The FanDuel parent Flutter entertainment cuts the outlook as too many NFL favorites won

The Key Takeaways

• FanDuel owner Flutter Entertainment said that the U.S. performance will be worse than predicted because there were too many NFL favorites who won in this year’s season. This gave customers better payouts.
• The online gambling company said the "customer friendly" wagering resulted in lowering full-year U.S. revenue by $370 million.
• Flutter has also reduced its projections for U.S. Adjusted EBITDA.

Flutter Entertainment parent FanDuel will be able to achieve good results if there are not enough NFL upsets.

Due to bettors’ success in gaming wagering, the online gambling firm has slashed its U.S. forecast for full year.

Flutter explained that in November and December, "continued strong U.S. player momentum has been offset by a period of very unfavorable U.S. sports results," primarily because of NFL Parlay and Same Game Parlay outcomes.

NFL favorites winning at high clip

It noted that the current NFL season to date "has been the most customer friendly since the launch of online sports betting with the highest rate of favorites winning in nearly 20 years."

In the U.S. the company reported that these customer-friendly results created lower revenues of approximately $390 million, and an adjusted EBITDA amounting to about $260 million during the period from November 12 through December 31.

The company now expects a revenue in the United States of $5.78 Billion by 2024, compared to its earlier outlook for $6.05 to $6.25 Billion. It also anticipates an adjusted EBITDA (Earned Profit Before Interest and Taxes) of $505 MILLION, compared to its original expectation of $670 to $700 million.

The news didn't hurt shares of Flutter Entertainment, which were slightly higher Wednesday morning, possibly on a note from Oppenheimer, which indicated that despite the news, it remains "confident in FLUT's risk-management following two straight unfavorable NFL regular seasons."

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