FanDuel is claiming dominance over the sports betting industry by way of a Q3 Trading Update posted Thursday by parent company Flutter.
According to the update, FanDuel Sportsbook now handles a whopping 46% of market share in the online sports betting world, thanks in part to its customer acquisition. According to the report, FanDuel now has 1.8 million active users. This includes 450,000 new users since the beginning of Q3 in July.
FanDuel’s customer acquisition has been a huge area of importance since the sportsbook launched in 2019.
“We are pleased with FanDuel Group’s third quarter performance, which demonstrates our strong growth trajectory here in the U.S.,” said Matt King, Chief Executive Officer of FanDuel Group. “We remain laser focused on expanding our sportsbook operations into new states, driving increased customer acquisition, building long-term brand loyalty and identifying strategic media partnerships and product innovations that allow us to continue as America’s #1 sportsbook.”
FanDuel Seeks Untouched Territory To Continue Growth
FanDuel showing growth in Q3 is not surprising given the fact that we had NFL, MLB, NBA, and NHL all running simultaneously for the first time. What is surprising however is the amount of growth we have seen and where it can go.
Taking into account the fact that sports betting is legal in 18 states, with Maryland, Louisiana, and South Dakota also recently voting in favor. As states continue to open their doors to sports betting, FanDuel is poised to continue leading the way for sports betting across the nation.
Flutter CEO Peter Jackson has his eyes on these states to open the gates to sports betting as well. In the report Jackson said, “We were pleased to see legislative momentum continue with the passage of sports betting referenda in both Louisiana and Maryland on November 3rd”
In today’s report, FanDuel further detailed its purported superiority over its competition, citing three major markets as examples:
- Only operator of the high-margin “Same-Game Parlay” for the NFL, MLB, and NBA.
- Greatest variety of betting options; including NBA in-play markets 3x more than competitors as well as superior MLB player “prop betting”
- Lowest market suspension during NFL in-play markets.
FanDuel is obviously extremely confident in its product, and that confidence is reaffirmed by its strong Q3 report. Flutter has taken notice by upping their investment in the sports betting leader. They intend to raise their EBITDA loss in the US to account for increased customer volumes.