Flutter Entertainment, the owner of FanDuel, reported a $375 million net loss in the first quarter due to higher expenses and negative foreign currency translation, despite a 16.4% year-on-year increase in revenue. The company stated that unfavorable results during the last two weeks of the March Madness college basketball tournament, which resulted in a $76 million hit, will not affect its full-year guidance. FanDuel, which led Q1 Sports Betting Calls and launched in North Carolina during Q1, has significantly penetrated the market within just 45 days. Paul Edgecliffe-Johnson, CFO of Flutter, remarked that the company 'won' North Carolina despite the negative impact on costs.