DraftKings Edges Out FanDuel in US Market Share Race
DraftKings has taken the lead in the US online gambling market, nudging ahead of its main competitor, FanDuel. Following its acquisition of Golden Nugget Online Gaming, the Boston-based firm experienced consistent growth.
In the third quarter, DraftKings accounted for 31% of the online US gambling revenue, slightly ahead of FanDuel’s 30%, as reported by Eilers & Krejcik Gaming. These numbers include both sports betting and online casino games. However, when considering only sports betting, FanDuel retains its edge with a 39.3% market share, compared to DraftKings’ 34.1%.
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The US betting landscape transformed after a 2018 Supreme Court decision enabled sports betting outside Nevada. Since then, 36 states have legalized sports betting, generating over $10 billion in the last year, according to Vixio.
Initially, FanDuel had an edge, being a subsidiary of the experienced Irish bookmaker, Flutter Entertainment. Their lead was strengthened by offering unique bets known as parlays. However, the advantage started fading as competitors, including DraftKings, introduced similar betting options. James Kilsby from Vixio Regulatory Intelligence highlights this shift as a factor in FanDuel’s decreasing market share.
DraftKings also made significant strides in the online casino sector, particularly in pioneering states like New Jersey and Massachusetts. As the industry advances, emerging players like Fanatics and ESPN Bet might disrupt the DraftKings-FanDuel dominance.
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Expressing his determination to stay ahead, DraftKings co-founder Matt Kalish stated, “We enjoy the chart, but no one is anywhere close to satisfied yet at DraftKings.”
The company, expecting to release its financial outcomes on November 2, has seen its stock surge by over 144% this year, driven by market expansion and efficient cost management.
