As of Q2 2024, FanDuel Casino is the No. 1 US iGaming brand in terms of market share. That means the brand owned by Flutter Entertainment took that ranking from DraftKings, which had pulled it away from BetMGM.
Bonus calls BetMGM, DraftKings, and FanDuel the Big Three, because they always dominate US online casino and poker room revenue reports. Flutter reported FanDuel’s Q2 2024 earnings totaled $1.5 billion for its casino and sportsbook.
On Aug. 14, FanDuel CEO Amy Howe celebrated with a LinkedIn post:
FanDuel’s standout performance in Flutter Entertainment Plc’s Q2 2024 earnings is fantastic to see. In the US, we achieved:
✅ #1 Online Sportsbook and iGaming brand
✅ 47% Share of Sportsbook Market Gross Gaming Revenue
✅ 25% Share of iGaming Market Gross Gaming Revenue
I’m incredibly proud of FanDuel’s performance this quarter.
… The hard work to get here is not unnoticed, everyone at FanDuel and Flutter should be proud — I know I am!
The New York Stock Exchange (NYSE), Flutter’s primary listing location, closes at 4 p.m.
Flutter ($FLUT) held its earnings call at 4:30 p.m. on Aug. 13, after stock trading ended in New York. On Aug. 14, Flutter stock rose 8%.
In other business, Flutter already seems to be putting some of that profit to use. Playtech (Playtech PLC 744,00 +1,92%) and Flutter both had a “response to media speculation” on Aug. 14. Each gaming company confirmed that Flutter is negotiating with Playtech to buy Italian online gambling platform Snaitech for £2 billion ($2.6 billion USD).
FanDuel Casino Is No. 1
In Flutter’s Q2 2024 earnings report, the company reported FanDuel Casino held the plurality of the US online casino market share at 25%.
If the earnings report had included PokerStars US in the US iGaming report instead of placing that revenue in the international category, the online poker site would’ve increased its reported market share by 1% to 26%.
With that Q2 2024 report, FanDuel Casino took the throne from DraftKings (DraftKings 44,26 -1,29%).
That means DraftKings only held the No. 1 US iGaming market share spot for three quarters. Because DraftKings first claimed the title during a Q3 2023 earnings call, when DraftKings Co-Founder and CEO Jason Robins said DraftKings Casino and Golden Nugget Casino held 30% of market share.
Prior to Q3 2023, BetMGM had been the top revenue-generating iGaming brand in the US for years. Founded in 2018 as a joint partnership between Entain (Entain PLC 813,20 -0,10%) and MGM Resorts International (MGM Resorts International 36,66 -0,49%), the BetMGM brands include:
- BetMGM
- Borgata Casino
- Party Casino
- Party Poker
It’s important to note that all of the online gambling companies emphasize that the market share only represents the jurisdictions in which they operate.
So the operators aren’t including all eight states that offer iGaming:
- Connecticut
- Delaware
- Michigan
- Nevada (online poker only)
- New Jersey
- Pennsylvania
- Rhode Island
- West Virginia
For instance, BetMGM doesn’t take wagers in Connecticut, Delaware, or Rhode Island. DraftKings and FanDuel-powered Mohegan Sun Casino own iGaming among Nutmeggers. BetRivers Casino, a Rush Street Interactive (Rush Street Interactive 13,68 -3,18%) brand, is the only game in town in Delaware. Meanwhile, Bally Casino holds the monopoly in Rhode Island.
FanDuel Casino’s Road to No. 1
Two years ago, Flutter devoted specific attention to FanDuel Casino’s customer acquisition. That’s when the marketing campaign by Mischief @ No Fixed Address began.
At the time, BetMGM held the most US online casino market share and DraftKings hadn’t gotten bullish on iGaming.
Fast forward two years and DraftKings proclaims it sometimes practices an iGaming-first mentality in its customer acquisition strategy, and Entain hired a new CEO who wants to reassert BetMGM’s US iGaming dominance.
However, Flutter leaders are taking this moment to celebrate the success of their 2-year-old FanDuel Casino growth process.
The Aug. 13 earnings report said there were a lot of reasons for FanDuel Casino’s success:
In iGaming, the launch of exclusive new titles such as Fort Knox Cats and the addition of new FanDuel Reward Machine features drove increased player engagement with AMP growth of 30%. We passed a significant milestone with the migration of FanDuel Casino onto our proprietary technology platform during the quarter. Over time, this will provide FanDuel with access to an improved suite of unique capabilities including increased in-house content, more integrated cross-product promotional capabilities, as well as greater platform stability. Focus on delivering best-in-class customer experiences is generating results, with direct-to-casino customer acquisition accelerating in Q2 to year-over-year growth of 58% and a market share gain year-over-year of 4 percentage points.
Flutter CEO Peter Jackson added:
We achieved important milestones during Q2, as the NYSE became our primary listing and we moved our operational headquarters to New York. This reflects the importance of the US market to Flutter and our view that the US is the natural home for our business.
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