North America Sports Betting Operator
This was a two horse race and FanDuel has triumphed over DraftKings as it powers towards full-year revenue of around $2bn.
After Q3 it had amassed revenue of over $1.2bn, while DraftKings was left far behind on $823m. FanDuel can now claim 42 per cent of the online sports betting market.
The fledgling US sports betting market has been characterised by a seemingly mad dash towards market share at the expense of profitability. FanDuel has done it better than the rest and it has a path towards profitability in 2023 that some of its peers are still dreaming about.
In the six largest states – New Jersey, Illinois, Pennsylvania, Virginia, Indiana and Michigan – FanDuel sits top of the pile. Its in-house mobile betting platform is now live in all states and its trading and risk management team is getting its pricing right.
Big states such as Florida and New York will change the state of play but FanDuel is going to take some shifting from its position as the most successful sports betting operator in North America.