Paddy Power and Betfair owner Flutter has warned of a hit to sales and profits after punters picked winners in the US.
The NFL American Football season is the ‘most consumer-friendly’ since the launch of online sports betting, with the highest percentage of favorites winning in almost two decades.
Bookmakers tend to lose heavily when favorites win because large numbers bet on them.
Flutter, which is listed in London and New York, suffered its biggest single-day loss in the NFL on December 30 when the Detroit Lions defeated the San Francisco 49ers, costing it £59m.
During the season to the end of December there were 184 winning favorites in 256 matches.
Flutter now expects sales to fall by around £313 million and profits by £209 million between November 12 and December 31.
Flutter, which is listed in London and New York, suffered its biggest single-day loss in the NFL on December 30 when the Detroit Lions defeated the San Francisco 49ers, costing it £59m.
In 2024, US revenues are now expected to be around £297 million lower than the previous forecast of around £4.6 billion.
US profits are expected to be around £164 million lower than the £405 million previously forecast.
Still, shares rose 0.4 percent, or 80 cents, to 20,610 cents in London after seeing ‘good momentum’ in Britain and Ireland.
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