Since launching in New Jersey last September, Betfair’s FanDuel has been nothing short of spectacular. In Q1 2019, the Sportsbook held nearly 50% of the market share in the Garden State alone. Combining those facts with expansion plans, the company’s CEO Peter Jackson believes FanDuel will be worth billions in the near future.
Expanding Off the Back of NJ
There’s no denying it, FanDuel Sportsbook is a powerhouse thanks to NJ’s lead in the US sports betting market. Not to mention, they’ve put Meadowlands Racetrack back on the map since opening an onsite sportsbook on the property last July. So without a doubt, they’re a contributing factor behind all the success in NJ. In fact, they generated more than $25.75 Million in revenue during the first three months of the year alone.
With figures like that, you can completely understand Jackson’s reasoning. In addition to that, more than 100,000 people signed up and placed a wager over the last six months. Supposing everything goes smooth, Jackson further thinks over 4 million customers will sign up over the next few years. If that happens, FanDuel will have a market size worth more than $8.3 Billion.
Easier Said Than Done
Of course, getting that close to joining the $10 Billion Market Cap Club won’t be an easy task. With this in mind, it would require access to at least 15 states that hold 42% of the US population. However, several key states are moving forward with plans to legalize sports betting sooner than later. Therefore, Jackson is most likely to be dead on with his projection. If the company leads in at least seven states, then that should put them up over $4 Billion. Assuming that happens, then we’ll also know someone if Jackson’s prediction is to come true or not. In the meantime, how does Game 4 Portland at Golden State on May 21st sound? At this point, putting your money up on the Warriors is almost a given, or is it?