Online sports betting’s success relies heavily upon parlays according to FanDuel

On Tuesday, Flutter CEO Peter Jackson spoke at the Global Gaming Expo in Las Vegas, Nevada. Flutter is the parent company to FanDuel. When speaking to other online operators, Jackson mentioned the future of online sports betting in the United States. Jackon believes inflation and greater gaming forecasts will help Flutter.

Peter Jackson noted his company has a bold projection of $70 billion in annual online betting revenue for North America by 2030. Rivals of FanDuel have scoffed at how successful the operator has been with parlay wagering. During Monday Night Football in Week 5, nearly half of all FanDuel customers wagered a same-game parlay. The company continues to shine in the sports betting market and parlays are a key factor in that success.

Who is FanDuel’s biggest competitor to compete for a share in parlay wagers?

While FanDuel is the leader when it comes to parlay wagering, other operators are pushing to become rivals. BetMGM is one operator that intends to compete with FanDuel for parlay win percentage each month. The company called 2024 an “investment year” with plans to win back market share. BetMGM is unique in the market compared to DraftKings and FanDuel.

They have U.K.-based Entain PLC and Las Vegas-headquartered MGM Resorts International working to make their odds. Ahead of the 2024 NFL season, BetMGM announced “powered-up parlay enhancements” with the help of Entain’s Angstorm Sports. This made it easier for BetMGM customers to build same-game-parlays. It also allows the sportsbook to offer more pre-packed parlays to the customer.

MGM Resorts CEO and President Bill Hornbuckle spoke after Flutter CEO Peter Jackosn on Tuesday. Hornbuckle detailed some of the challenges BetMGM has faced with parlays. One issue was that Entain believed their U.K. sports betting model would work seamlessly with Americans. They quickly found out that was not the case and that the American market was different.

BetMGM still sees room for growth in the parlay market

Bill Hornbuckle said the online parlay industry is still in “double-digit growth mode”. He noted that a state like New Jersey has room for expansion due to its betting market being so mature. BetMGM is relying on new and existing customers in their models to keep the parlay market growing.