NY Sports Betting Hits Another Snag & FanDuel Controls 50% Of US Sports Betting
This week’s Gambling News Flash starts us off with FanDuel Sportsbook, which reportedly has the biggest share of action in the sports betting market. The data shows they continue to grow too, so let’s start off with that report. Also, NY sports betting could be right around the corner, but the state wants operators to pay BIG money.
FanDuel Controls 50 Percent Of All US Sports Betting
If you’re wondering who runs the show in sports betting in the United States, it appears to be FanDuel. The sports betting giant is living up to its nickname as FanDuel currently controls the largest chunk of the US online sports betting market.
- The news comes from data content provider Gambling Compliance, who has reported that FanDuel’s market share in the U.S. hit 50% in May, which was a jump over 36% in the first quarter of the year and 39% in 2020.
One of the reasons FanDuel has such a strong market share of the audience is because of their mobile app. Customers have consistently given them high grades but so have the experts.
Eilers & Krejcik tested 31 different apps and came out with the conclusion that FanDuel’s did everything at a high level, making it the best of the bunch by far.
Couple that amazing mobile app with a fast-growing market and Flutter, the parent company of FanDuel, could end up becoming one of the highest valued sportsbook operators in the world. In stock market circles, DraftKings Sportsbook tends to get more attention but FanDuel could change that over time.
New York Opens Up Sports Betting RFA, Aims For 50% Revenue
The New York State Gaming Commission finally released the applications for mobile NY sports betting after tons of bettors continue to hammer away and request it. However, sportsbook operators aren’t going to be happy with what’s come back as the state continues to deliver unreasonable expectations.
New York is reportedly looking for half of the gross gaming revenue of any operator who signs up, alongside the $25 million fees just to get a license in the state. Few operators will be able to foot that bill as the margins are not that good to afford such a demand.
New York also insists that sportsbook operators who get a license must create a platform that accepts all types of wagers, maintains records, makes state-required reports, and generates electronic receipts for all bets. That might require some software and platform changes, which won’t be easy.
- As of right now, all applications from operators must be sent through before August 9th of 2021.
- The Gaming Commission will then have until early December to decide who will be selected as a finalist for the license.
- Those finalists will then have to make another application before the Commission hands out each license.
Advent International Joins Bidding War For William Hill Assets
Apollo Global Management probably isn’t happy that Advent International has jumped in on their bidding for the non-US assets from William Hill.
Apollo has been the frontrunner for these assets for quite a while now, as they hope to pick up both the European online gaming business as well as some other betting shops. Although, a wrench was just thrown into their plans with Advent joining the bidding war.
It was very unexpected but then again, they are one of the few companies who could afford the tremendous asking price. Apollo is the fourth-largest private equity shop while Advent is right behind them at No. 6, making for an entertaining auction of sorts.
Currently, Apollo, Advent, and 888 are the only bidders for the assets, but then again, the auction is in the early stages of development right now. Some rumors have bounced around that Entain Plc could join the mix, though it could be a longshot. Betfred has also been connected to this bidding war but has yet to make any official move yet, it is purely speculation.