Flutter Entertainment has reduced revenue projections by $50 million after an exceptional winning streak for bettors, highlighting the challenging environment for sportsbooks striving to manage risk.
Jason Robins stated, 'We experienced the most customer friendly stretch of sport outcomes we have ever seen,' emphasizing how recent results have impacted DraftKings' financial forecasts.
Despite the winning trends, insiders remain optimistic about industry growth, with Robins mentioning that 'these impacts will become more rounding errors' as the market stabilizes.
The hold rate for sportsbooks drastically fell to 2%, significantly below the long-term average of 9%, raising concerns over profitability amid winning bets.
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