According to US investment bank Jefferies’ latest report, the US online gambling sector highlighted a record-breaking February for revenue, which saw Flutter and Entain lead the way for significant growth.
Flutter And Entain Top Charts In February’s Online Gambling Growth
Jefferies say that the US iGaming market broke records in February, with gross gaming revenue (GGR) reaching $649million, a 31% increase from 2023.
The growth was led by strong performances from FanDuel who are owned by Flutter and BetMGM who are joint-owned by Entain and MGM Resorts. DraftKings also had a huge month.
Flutter and Entain are popular bookmakers in the UK, running Paddy Power/Sky Bet and Ladbrokes respectively, with DraftKings seen as a rival.
FanDuel kept up their strong reputation in the US market, as they were the leading iGaming brand for a fourth month in a row, despite competition heating up.
Online sports betting in general saw a big increase of 32% year-on-year, and a 33% rise in GGR across 19 states that published their data.
Despite the Super Bowl outcome favoring bettors over sportsbooks themselves, Jefferies noted that the revenue figures were impressive.
They also reported that FanDuel are leading in market share, with DraftKings and BetMGM just behind after a successful first quarter of 2024 for online sports betting and gross gaming revenue.
Flutter and Entain remain well thought of in the stocks world too, as Jefferies maintain a “buy” rating on both, with 1,140p and 19,500p price target respectively.
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