Gambling companies are facing significant losses during the World Cup as star players' performances and popular team victories undermine high-stakes betting strategies. DraftKings, one of the largest online sportsbooks, lost up to $50 million in the group stage, according to Bank of America estimates. Companies invested heavily in in-play bets and promotions to capture new customers, but popular parlay bets involving Lionel Messi, Erling Haaland, and Kylian Mbappé backfired when all three scored twice in a single match.

Parlays typically generate profits for bookmakers due to low probability of success, but this outcome proved costly. Betting on all three stars to score twice carried a 1% probability but paid out large wins. Flutter, which owns Paddy Power and Fan Duel, lost £4.1 million on England's match against Croatia, though a 0-0 draw with Ghana helped balance results. Macquarie analyst Chad Beynon noted the tournament is unlikely to drive immediate revenue but could expand brand awareness.

Despite short-term losses, companies view the World Cup as a customer acquisition opportunity. Sportsbooks employ teams to calculate probabilities and build margins into odds, profiting when favorites underperform. The strong US team performance created liabilities for American sportsbooks, while England's results significantly impacted UK operations. These losses reflect the high-risk nature of major sporting events in an increasingly competitive betting landscape.