Q3 2026 Earnings Preview: What to Watch in Reports From 12 Public Operators and Suppliers

The third-quarter earnings season kicks off this week: Entain, FDJ United, Betsson, and Evolution will report by October 23, with the rest following in November. This is the first quarter in which the 40% UK tax, the Brazil ban, and prediction-market spending all hit at once – and the first full 40% quarter without World Cup support. We’ve compiled a single table summarizing H1/Q2 data for 12 public companies, their reporting dates, and what management has promised investors.

Key Takeaways

• The comparison base is tough. In Q2, Flutter’s adjusted EBITDA margin fell to 11.7% from 21.9%, Betsson’s to 18.8% from 27.7%, and DraftKings’ to 7.9% from 19.9%. Meanwhile, suppliers – Kambi, Playtech, Light & Wonder, and Aristocrat – saw their margins improve;
• The biggest mid-season change is in Brazil. On September 25, 2026, a provisional measure was introduced that banned fixed-odds betting. Flutter expects to lose $70 million in revenue and $20 million in adjusted EBITDA for the remainder of the year. Because of the ban, Entain also expects that its full-year results will be towards the lower end of its guidance range;
• Five themes that will shape the upcoming earnings season are UK and Dutch gambling taxes, U.S. betting handle and prediction markets, live casino versus RNG, Brazil and Latin America, and M&A activity.

Summary Table: Baseline and Calendar

For each company, this is the last reporting period before Q3: the second quarter of 2026, or the first half of the year for those that report semiannually. Aristocrat’s fiscal year ended September 30; full-year results are due in November. The baseline here is 1H FY26 (October 2025–March 2026). The Q3 date is listed only if we found it in the company’s documents or financial calendar; otherwise, it is marked as “to be confirmed.”

Table 1. Sources 1–15, 17, 18. *Adjusted EBITDA as a percentage of revenue; figures in parentheses refer to the corresponding period in 2025; margins for Entain, Evoke, DraftKings, and Super Group were calculated by 15M. **Date sourced from a third-party calendar; verify with Investor Relations (IR). ***Kambi – adjusted EBITA (acq); Aristocrat – normalised EBITA. ****Including investment income; operating margin alone is 30%. cc – at constant currency exchange rates.

Revenue grew for 7 out of 12 companies, but margins are more important in Q3: for operators, margins are being eroded by taxes and promotions, while for suppliers, they are growing. Super Group has the strongest forecasts, having raised them in August. Flutter and Entain are the most vulnerable, as Brazil is now also weighing on their forecasts.

1. Taxes: a full quarter at a rate of 40%

Remote gaming duty in the United Kingdom rose from 21% to 40% on April 1, 2026. Companies saw the impact for the first time in the second quarter. It will happen again in the third quarter – this time without the impact of the FIFA World Cup in June.

Table 2. Sources 1, 2, 3, 6, 8.

Entain CEO Stella David wrote in August about adapting “to the significant and disappointing remote gambling tax increases.” Evoke responded by cutting back on marketing. CFO Sean Wilkins said, “Our marketing year-on-year has dropped, but we have still managed to get that 4% growth.” He added, “This has not just been a cost-cutting exercise.” Q3 will show whether this model works for a second consecutive quarter.

What to look for in the reports: revenue trends for Entain and Evoke’s UK online operations, Flutter’s international segment margin, and whether the decline in GGR in the Netherlands for FDJ United has slowed.

2. U.S.: Betting Handle Grows, but Money Shifts to Prediction Markets

In the second quarter, the U.S. sportsbooks took in more bets but earned less. FanDuel’s handle rose 2% to $11.96 billion, while the sportsbook’s revenue fell 15%. At DraftKings, handle rose 15% to $13.1 billion, while revenue fell 5%. DraftKings’ sales and marketing expenses rose 38% to $322.5 million.

The main reason is prediction markets. DraftKings CEO Jason Robins said, “Predictions is already growing faster than we anticipated,” and the company is confident it can “win the category this NFL season and beyond.” CFO Alan Ellingson mentioned, “Our core business remains on track to generate approximately $1 billion of Adjusted EBITDA this year, providing us with financial flexibility to invest behind the significant opportunity that we are seeing in Predictions. Therefore, we are maintaining our fiscal year 2026 guidance for revenue of $6.5 billion to $6.9 billion and Adjusted EBITDA of $700 million to $900 million.”

Flutter takes the same view of this category. Peter Jackson, who was Flutter CEO at that time, said in August: “We view prediction markets as a very attractive opportunity, incremental to sports betting and iGaming.” The company expects approximately $50 million in revenue from market-making in 2026. In the U.S., Flutter is shifting “from a focus on margin growth to prioritizing AMP growth and customer value.” At Entain, BetMGM’s revenue for the first half of the year was $1.4 billion (+4% cc). BetMGM was the first to report Q3: on October 13, it posted net revenue of $710 million, up 7% year over year, with iGaming +6% and online sports +7%, and reaffirmed its full-year guidance. 

What to look for in the reports: how much DraftKings spent on Predictions at the start of the NFL season, whether the $700–900 million forecast held up, how FanDuel’s sportsbook handle and revenue changed, and how much was generated by market-making.

3. Live vs. RNG

Evolution will report its results on October 23, and this will be the biggest test for its live casino business. In the second quarter, live-game revenue was €437.3 million, compared with €453.7 million a year earlier (−3.6%), while RNG-game revenue was €80.5 million, compared with €70.6 million (+14%). Europe grew by 3.5% quarter-over-quarter for the first time in several quarters, but CEO Martin Carlesund remains “cautious about the low channelization rates.” Regarding Asia, he said, “The volatility is something we continue to work through.” The share of regulated markets in revenue rose to 49% from 44%.

The picture is more stable for other providers. At Playtech, Live revenue grew by 8%, and the Live margin rose to 26.6%. At Light & Wonder, iGaming revenue rose 14% to $92 million, while wagers through the platform reached a record $31.3 billion. Aristocrat Interactive grew 6.5% in the first half of the year, but segment profit fell 10.6% following its exit from the White Label business.

What to look for in the reports: Is this the second consecutive quarter of growth for Evolution in Europe? Is RNG maintaining double-digit growth? And is the margin holding steady at around 66%?

4. Brazil: A Ban Instead of Regulation

On September 25, 2026, Provisional Measure MP 1394/2026 was published in Brazil. It prohibits the organization, offering, brokering, and advertising of fixed-odds betting. According to the Congressional docket, the measure is scheduled for review through November 23, 2026. By the deadline for submitting amendments – October 13, 2026 – lawmakers had submitted 97 of them. The Q3 earnings reports will be the first in which companies will show the impact of this measure.

Table 3. Sources 1, 2, 4, 7, 8, 15, 17.

Flutter acquired Betnacional in 2025. The company states that it “is extremely disappointed by this development,” is considering all options, including an appeal, and is assessing the non-cash accounting implications. At the end of Q2, Flutter Brazil had $539 million in goodwill on its balance sheet. Back in August, Peter Jackson called Brazil “a highly attractive growth market.” Entain also stated that it is disappointed by the sudden turn of events that occurred without consultation with the industry.

The rest of Latam is still growing. Betsson in July: “B2C remains our growth engine and continues to deliver new record figures.” Betsson’s average daily revenue at the start of Q3 (through July 13) was 13.7% higher than the average for all of Q3 2025, but that period coincided with the FIFA World Cup.

What to look for in the reports: Brazil’s share of each company’s revenue, Flutter’s write-downs on Brazilian assets, and how suppliers – Evolution, Playtech, and Kambi – estimate the lost revenue from Brazilian customers.

M&A and Leadership: Evoke, FDJ United, Evolution, Flutter, Kambi

Evoke. Bally’s Intralot is acquiring Evoke for £243 million in stock. Evoke’s shareholders approved the deal on August 17, while Bally’s Intralot’s shareholders approved it at a meeting whose results were published on September 18 (99.585% in favor of the capital increase). The transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027. CEO Per Widerström said in August: “Progress with the relevant filings is going to plan.” Evoke is not providing any forecasts until the transaction closes.

FDJ United has begun a review of the online segment’s market portfolio, which it acquired from Kindred. Chairman and CEO Stéphane Pallez speaks of a return “to a path of sustainable, profitable and value-creating growth.” In Q3, FDJ United is reporting only revenue, so the results of the review will likely be released at a later date.

Evolution withdrew from the deal with Galaxy Gaming after the closing deadline of July 17, 2026 passed. The termination fee was $5,234,678. Carlesund said back in July: “Galaxy is a great company; however, due to its size, the transaction is not significant for Evolution.”

Dan Taylor has been leading Flutter since October 1, 2026, replacing Peter Jackson. The Q3 report will be his first.

Kambi has returned to growth and raised its adjusted EBITA forecast for 2026 to €23–27 million. CEO Werner Becher said the company “now turned a corner and returned to growth.” Kambi expects a quiet third quarter due to seasonal factors and a strong fourth quarter.

Weekly Calendar

• October 13 – BetMGM Q3 update (already out: revenue +7%, guidance reaffirmed).
• October 15 – Entain’s Q3 trading update (according to RNS).
• October 21 after market close – FDJ United’s Q3 revenue.
• October 22 – Betsson’s earnings report.
• October 23 – Evolution’s earnings report.
• November 4 – Kambi (according to the Inderes calendar).

Flutter, DraftKings, Light & Wonder, Super Group, Aristocrat, Playtech, and Evoke had not announced official dates as of October 13 – we stay tuned for announcements.

What does this mean for you?

To operators. Don’t compare your Q3 results to last year – compare them to Q2: this is the first true snapshot following the 40% tax in the UK. If you’re in Brazil, the key focus for the coming weeks isn’t the financial reports, but Congress’s decision by November 23. Growth is currently concentrated where Betsson and Super Group operate: Latin America (excluding Brazil) and Africa.

To affiliates. Fixed-odds betting in Brazil is banned outright, advertising included, and UK operators are cutting back on marketing. Expect a review of deals in the UK and a reallocation of budgets to Peru, Argentina, Mexico, and regulated U.S. states, where DraftKings and FanDuel are spending on user acquisition for Predictions.

To providers. Your segment is entering the season with the highest margins in the industry, but Brazil has been one of the growth drivers for live studios and B2B sportsbooks. Look for the revenue decline in Brazil in your clients’ Q3 reports – that’s your volume for Q4.

Methodology

The table includes 12 publicly traded companies that have released financial reports for the first half of the year or the second quarter of 2026. The data is based on press releases, reports, and regulatory filings from July 17 through September 10, 2026; for Aristocrat, the data is from May 13, 2026. For Evoke, figures from the report as summarized by Casino.org were used. Margin is defined as adjusted EBITDA as a percentage of revenue; where a company does not publish its margin, we calculated it based on figures from the press release. Definitions of adjusted EBITDA vary, so margins are comparable in terms of trends but not in absolute levels. Q3 dates are taken from companies’ reports and financial calendars; where these are unavailable, they are taken from third-party calendars marked with a note or “to be confirmed.” Data as of October 16, 2026.

Sources

1. Flutter Entertainment, Q2 2026 Results (8-K, Ex. 99.1), August 5, 2026 – revenue of $4,326 million (+3%), adjusted EBITDA of $508 million (11.7% vs. 21.9%), U.S. −6%, U.S. iGaming +14%, betting handle of $11,958 million (+2%), UK tax impact of $320 million / $85 million, Brazil $72 million, Predictions approximately $50 million, financial guidance, and quotes from Peter Jackson. https://www.sec.gov/Archives/edgar/data/0001635327/000119312526333800/d127369dex991.htm
2. Entain plc, Interim Results H1 2026 (RNS, FCA NSM), August 13, 2026 – net gaming revenue (NGR) of £2,545.3 million, underlying EBITDA of £479.3 million, online NGR +9%, online EBITDA margin of 21.4%, UK & Ireland −4.1 percentage points, BetMGM, Brazil −25% at constant currency, financial guidance, and quotes from Stella David. https://data.fca.org.uk/artefacts/NSM/RNS/b13d86c2-4336-40ea-bfd6-0f88982e0a3b.html
3. RNS, “Evoke H1 Revenue Flat as £243M Bally’s Intralot Takeover Remains on Track” (August 12, 2026) – revenue of £887.5 million, adjusted EBITDA of £150.2 million (−10%), additional taxes of £46 million, UK & Ireland online revenue +4%, and quotes from Per Widerström and Sean Wilkins. https://www.londonstockexchange.com/news-article/EVOK/h1-2026-interim-results/17733974
4. Betsson AB, Interim Report January–June 2026 (July 17, 2026) – Q2 revenue of €310.2 million, EBITDA of €58.5 million (18.8% margin), Latin America +32%, Peru and Argentina, regulated markets accounting for 76%, trading update showing +13.7%, financial calendar (Q3 results scheduled for October 22, 2026), and quotes from Pontus Lindwall. https://www.betssonab.com/sites/default/files/pr/betsson-interim-report-january-june-2026.pdf https://news.cision.com/betsson-ab/r/betsson-ab-interim-report-january—june-2026,c4375528
5. DraftKings Inc., “DraftKings Reports Second Quarter Results” (August 6, 2026) – revenue of $1,443 million (−5%), betting handle of $13.1 billion (+15%), adjusted EBITDA of $114.6 million (vs. $300.6 million), sales and marketing expenses of $322.5 million, 3.6 million monthly unique paying customers (MUPs), financial guidance, and quotes from Jason Robins and Alan Ellingson. https://s21.q4cdn.com/869500724/files/doc_news/DraftKings-Reports-Second-Quarter-Results-2026.pdf
6. FDJ United, Results for the First Half of 2026 (July 29, 2026) – revenue of €1,782 million (−4.5%), recurring EBITDA of €404 million (22.7% margin), online gross gaming revenue (GGR) of €702 million, the Netherlands, portfolio review, financial guidance, and a quote from Stéphane Pallez. https://www.fdjunited.com/presse/results-for-the-first-half-of-2026/
7. Evolution AB, Interim Report January–June 2026 (July 17, 2026) – revenue of €517.8 million, EBITDA margin of 65.9%, Live Casino revenue of €437.3 million, RNG revenue of €80.5 million, regional performance, regulated markets accounting for 49%, Galaxy Gaming, January–September results scheduled for October 23, 2026, and quotes from Martin Carlesund. https://storage.mfn.se/bbf67910-dce3-4b0c-8228-de12e62c78f6/evo-q2-2026-07-17-eng.pdf
8. Playtech plc, 2026 Half Year Results (RNS), September 10, 2026 – revenue of €425.1 million, adjusted EBITDA of €162.5 million, U.S. and Canada +161%, Latin America +14% / +29%, UK −8%, Live Casino +8%, Brazil, and financial guidance exceeding €270 million. https://www.investegate.co.uk/announcement/rns/playtech–ptec/2026-half-year-results/9764419
9. Light & Wonder, Second Quarter 2026 Results (8-K), August 4, 2026 – revenue of $828 million, AEBITDA of $383 million (46% margin), iGaming revenue of $92 million, betting volume of $31.3 billion, financial guidance, and leverage ratio of 3.4x. https://www.sec.gov/Archives/edgar/data/0000750004/000075000426000032/lnw06302026erandtables.htm
10. Kambi Group plc, Q2 2026 Report (July 22, 2026) – revenue of €45.9 million, adjusted EBITA (acq) of €7.6 million (16.5% margin), operator trading margin of 14.0%, financial guidance of €23–27 million, and a quote from Werner Becher. https://www.inderes.se/en/releases/kambi-group-plc-q2-2026-report
11. Aristocrat Leisure, Results for the Six Months Ended March 31, 2026 (ASX), May 13, 2026 – revenue of A$3,028.2 million, EBITA margin of 36.9%, Interactive revenue of $230.3 million (+6.5%), Interactive profit −10.6%, and NPATA guidance. https://announcements.asx.com.au/asxpdf/20260513/pdf/06zjl60g9zj2k0.pdf
12. IR Super Group, Q2 2026 Results (August 4, 2026) – revenue of $684 million (+18%), adjusted EBITDA of $204 million, 6.2 million customers, and financial guidance exceeding $2.6 billion in revenue and $710 million in adjusted EBITDA. https://s205.q4cdn.com/195659402/files/doc_financials/2026/q2/2Q26SGHC-Investor-presentation.pdf
13. Evolution, Financial Calendar (Investor Relations) – “Interim Report January–September 2026,” scheduled for October 23, 2026. https://www.evolution.com/investors/financial-calendar/
14. FDJ United, 2026 Financial Communication Calendar (press release dated November 18, 2025, AMF archive) – Q3 2026 revenue announcement scheduled for Wednesday, October 21, after market close. https://echanges.dila.gouv.fr/OPENDATA/AMF/BWR/2025/11/FCBWR165529_20251118.pdf
15. Flutter Entertainment, 8-K (Ex. 99.1), September 28, 2026 – operations in Brazil suspended; projected reductions of $70 million in revenue and $20 million in adjusted EBITDA for 2026 if the ban remains in effect through year-end; Flutter Brazil goodwill of $539 million; and a company quote. https://www.sec.gov/Archives/edgar/data/0001635327/000119312526403357/d484581dex991.htm
16. Congresso Nacional (Brazilian National Congress), Provisional Measure No. 1394 of 2026 – published September 25, 2026; ban on fixed-odds betting, legislative review deadline of November 23, 2026, and 58 proposed amendments. https://www.congressonacional.leg.br/en_US/materias/medidas-provisorias/-/mpv/175871
17. RNS Entain, “Entain sees FY26 results at lower end of guidance after Brazil ban” (September 28, 2026) – EBITDA guidance of £910–960 million, with results expected toward the lower end; Brazil accounting for approximately 5% of online NGR; online NGR growth of 4–6% at constant currency; and Q3 trading update scheduled for October 15, 2026, according to the company calendar. https://www.investegate.co.uk/announcement/rns/entain–ent/fy26-ebitda-maintained-guide-despite-brazil-ban/9792678 Entain RNS announcements: https://www.investegate.co.uk/company/ENT
18. Inderes, Kambi Group company page – Q3 2026 interim report scheduled for November 4, 2026. https://www.inderes.dk/en/companies/Kambi-Group
19. Bally’s Intralot, “Results of Intralot General Meeting” (RNS), September 18, 2026 – 99.585% voted in favor of the capital increase; transaction closing and court sanction hearing expected in Q4 2026 or Q1 2027. https://www.investegate.co.uk/announcement/rns/evoke-di—evok/results-of-intralot-general-meeting-/9780475
20. Gambling.com, “Evolution Terminates Galaxy Gaming Merger.” https://www.gambling.com/us/news/evolution-ends-galaxy-gaming-merger-will-pay-5-2-million-termination-fee
21. NEXT.io, “Q2 26: Flutter reduces guidance as taxes and costs hit profit” (August 5, 2026) – context behind Flutter’s revised financial guidance and contributions from Snai and Betnacional. https://next.io/news/results/q226-flutter-reduces-guidance-taxes-costs-hit-profit/
22. Flutter.com, Flutter Board announces CEO transition (August 5, 2026) – an announcement about Dan Taylor as the new CEO. https://flutter.com/news-media/press-releases/flutter-board-announces-ceo-transition/