Flutter Faces Challenges as NFL Winning Streak Impacts Earnings

Flutter, the largest online betting company, expects a significant drop in 2024 earnings for its U.S. FanDuel brand due to unforeseen winning streaks by American football gamblers. Despite this, the company sees improved performance elsewhere, projecting higher revenues outside the U.S. in 2024.

Flutter, recognized as the world's largest online betting entity, announced that it anticipates a sharp decrease in 2024 earnings at its U.S. FanDuel brand. This comes after a remarkable winning streak by American football gamblers.

The NFL season has reportedly been the most customer-friendly since the 2018 lifting of the U.S. sports betting ban. This season has seen the highest rate of NFL favorites securing victories in nearly two decades.

The company has adjusted its U.S. revenue forecasts to be approximately $370 million lower than its prior guidance midpoint, while adjusted earnings are set to come in about $205 million below expectations.

(With inputs from agencies.)