#SportsGambling #FanDuel #DraftKings #SportsBetting #FlutterEntertainment #NYSE #Investing #MarketShares
The sports betting industry in the United States has witnessed a significant surge since a 2018 ruling by the Supreme Court eliminated a federal law that previously prohibited sports gambling in most states. This has invariably led to state-by-state legalization of sports betting, with currently 39 states greenlighting the activity in various capacities – online and in-person. Consequently, sportsbook companies including DraftKings and Caesar Sportsbook, have significantly increased their advertising budgets to acquire new customers, while others such as Penn Entertainment’s ESPN Bet leverage the fame of the iconic media brand to extend its market share.
Nonetheless, among the plethora of brands, FanDuel has consistently shared and maintained the top spot with DraftKings for some years now. A report by CNBC indicates that FanDuel commanded a whopping 43% of the sports betting market share in terms of gross revenue, rising to 51% when evaluating net revenue. In January, FanDuel’s parent company, the Ireland-based Flutter Entertainment, made its debut on the New York Stock Exchange. The move, according to FanDuel’s chief commercial officer, Mike Raffensperger, is aimed at accelerating the company’s expansion in the US and streamlining its operations within this substantial market. Furthermore, Raffensperger is confident in FanDuel’s market leadership position due to its technological and scale advantages. However, only time will reveal if this major leap in the stock market pays off.
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