Flutter Entertainment reported a solid Q3 performance with a 9% increase in average monthly players and a 17% rise in revenue, driven by acquisitions and organic iGaming growth.

Despite a net loss of $789 million due to regulatory changes in India and a payment to Boyd, the company is optimistic about its strategic investments, including the launch of ‘FanDuel Predicts,’ which aims to expand its market presence in states without regulated sports betting.

The group – which also owns Betfair, Sky Bet and FanDuel in the US – slashed its full year underlying earnings outlook in results out in America late on Wednesday to £2.9 billion, down from £3.3 billion previously.

It said this was due largely to a run of customer-friendly sport results in the third quarter, which has picked up pace in its current quarter, with the group alerting over a hit of around 170 million US dollars (£129.4 million) to underlying earnings from higher-than-expected payouts since the start of October.

Profits are also being weighed on by investment costs, with the firm expanding its FanDuel business across the US and announcing the launch with partner CME Group of FanDuel Predicts app next month.

The app will target the rapidly-growing event contracts market, which allows investors to bet on the likelihood of specific events occurring, such as those in sport and entertainment through to politics and the economy.

Flutter – which switched its primary listing from London to New York last year – saw shares in London fall as much as 4% in morning trading on Thursday, before later settling around 2% lower.