Most U.S. sportsbooks experienced a historically bad October, but FanDuel’s customer-friendly outcomes continued for the rest of 2025 according to a new update from its parent company, Flutter. The company pointed to two months of negative outcomes connected to NFL parlays and Same Game Parlays.
Winning parlays had $438M impact on GGR
According to the Tuesday release, the abundance of customer wins coincided with the “highest rate of favorites winning in nearly 20 years.” The results generated $438 million in negative impact on gross gaming revenue.
Flutter has cautioned investors that U.S. revenue guidance for 2024 is now $370 million lower than projected and should come in around $5.8 billion. Flutter revised adjusted EBITDA down to $505 million from between $650-$750 million.
Q4 numbers for the U.S are now projected to be $1.59 billion in revenue iwth adjusted EBITDA of $161 million.
FanDuel generally leads the nation in terms of hold, which is largely attributable to Same Game Parlays and parlay mix. The group regularly posts double digit hold in markets. The company currently boasts a 12% margin with 70% of NFL and NBA wagering comprised of parlays.
During its most recent investor day, FanDule set the very lofty goal of hitting 16% hold by 2030.
“Players who engage with parlays retain at greater rates than those who don’t, due to the entertainment value parlays provide,” said FanDuel’s President of Sports Mike Raffensperger said at the time. “There is a higher structural margin element to the parlay products, so FanDuel extracts more commercial value from those players.”
News follows DraftsKings+ parlay subscription announcement
However, the negative outcomes of the past months illustrate the potential downside of a parlay-heavy approach. Negative events can result in substantial hits to the bottom line, particularly when those hits come in a concentrated period of time.
The news comes on the heels of the announcement from DraftKings that it was testing DraftKings+, a subscription service that would allow users to get boosted odds on parlays in exchange for a $20 monthly fee. The product is currently only available to a select group of customers in New York.
