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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.

Tom Jones43m

Nvidia announces deals with South Korea's government and industrial giants to supply more than 260,000 chips

Nvidia is rising modestly in premarket trading today, up more than 2% at the time of writing, after announcing bumper deals with the South Korean government and some of the nation’s largest companies to supply them with more than 260,000 of its Blackwell chips.

In a press release published earlier today, Nvidia detailed that 50,000 of the company’s most advanced chips would go to AI projects from the government’s Ministry of Science and ICT; AI factories under construction from Samsung, Hyundai, and SK Group would also take 50,000 each; while Naver Cloud will receive 60,000 chips to expand its current Nvidia-powered AI infrastructure.

The deal was announced at the ongoing Asia-Pacific Economic Cooperation summit, held this year in Gyeongju, South Korea, with Jensen Huang having arrived in the nation just one day after his company became the first in history to cross the $5 trillion market cap threshold on Wednesday.

Matt Phillips

15h

Coinbase posts better-than-expected sales, profit, and transaction numbers

The crypto exchange rose slightly in early after-hours trading.

Western Digital jumps as Q1 sales and earnings beat, guidance better than expected, and dividend hiked

A litany of stellar news from the disk drive seller.

Matt Phillips15h

Max Knoblauch15h

Netflix rises on announcement of its 10-for-1 stock split

Netflix’s subscription prices keep rising, but its shares are about to get a bit cheaper.

On Thursday, the streamer announced it’ll perform a 10-for-1 forward stock split. On November 17, traders who own a single Netflix share will own 10 shares, though the company’s underlying value will remain the same.

Netflix shares have surged about 270% over the past three years to $1,089 as of today’s close, as the streamer has captured more of the streaming market share. The stock rose roughly 3% in after-hours trading on Thursday following the announcement.

Reddit rises in after-hours trading on Q3 earnings numbers

Here’s how they look.