FanDuel Commands Strong Hold On Sports Betting Market
On a national level, FanDuel sportsbook in West Virginia is talking the talk. FanDuel CEO Amy Howe thinks her sportsbook will continue to rank as the leading online sports betting option for patrons in the United States.
“FanDuel is America’s number one sports book by a wide margin,” Howe said on Nov. 16 at the sportsbook’s Capital Markets Day.
FanDuel joined West Virginia’s legal online sportsbook offering in 2019. Before its online expansion into the Mountain State, FanDuel ran a retail sportsbook at The Greenbrier starting in 2018.
New sportsbooks likely won’t disrupt FanDuel’s market share
FanDuel doesn’t have as much competition in West Virginia as it does in other states across the country. There are a total of seven sportsbooks legally operating in West Virginia at this time:
- DraftKings WV Sportsbook
FanDuel operates in 16 states and holds a 42% market share, according to state gaming regulator reports. Just two other sportsbooks — DraftKings and BetMGM — hold a market share of more than 10%.
FanDuel believes the market will expand to $22.6 billion in 2030 given projections of more states legalizing online sports betting.
It’s been tough for startup sportsbooks to find their footing across the country. Recently, MaximBet announced its decision to shutter operations. The Fubo sportsbook did the same in October.
“It’s hard, and size matters a lot in the sports betting industry,” FanDuel chief commercial officer Mike Raffensperger told CNBC.
Just before FanDuel’s official propped up the company, Fanatics — a sports memorabilia and collectibles organization — announced plans to launch its sportsbook.
Fanatics is valued at more than $27 billion, so this isn’t just some small company trying to burst onto the scene. It’s carved a clear niche in the sports and collectible industry.
But the company has an ambitious goal of launching said sports betting operations by early next year. CEO Michael Rubin said he wants to roll out the sportsbook nationally by the start of the 2023 NFL season.
“It should be clear that new entrants that are entering now at this point may face a real challenge taking on scale players who have more than a four-year head start,” Howe said on Nov. 16.
Sportsbooks in West Virginia top $5 million in October revenue
West Virginia sports bettors gambled $51.1 million in October. That number marked a 9% increase just from September’s $46.9 million handle.
Year-to-year, West Virginia’s October handle in 2022 stood as a 17.1% decline from October 2021’s $61.7 million.
Sports betting revenue, though, was up year-to-year. West Virginia sportsbooks collected $5.06 million in revenue last month. That’s a whopping 89.9% leap from October 2021.
FanDuel also offers online casinos in West Virginia
In addition to its traditional online sportsbook, FanDuel operates an online casino in West Virginia. It opened in May 2021.
The FanDuel Casino WV offers live dealer casino games such as:
- Three-card poker
- Slot games
Right now, FanDuel Casino WV is offering a $1,000 “play it again” promotion for first-time users. After you create your account and deposit at least $10, FanDuel will credit your account with $100 of your losses (up to $1,000) if you’re down after your first 24 hours of playing.
The FanDuel Casino also operates in Pennsylvania, Michigan, and New Jersey.