(Reuters) – DraftKings, a betting firm (NASDAQ:) Inc has increased its annual revenue forecast. It said it saw a $22.5 million increase in revenues due to the $25 million payouts that were made following positive customer results at the National Football League.

DraftKings’ shares fell by 9% during premarket trades as its investments in Arizona, Wyoming and other products widened the losses in the third-quarter.

DraftKings analysts believe that DraftKings will spend a lot of money on marketing in the NFL season to attract new customers from several states where online betting is legal.

DraftKings was forced to reduce its outlook for fiscal 2021 due to unfavorable NFL match results. However, it increased the midpoint.

DraftKings in Boston forecasts that fiscal 2021 revenue will be between $1.24 and $1.28 trillion, as opposed to a previous range of $1.21 million to $1.29 miliarde. Based on Refinitiv International Business Economics Surveys, the average analyst expected $1.29 billion in revenue.

Market estimates are also in agreement with the forecasts. The 2022 revenue range is $1.7 billion to $1.9billion.

The online betting space has also seen frenetic dealmaking, with firms looking to expand into Britain and double down in the United States, dubbed https://reut.rs/3bIejo2 the “promised land for online gambling.”

DraftKings walked away last month from an attempt to purchase Entain Plc for $22 billion, but did not explain why.

DraftKings saw a net loss of $545 million or $1.35 per Share in its third quarter, up from $395.7 Million or $1.11 Per Share a year prior.

The revenue rose by 60% to $213 Million, which is lower than the estimates of $236.6M.