FanDuel Reports 16% YoY Revenue Increase in Q1 2024 Earnings Call

Written By TJ McBride on May 16, 2024
FanDuel Ohio Q1 2024

FanDuel had its Q1 earnings call to kick off 2024 and during that call, the company announced 16% growth in overall revenue. 

On top of its yearly growth, FanDuel also reported that in terms of market share, it is the largest sports betting and iGaming brand in the United States.

FanDuel’s success within the Ohio sports betting market helped the company continue to grow and that would only improve if an Ohio online casino industry were legalized.

FanDuel claims it owns the title of #1 brand in sports betting & iGaming

The press release accompanying the Q1 earnings call said that FanDuel is the leading brand in the United States for both sportsbook and iGaming revenue share, with 52% and 27% respectively. That combination led to FanDuel having 46% of the gross gaming revenue share in the United States — the leading rate amongst all operators.

FanDuel Chief Executive Officer Peter Jackson shared his happiness over these Q1 2024 results, saying:

“We have had an excellent start to the year. In the U.S., FanDuel’s top line momentum is translating into strong growth in U.S. adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment.”

It is not just in the United States where FanDuel has been thriving. Part of Jackson’s remarks also focused on its business in the UK and Italy. Jackson said:

“Outside of the U.S., our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April.”

In addition to celebrating its success, Jackson also made sure to note the importance of responsible gambling in his statement, noting that he feels FanDuel is a leader in that regard:

“We are proud to be one of the founding members of the US Responsible Online Gaming Association whose goal is to develop and advance responsible gaming practices. We are a strong advocate for building a sustainable sector in the US. We believe that our global experience positions us well to help lead the way.”

FanDuel consistently ranks as most popular Ohio sportsbook

The success enjoyed in in the Buckeye State undoubtedly helped FanDuel to a successful Q1 2024. FanDuel operates an online sportsbook in the state, as well as a retail sportsbook at Belterra Park.

In the first three months of 2024, FanDuel Ohio generated $105.2 million in revenue. And each of those months, FanDuel was the most popular operator in the state. During March in Ohio, FanDuel collected a whopping $265.86 million in bets. FanDuel has been the most popular Ohio sports betting operator for the last five consecutive months — including 10 of the 15 months that Ohio sports betting has been legal.

In total, FanDuel generated $1.4 billion of revenue from its United States business. FanDuel Ohio accounted for about 7.5% of that amount.

FanDuel could make an even bigger splash with the legalization of Ohio online casinos. Lawmakers are considering the idea currently and are receiving testimony from different stakeholders, but it is unlikely any action will be taken this year.

FanDuel’s plans for the remainder of 2024 are to keep doing exactly what it has been doing

FanDuel said that its Q1 2024 success has not led to any adjustment for its future financial outlook. The Q1 earnings call press release conveyed the same sentiment, reflecting:

“We remain confident in our financial year 2024 guidance provided at the financial year 2023 results announcement on March 26, 2024, despite unfavorable US sports results in the last two weeks of March, and there is, therefore, no change to previously communicated ranges.”

Lastly, FanDuel announced that on May 1, shareholders voted to move the company’s headquarters to New York. With business in the United States being of the utmost importance to FanDuel, Jackson said the company is excited to have its headquarters reflect that, saying:

“On May 1, shareholders voted to move our primary listing to the US. We believe a US primary listing is the natural home for the Group and we look forward to this becoming effective May 31. With a greater proportion of the Group’s future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting market and iGaming market to our business.”

Photo by Dreamstime / PlayOhio
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TJ McBride

T.J. McBride is a Denver-based writer and reporter who covers sports betting for PlayOhio. His work has been featured on ESPN, CBS Sports, FiveThirtyEight, Bleacher Report and Yahoo Sports, among others.

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