FanDuel has been a driving force in parent company Flutter Entertainment’s success in the U.S. market and overall growth as a company.
That showed up in the first quarter of 2023, with Flutter announcing its legal sports betting revenue rose 61% year-over-year worldwide during the period that ended March 31. Flutter hauled in $1.1 billion in unaudited revenue in Q1 in the U.S. alone while sports betting profits jumped 116% YoY.
Barreling into new sports betting markets Ohio and Maryland accounted for 20% of Flutter’s new players so far in 2023 and positioned FanDuel as the top operator in both of those states.
The Buckeye State represented a handle of $1.1 billion in January alone and nearly $2.5 billion in wagers during the first three months of legal sports betting. Maryland, which launched online sports betting in late 2022, has produced more than a billion dollars in handle in 2023.
FanDuel stays the favorite
FanDuel, which is licensed to operate in 19 U.S. states, maintained its ownership of 50% of the market share in the first quarter — according to Flutter. Average monthly players jumped 46% in U.S. states year-over-year, and sportsbook revenue soared by a whopping 147% compared to Q1 2022. FOX Bet, another entity of Flutter, operates in four states and is part of a much smaller margin.
Flutter cited innovations in Same Game Parlays as well as “a broader offering on March Madness and in-play NBA betting” to strengthen the retention of players.
“The Group delivered a very strong Q1 performance with pro forma revenue growth of 29% achieved through continued execution against the Group’s strategic priorities,” Flutter CEO Peter Jackson said. “In the U.S., the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5m customers in the quarter and we remain the clear market leader. Our U.S. sports betting handle of $10.9B represented almost 60% of the Group’s total sportsbook stakes.”
Listing date becoming clear
Flutter also confirmed in its Q1 report that plans for the U.S. listing could come in late Q4. The Ireland-based company announced last month that 99.9% of shareholders voted to be placed on the New York Stock Exchange or NASDAQ at the Annual General Meeting.
Flutter, which is already listed on the London Stock Exchange, decided to pursue the U.S. based on its expansion into legal betting states and growth in those markets.
"We were also very pleased to receive overwhelming support among our shareholders for the addition of a Flutter U.S. listing," Jackson said. "The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth.”
