Flutter’s US sports betting investment is paying off - the company’s operation under the FanDuel brand is set to move into profit a year earlier than expected.
And that will be a year earlier than its big rival, DraftKings, as FanDuel reports a growing player base that will bring a positive outcome to its first full year figures.
In an article by Yahoo Finance, Flutter believes that it will multiply its 2022 revenues by five times once the operation is mature.
An investor presentation at FanDuel’s Capital Markets Day last week indicated that it now accounts for 42 per cent of the US online sports betting business in the states where it operates - and that is almost double that of its closest competitor.
According to Flutter CEO Peter Jackson, the growth of FanDuel is not just down to legalised sports betting. “The base is growing and that’s not just for new states that we are adding - that’s growth and penetration. Revenue from each cohort is growing every year, so the customers we have are doing even more business with us.”
FanDuel is projecting revenue of $3bn this year and reckons that the total market for online gambling, including both sports betting and online casinos, could reach $40.5bn by 2030.
