business

5/8/25

Flutter keeps blaming different sets of sports fans for ruining its results

After posting disappointing earnings, most companies vaguely gesture toward the wider economic climate to explain missed estimates to their demanding investors. Gambling giant Flutter Entertainment, on the other hand, has an ace up its sleeve: blame it on the prowess of the customers themselves.

In an interview with CNBC, Flutter CEO Peter Jackson circled out “customer-friendly” results in this year’s NCAA March Madness tournament — where the Final Four teams were all No. 1 seeds — to explain why the FanDuel parent company missed top- and bottom-line expectations in Q1.

At the start of the year, though, it was football fans who apparently weighed heavy on the financials of the world’s biggest online betting company, with Flutter publishing a surprise trading update pointing to the adverse effects of the NFL’s “highest rate of favorites winning in nearly 20 years.”

While DraftKings’ biggest rival is maintaining guidance for 2025, it seems like the company looking to fans’ skills and “poor sports results” to explain its own underperformance is becoming a bit of a safe bet.

March Madness drags down Flutter first-quarter results

March Madness drags down Flutter first-quarter results

In an interview with CNBC, Flutter CEO Peter Jackson circled out “customer-friendly” results in this year’s NCAA March Madness tournament — where the Final Four teams were all No. 1 seeds — to explain why the FanDuel parent company missed top- and bottom-line expectations in Q1.

At the start of the year, though, it was football fans who apparently weighed heavy on the financials of the world’s biggest online betting company, with Flutter publishing a surprise trading update pointing to the adverse effects of the NFL’s “highest rate of favorites winning in nearly 20 years.”

While DraftKings’ biggest rival is maintaining guidance for 2025, it seems like the company looking to fans’ skills and “poor sports results” to explain its own underperformance is becoming a bit of a safe bet.

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Volkswagen is reportedly closing in on its own, separate tariff deal with the US

In a bid to get its own tariff rate below the 15% applied to most EU exports, Volkswagen is dangling big US investments.

Speaking at a trade show Monday, VW CEO Oliver Blume said the automaker is in advanced talks on a deal to limit its own tariff burden. Volkswagen reported a tariff cost of $1.5 billion in the first half of the year.

Speaking to Bloomberg TV, Blume said the company is in close contact with the Trump administration and has had “good talks” about its separate deal. The current 15% tariff rate on EU vehicles would still “be a burden for Volkswagen,” Blume said.

A company reaching a tariff deal separate from its home country isn’t typical, though there’s already precedent this year, with Apple’s $100 billion US investment deal amid chip tariffs and President Trump’s threats to add a levy to smartphones. Nvidia and AMD similarly struck a deal to receive the ability to sell chips in China and in exchange agreed to give the US 15% of the revenue from those sales.

15% Tariff Would Be ‘A Burden’ on Volkswagen, CEO Says

15% Tariff Would Be ‘A Burden’ on Volkswagen, CEO Says

Speaking to Bloomberg TV, Blume said the company is in close contact with the Trump administration and has had “good talks” about its separate deal. The current 15% tariff rate on EU vehicles would still “be a burden for Volkswagen,” Blume said.

A company reaching a tariff deal separate from its home country isn’t typical, though there’s already precedent this year, with Apple’s $100 billion US investment deal amid chip tariffs and President Trump’s threats to add a levy to smartphones. Nvidia and AMD similarly struck a deal to receive the ability to sell chips in China and in exchange agreed to give the US 15% of the revenue from those sales.

Lululemon sales are being squeezed — but it’s hoping sports sponsorships will save its skin

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