Sky Bet owner Flutter Entertainment PLC (LSE:FLTR) has undergone a mixed week following the release of its first-quarter results on Tuesday.
Shares initially tumbled 3% after it reported net losses widening to $177 million from $111 million and a 16% revenue lift.
Analysts at Deutsche Bank have been slightly more focused on its operations in the US however, with the company readying to move its primary listing over there in the coming months.
Deutsche Bank said: "The US gave, and then it took away. After reporting spectacular 56% revenue growth for the first 11 weeks of Q1, US revenues fell 51% in the last 2 weeks of the quarter."
It explained that March Madness, the annual tournament to decide the college basketball national champions, was partly to blame for the drop.
Winners UConn were keen favourites to win this year's championship, and along with other "customer-friendly US sports results" it led to Flutter suffering a US$76 million dent to its revenues.
"It took a further hit from start-up losses in North Carolina, where it launched on March 11th," analysts added.
Over the last few days, shares in the betting firm have recovered finding themselves at a higher level than before the results.
Today, they slipped 2%.