FanDuel Owner Flutter Cuts U.S. Profit Forecast After Bettors’ Hot Streak

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Flutter Entertainment, the parent company of U.S. sports betting giant FanDuel, has cut its full-year U.S. profit forecast by $180 million following a streak of bettor-friendly outcomes during major sports events like March Madness. The company now expects U.S. core profit to reach $1.13 billion, down from earlier guidance, though still marking 123% year-on-year growth.

Bookmakers typically see lower margins when favorites win, and Flutter cited an “unprecedented run” of such outcomes that impacted earnings for a second consecutive quarter. A similar effect occurred during last year’s NFL season.

“We remain confident in our business and convictions,” said CEO Peter Jackson, noting no signs of weakening demand despite a recent drop in U.S. consumer confidence.

Financial Highlights:

  • U.S. core profit forecast: $1.13B (down $180M)

  • Group-wide EBITDA forecast: $3.18B (up from $3.16B, aided by FX and acquisitions)

  • Q1 EBITDA: $616M (+20% YoY), but below $658M analyst expectations

  • Positive $100M foreign exchange impact and $120M in acquisition gains helped offset some of the sports betting losses

Resilience Despite Economic Uncertainty

Jackson emphasized that gambling activity tends to be resilient in downturns, referencing stability in Flutter’s other brands like Paddy Power (UK) and Sportsbet (Australia) during prior economic shocks.

“We’re not seeing any impact,” Jackson told Reuters, referring to consumer pullback.

The company also said revenue margins are expected to normalize over time, citing historical swings in sports outcomes, such as fluctuations in Premier League soccer.

Despite the short-term volatility, FanDuel remains the U.S. market leader, and Flutter’s long-term outlook remains bullish.

Uber Misses Q1 Revenue Target Amid Slower U.S. Travel, Leans on Global Growth and Robotaxis

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Uber Technologies (UBER.N) reported Q1 revenue of $11.53 billion, slightly below analyst expectations of $11.62 billion, with its core ride-hailing business posting its slowest growth since the pandemic, due largely to weakened U.S. travel demand. Despite the miss, Uber struck an optimistic tone with above-estimate forecasts for Q2, pointing to international expansion and autonomous vehicle partnerships as key growth drivers.

“The categories we operate in … tend to be quite consistent, even during macro uncertainty,” CEO Dara Khosrowshahi told analysts.

Key Financial Highlights:

  • Total revenue: $11.53B (vs. $11.62B expected)

  • Ride-hailing revenue growth: +15% (slower than past quarters)

  • Delivery revenue growth: +18% (in line with forecasts)

  • Q2 gross bookings guidance: $45.75B–$47.25B (vs. $45.83B expected)

  • Q2 adjusted EBITDA: $2.02B–$2.12B (vs. $2.04B expected)

CFO Prashanth Mahendra-Rajah cited a “slightly higher mix of international trips” and “lower inbound U.S. travel” as key factors behind the slowdown. Broader foreign spending on U.S. travel dropped sharply in March, reinforcing a trend echoed by Airbnb.

Strategic Moves to Offset U.S. Softness:

  • 85% stake acquisition of Trendyol Go (Turkey) for $700M

  • Partnership with China’s Pony AI for robotaxi deployment

  • Robotaxi service with Waymo in Austin showing high usage and scaling plans

Despite the revenue miss, Uber’s stock, which is up 42% year-to-date, fell only ~1% by market close after dipping 6% in early trading.

“We see the miss as immaterial, and as such, believe the stock will recover,” said Jamie Meyers, senior analyst at Laffer Tengler Investments.

Uber’s positioning in delivery, mobility, and autonomous vehicles continues to insulate it from domestic travel headwinds, with international markets and automation partnerships paving the way for sustained long-term growth.

Google Uncovers New Russian Malware ‘LOSTKEYS’ Linked to Cold River Hacking Group

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Google’s Threat Intelligence Group announced Wednesday the discovery of a new malware strain called “LOSTKEYS”, which has been linked to the Russia-based hacking group Cold River, believed to have ties to the Russian Federal Security Service (FSB).

According to Google researcher Wesley Shields, the malware marks a significant expansion in Cold River’s cyber toolkit, with capabilities that include file theft and system reconnaissance, enabling attackers to gather intelligence on high-profile individuals and institutions.

“LOSTKEYS represents a new development in the toolset used by Cold River,” Shields stated in a blog post.

Recent Targeting Activity:

  • Attacks observed in January, March, and April 2025

  • Targets include current and former advisers to Western governments, military personnel, NGOs, journalists, think tanks, and individuals connected to Ukraine

  • Cold River continues to pursue espionage goals in line with Russian strategic interests

Background on Cold River:

Cold River gained notoriety for targeting:

  • Three U.S. nuclear research labs in 2022

  • Private email leaks of former British spymaster Richard Dearlove and other pro-Brexit figures

  • Credential theft campaigns targeting NATO governments and NGOs

The Russian embassy in Washington did not immediately respond to requests for comment.

The revelation underscores ongoing concerns about state-sponsored cyber threats emanating from Russia, particularly amid the ongoing war in Ukraine and heightened geopolitical tensions.