FanDuel Sportsbook is one of the biggest names in the online sports betting world.
In fact, FanDuel is the sports betting market leader in 15 of the 18 states in which it operates. Will Massachusetts be next?
Online sports betting in Massachusetts launched last month, and six sports betting apps are live in the Commonwealth. The Massachusetts Gaming Commission will release March sports betting revenue numbers on April 18. DraftKings has the hometown connection in Boston, so some industry experts speculate it could give FanDuel a run for its money in Massachusetts.
In other words: We’ll soon learn if FanDuel can add Massachusetts to its arsenal of top dog states.
FanDuel has 50% of US market share
According to its 2022 earnings presentation, FanDuel Sportsbook has roughly 50% of sports betting market share in the US. For comparison, FanDuel estimates DraftKings has a market share of 27%, while BetMGM has 12%.
The platform was able to increase its sports betting gross gaming revenue (GGR) market share from 40% in Q4 2021 to 50% in Q4 2022.
Owned and operated by Flutter Entertainment, the FanDuel Massachusetts app launched on March 10, making Massachusetts its 19th state. It is live in 18 other states: Arizona, Connecticut, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Wyoming.
According to the earnings presentation, FanDuel owns the highest market share in 15 of those 18 states. It’s No. 2 behind DraftKings in Iowa and No. 3 behind DraftKings and BetMGM in Wyoming. It’s also safe to assume FanDuel is second to DraftKings in Colorado, as well. But Colorado doesn’t publicly release sportsbook-by-sportsbook revenue totals.
In addition to being the market leader in 15 states, FanDuel also has more than a 50% GGR market share in seven of those states. In Ohio, FanDuel has more GGR market share than the state’s other 15 live sportsbooks combined.
At 52%, FanDuel is the market leader in New York, the state that features the nation’s largest market by handle. It owns the highest market share in Kansas, where it has 59% of the market.
What makes FanDuel No. 1?
In the 2022 calendar year, FanDuel had 2.3 million average monthly players, a 49% year-over-year increase from 2021.
Various factors have contributed to FanDuel’s success, but certain qualities have propelled the brand to be so popular among both new and experienced users.
Its customer acquisition is the gold standard in sports betting. It strategically invests pre- and post-launch in states, emphasizing generosity via bonuses and brand awareness via advertising and content. But, most of all, that customer acquisition is greatly assisted by FanDuel’s daily fantasy sports presence, where it has a pool at 14 million DFS customers.
“That allows us to very efficiently bring customers onto the platform,” FanDuel CEO Amy Howe said in a YouTube interview with Forbes in February. “… But it’s really the product. At the end of the day, you can only retain and engage customers if you have the best product in the marketplace, and that’s where we’re winning. It’s why we’re winning.”
FanDuel is able to retain those customers also at a gold standard level with its top-of-the-line offerings, spearheaded by its Same Game Parlay feature. Furthermore, FanDuel boasts the top sportsbook mobile app for both iOS and Android devices, with a sleek design and easy-to-use interface.
It also has a quality selection of bettor-friendly promotions and offers. In Massachusetts, the Bet $5 Get $200 in Bonus Bets offer is a great way for new users to get acquainted with the online sportsbook. Basically, you get $200 worth of bonus bets for signing up, depositing and betting just $5. Any winnings from the $200 in bonus bets is yours to do with as you want.
FanDuel vs. DraftKings in Massachusetts
DraftKings is based in Boston, and the DraftKings Massachusetts app is now operating in the company’s backyard. That is quite the home-field advantage, and it didn’t take long for DraftKings to play “the local card” to try to beat FanDuel.
In a new sports betting ad that debuted in Massachusetts on launch day, DraftKings stresses its Boston roots with comedian Lenny Clarke, former Red Sox hero David Ortiz and others. The commercial promotes the company’s “Bet Local” campaign.
Since there’s plenty of DraftKings history in Massachusetts, it’s been speculated that Massachusetts sports bettors will be kind to DraftKings, considering the loyalty of sports fans in the state.
But … is all that enough to top the well-oiled machine of FanDuel for revenue in Massachusetts? We’ll see.
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