Launching its Massachusetts product could be the last major cost for FanDuel before becoming fully profitable in 2023.
That’s according to the 2022 financial statement released this week by Flutter Entertainment plc, which owns FanDuel. Based on the company’s strong US performance in 2022, Flutter believes its US product will end 2023 with a profit in all four quarters. That means launching in Massachusetts could be FanDuel’s final expenditure that catapults it to full profitability.
According to Flutter’s financial report, FanDuel held 50% of the US sports betting market share in Q4. It was the first operator to reach profitability in Q2. And, overall, it made $900 million more revenue than its closest competitor (DraftKings) with around 33% of the EBIDTA (earnings before interest, taxes, depreciation and amortization) loss of DraftKings.
More details from Flutter’s 2022 financial report
Excluding new investment in Ohio and Maryland, Flutter’s US EBIDTA was positive $36 million in Q4.
With the online Massachusetts sports betting launch March 10 helping the cause, Flutter expects FanDuel to have a positive EBIDTA in all four quarters of 2023. (Its EBIDTA was negative in Q1 and Q3 of 2022.)
Flutter reported that Maryland and Ohio were its most successful US sports betting launches to date. It also reported FanDuel was up to 3 million average monthly players in Q4. That includes all FanDuel platforms (sportsbook, online casino, horse race betting and daily fantasy sports).
What to know about FanDuel in Massachusetts
FanDuel is one of six apps launching on March 10. The other five? DraftKings, BetMGM, Caesars Sportsbook, WynnBET and Barstool Sportsbook. Betr expects to launch in late March or April. Bally Bet and Fanatics Sportsbook will launch in May. Betway will launch in January 2024.
FanDuel Sportsbook Massachusetts has a pre-launch promo offer for any new customers right now. It’s simple: Sign up for a new FanDuel Sportsbook account, and you’ll get $100 in bonus bets deposited into your account on launch day. That’s it. No minimum deposit or minimum bet required.