Massachusetts has been good to FanDuel, the company said in its first quarter report for 2023. FanDuel Sportsbook saw a 20% increase in new customers from January-March, thanks in large part to new markets in Massachusetts and Ohio.
Flutter Entertainment plc, which owns FanDuel and several other gaming brands, announced on Wednesday that it had 12.3 million monthly average users in the first three months of 2023, up 30% from last year. According to the earnings report from Flutter, the sportsbook had a 147% increase in revenue over that span.
In Massachusetts, FanDuel ranked second in total handle to DraftKings in March, taking in $181 million in wagers and reporting $16 million in taxable gaming revenue, the top figure in the state. Massachusetts launched online sports betting on March 10. FanDuel and DraftKings, which is based in Boston, are the top two market leaders in the US online sports betting market.
Same Game Parlays are focus of customer retention
FanDuel’s parent company Flutter touted its Same Game Parlay products, which it credits with driving a 46% increase in AMP retention. The company offered strong promotional offerings for SGP for March Madness and in-play NBA betting, which continues with the NBA Playoffs.
According to Flutter, sports revenue grew company-wide by 116%, with sportsbook revenue 147% higher.
“Sportsbook stakes increased 43% while sportsbook net revenue margin increased 290 basis points year on year to 7.0%,” the report reads, “benefitting from 80 basis points of favourable sports results in the quarter and unfavourable results in the prior comparable period.”
FanDuel had 50% of US market in Q1
FanDuel reported a Q1 US sports market share of 50%, which is 14% higher year-on-year, according to Flutter.
“In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains,” the release from Flutter states. “We added over 1.5 (million) customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9 (billion) represented almost 60% of the Group’s total sportsbook stakes.”
In the US and Canada, Flutter owns FanDuel, TVG and FOX Bet, as well as PokerStars brands in sports betting and gaming. It also has the profitable FanDuel daily fantasy sports and online horse race betting products.