- FanDuel maintains top spot in March among sports betting brands
- Rush Street Interactive climbing the ranks, too
In March, FanDuel maintained its lead as the dominant iGaming and online sports betting brand, though some smaller rivals made noticeable moves, too.
Leveraging a variety of data points, Jefferies found that FanDuel — a unit of Flutter Entertainment (NYSE: FLUT) — was the top online wagering brand last month, marking the sixth consecutive month in which that was the case. That jibes with previous data indicating FanDuel is among the world’s most valuable gaming brands.
Jefferies examined data from Google Trends, ListenFirst, and Sensor Tower to gauge momentum for various internet wagering brands, finding that FanDuel led on aggregate basis. DraftKings (NASDAQ: DKNG) was second followed by BetMGM in third.
The rest of the top 10 was rounded out by, in order, bet365, Penn Entertainment’s ESPN Bet, Rush Street Interactive’s BetRivers, Bally’s, Hard Rock Casino, Fanatics Sportsbook, Caesars Sportsbook & Casino, and WynnBET. WynnBET is dead as the operator departed the iGaming/online sports wagering industry last year.
Rush Street Interactive Rising
Cracking the FanDuel/DraftKings duopoly is a difficult task, but some smaller operators are gaining momentum on the brand awareness, including Rush Street Interactive and Caesars Entertainment’s (NASDAQ: CZR) Caesars Sports.
We also note that RSI’s BetRivers, who we view as a very efficient operator despite their relatively smaller size, has been climbing in our rankings, and now ranks #6, #5, and #6 in Google Search, Web Traffic, and Webpage Visit Duration, respectively,” observes Jefferies analyst David Katz. “Monthly momentum is also bullish for CZR, given its endeavor to establish earnings power in 2025 from its digital business.”
In the case of RSI, its climb up the brand rankings leaderboard is impressive because BetRivers isn’t available in as many states as FanDuel and DraftKings. In North America, the operator offers iGaming and/or sports wagering in Colorado, Delaware, Illinois, Indiana, Iowa, Michigan, New Jersey, New York, Pennsylvania, Virginia, and West Virginia, as well as Ontario, Canada.
As for Caesars Sports moving up the list, that could prove pertinent should the parent company earnestly mull spinning off its online gaming business, which some investors could push it to do this year.
Duopoly Cemented
By some estimates, FanDuel and DraftKings control as much as 80% of the US online sports betting market, leaving the rest of the industry fighting for scraps. The analysis conducted by Jefferies confirms as much as with Katz noting there are clear correlations between market share and performance at the two operators.
However, as Caesars Sports and RSI prove, smaller competitors can make inroads and cobble together enough brand recognition and market share to drive growth and profitability.
Hard Rock Digital is a prime example of that scenario. The tribal-owned internet gaming business is worth an estimated $8 billion and that’s mostly attributable to its sports betting monopoly in a single state — Florida — and expectations that its home state will legalize iGaming at some point over the next two years.
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