Flutter, the now US-listed Paddy Power bookmaker owner, revealed it had lost US$390m million recently due to a run of “very unfavourable” sports results.
Most of the losses came from bets on American Football, the FanDuel owner revealed in an announcement last night.
November and December had seen a surge in losses mainly due to 'parlay outcomes', where punters make multiple bets on the same outcome.
“The 2024/2025 NFL season to date has been the most customer-friendly since the launch of online sports betting with the highest rate of favourites winning in nearly 20 years,” said Flutter.
Due to the customers’ winning run, gross gaming revenue is expected to drop by up to US$438 million (£350 million) between 12 November and the end of the year.
As a result, Flutter has revised down full-year 2024 US revenue guidance by US$370m (£296m) and cut underlying profit estimates down from US$505 million from US$670-$750 million.
US revenue in the fourth quarter will now be around US$1.6bn with an adjusted operating profit of around US$161 million (£129 million).
Flutter’s UK arm is faring better with Premier League winnings up by 1% over internal forecasts.
Also the owner of Betfair, Flutter moved its listing and HQ from London to the US in May to reflect the growing importance of its FanDuel arm to the overall business.