The US sports betting landscape experienced some interesting shifts in May, according to the latest report by equity research specialist JMP Securities. Leading the charge was DraftKings, whose market share saw a significant rise that month, though it still couldn’t top FanDuel. Data from several states, including Indiana, Iowa, and New York, revealed a 72% year-on-year increase in sports betting handle, an upswing linked to intense betting activity around the NHL and NBA playoffs. Despite DraftKings and FanDuel retaining their dual dominion over the market, their combined GGR (gross gaming revenue) dipped slightly to 81%, down from April’s 84%.
The most noteworthy change came from DraftKings’ market share, which surged to control approximately 36.2% of the market, marking a rise of 371 basis points year-on-year and a sequential increase of 544 basis points. JMP highlighted that DraftKings’ gain came at the expense of Fanatics, which saw its GGR plummet by 28% in New Jersey. Meanwhile, FanDuel continued to lead with a commanding 44.8% market share in terms of GGR, although it faced a slight year-on-year decrease of 72 basis points and a sequential decrease
The most noteworthy change came from DraftKings’ market share, which surged to control approximately 36.2% of the market, marking a rise of 371 basis points year-on-year and a sequential increase of 544 basis points. JMP highlighted that DraftKings’ gain came at the expense of Fanatics, which saw its GGR plummet by 28% in New Jersey. Meanwhile, FanDuel continued to lead with a commanding 44.8% market share in terms of GGR, although it faced a slight year-on-year decrease of 72 basis points and a sequential decrease of 138 basis points. This solid standing was largely due to its strong performance in key states like Arizona, Illinois, and Pennsylvania.
Providing a noteworthy performance amid the giants was ESPN Bet, a collaboration between Penn Entertainment and ESPN, which continues to build momentum. Although ESPN Bet managed a modest market share of 1.8%, it reported a robust sports betting margin of 10% in the four states where it operates. This metric showed a sequential increase of 228 basis points and a year-on-year rise of 12 basis points. The market shares for other major operators such as BetMGM, Caesars, and Rush Street Interactive were recorded at
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