Flutter Entertainment has decreased its US revenue expectations by $370m (£299m) to approximately $5.78bn (£4.68bn), after its "strong" US player momentum was offset by a period of "very unfavourable" US sports results in November and December.

The Dublin-headquartered international sports betting and gambling firm stated that this period was affected primarily by NFL parlay and same game parlay outcomes.

Flutter, which has primary and secondary listings in New York and London respectively, said the 2024/25 NFL season to date being the "most customer friendly" since the launch of online sports betting, with the highest rate of favourites winning in nearly 20 years.

As a result, US revenue guidance for 2024 has now been dropped from between $6.05bn-$6.25bn (£4.9bn-£5.07bn) to $5.78bn (£4.68bn).

Furthermore, its adjusted EBITDA guidance has been reduced by $260m (£210m).

Despite this, the firm said that the UK and Ireland markets were witnessing "good momentum", with favourable sports results in the English Premier League.

Flutter is now estimating that 2024 revenue and adjusted EBITDA in the UK will be between 1% and 2% higher, respectively, than the mid-points of its previous guidance provided at Q3.

Investment director at AJ Bell, Russ Mould, concluded: "Customers have cleaned up from bets on US sporting events, causing Flutter to issue a warning about a hit to earnings and triggering a sell-off in its shares.

"America was meant to be the land of opportunity for Flutter but it hasn’t quite worked out that way since moving its primary listing to New York last year. Downgrading US revenue and earnings estimates is a disappointment for the company and it will no doubt focus management’s minds on finding new ways to get back on top.

"There is a phrase in the gambling sector that says ‘the house always wins’ and while this wasn’t true for Flutter in recent months, the company will be hoping it reverts to form as soon as possible."

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