DraftKings Taking Over Sports Betting Market Share from Competitors

DraftKings Taking Over Sports Betting Market Share from Competitors Pleas Subscribe For Daily Sports Betting News

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A major legal sports betting operator is expanding its reach at the cost of its competitors. DraftKings has roughly 32% of the online sports betting market in America as of May 2023, up from a 27.7% share in the last twelve months, per Earnings+More. The company’s increase in market share makes it the second-largest sportsbook in the U.S. behind longtime rival FanDuel.
DraftKings’ ability to make gains in its reach over the past year has come at the expense of other online betting sites across the more than 30 states that have authorized sports betting.
As of last month, FanDuel...

A major legal sports betting operator is expanding its reach at the cost of its competitors. DraftKings has roughly 32% of the online sports betting market in America as of May 2023, up from a 27.7% share in the last twelve months, per Earnings+More. The company’s increase in market share makes it the second-largest sportsbook in the U.S. behind longtime rival FanDuel.
DraftKings’ ability to make gains in its reach over the past year has come at the expense of other online betting sites across the more than 30 states that have authorized sports betting.
As of last month, FanDuel has a market share of 45.1%, compared to a 45.5% share last year. DraftKings has been able to hinder FanDuel’s growth through its market access in Massachusetts and New York — America’s largest online betting market. In May, DraftKings generated 51% of all gross gaming revenue in Massachusetts.
Meanwhile, the company emerged as the highest revenue-generating operator in New York through the first two weeks of June, surpassing FanDuel. DraftKings has also seen its growth impact the market share of other competing sports betting operators outside of FanDuel.
In May, BetMGM had a market share of 9.9%, down from 11.1% for the same period last year. Caesars Sportsbook also saw its market share fall in May from 6% to 5%, while Barstool Sportsbook — which is owned by PENN Entertainment — had a 1.9% share compared to 2.6%.
Despite the discrepancy in market share amongst operators, there has been uniformity in pricing for U.S. sporting events, according to Propus Partners. Sportsbooks, including DraftKings and FanDuel, have had recent similar pricing for USFL and WNBA events. There has also been evidence of similar pricing for boutique markets like ATP and WTA Tour tennis.
Gaining ground
DraftKings’ willingness to stunt the growth of competing operators is evident in the company’s pursuit of PointsBet's U.S. business.
Last month, Fanatics — which launched wagering in January 2023 — agreed to purchase PointsBet’s U.S. assets for $150 million. The deal would have allowed Fanatics to expand its reach to the 14 states in which PointsBet has been awarded online wagering licenses.
DraftKings responded to Fanatic’s bid with a $195 million offer of its own for PointsBet’s U.S. operations. The bid submitted by DraftKings is being considered by PointsBet shareholders.
The two competing offers for PointsBet were made in light of recent news that DraftKings and Fanatics had previously held merger negotiations in 2021, according to the New York Post. The deal, which has since been shuttered, would have valued each company at roughly $24 billion.
DraftKings is valued at $11.94 billion, down from a previous high of $31.8 billion in 2020. This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/draftkings-taking-over-sports-betting-market-share-june-27-2023