Today, FanDuel Group’s parent company, Flutter Entertainment, announced its financial results for FY2020. Here is a link to the full announcement and highlighted below FanDuel’s financial performance in the U.S. 

“We are delighted with our 2020 performance which demonstrates strong customer demand for all our products,” said Matt King, Chief Executive Officer, FanDuel Group. “This momentum has continued into 2021, including an exceptional performance during Super Bowl week that included FanDuel’s sportsbook app being the third most downloaded app in the United States on gameday, behind just TikTok and Robinhood.” 

2020 U.S. RESULTS

Includes FanDuel, FOX Bet, TVG, PokerStars and Betfair Casino brands, offering regulated real money and free-to-play sports betting, online gaming, daily fantasy sports and online racing wagering products to customers across various states in the U.S. 

  • Revenue grew by 81% to $896m reflecting the diversified product portfolio offered in the U.S., as well as additional state openings. During the year we launched the FanDuel online sportsbook in four additional states (Colorado, Illinois, Iowa and Tennessee) and online gaming in Pennsylvania in January. FOX Bet also added Colorado.
    • Sports revenue increased by 42% reflecting sportsbook growth of 101% and combined daily fantasy sports and racing growth of 15%. The profile of revenue growth for each product varied significantly quarter to quarter due to sports cancellations. The increased prominence of U.S. horse racing led our TVG business to generate record customer volumes during the year with average monthly players growing 60% over 2019. Conversely daily fantasy was affected by the reduced number of sports events during the year.
    • Sportsbook handle grew 86%, with the return of sport and new state launches driving growth in H2 of 124% year on year. Net revenue margin increased by 30 basis points reflecting structural increases arising from risk and trading improvements and a greater demand for higher margin products such as parlays as well as bookmaker friendly results. These margin benefits helped to offset the significant level of investment we made in generosity during the year as we continued to focus on new customer acquisition in both new and existing states.
    • Gaming revenue grew 292% to $303m with the launch in Pennsylvania in January augmented by a shift in wallet share from sports to poker and casino in H1 as the sporting calendar was disrupted. Launch of the FanDuel proprietary account and wallet in July boosted cross-sell performance in H2 through an improved customer journey. The launch of live casino in November in Pennsylvania has also proven popular with customers.
  • Marketing investment more than reflecting three factors: (i) new state launches, (ii) the continued strong customer acquisition in existing states and (iii) additional investment to re-engage customers following the return of sport.

US MARKET POSITION 

  • Following our recent launches in Michigan and Virginia, the FanDuel sportsbook is now live online in 10 states, reaching one quarter of the U.S. population. 
  • Through very strong execution, we have reinforced our leadership position, delivering Q4 market shares of 40% in online sports betting and 20% in iGaming.