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DraftKings and other sportsbooks had a terrible December

Favored football teams are winning more games than usual, which is bad news for sports betting stocks.

1/8/25 11:32AM

Sports gambling stocks like DraftKings and FanDuel Flutter Entertainment had a rough run in December. Here’s a look.

The downturn stems, in part, from the fact that an unusual number of favored NFL teams actually won their games, says analyst Jason Bender of JMP securities.

In a note published Tuesday, he wrote:

“U.S. bettors traditionally wager on favorites and game outcomes in the NFL; therefore, when the betting favorites win, books lose. The trend was front and center during the current NFL season as bettors experienced one of the most favorable winning percentages for outright favorites in history. Said another way, operators, such as and FanDuel, held unlucky in 4Q24, and we believe will miss guidance and consensus estimates for the quarter.”

Flutter said the same on Tuesday, cutting its guidance while lamenting that this “period of very unfavorable US sports results” caused a hit of about $260 million to the company’s adjusted earnings before interest, taxes, depreciation, and amortization from November 12 through year-end.

The platform, as well as DraftKings, MGM, and Caesar’s, are all due to report Q4 numbers in the coming weeks.

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