High-scoring star players and victories for popular teams have made the opening stage of the World Cup costly for gambling companies, which are hoping the tournament will attract a lucrative cohort of new customers.
US sportsbook DraftKings, one of the world’s largest online betting brands, lost as much as $50mn in the group stage of the tournament, according to estimates by Bank of America.
The estimated losses come after gambling companies invested heavily in novel in-play bets and promotions around the World Cup, as they battled to make the most of an expected football betting bonanza and defend their turf against the rise of prediction markets such as Polymarket and Kalshi.
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