Rupert Murdoch’s Fox has an option to buy about 19% of FanDuel
Seven years after the US supreme court struck down a federal law banning sports gambling, 30 states, plus Washington DC and Puerto Rico, have legalised online betting on sports – driving the spectacular growth ofBut after a series of straight quarters of more than 20 per cent handle growth – covering the total amount wagered by betters – in Flutter ’s sportsbook revenue in the US, it had slowed to 8 per cent in the first three months of this year as the pace of states legalising the activity...
California, which recently surpassed Japan to become the world’s fourth-largest economy, with an estimated adult population of about 31 million, is the big one. It is also a state where FanDuel and smaller rival DraftKings made powerful enemies when they backed an initiative to legalise digital sports betting three years ago.
Subsequent reports suggested that the tribes are looking for the lion’s share of annual revenues from any future sports betting in the golden state. Investment bank Jefferies’ analysts recently estimated the potential Californian gross online sports betting revenues at $4 billion – double that of New York, the current largest market.
This has been helped by strong growth in FanDuel’s igaming business, which has a 27 per cent US market share with digital casino games including blackjack and roulette. Still, this business accounts for only about 30 per cent of FanDuel’s revenues.
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