Flutter Entertainment unveiled major leadership changes in Brazil, labeling them as shifts marking a “new chapter” in the company’s history. These included new CEO and chair appointments that will align Flutter Brazil with the broader business’s ethos.
Studart Joins as Chair, Monte Named CEO
In its announcement on LinkedIn, Flutter Brazil confirmed João Studart as its new chairman. In this position, Studart will support the board of directors and broader leadership in consolidating the company’s strategy and expanding its overall presence in Brazil. The company added that this appointment is fully aligned with Flutter International’s vision.
In addition to that, Eduardo Monte will now serve as the company’s new chief executive officer. Monte, who previously served as Flutter Brazil’s chief operating officer, brings a “strategic and integrative vision” that will underpin the operator’s next phase of growth.
As CEO of Flutter Brazil, Monte will report directly to Dan Taylor, CEO of Flutter International.
In its announcement, Flutter Brazil noted that the leadership changes reflect the company’s commitment to sustainable growth, responsibility, and continuous innovation. It added that the new leadership ensures that Flutter Brazil is prepared to journey into the future with confidence, while guided by its flagship core values: integrity, innovation, and teamwork.
We continue to move forward with purpose, building an ecosystem that unites technology, entertainment, and responsibility to transform the iGaming market in Brazil and around the world.
Flutter Brazil statement
Flutter Was Beset by Difficulties
In other news, Flutter Entertainment recently lowered its financial expectations for the year due to a variety of setbacks. The Q3 report outlined net loss of $789 million, marking a dramatic increase from the prior-year period. This was equivalent to a loss per share of $3.91 and was reportedly caused by the non-cash impairment charge of $556 million triggered by India’s sudden U-turn in terms of gaming policy. The loss also reflects a $205 million payment to Boyd to revise US market access terms.
In the meantime, Bank of America recently lowered its ratings on both Flutter and DraftKings, the two dominant sports betting companies in the United States. The bank attributed this decision to renewed challenges from fluctuating betting margins, potential state tax headwinds, and ongoing uncertainty surrounding the development of prediction markets.