US Sports Betting Competiton
The overturning of the PASPA last June 2018 has had a profound impact on the sportsbook industry in the US. However, in the wake of the decision, many states have rushed to legalize sports betting, and it is now available in 30 states and counting.
The increased competition has been a boon for bettors, as bookmakers are constantly innovating to offer more attractive odds and bonuses. In addition, the increased visibility of sports betting has helped to break down the stigma that has long been associated with it.
However, FanDuel just stands out from this ever-growing competition. For one, Fanduel sportsbook has a market share of 51%, which is significantly higher than any of its competitors. Additionally, FanDuel dominates in 13 out of the 15 states where it is operational. Additionally, FanDuel lead the way as it becomes the first US sportsbook that had a profitable quarter.
FanDuel with “a 51% Share of the Sports Betting Market”
FanDuel CEO claims that the Flutter Entertainment-owned sportsbook is dominating the US market with its consistent performance.
“We are particularly pleased with (the) momentum in the US where we extended our leadership in online sports betting, with FanDuel claiming a 51% share of the market and number one position in 13 of 15 states, helping contribute to positive earnings in Q2.”
This success may be attributed to Fanduel’s innovative products and aggressive marketing campaigns, Fanduel has built a loyal customer base and become one of the most successful sportsbooks in the industry.
The fast-paced expansion may also be one of the vital strategies of FanDuel as it is now ‘too big to fail’. It already accounts for a third of Flutter Entertainment’s revenue and is still expected to grow.
Fanduel is currently available in Arizona, Connecticut, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, Pennsylvania, Washington, Washington DC, and West Virginia.
First Sportsbook with a Profitable Quarter
Fanduel, the former daily fantasy sports giant, is now the first US sportsbook to close a profitable quarter. This is a huge coup for the company which has only been offering sports betting since 2018.
The $22 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) comes as a result of strong growth in online and mobile betting, which accounts for the majority of all bets placed. Flutter Entertainment expects that FanDuel will have a profitable year this 2023.
BetMGM, DraftKings, and Caesars are still reporting losses but may soon become profitable sportsbooks as the sports betting market continues to grow over the years.