In a LinkedIn post shared by Chris Krafcik, Managing Director at Eilers & Krejcik Gaming, LLC, FanDuel seems to have one-upped its opponent in the fourth quarter of 2023. FanDuel’s momentum is owing to significant presence and resilience in both casino and sports betting markets, as well as online gambling in general, although the company has admittedly lost some share market since Q3 2023.

The US in The State of Two-Horse Race

DraftKings and FanDuel may be contributing to a state of “two-horse race” for the US market, Krafcik suggests, and he has a point as just today, 888 Holdings has become the latest company to announce its intention to leave the US market, preceded by other heavyweights such as Kindred Group, PointsBet, Better Collective, who have done the same, and seeing Entain face both internal turmoils as well as flagging performance for the BetMGM brand, the result of a joint venture with MGM Resorts International.

As things stand, DraftKings and FanDuel are poised to continue dominating the market and they are unlikely to lessen their chokehold on the popular segments, elbowing the competition aside through a blend of market spending and high profile with sports fans nationwide.

Presently, FanDuel accounts for close to 35% of the online sports betting and iGaming market compared to 32% of DraftKings, so yes, FanDuel has secured bragging rights to call itself America’s #1 Sportsbook yet again, although it may throw “& Casino” in there for good measure.

BetMGM though has seen a steady decline, especially from an all-time high in the first quarter of 2022 to the present-day realities of the third quarter of 2023, whereby the company’s market share has decreased to a mere 10% from 20% previously. One explanation is that BetMGM’s initial war chest has been exhausted and the company has been unable to differentiate itself sufficiently to maintain momentum in an increasingly competitive environment.

Over the past months both Fanatics Sportsbook and ESPN Bet arrived, and ESPN Bet, previously Barstool, has been hovering at 17% of the market share for the time being.

FanDuel’s Growth Stalls, DraftKings Closes the Gap

Back to the favorites, although FanDuel is indeed in the lead, DraftKings seems to have closed a significant gap between Q4 2022 and Q4 2023, with the percentile difference becoming more nugatory by the month whereas FanDuel did not really grow much during the period and even lost a few percentages over the observed period instead.

The US market and its fast expansion of online sports betting and online casinos have been a promise for international brands, but in the end, it seems that the domestic champions have not only resisted the incursion but routed the competition by commanding ever-vaster swathes of the market altogether.