FanDuel Posts Positive Q1 Numbers
FanDuel reported strong results in the first quarter of 2021, with average monthly players growing by 46% to 3.4 million, and revenue jumping 112% to $1.1 billion. FanDuel’s retention rates were praised by Flutter CEO Peter Jackson as contributing to monthly player growth, which in turn helped to increase market share in both sports betting and online gaming. FanDuel reported a 7% net revenue margin in the quarter and remains confident of reaching the 12% margin it has guided toward for 2025. FanDuel plans to continue adding customers as long as the cost to acquire them and the lifetime value dynamics remain strong. FanDuel also hopes to acquire more customers through its horse racing app, which is available in 33 states.