New data confirms that FanDuel and DraftKings continue to lead the US betting and gaming market, with FanDuel securing the highest market share in April, closely followed by DraftKings.
Market Overview
Nearly 40 US states now offer some form of legal betting, and the competition between FanDuel and DraftKings for market dominance has never been more intense. Collectively, these two operators control approximately 80% of the market, making them the top players in many states where betting is legal.
Recent Data Insights
According to newly released data from market analysts JMP Securities, as reported by NEXT.io, FanDuel maintained its position as the leading operator in April 2024, with a gross gaming revenue (GGR) market share of 47.6%. DraftKings followed with a 36.4% share. This data underscores the stronghold these two companies have on the market.
In comparison to April last year, where FanDuel and DraftKings held a combined 79.1% of the US GGR market share, their dominance has increased to 84% this year. Other competitors like BetMGM, ESPN Bet, and Caesars have seen a decline in their market shares.
Gross Gaming Margins
JMP’s report also highlights that FanDuel achieved the highest gross gaming margins in April, recording a 12.0% margin. DraftKings followed with an 8.7% margin. BetMGM reported a 7.9% margin, while Rush Street Interactive (RSI) posted a 3.9% margin.
Overall, most betting operators reported a decrease in their gross gaming margins last month.
Market Share Distribution
In terms of market share, BetMGM held 5.6% in April, while Caesars had a 3.9% share. ESPN Bet accounted for 1.5% of the market, and RSI reported a 1.1% share.
The market share for ESPN Bet in April was consistent with its predecessor, Barstool Sportsbook, which also held a 1.5% share last year. However, ESPN Bet’s initial market share of 8.3% in November, at its launch, has slowed down due to increased competition and reduced promotional offers.
