THE RAGING DEGENERATE

Macquarie analysts say both sportsbooks held better than expected in Q4 and should beat earnings estimates. FanDuel held 12.1% vs 10.9% guidance.

The gambling giant's revenue grew 9% to £4 billion but operating profit fell from £116 million to a £43 million loss. US expansion and regulatory costs bite hard.

The books crushed recreational bettors in 2025. Six months had hold rates above 10%. The median hold was 56% higher than industry standard. The house always wins.