FanDuel Parent Flutter Entertainment Cuts Outlook as Too Many NFL Favorites Won | Global News Avenue

Not enough upsets during the National Football League (NFL) season will hurt the results of FanDuel parent company Flutter Entertainment (flood).

The online gaming company reported that it was slashing its full-year U.S. guidance amid success among bettors betting on the game.

Flutter explained that in November and December, “continued strong momentum among U.S. players was offset by a period of very unfavorable U.S. sports results,” primarily due to results from NFL Parlay and Same Game Parlay.

NFL favorites win in High Clip

The report states that so far, the current NFL season “has been the most popular with customers since the launch of online sports betting, with favorites winning at the highest rate in nearly 20 years.”

In the U.S., these customer-friendly results resulted in approximately $390 million in lower revenue and adjustments, the company said Earnings before interest, taxes, depreciation and amortization It lost approximately $260 million between November 12 and December 31.

Flutter currently expects U.S. revenue in 2024 to be $5.78 billion, down from the previous forecast of $6.05 billion to $6.25 billion, and adjusted EBITDA of $505 million, down from the previous forecast of $670 million to $750 million.

The news didn’t affect Flutter Entertainment’s stock price, which was trading slightly higher Wednesday morning, likely fueled by a report from Oppenheimer indicating that despite the news, the company “had two consecutive unfavorable NFL regular seasons.” Afterwards, we remain confident in FLUT’s risk management.”