FanDuel Parent Warns: NFL Bettors Won Too Much -- WSJ

Dow Jones01-08

By George Stahl

It looks like the House doesn't always win.

FanDuel parent Flutter Entertainment again lowered its estimates for 2024, citing the most customer-friendly NFL season "since the launch of online sports betting with the highest rate of favorites winning in nearly 20 years."

Shares of Flutter fell 1.7% in after-hours trading.

Tuesday's update follows a similar warning from the company in its mid-November earnings report.

"Continued strong U.S. player momentum has been offset by a period of very unfavorable U.S. sports results across the remainder of November and in December," Flutter said in a release after the close Tuesday.

Flutter pointed to losses from NFL parlays, which allow users to combine several bets into one. Parlays are tougher for gamblers to win because each leg of the bet has to succeed, but gamblers are attracted to parlays because they can offer bigger payouts.

Flutter said it now expects U.S. revenue of $1.59 billion in the fourth quarter, which reflects a hit of $550 million from adverse sports results.

The good news for Flutter? The company raised its estimate for revenue outside the U.S., citing in part "favorable sports results in the English Premier League."

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

January 07, 2025 17:51 ET (22:51 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Parlays are tougher for gamblers to win because each leg of the bet has to succeed, but gamblers are attracted to parlays because they can offer bigger payouts. \n\n\n     Flutter said it now expects U.S. revenue of $1.59 billion in the fourth quarter, which reflects a hit of $550 million from adverse sports results. \n\n\n     The good news for Flutter? The company raised its estimate for revenue outside the U.S., citing in part \"favorable sports results in the English Premier League.\" \n\n\n       This item is part of a Wall Street Journal live coverage event. 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