Flutter Entertainment, the parent company of FanDuel, has much to celebrate. The firm’s share of the online sportsbook market in the U.S. comes in at 45 percent.
At the time of the acquisition in 2018, Flutter considered the deal as little more than an option in case sports betting became the next big thing.
Flutter paid $158 million for a 58 percent stake. At the end of last year, the U.K. company extended its ownership stake to 95 percent for $4.2 billion.
Flutter has twice the share of its nearest competitor, according to The Guardian.
Before popping champagne corks, realize that the cost of corralling customers is $291 a person, which could result in losses of $275 million this year in the U.S. The company expects profits from existing customers to exceed the cost of bringing in more by the end of 2022, with profits showing up on the ledgers in 2023.
