According to a release issued on Friday by FanDuel’s parent company, Flutter Entertainment, FanDuel is currently the market leader in terms of gross gaming revenue (GGR) market share across 15 functioning online sports betting markets.
FanDuel has more than double the market share of its nearest competitors, DraftKings and BetMGM, with 51 percent of the GGR market. Flutter CEO Peter Jackson issued a statement in response, expressing his delight at the news.
“We are particularly pleased with 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,” said Jackson.
“We remain firmly on the path to profitability in 2023, driven by our compelling customer economics and disciplined investment.”
Despite investing hundreds of millions of dollars on advertising, Flutter is reported to have positive earnings before interest tax, depreciation, and amortization (EBITDA) of $22 million from FanDuel in the second quarter of 2022.
While DraftKings, BetMGM, and Caesar have all set Q4 2023 as the first profitable quarter for their respective gaming businesses, FanDuel has become the first major U.S. sportsbook and online gaming operator to have declared a profitable quarter.
FanDuel is set to debut in Kansas in the fourth quarter of 2022, with Massachusetts and Maryland following suit before the end of the year. In addition, it is also expected to obtain an online sports betting license in Ohio and start operating on January 1, 2023.
Furthermore, FanDuel is investing millions of dollars on an online sports betting ballot proposition in California, which is still awaiting a referendum.
FanDuel accounts for more than 33 percent of Flutter’s revenue in the first half of 2022, up from less than 10 percent in 2019.
According to Flutter, FanDuel’s success is due in part to their superior product offering, “customer acquisition practices” by having strategic relationships with Pat McAfee and Turner Media, as well as their success in handling their operations.
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