Flutter Entertainment’s FanDuel has become the first operator to surpass the $1bn handle mark in New York, having only launched in the state on 8 January.
In its eighth operating week, FanDuel has increased its market share of handle to 38%, up from 37% the previous week. This is according to figures from the New York State Gaming Commission, compiled by data research company Fantini.
Yet, despite this feat, its latest revenue market share is down to 41% from 49% the previous week. This should not be of too much concern, though; FanDuel’s market share of revenue is still up markedly from two weeks ago, when it stood at just 25%.
But if FanDuel is serious about dominating New York, its revenue market share will need to keep rising, with Caesars leading the year-to-date revenue market share at 38%.
It is worth remembering that Flutter’s FanDuel has only existed in the New York market since the start of January. With this in mind, its leading handle market share of 30% ($1.07bn) is quite staggering.
DraftKings represents FanDuel’s closest rival for both revenue and handle, with a 12% increase week-on-week in revenue share, and a 1% decrease week-on-week in handle market share.
Caesars sits resolutely in third in both market tables. However, with a market share revenue of 16%, down significantly from 38% two weeks ago, it will be hoping for a dramatic upturn in fortunes should it wish to continue leading the market in year-to-date revenue.
Ultimately, the competition between the likes of Flutter, DraftKings and Caesars is surely good for driving business growth.
Latest week-to-week data details the overall market generated $25.3m in revenue on $350.2m in handle, falling 0.43% in revenue from the previous week, and 2% in market handle. Gaming operators in New York will be vying to capitalise on dropped gains from competitors this week. We await the next report to see how things unfold.
It is very interesting to note how quickly Caesars’ market share has fallen following its announcement that it will dramatically cut its marketing spend.
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