FanDuel owns a 46% online sportsbook market share according to Flutter.
FanDuel handle grew 155% for the quarter with $1.66bn wagered. Revenue was slow to catch up, increasing just 3% to $55m. FanDuel credited popular promotions for the tight margins.
Flutter CEO Peter Jackson said FanDuel gross gaming revenue is on track for more than $1.1bn in 2020.
“We have enhanced the customer experience, secured further strategic media partnerships and acquired more new customers than anticipated,” Jackson said. “And we are on track to generate more than $1.1bn of GGR in the US this year. This will mark a major ‘first’ for an online operator.”
In an interview earlier in the week with Yahoo Finance, FanDuel CEO Matt King suggested that the expansion of legalized sports betting in new states will continue to grow the company’s potential.
“We think we're in the first or second inning of this,” King said. “So if you look at the states that were legalizing, you got Maryland passed a referendum. Louisiana did as well. But you look past that, you've got big states like Ohio and Massachusetts that are seriously considering it.”
FanDuel has been aggressive in promoting its digital presence, fueled by partnership deals with professional sports leagues and teams.
FanDuel is in a multi-year partnership with Turner Sports, which includes the network’s NBA properties and sports website Bleacher Report. The company also partnered with sports radio group Entercom.
“We complement (team partnerships) with deals like the one we did with Entercom or Turner Sports, where we can really kind of reach the mass market, and more importantly, be integrated into the sports content,” King said.