six international regions to show a decline for the quarter as revenues fell 12% to US$363 million. This included a 9% fall in sports and 35% drop in iGaming – the latter primarily due to India’s real-money gaming ban.
As reported by Inside Asian Gaming, the Promotion and Regulation of Online Gaming Act, 2025 was passed suddenly in August, prohibiting “the offering, operation, facilitation, advertisement, promotion and participation in online money games” and specifically targeting firms that offered fantasy sports and card games where users can deposit and risk money.
Multiple online operators, including Flutter and its Junglee brand, quickly withdrew from the market.
In comments accompanying its 3Q25 results announcement, Flutter CEO Peter Jackson said, “We are extremely disappointed with the sudden and unexpected change to the regulatory landscape in India. Flutter has invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers. Junglee will now only offer free-to-play gaming content as we assess our medium-term options in that market.”
In Australia, Flutter noted that its sportsbook performance in Australia – where it operates market leader Sportsbet – was primarily impacted by a 110bps adverse swing in sports results, while ongoing market trends in horse racing led to a 5% reduction in sportsbook handle. This, it added, was partially offset by a 50bps reduction in generosity through more targeted spend distribution.”
Group-wide, Flutter saw its revenue grow 17% year-on-year to US$3.79 billion with Adjusted EBITDA rising 6% to US$478 million. However, net loss widened from US$114 million a year ago to US$789 million.
The company said this included a US$556 million impairment charge triggered by the regulatory changes in India.
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