Massachusetts Launch Helped Drive 20% Boost In New FanDuel Customers

According to its first quarter report for 2023, FanDuel expressed its satisfaction with the performance in Massachusetts. The company witnessed a notable growth of 20% in new customers for FanDuel Sportsbook during January to March. The expansion into the markets of Massachusetts and Ohio played a significant role in driving this increase.

On Wednesday, Flutter Entertainment plc, the parent company of FanDuel and various other gaming brands, revealed that it experienced a 30% surge in monthly average users during the first quarter of 2023, reaching a total of 12.3 million. The company’s earnings report also disclosed a remarkable 147% rise in revenue for its sportsbook division during the same period.

During the month of March, FanDuel secured the second position in total handle in Massachusetts, behind DraftKings. FanDuel managed to amass $181 million in wagers and reported the highest taxable gaming revenue in the state, amounting to $16 million. It is worth noting that Massachusetts introduced online sports betting on March 10. FanDuel and DraftKings, both prominent players in the US online sports betting market, are recognized as the leading market leaders, with DraftKings being based in Boston.

Same Game Parlays are focus of customer retention

Flutter, the parent company of FanDuel, proudly emphasized the success of its Same Game Parlay products, attributing them to a remarkable 46% rise in AMP retention. The company provided enticing promotional deals for SGP during March Madness and NBA in-play betting, a trend that will persist throughout the NBA Playoffs.

Flutter reported a significant increase in sports revenue, witnessing a company-wide growth of 116%. Furthermore, the sportsbook revenue experienced a remarkable surge of 147%.

According to the report, the stakes in the sportsbook increased by 43% and the net revenue margin increased by 290 basis points to reach 7.0% compared to the previous year. This improvement was attributed to favorable sports results in the quarter, which contributed an 80 basis point increase, while the prior comparable period experienced unfavorable results.

In March, DraftKings emerged as the leader in the Massachusetts market, surpassing FanDuel. For additional details, click here.

FanDuel had 50% of US market in Q1

According to Flutter, FanDuel’s Q1 US sports market share increased by 14% compared to the previous year, reaching 50%.

According to a statement by Flutter, the FanDuel Advantage and the Flutter Edge contributed to increased market share in the US. The company gained over 1.5 million customers in the quarter and continues to dominate the market. Additionally, the US sports betting handle reached $10.9 billion, accounting for nearly 60% of the Group’s overall sportsbook stakes.

Flutter owns several popular brands in the US and Canada, including FanDuel, TVG, FOX Bet, and PokerStars in the sports betting and gaming sectors. Additionally, it has successful products like FanDuel daily fantasy sports and online horse race betting.