Flutter Entertainment PLC (LSE:FLTR) shares were trading sideways - with the UK investors seemingly unaware of the bumper weekend of sports betting in the US.
According to Jefferies, the online market is maintaining what looks to be year-on-year growth of around 30%.
This increase is largely driven by the 2023-24 NFL season, which, according to the American investment bank, saw US$967 million bet across its third week alone, marking a 57% increase from the previous year.
FanDuel, owned by Flutter, and DraftKings are at the forefront of this growth, each holding a 40% share in the key New York market.
Both brands have expanded their market share compared to the same point last season, with FanDuel's share up by one percentage point and DraftKings by six percentage points, according to Jefferies.
Conversely, Caesars and BetMGM have ceded three and two percentage points of share, respectively, claiming 10% and 6% of 'handle share' thus far.
On a gross win basis, FanDuel and DraftKings hold an impressive 84% of New York's market share for the season to date, Jefferies notes.
While the two are tied on handle share, FanDuel leads on gross win with a 48% share, compared to DraftKings at 36%. Caesars and BetMGM lag behind, holding 8% and 5% of gross win share, respectively.
The market has also seen geographical expansion, with Kentucky's regulated online sports betting (OSB) market launching on 28 September, featuring all major operators.
This NFL season has been marked by unpredictability, which appears to be benefiting the bookmakers.
According to Oddschecker, the latest odds to win the Super Bowl suggest that the top three teams have a 15%, 14%, and 13% probability of winning this season, compared to a 20%, 12%, and 11% probability at this point last year.
This increased uncertainty is likely driving higher engagement and betting activity.
The news failed to really filter its way across the Atlantic with FanDuel parent Flutter marking time at 13,360p.