Over the past few years, the US has seen a significant shift in the political sentiment surrounding sports betting and gambling, following the Supreme Court overruling a law which forbade states from legalizing gambling. Since the 2018 law change, over 30 states have legalized sports betting.
FanDuel has rode this wave of legalization better than any other gambling operator in the US, using its position as one of the leaders in the fantasy sports sector to push ahead of more established gambling brands and become the leader in the sportsbook market.
Originally a pivot by the creators of Hubdub, a Scottish web-based news prediction market, FanDuel spent almost a decade as a daily fantasy sports service. As fantasy sports is considered a game of skill, FanDuel was able to monetize the platform through championships and other prize money incentives.
In 2016, FanDuel and DraftKings, the two leading fantasy sports services in the US, announced plans to merge. The FTC blocked the trade, as the combined company would control 90 percent of the daily fantasy sports market. In 2018, UK betting giant Flutter Entertainment, which was known at the time as Paddy Power Betfair, acquired FanDuel and merged it with its other US assets.
The acquisition came at the same time the Supreme Court overruled the law forbidding US states from legalizing sport betting. Within a year, FanDuel had the systems in place to push sports betting online as soon as a state gave the greenlight, and has seen its revenues and volumes increase rapidly every year since.
In 2022, FanDuel was the lead provider of sports betting in the US, with a market share of 42 percent. With Flutter, FanDuel has also launched gambling services in the select states which have legalized it.
FanDuel has pushed heavily into the marketing of its sportsbook and gambling services, with multi-year agreements with the NFL, NBA, and NHL. It has also partnered with a wide variety of sports media services, and has become embedded in many sports programs with hosts and guests discussing FanDuel odds and promotional material.
We have collected data and statistics on FanDuel. Read on below to find out more.
FanDuel Key Statistics
- FanDuel generated $3.23 billion revenue in 2022, a 62% increase on the previous year
- $29 billion was wagered on FanDuel in 2022, more than double its 2021 figure
- FanDuel had three million active users in 2022
- In 2022, FanDuel was installed 7.8 million times, almost all installs coming from the US
|Title 1||Title 2|
|Launch date||1 July 2009|
|HQ||New York City, US|
|People||Amy Howe (CEO and president), Peter Jackson (CEO, Flutter)|
FanDuel made $3.23 billion revenue in 2022. It has grown rapidly as more states have legalized sport betting.
FanDuel annual revenue 2019 to 2022 ($bn)
Source: Company data
FanDuel Money Wagered
FanDuel users staked $29.1 billion on sports betting and casino games.
FanDuel annual money wagered 2020 to 2022 ($bn)
|Year||Money wagered ($bn)|
Note: Currency conversion made at later date. Source: Company data
FanDuel had three million users in 2022, adding 1.5 million in that year.
FanDuel active users 2020 to 2022 (mm)
Source: Company data
FanDuel was downloaded 7.8 million times in 2022, with the majority downloading the Sportsbook & Casino app.
FanDuel annual downloads 2019 to 2022 (mm)
FanDuel US Sports Betting Market Share
Want to read more? Check out our sports betting app sector profile
Who owns FanDuel?
Flutter Entertainment owns the majority of FanDuel. Fox Corporation owns a 17.6% minority stake, and Boyd Gaming owns 5%.