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FanDuel Dominates US Market Share In April, JMP Confirms

There are two leading betting and gaming operators that compete for the top spot across the United States. An overwhelming majority of nearly 40 US states offer some form of betting and competition between FanDuel and DraftKings for the top spot has never been greater. Cumulatively, the duo holds a significant share of approximately 80% of the market, which positions them as the top operators in many states where betting is legal.

Now, newly released data highlights a notable increase in the market share for FanDuel and DraftKings and at the same time, reveals who the operator with the biggest market share is. Information released by expert market analysts, JMP Securities, disclosed in a report from highlights the dominance of FanDuel based on the gross gaming revenue (GGR) market share for April 2024.

FanDuel solidified its position as an unquestionable leader across the US, holding a 47.6% market share during last month, according to JMP. The operator is closely followed by DraftKings, which saw 36.4% US GGR market share this April.

The latest figures reaffirmed the dominance of the two giants. In April last year, FanDuel and DraftKings held 79.1% of the US GGR market share. In contrast, this year, their share soared to 84%, while competitors, BetMGM, ESPN Bet and Caesars, saw their share dip.

Most Operators Report Dip in Gross Gaming Margin Further details from JMP reveal that FanDuel reported the highest gross gaming margins in April. The company recorded a 12.0% gross gaming margin last month, while DraftKings posted 8.7%. The gross gaming margin reported by BetMGM in April was 7.9%, while Rush Street Interactive reported a 3.9% margin for the month.

Overall, most betting operators reported a decrease in their gross gaming margin during last month.

Focusing once again on market share, BetMGM’s share was estimated at 5.6% for April, while Caesars had a 3.9% US GGR market share. ESPN Bet was responsible for a 1.5% market share while RSI reported 1.1% last month.

The share of ESPN Bet this April was on par when compared to its predecessor, Barstool Sportsbook, which reported 1.5% in market share in April last year. Yet, the market share gain was somewhat slowed down over the last few months, after the initial 8.3% observed in November which marked ESPN Bet’s launch. This was likely the result of increased competition and decreased promotional offers.

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