Sports Betting App Downloads Surge in March, FanDuel, DraftKings Lead

Posted on: April 5, 2021, 09:22h. 

Final up to date on: April 5, 2021, 09:57h.

Buoyed by the return of the NCAA Match and a normalized sports activities calendar, FanDuel and DraftKings (NASDAQ:DKNG) led downloads of sports activities wagering cell apps final month within the iOS App Retailer.

Sportsbook Apps
The BetMGM sportsbook at Park MGM Las Vegas. Sports activities betting app downloads soared final month. (Picture: Las Vegas Solar)

In March, sports activities bettors positioned associated apps on their iPhones at a price that was 559 % forward of the yr precedent days. However Financial institution of America cautions that March 2020 was a “gentle comp,” as a result of the US sports activities slate was primarily non-existent, owing to the coronavirus pandemic. That pressured gamblers to wager on obscure fare, comparable to South Korean baseball and desk tennis.

Analysts forecast the return of the NCAA Match, often known as March Insanity, might be a catalyst for sports wagering equities and obtain information recommend that thesis has advantage. Additional affirmation will arrive within the coming weeks as states ship deal with and income information for the third month of the yr.

Flutter Leisure’s (OTC:PDYPY) FanDuel and DraftKings — the 2 largest US on-line sports activities betting operators — mixed for 64 % of sports activities wagering app downloads on the iOS platform final month, in response to Financial institution of America.

The financial institution says month-to-month lively customers (MAUs) at each FanDuel and DraftKings jumped 12 % on a month-over-month foundation.

BetMGM: Strong Third Place

BetMGM — the web sports activities wagering and iGaming partnership of MGM Resorts Worldwide (NYSE:MGM) and Entain Plc (OTC:GMVHY) — continues solidifying itself as a credible challenger to the aforementioned rivals.

The operator captured 12 % of iOS sports activities betting app downloads final month, cementing its standing because the fastest-growing obtain within the trade within the US. Analysts are bullish on BetMGM’s prospects.

BetMGM has continued to see sturdy momentum, at a price. In February, the corporate noticed Michigan on-line sports activities betting market share elevated to 24 % from 20 % in January,” stated Jefferies analyst David Katz in a observe. “In the meantime, iGaming GGR market share declined barely to 34 % from 38 %, regardless of elevated competitors. As BetMGM ramps advertising and marketing spend and goes reside in 20 states by year-end, MGM’s share of working losses is anticipated to be greater than the FY20 $62 million loss.”

Katz estimates BetMGM will lose $155.eight million this yr, up from a previous forecast of a lack of $97.2 million. The operator supplies a enterprise replace on April 21, when prices and advertising and marketing bills will doubtless be addressed.

“We additionally count on the main focus to be on expertise, progress in the direction of single pockets, advertising and marketing spend ranges, and the rationale within the lately introduced strategic partnership with Audacy,” stated the Jefferies analyst.

Don’t Overlook Barstool

Penn Nationwide Gaming’s (NASDAQ:PENN) Barstool Sportsbook was fourth for sports activities betting app downloads within the iOS App Retailer final month, commanding “excessive single-digit iOS obtain share,” says Financial institution of America.

That’s a powerful feat contemplating that Barstool Sportsbook is reside in simply three states — Illinois, Michigan, and Pennsylvania.

Moreover, Penn’s free play and advertising and marketing spending isn’t anywhere close to that of its rivals talked about right here, indicating the operator is gaining share within the sports activities betting enviornment on a cheap foundation.

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