DUBLIN (Reuters) -Fanduel-owner Flutter cut its forecast for full-year U.S. profit growth on Wednesday after a winning streak for gamblers hit earnings at the world’s largest online betting company for the second quarter in a row. Bookmakers tend to suffer when favourites win and Flutter expects U.S. core profit to be $180 million lower this […]
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Fanduel owner cuts US profit forecast on gamblers’ winning streak
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DUBLIN (Reuters) -Fanduel-owner Flutter cut its forecast for full-year U.S. profit growth on Wednesday after a winning streak for gamblers hit earnings at the world’s largest online betting company for the second quarter in a row.
Bookmakers tend to suffer when favourites win and Flutter expects U.S. core profit to be $180 million lower this year at $1.13 billion due to an unprecedented run of bettor-friendly results during the March Madness college basketball tournament.
Flutter nudged up its group-wide profit forecast to $3.18 billion from $3.16 billion in March following a $100 million positive foreign currency impact and a $120 million acquisition contribution not included previously.
(Reporting by Padraic Halpin; Editing by Chris Reese)