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 has been the ‘most customer-friendly’ since the launch of online sports betting with the highest rate of favourites winning in nearly two decades.
Bookies tend to lose heavily when favourites win because vast numbers bet on them.
Flutter, which is listed in London and New York, suffered its biggest one-day loss on the NFL on December 30, when the Detroit Lions beat San Francisco 49ers, costing it £59million.
Across the season to the end of December, there were 184 winning favourites in 256 games.
Flutter now expects to see revenues knocked by around £313million and earnings by £209million between November 12 and December 31.
Flutter, which is listed in London and New York, suffered its biggest one-day loss on the NFL on December 30, when the Detroit Lions beat San Francisco 49ers, costing it £59m
In 2024 in the US, revenues would now be around £297million lower than the previous guidance of around £4.6billion it said.
US earnings are set to be around £164million lower than the £405million previously forecast.
Even so, shares rose 0.4 per cent, or 80p, to 20,610p in London after it said there was ‘good momentum’ in the UK and Ireland.
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