Casino, Horse Racing Boost FanDuel to Offset Sports Void
Online casino and horse racing helped FanDuel parent company Flutter post solid numbers despite the shutdown of the majority of sports betting worldwide since mid-March.
U.S. online gaming revenue rose 200% in the first quarter, the company reported Friday, crediting its launch in Pennsylvania on Jan. 20 as a major factor in the improvement. FanDuel reported it has acquired 100,000 new users since January.
Sports betting revenue dipped 46% during the period. Year-over-year, FanDuel U.S. revenues declined a modest 8%.
Fanduel Group, best known for its daily fantasy operation, also runs a sportsbook, online casino and the TVG online horse betting/television network.
"Following the widespread cancellation of sporting events, group revenues have been more resilient than we initially expected, helped by the continuation of horse racing in Australia and the U.S.," Flutter CEO Peter Jackson said. "Gaming continues to perform well across the group.”
As horse racing betting continues at U.S. tracks including Gulfstream and Tampa Bay Downs in Florida, Los Alamitos in Southern California, Oak Lawn in Arkansas and Remington Park and Will Rogers Downs in Oklahoma, FanDuel was able to leverage its association with TVG. In addition to the U.S. and Australia, tracks are active in Japan and Hong Kong.
“Our racing coverage is increasingly being televised on U.S. mainstream channels, introducing our TVG product to a new cohort of potential customers,” the company said.
FanDuel’s Pennsylvania Presence
FanDuel has partnerships with Boyd Gaming, Valley Forge Casino Resort and online platform-provider GAN in the Keystone State.
The company opened its retail sportsbook with Valley Forge in March 2019.
FanDuel competes with Rush Street – which owns SugarHouse Online Casino & Sportsbook in Philadelphia and Rivers Casino in Pittsburgh – and Parx in offering mobile betting in the state.
Flutter, Stars Group Deal Advancing
Flutter officials said its merger with The Stars Group has received approval from Irish regulators.
“We look forward to completing the transaction in Q2 upon receipt of outstanding shareholder and regulatory approvals,” Jackson said.
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