FanDuel continued to lead the pack in what was a record-breaking month for US iGaming revenues, with significant growth in online sports betting across the industry.
The US iGaming market set a new record with gross gaming revenue (GGR) reaching $649 million, according to state data collected by brokerage Jefferies, marking a 31% increase year-over-year.
Growth was spearheaded by strong performances from Draftkings Inc (NASDAQ:DKNG), FanDuel (owned by Flutter Entertainment PLC (LON:FLTR) and BetMGM (a joint venture between Entain PLC (LSE:ENT) and MGM Resorts International (NYSE:MGM)).
Flutter and Entain are prominent UK bookmakers, operating Paddy Power and Ladbrokes respectively, while DraftKings is headquartered in Boston, Massachusetts.
FanDuel has stood atop the US iGaming market for four consecutive months despite fierce competition, the data collected by Jefferies shows.
Online sports betting as a whole saw a 32% year-over-year increase in handle and a 33% rise in gross gaming revenue (GGR) across the 19 states that reported data.
Jefferies noted that these figures are particularly impressive given the Super Bowl outcomes generally favoured bettors over sportsbooks.
Looking at the first quarter of 2024, Jefferies reports that online sportsbetting and iGaming GGR are tracking up significantly, with FanDuel leading the pack in terms of market share, followed by DraftKings and BetMGM.
Jefferies maintained a ‘buy’ rating on both Entain PLC (LSE:ENT) and Flutter Entertainment PLC (LSE:FLTR) stocks, with a 1,140p and 19,500p price target respectively.