Flutter Entertainment, the company that owns daily fantasy and sportsbook giant FanDuel, is excited at the growth the vaunted sportsbook has achieved since entering the Washington, D.C. market.
FanDuel revenue continues to climb, and the company is excited about FanDuel’s 2024 revenue projections to end the year.
FanDuel is one of the most popular brands across the states, so it should come as little surprise that it is achieving such success in DC. One of the biggest boosts to the Flutter portfolio has come thanks to an uptick in FanDuel revenue in recent years.
Increase in Betting in DC. FanDuel revenue has grown because of the boom in iGaming, particularly in the D.C. area. Since becoming Washington, D.C.’s official sports wagering platform, FanDuel revenue 2024 projections have increased exponentially.
The reason for such positive FanDuel 2024 revenue projections is the huge boost in betting since FanDuel took over. Betting has gone up to $29.7 million since FanDuel took the reins from GambetDC, seeing a staggering 450% rise in sports betting over that period.
While Flutter is happy with FanDuel’s revenue 2024 numbers, it just goes to show how far the brand has come. Two years ago, FanDuel was ranked third in the iGaming market in the United States. Now, it is the king of the iGaming and sports betting market, commanding 38% of the market share for gross revenue.
Transitioning from GambetDC. The transition from GambetDC to FanDuel was not only key for FanDuel revenue 2024 projections, but for the local gaming market as well. There are remaining kiosks for fans of GambetDC, but the market is dwindling. And from the success of FanDuel revenue spikes, it only opens the door for more brands to enter the market.
Flutter, in particular, has seen a rise in betting action in recent years because of the popularity of FanDuel. Other top brands will likely enter the market at some point in the near future, though FanDuel will be difficult to displace.
The Future for FanDuel. With the immediate success of the Washington, D.C. market, Flutter plans to bring FanDuel into other markets. The company believes that Florida, California, and Texas are unique opportunities to garner even more customers.
By 2030, more than 80% of Americans will have access to regulated sports betting. Flutter has been working with both lawmakers and residents in markets that have yet to approve regulated sports betting to make it a reality. That said, they already made an unsuccessful bid in 2022 to bring sports betting to California.
With the increase in sports betting marketing across major sporting events, it feels like an inevitability that legalized sports betting will soon touch from sea to shining sea. What that means for FanDuel revenue can only be good, at least in projections for the next five years. Whether they can maintain their stranglehold on the market from there remains to be seen.