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Analysts at JMP Securities reported that FanDuel maintained its US market lead in April 2024, despite DraftKings making gains.

JMP has released new figures outlining the US market share landscape, demonstrating the continued dominance of the traditional DFS giants.

Together, DraftKings and Flutter Entertainment-owned FanDuel collectively represented 84% of the total US market by GGR in April, up from 79.1% last year.

Both operators continue to take market share from competitors, with tier two businesses such as BetMGM, Caesars and ESPN Bet all seeing reduced share.

The analysts highlighted DraftKings saw a 400 basis points increase in its handle market share driven by 43% year-on-year New York handle growth, the largest US market.

ESPN Bet’s market share has fallen significantly from launch, and now represents 1.5% of the market, the same as Barstool Sportsbook held in April 2023.

The Penn-owned brand quickly took 8.3% of the market at launch in November 2023, but this has fallen as promotional offers have reduced.

The operator has also struggled with its product, with the business’ sportsbook ranked 11th best on the market according to Eilers & Krejcik Gaming.

FanDuel continues to lead on margins

JMP also released data outlining how operator gross gaming margins compared with each other.

The analysts highlighted that margins saw slight headwinds during the quarter, with most operators seeing year-on-year reductions.

FanDuel continued to lead the pack on this metric, with its gross gaming margin standing at 12.0% in April 2024.

DraftKings followed with a margin of 8.7%, followed closely by BetMGM with a 7.9% margin.

At the other end of the scale, Rush Street Interactive had a 3.9% margin for the month, down from 6.3% in April 2023.

JMP last month argued that continued development of operators’ SGP products will continue to boost margins.

The analysts added compounding effects could see this be especially pronounced for the largest players in the market.

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