DUBLIN (Reuters) -Flutter, the world’s largest online betting company, sharply cut its full-year profit growth forecast on Wednesday, primarily due to another long winning streak by gamblers that increased its payouts.

Already number one in the booming U.S. sports betting market through its FanDuel brand, Flutter and its partner CME Group also announced the launch of the FanDuel Predicts app next month to target what it described as a significant growth opportunity in the rapidly expanding event contracts market.

Event contracts allow investors to bet on the likelihood of specific events occurring, from sports and entertainment to politics and the economy.

Flutter estimated that the investment needed to “aggressively” expand the new business will reduce its group core profit by $40 mill

See Full Page