FanDuel parent company Flutter Entertainment released an update on Tuesday to alert investors that its estimated 2024 US revenue is now $370m less than the previous forecast, bringing the total down to about $5.78bn.
betting favorite winning NFL games this season is at its highest point in almost two decades
It explained the change by highlighting that the rate of the betting favorite winning NFL games this season is at its highest point in almost two decades. Flutter emphasized the knock-on impact this trend had on regular parlays and same-game multi-bets.
The biggest hit came on New Year’s Eve when the Detroit Lions beat the San Francisco 49ers, a game which cost the sportsbook operator $74m.
The NYSE-listed company was quick to remind people that the short-term increase in customer-friendly results is temporary and doesn’t impact the long-term outlook.
Flutter’s share price dropped 2.5% on the back of the news, with many other sportsbook-related stocks also seeing similar falls as the phenomenon impacts all operators.
