Fanduel's stocks are up in the weeks leading up to Sunday's Super Bowl, and they expect the competition to spawn the company's biggest sports betting grip ever.
Sports betting and iGaming have yet to reach their full potential
In an interview with MarketWatch Matt King, CEO of FanDuel commented on the impact of the pandemic on sports betting, the business implications following the legalization of sports betting in New York, and the company's plans to go public.
King expects this year's Super Bowl competition will generate a record for sports betting for FanDuel. In the first 28 days of the year 2021, Reported FanDuel $ 1 billion Year-on-year, that year-on-year amount wasn't hit until the final quarter of 2020, King said.
According to the American Gaming Association (AGA), Sunday event with the Kansas City Chiefs and Tampa Bay privateers is expected to place $ 4.3 billion in bets. In another interview for Bloomberg, FanDuel's CEO said the company's business is booming ahead of the Super Bowl and the New York-based bookmaker is expecting its largest single game betting activity to date.
Regarding the legal sports betting trend in connection with the pandemic, King said that individual states are under strong pressure to close the tax gaps created by Covid-19. On the other hand, Sports betting and iGaming laws are already in place in several states and the results show that it is a win-win piece of legislation based on common sense. While players can enjoy this form of entertainment, the illegal market will be taken out of business, King told MarketWatch.
FanDuel's top priority is developing the best product on the market
King told Bloomerg that by then next year, between five and seven states are expected to approve sports betting, while the industry will reach its full potential in states where it has already been legalized, such as: Pennsylvania and New Jersey. In the face of increasing competition, FanDuel is confident that it will maintain its leadership position by maintaining its fan-based strategy, wide range of products and innovative solutions.
When asked if FanDuel sees Robin Hood As a competition, King added that while the company competes with any form of entertainment, its primary goal is to create an engaging customer experience from an entertainment perspective rather than presenting itself as an investment product.
Matt King said the company is trying to build the best possible business and innovate its product instead of going public. King added that FanDuel is well funded by flutter and has all the resources it needs. King stressed that when looking at market share reports, the company is the number one business without being publicly traded and that the real price is to deliver the best fan experience on the market.