The king of U.S. sports betting is only getting stronger.
Already holding the top market share in the country, FanDuel burnished its position further in 2023’s fourth quarter, according to new data released by corporate parent Flutter Entertainment.
The Ireland-based Flutter said FanDuel raised its position to capture 43% of gross sports betting revenue in the October-December period, a stretch that included the heart of the NFL and college football seasons, MLB playoffs, and start of the current NBA and NHL seasons. The performance helped fuel a 25% rise in Flutter’s full-year 2023 revenue to $12.1 billion.
The news sent Flutter’s stock in London up by more than 15% on Thursday, reaching its highest level in nearly six months. The investor enthusiasm happened despite Flutter taking a $343 million hit to its fourth-quarter revenues due largely to customer wins on NFL bets placed on FanDuel during November. In particular, FanDuel said it paid out $13.4 million in winnings on a four-leg parlay from a Nov. 30 game in which the Dallas Cowboys beat the Seattle Seahawks 41-35.
“There were some unusual outcomes there, but that was great for customers who had bet on that and really drives their interest, and so it augurs very well for the future,” said Flutter CFO Paul Edgecliffe-Johnson.
The disclosures also arrived as Flutter is preparing for the scheduled Jan. 29 start of its American stock listing on the New York Stock Exchange, a move happening less than two weeks before Super Bowl LVIII—another major sports betting event set to further enhance FanDuel’s standing.
“This is a pivotal moment for the group as we make Flutter more accessible to U.S.-based investors and gain access to deeper capital markets,” said Flutter chief executive Peter Jackson.