FanDuel has risen to the position of #1 sportsbook & iGaming operator in the US market, with its gross gaming revenue (GGR) market share rising to 27%, while Flutter’s overall Q1 results display sportsbook revenue of $1.88bn.
Despite what FanDuel describes as ‘unfavorable sports results in the second half of March,’ US revenue was also up by 32% in Q1 2024. Adjusted EBITDA for Flutter’s US operations settled at $26m in the first quarter.
Over the course of Q1 2024, FanDuel also reported a company record high iGaming GGR market share of 27%, as revenue in this segment reached $1.36bn companywide, driven by FanDuel in the US. This, paired with a net gaming revenue share of 52% in sports betting that it makes it market leader, moves FanDuel above BetMGM into top spot for iGaming in the US – after it rose above DraftKings to #2 in January.
Overall, Flutter experienced a net loss of $177m, which is 59% higher year-on-year; however, juxtaposed by a more encouraging adjusted EBITDA of $514m, which rose 46% compared to Q1 2023. Revenue was also up 16% year-on-year.
Flutter CEO Peter Jackson commented on the results, saying, “We have had an excellent start to the year. In the US, FanDuel’s top line momentum is translating into strong growth in US adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment.”
It was a busy Q1 for FanDuel, with expansion into Vermont in January being closely followed by the announcement of a partnership with Operation Hope, as part of a range of responsible gaming initiatives undertaken by the sportsbook in the initial phase of Q1 2024.
March also saw FanDuel launch in North Carolina, followed by Washington DC more recently in April.
