Flutter Brazil pulls Betfair brand, slashes jobs after regulatory ban

Flutter Entertainment is shutting down Betfair in Brazil and cutting staff across its local operations, as the regulatory clampdown signed by President Lula forces a strategic retreat.

The company will concentrate on its Betnacional brand, absorbing the Betfair business and reducing its workforce in the country. The decision follows the September 25 provisional measure that banned fixed-odds betting and online casinos in Brazil.

Flutter said it made the "difficult decision to reduce its workforce across different areas of the business" to maintain an agile structure ready to respond once the regulatory picture clears. The group expects to lose roughly $70 million in revenue and $20 million in adjusted EBITDA this year if it cannot resume operations.

Multiple employees at Betnacional and Betfair Brazil announced their departures on LinkedIn as of October 22. The cuts span casino, customer operations, content and commercial teams. One employee described the "much-feared layoff", while another cited the "impact of the MP".

Flutter insists the exit is not permanent. Congress has 120 days to approve or reject the measure. Industry associations ANJL and IBJR have challenged it at the Supreme Federal Court, and the ANJL has counted more than 3,500 layoffs across the betting sector since the ban took effect.

The Brazil consolidation comes just days after Flutter put up to 1,400 UK and Ireland roles at risk and confirmed the closure of Sky Bet's Malta headquarters. Those moves are among the first under new group CEO Dan Taylor, who officially succeeded Peter Jackson earlier this month.

Flutter's UK restructure will affect its hubs in Leeds, Dublin, as well as in Malta, Portugal and Romania. The Sky Bet Malta closure comes less than 12 months after the brand moved its commercial HQ to the island.

Flutter entered the Brazilian market through its $350 million acquisition of a 56% stake in NSX Group, owner of Betnacional. At the time, the outlook was expansionary: CEO Eduardo Monte told Brazilian media Poder360 in June that technology resources had "practically tripled in size". Brazil generated $72 million in revenue for Flutter in the second quarter alone.

Now, with the regulatory rug pulled, Flutter is retrenching. The company's NYSE shares have fallen roughly 69% over the past year. The Brazil layoffs mark the latest chapter in a group-wide cost reset that is reshaping Flutter's footprint across markets, including Malta.