FanDuel, the most significant online sportsbook operator in the US, could achieve a remarkable milestone this year: achieving profitability on an annual basis.
Amy Howe, the CEO of the gaming company, expressed optimism in a Friday interview with Bloomberg Television, stating “We feel very confident about our path to profitability for 2023. The fundamentals of our business are looking very strong, so we remain certain about full-year profitability this year.”
This would mark the first profitable quarter in the history of the budding US sports wagering industry; FanDuel, which controls a greater share of the domestic mobile sports betting market than its two closest rivals combined, previously declared 2023 as the year of complete annual profitability.
Flutter Entertainment (OTC: PDYPY) holds a 95% stake in FanDuel, with Boyd Gaming (NYSE: BYD) controlling the remaining 5%.
The full-year profitability of FanDuel is a positive development for Flutter investors, and to a lesser extent, Boyd. It also has other significant implications, such as the potential for rivals BetMGM and DraftKings (NASDAQ: DKNG) – FanDuel’s closest competitors – to experience an increased burden of profitability. BetM