{"id":271664,"date":"2023-05-03T10:55:44","date_gmt":"2023-05-03T15:55:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=271664"},"modified":"2023-05-03T13:51:59","modified_gmt":"2023-05-03T18:51:59","slug":"fanduel-q1-revenue-soars-as-user-growth-surges","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/","title":{"rendered":"FanDuel Adds 1.5M Customers in Q1, Will Be Profitable in 2023"},"content":{"rendered":"

Flutter Entertainment (OTC: PDYPY) announced Tuesday that its US operations, led by FanDuel, excelled in the first quarter, as revenue surged 92%.<\/p>\n

\"iGaming
An advertisement for FanDuel Sportsbook. The company posted dominant Q1 results. (Image: FanDuel Sportsbook)<\/figcaption><\/figure>\n

The Irish gaming company said FanDuel\u2019s sportsbook revenue soared 147% year-over-year as market share reached 50%, cementing the operator\u2019s status as the biggest domestic bookmaker. Importantly, FanDuel will be profitable on an annual basis<\/a> this year, according to the parent firm.<\/p>\n

In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5m customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9bn represented almost 60% of the Group\u2019s total sportsbook stakes,\u201d said Flutter CEO Peter Jackson in a statement.<\/p><\/blockquote>\n

FanDuel is 95% owned by Flutter, with the other 5% controlled by regional casino operator Boyd Gaming (NYSE: BYD).<\/p>\n

FanDuel Ascent Easy to Quantify<\/h2>\n

Last year, FanDuel set something of an industry standard, becoming the first US sportsbook operator to post a profitable quarter. Barring surprises among its rivals, the operator will be the first in this country to accomplish that feat on an annual basis.<\/p>\n

\n

How FanDuel arrived there isn\u2019t surprising. New state launches and product innovations<\/a>, including same-game parlays, are among the catalysts that spurred the company\u2019s impressive results in the year’s first three months. The additions of Massachusetts and Ohio to the live and legal US sports betting lineup contributed to a 20% bump in FanDuel\u2019s client base.<\/p>\n<\/div>\n

\u201cContinued innovation of our market-leading Same Game Parlay products, including a broader offering on March Madness and in-play NBA betting, supported strong retention, with average monthly players (AMPs) 46% higher,\u201d added Flutter. \u201cThis product innovation contributed to a 240 basis point increase in expected sportsbook net revenue margin in the quarter, driving greater customer lifetime value.\u201d<\/p>\n

If there is an area for improvement at FanDuel, it\u2019s iGaming, where the operator trails rivals BetMGM and DraftKings. It appears the Flutter unit is making strides on that front.<\/p>\n

\u201cOur iGaming strategy is delivering results, with AMPs 47% higher and revenue growth of 43%. Product improvements in the FanDuel Casino app engaged more direct casino customers, while the Reward Machine free-to-play product drove an increase in player frequency. This delivered a 200 basis point improvement in our iGaming market share to 23% in the quarter,\u201d noted the Irish parent.<\/p>\n

Good News Mounting for Flutter<\/h2>\n

Flutter\u2019s bullish comments on FanDuel arrived about a week after the company said its investors overwhelmingly approved a plan<\/a> to list its shares in New York. That transaction is expected to take place later in the fourth quarter.<\/p>\n

We were also very pleased to receive overwhelming support among our shareholders for the addition of a Flutter US listing. The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth,\u201d<\/strong> said Jackson in the statement.<\/p><\/blockquote>\n

Outside of the US, Flutter\u2019s first-quarter sales increased by 8%, supported by strength in Ireland and the UK.<\/p>\n","protected":false},"excerpt":{"rendered":"

Flutter Entertainment (OTC: PDYPY) announced Tuesday that its US operations, led by FanDuel, excelled in the first quarter, as revenue surged 92%. The Irish gaming company said FanDuel\u2019s sportsbook revenue soared 147% year-over-year as market share reached 50%, cementing the operator\u2019s status as the biggest domestic bookmaker. Importantly, FanDuel will be profitable on an annual […]<\/p>\n","protected":false},"author":46,"featured_media":236469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81931,80968],"acf":[],"yoast_head":"\nFanDuel Q1 Revenue Soars As User Growth Surges<\/title>\n<meta name=\"description\" content=\"FanDuel to be profitable for all of 2023, according to parent Flutter Entertainment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FanDuel Q1 Revenue Soars As User Growth Surges\" \/>\n<meta property=\"og:description\" content=\"FanDuel to be profitable for all of 2023, according to parent Flutter Entertainment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-03T15:55:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-03T18:51:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/FD.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/\",\"url\":\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/\",\"name\":\"FanDuel Q1 Revenue Soars As User Growth Surges\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/FD.jpg\",\"datePublished\":\"2023-05-03T15:55:44+00:00\",\"dateModified\":\"2023-05-03T18:51:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"FanDuel to be profitable for all of 2023, according to parent Flutter Entertainment.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fanduel-q1-revenue-soars-as-user-growth-surges\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/FD.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/FD.jpg\",\"width\":1280,\"height\":720,\"caption\":\"The FanDuel Sportsbook logo. 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