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FanDuel’s U.S. operations actually brought the ball to Flutter Entertainment during the first quarter of 2022, the Dublin-based online betting company said today in its commercial update.
Flutter is the main owner of FanDuel.
Flutter CEO Peter Jackson said in today’s announcement:
“In the United States, we had another exciting quarter, as FanDuel continued to offer an unparalleled scale, with the United States accounting for more than half of all Flutter Group holdings in the first quarter.
“We launched our FanDuel sports betting in New York and Louisiana in January and also expanded to Ontario in April. We broke several FanDuel records in the fourth; Super Bowl Sunday was the most important day in history. for new customers and we had over 1.5 [million] active customers on the day. This year’s March Madness has also been our most popular season to date, with 19 [million] bets throughout the tournament “.
Flutter shares rose nearly 10% today.
Flutter has 5 US brands
When Flutter talks about his American brands, he means FanDuel, Television Games Network (TVG), Stardust, Fox Bet and PokerStars.
FanDuel Sportsbook and Fox Bet combine to make Flutter the number one online sports betting company in the United States, with 37% market share.
FanDuel Casino and Flutter gaming brands have a 20% market share of U.S. online casinos, according to Flutter’s commercial update.
Flutter’s iGaming brands in the United States are being usurped by BetMGM, which accounted for 29% of its market share in the fourth quarter of 2021. BetMGM, based in Jersey City, NJ, is updating investors with current numbers on May 12.
Today’s announcement names Mohegan Sun Casino, powered by FanDuel Casino:
“IGaming’s growth reflects Connecticut’s launch in the fourth quarter and good cross-selling to SuperBowl and March Madness players. We’ve continued to improve our customer offering with FanDuel ranked the No. 1 casino app in the first quarter.” .
US FanDuel helped Flutter’s global revenue
During 2021, FanDuel became the only major online betting brand in the United States to make a profit.
In the first quarter of 2022, FanDuel was the main driver of Flutter’s online gambling revenue growth in the United States. During the quarter, Flutter saw revenue growth in the United States increase by 45% to $ 574 million.
Meanwhile, revenue outside the United States fell 3%.
As a result, Flutter’s overall revenue grew 6%.
If this is confusing for Canadians, there is an easy explanation. The first quarter of 2022 ended March 31, and the Ontario iGaming marketplace allowed private operators to launch products on April 4th.
FanDuel IPO is not yet scheduled
FanDuel observers were expecting a FanDuel IPO in the United States last summer.
Several impediments were put in the way. Now it seems that all these obstacles have been removed.
Except one.
Flutter did not mention his arbitration proceedings with New York City-based Fox Corporation.
However, Flutter detailed the disagreement with his media partner in his 2021 annual report:
“In April 2021, FOX filed a lawsuit against the Group regarding its option to acquire a 18.6% stake in FanDuel for the same price that the Group paid for the acquisition 37.2% of FanDuel of Fastball Holdings LLC in December 2020., which represents a valuation of $ 11.2 billion for FanDuel.
“In the Group’s view, this valuation would be materially favorable to FOX compared to the fair market valuation in July 2021. An arbitrator has been appointed and the Group intends to vigorously defend its position. An arbitration ruling is not expected before the 2nd quarter of 2022. “
