DraftKings and Flutter lose millions due to lucky players: March Madness played against bookmakers
The American betting market, which has been growing in recent years, suddenly failed. The biggest players — DraftKings and Flutter (owner of FanDuel) — sharply revised their financial expectations for the year, citing an "abnormally good" period for players. And it's not about violations or some kind of fraud - on the contrary, it was the predictability of sports results that became the problem.
According to the head of Flutter, Peter Jackson, the NCAA March Madness tournament dealt a real blow to the bookmakers' margin. This year, all the favorites won in the Sweet 16 and Elite 8 rounds - this happened only once in the history of the tournament. For bettors, this was a golden moment: bets made on obvious winners played en masse, leaving bookmakers in the red.
Against this background, DraftKings revised its full-year revenue forecast downward by $200 million, now expecting $6.4 billion. Flutter, on the other hand, lowered expectations by $180 million, now forecasting $1.13 billion.
This was an alarming signal on the other hand: for the first time in a long time, the market was shown that explosive growth is not infinite. Regulations are tightening, competition is growing, and players are becoming smarter and more careful. All this together forces operators to reduce appetites and adjust strategies.
OlakTHEPolak As for me, it's high time. The Internet is polluted with these gray sites. I don't want my kids to stumble upon casinos on TikTok!
SYLversters Oh may, does it all really work? I thought those 5 scatters were like seeing the Loch Ness Monster on stream
YellowPikmin Yes, I remember the Avengers slot... I caught such drifts there. I still regret that I did not take a screenshot, now you can't prove it.
AccurateShark28 And I bet on six different WTA matches – I won $180 with $10. But there are few days like this :)
thekidgamer52 PSG are really like a tank now. But finals are always nerves. Too often, the favorites fly from the "outsiders". I would take Inter with a handicap, the odds are good, the risk is justified.
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They change the forecasts there, but I can't deduce
That's perfect! Let them know that they will not always be in the black. Players are also not butterfly machines.
I wish it was always so that the favorites won. Otherwise, usually, on the contrary, everything is turned upside down
Nothing new.
In fact, this is a common risk for them. It's just that March Madness turned out to be too linear. And this is rare, but accurate.