FanDuel has established itself as the leader in online sports betting, thanks to its superior parlay betting product and top-notch risk management. This has resulted in FanDuel gaining a significant market share advantage in terms of gross win. However, it’s important to note that some states consider promotional activity and net revenue as key metrics, which could lead to variations in share of sportsbook handle, gross win, and net win among operators.
Several operators have exited the US sports betting market due to the challenges of achieving profitability as a sub-scale player.
Looking at mature online sports betting markets like Australia and the UK, it is evident that a few leading operators dominate the market. In Australia, the top operator, Sportsbet (Flutter), holds a 43% market share, while the top three operators collectively have 81% market share. Similarly, Flutter holds a 40% market share in the UK, achieved through mergers and acquisitions. In the medium term, the US sportsbook market is expected to exhibit a similar level of concentration.
However, the current market leaders may not remain the same over time. In the UK and Australia, there have been shifts in market share as certain operators have gained a significant foothold. The US market may witness similar changes, driven by specific events or gradual evolution. Market dynamics, customer preferences, and M&A activity are all factors that could drive substantial shifts in market share.
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