FanDuel’s parent company, Flutter Entertainment, is optimistic about its future US revenue potential.
The upcoming Kentucky sports betting market only helps those projections.
According to Flutter’s first quarter earnings report, Flutter’s US sports betting revenue jumped 116% year-over-year. Through the first three months of 2023, FanDuel generated $1.1 billion in gross gaming revenue.
CEO is happy with customer acquisition rate
During the earnings call, Flutter CEO Peter Jackson said he was happy with FanDuel’s quarterly growth.
The online sports betting giant maintained 50% of the U.S. sports betting market share while experiencing a 46% jump in average monthly players.
The company’s entry helped the new players into the Ohio and Maryland markets. But later this year, the Bluegrass State will be the driver of new bettors for FanDuel.
“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,” said Jackson. “In the U.S., the combination of FanDuel Advantage and the Flutter Edge drove further market share gains. We added over $1.5 million customers in the quarter and we remain the clear market leader. Our U.S. sports betting handle of $10.9 [billion] represented almost 60% of the Group’s total sportsbook stakes.”
Kentucky bettors already familiar with FanDuel
Kentucky is the only other US state to launch a sports betting industry this year. There hasn’t been a formal announcement yet. But it’s a virtual lock that FanDuel will be a part of it.
FanDuel partnered with Churchill Downs last September for its new horse racing platform, FanDuel Racing, and was one of the 2023 Kentucky Derby sponsors.
Kentucky gamblers are already familiar with the brand and have likely wagered on horses through the company already.
Furthermore, the relationship with CDI increases the chances of a FanDuel Kentucky Sportsbook.
The legislation that legalized sports betting in Kentucky gave the state’s nine horse tracks and the Kentucky Speedway the right to operate brick-and-mortar sportsbooks. Additionally, those venues can partner with up to three companies to run their online sports betting operations.
CDI also has a deal with rival DraftKings. However, with three partnerships to work with, it’s not out of the question for CDI to strike deals with both.
Explore our top Kentucky sportsbook promos page to uncover an abundance of thrilling bonuses that are set to be available once the industry officially launches. This includes the best bonuses currently on offer at DraftKings Kentucky Sportsbook and BetMGM Kentucky Sportsbook.
Flutter’s US listing coincides with Kentucky launch
Flutter is based in the United Kingdom and is already listed on the London Stock Exchange. But during its earnings call, the company revealed its plans to be placed on either the New York Stock Exchange or NASDAQ late in the fourth quarter.
What else will likely come during the year’s final three months? Kentucky sports betting.
The company’s move for a US stock exchange listing signals its desire to put more effort into its U.S. operations. Aside from FanDuel, Flutter’s US-facing brands include TVG, FOX Bet and PokerStars.
“We were also very pleased to receive overwhelming support among our shareholders for the addition of a Flutter U.S. listing,” said Jackson. “The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth.”
