As more time passes since sports betting was legalized federally, sportsbooks are leaning into their biggest asset: parlays.
The CEO of Flutter Entertainment, FanDuel’s parent company, Peter Jackson, emphasized at the Global Gaming Expo in Las Vegas on Tuesday the importance of parlays in growing FanDuel’s bottom line.
Jackson added that nearly half of all FanDuel customers placed a same-game parlay bet during an NFL Monday Night Football Week 5 matchup between the Kansas City Chiefs and the New Orleans Saints.
The golden ticket
Jackson said at the conference that Flutter projected a gaudy $70 billion in annual revenue for FanDuel by 2030. This would be achieved through inflation, further expansion into new states, and improved offerings.
Gaming research firm Eilers & Krejcik Gaming earlier this year found that FanDuel held a 35 percent share of the sports betting market, the highest of any sportsbook operator.
DraftKings was close behind at 32 percent, followed by BetMGM (11 percent) and Caesars (six percent).
Parlays generate the highest rate of return for the best sportsbooks, so it comes as no surprise that FanDuel, as the most successful operator, also had the most successful parlay market.
One of the company’s best assets is its “Same-Game Parlay Plus” feature, which allows customers to combine same-game parlays into one large parlay.
FanDuel also enables patrons to connect a variety of betting markets that its competitors don’t for parlays.
The company regularly promotes special deals such as profit boosts, bet-to-win, and no-sweat bets at the top of its application. It also has a “Popular Same Game Parlay Bets” tab right under its list of betting markets and on top of its betting odds.
Mounting a challenge
One company that intends to challenge FanDuel for the title of “Best Parlay Sportsbook” is BetMGM.
The company referred to 2024 as an “investment year” and hopes that its increased spending will attract a larger audience and result in a surge in market share.
Prior to the 2024 NFL season, BetMGM unveiled “powered-up parlay enhancements” that made it easier for customers to assemble same-game parlays and for BetMGM to provide pre-made parlays. This was made possible through the help of MGM Entertainment’s partner, U.K.-based Entain Plc., and Entain’s Angstrom Sports.
MGM Resorts CEO and President Bill Hornbuckle said that BetMGM fell behind in the parlay market due to Entain’s improper planning.
Hornbuckle said that Entain incorrectly assumed its U.K. sports betting system would be able to transition to America without any hiccups.
BetMGM is now looking for new customers in states with still-growing gambling markets. He used New Jersey as an example since its sports betting market is now well-established.
Once the proper legislation is approved, BetMGM will also presumably go after bettors in states that have not yet legalized sports betting.
