FanDuel Outpaces DraftKings in Early NFL Season Engagement

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2▲1 ▼1Impact / 5
Summary · why it matters

Flutter Entertainment's FanDuel is outperforming DraftKings through the first four weeks of the NFL season, according to Wedbush analyst Matthew McCartney. FanDuel's average weekly daily active users rose approximately 9% year over year through Week 4, compared with a roughly 7% decline at DraftKings and 4% growth at other sportsbooks. FanDuel's growth reached 10% in Week 4 after slowing to 5% in Week 3, with McCartney pointing to promotions including Bet Protect+ and the new Rewards Club as possible drivers, noting FanDuel appears to be generating more activity per promotional dollar. The early season has seen a mixed hold rate, with Week 1 customer-friendly, Week 2 roughly neutral, and Weeks 3 and 4 favoring the books. McCartney added that same-day favorite parlays, which matter most for parlay-heavy FanDuel, hit roughly in line with their odds this September versus about 50% above them last September, and that October faces an easy comparison with management calling last October's NFL results customer-friendly.

Impact on assets 2

Consumer Discretionary± Mixed
DraftKings Inc
DKNG
▼ NegativeCompetitionrelevance

DraftKings' average weekly daily active users fell ~7% YoY through Week 4, lagging FanDuel's ~9% growth.

Flutter Entertainment plc
FLUT
▲ PositiveDemandrelevance

Flutter's FanDuel grew average weekly daily active users ~9% YoY through Week 4, outpacing rivals.

Off-coverage companies 1

FanDueli
Private▲ PositiveDemandrelevance

FanDuel's average weekly daily active users rose ~9% YoY, reaching 10% growth in Week 4 on promotions like Bet Protect+ and Rewards Club.