Fanduel, one of the leading online sports betting platforms in the US, announced today that it has recorded $22 million in earnings before interest, depreciation, and amortization (EBITDA) based on the second quarter of 2022 reports. This makes Fanduel the first U.S. online operator to record profit and is a significant achievement given the intense competition in the space.
According to Peter Jackson, Flutter Entertainment CEO, Fanduel is confident that it will maintain its momentum and continue to grow its business at a rapid pace.
Our U.S. performance in the quarter was outstanding and continues to exceed all expectations delivering a profit in the second quarter,” Jackson said. “This was achieved despite the fact we’ve been leaning into customer acquisition in the second quarter, acquiring over half a million customers in the quarter.”
Jackson also stated that FanDuel now dominates the US online sports betting market with a 51% share. This is a huge accomplishment for the company, and it is sure to continue to grow in the future.
Higher Goals For Fanduel
Fanduel is already dominating 13 out of the 15 states in which it operates showing its awesome market penetration compared to other well-known sportsbooks like DraftKings, BetMGM, and Caesars. Kansas operations may soon go live later this year while it is expecting to be licensed in Nevada, another big-time market.
Maryland and Ohio launch are being planned while they are not closing the doors for the possible California sports betting launch in 2023.
“If California is to launch in 2023, it will be a fantastic opportunity for us to replicate the success we are seeing elsewhere in the U.S., in the equivalent of the world’s fifth largest economy,” Jackson added.
Jackson also attributed their confidence to the increasing revenues.
“The increased portion of our revenues coming from our existing customers gives us confidence that we will deliver a proper profit for the full year 2023.”
Due to the current position of FanDuel, Jackson expects that there will be a full year EBITDA profit for 2023. The “increasingly profitable player base” is attributed to customer retention and acquisition efforts.
With its strong fundamentals and growing market share, Fanduel is poised for continued success in the online sports betting industry.