DraftKings Inc. shares briefly rose as much as 6% in extended trading as investors looked past a disappointing first quarter hurt by a March Madness basketball tournament that went especially well for gamblers.

The shares traded as high as $37.46 in extended trading Thursday after the results were announced.

First-quarter sales rose 20% to $1.41 billion, the company said in a statement, coming in below the $1.48 billion average of analysts projections compiled by Bloomberg. Adjusted earnings soared to 12 cents a share, short of the 20 cents that Wall Street estimated.

As a result of March Madness, the Boston-based online betting operator trimmed its peak sales forecast for the year by $200 million to $6.4 billion. It lowered its projection for earnings before interest, taxes, deprecation and amortization by $100 million to $900 million at most.

The monthly active player count rose 28% to 4.3 million, DraftKings said, matching estimates.

“If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and adjusted Ebitda guidance.,” Chief Executive Officer Jason Robins said in a statement.

On Wednesday rival Flutter Entertainment Plc, the parent of FanDuel, reported results that fell short of Wall Street projections due to a disappointing performance during the college basketball tournament. Chief Executive Officer Peter Jackson said more favorites won, upsetting the company’s plans.