As states seek new opportunities to generate revenue, iGaming is “primed for that policy conversation” in the next few years, said FanDuel’s CEO Amy Howe in an interview with Gambling.com. While the executive said it is hard to predict what states might be next, she sees “increasing comfort” among policymakers who recognize that mobile betting can be done safely if properly regulated.
Amy Howe has been leading sports betting giant FanDuel since her appointment as chief executive in February 2021, taking the brand to new heights. In the fourth quarter of 2022, the operator increased its share of the legal US sports betting market from 42% to 50%, according to published accounts. “We’re the clear number one sportsbook operator and we’re coming off our best state launches to date here in 2023,” Howe told the cited source.
While its status as the market leader seems solid, the New York-headquartered brand, part of the Ireland-based gambling group Flutter Entertainment, eyes further opportunities for growth. On the retail front, the company recently opened its first FanDuel Sportsbook in Nevada at the Fremont casino in downtown Las Vegas. And as for iGaming and sports betting, the firm has recently expanded to new markets, while paying close attention to states that are yet to legalize.
“We expect the sports betting industry to stay in growth mode as evidenced by the strong performance of newly launched states. Maryland at the end of 2022 and Ohio in Q1 of this year each broke previous performance and penetration records,” Howe told Gambling.com. “While we don’t have a full picture of Massachusetts just yet we’re also seeing encouraging customer acquisition strength in just the first few weeks in the Bay State.”
As for iGaming, Howe believes it is hard to tell how the vertical will grow beyond the handful of markets that have legalized the activity, but expects it to become a more frequent conversation topic as states seek more revenue. “The concept has been proven in the five states where we currently offer the product, and we share the objective to transition consumers to a safe and regulated environment,” she stated.
Elsewhere in the interview, Howe noted the importance of encouraging responsible gambling within the industry. “RG is not a competitive moment but a collaborative opportunity to build a sustainable long-term business,” she said, highlighting FanDuel remains vigilant on a range of responsible gaming programs and funds research on problem gambling, among other initiatives.
With parent company Flutter coming off a strong 2022 with total group revenue up 22%, FanDuel in particular had a remarkable year with revenue up 67%. “This included FanDuel delivering ahead of expectations as we’re seeing compounding scale advantages that are driving our overall performance,” Howe added. “As we move into the balance of the year, our focus remains on being full-year EBITDA profitable for 2023.”
Original article: https://www.yogonet.com/international/news/2023/03/30/66658-igaming-primed-for-policy-conversation-in-next-few-years-says-fanduel-ceo-amy-howe
