FanDuel Parent Flutter Entertainment Cuts Outlook as Too Many NFL Favorites Won

NFL Season Impact on Flutter Entertainment - The current NFL season has been the most customer-friendly since the launch of online sports betting, with the highest rate of favorites winning in nearly 20 years [2] - This has resulted in lower revenue of approximately $390 million and adjusted EBITDA of around$260 million for Flutter Entertainment from Nov 12 to Dec 31 [2] Revised Financial Guidance - Flutter Entertainment has revised its 2024 US revenue forecast to $578 billion, down from the previous outlook of$605 billion to $625 billion [3] - The company also adjusted its 2024 US EBITDA forecast to$505 million, compared to the earlier expectation of $670 million to$750 million [3] Customer-Friendly Wagering Outcomes - The success of NFL favorites this season has led to better payouts for customers, resulting in a $370 million reduction in Flutter's full-year US revenue [4] - Flutter attributes this to unfavorable US sports results, particularly in NFL Parlay and Same Game Parlay outcomes, which offset strong US player momentum in November and December [1]