In the first quarter of 2024, FanDuel surged ahead to solidify its position as the leader in the US gaming and sports betting market, capturing 46% of the market share, as reported by JMP Securities analysts. This ascent was fueled by aggressive advertising expenditures, propelling the Flutter Entertainment-owned operator to a peak combined market share of 49% in January.
Conversely, DraftKings experienced a decline in market share, dropping from 37% in the fourth quarter of 2023 to 34% in the first quarter of 2024, according to JMP analysts. During this period, FanDuel ramped up its promotional spending, allocating 1.7% of its cash to promotions in Q1, up from 1.3% in the previous quarter.
JMP further noted that DraftKings maintained its advertising expenditure at 1.3% between quarters, while BetMGM emerged as the highest spender on promotions overall, allocating 2% of its funds to promotional activities.
