Flutter Entertainment (ASX:FLTRF) shares fell 4.4% to 144.05 pounds, making them among the top percentage losers on the FTSE bluechip index.

Despite posting a 76% increase in half-year core profit, the world’s largest online betting firm warned of a weakening Australian market outlook.

The U.S.

market saw the company’s core profit swing to 49 million pounds from a loss of 132 million compared to the previous year, due, in large part, to a strong performance from the Fanduel brand.

Flutter Entertainment cautioned investors on softer-than-expected demand in the Australian market, where half-year profits fell by 27% owing to strong COVID-related comparatives and a changing tax environment.

Despite this, J.P.Morgan has cited that the strong H1 was partly offset by a cautious outlook on Australia, where lower market growth expectations could impact Sportsbet profitability.

Contrarily, Jefferies believes that the impact of the Australian soften may be negated by robust UK and international markets.

Flutter Entertainment shares are at their lowest since March 29.

As of the last close, the stock has risen about 32% so far this year.

Flutter Entertainment is the world’s largest online betting firm.