FanDuel maintains lead in U.S. sports betting as smaller rivals gain ground

FanDuel extended its dominance in the U.S. sports betting and iGaming market in March, marking the sixth straight month as the top-ranked brand, according to a new report by Jefferies.

The investment firm used data from Google Trends, ListenFirst, and Sensor Tower to measure digital momentum, including search interest, web traffic, and page engagement. FanDuel, a unit of Flutter Entertainment (NYSE: FLUT), led across all key metrics, followed by DraftKings (NASDAQ: DKNG) and BetMGM (MGM) in second and third place, respectively.

The rest of the top ten included bet365, Penn Entertainment’s ESPN Bet, Rush Street Interactive’s BetRivers (NYSE: RSI), Bally’s, Hard Rock Casino, Fanatics Sportsbook, and Caesars Sportsbook & Casino.

WynnBET also appeared in the rankings despite its exit from the online betting market in 2024.

While FanDuel and DraftKings are estimated to control as much as 80% of the U.S. online sports betting market, smaller operators are showing signs of momentum, particularly Rush Street Interactive and Caesars Entertainment (NASDAQ: CZR).

“RSI’s BetRivers, who we view as a very efficient operator despite their relatively smaller size, has been climbing in our rankings, and now ranks #6, #5, and #6 in Google Search, Web Traffic, and Webpage Visit Duration, respectively,” Jefferies analyst David Katz said.

RSI’s performance is especially notable given its more limited geographic presence compared to market leaders. BetRivers operates in 11 U.S. states and Ontario, Canada.

Caesars is also gaining digital traction. “Monthly momentum is also bullish for CZR, given its endeavor to establish earnings power in 2025 from its digital business,” Katz added. The uptick in online engagement could have implications if Caesars moves to spin off its iGaming division, a move some investors are pushing for.

Katz also emphasized the strength of the two leading brands, noting that there are clear correlations between market share and performance at FanDuel and DraftKings.

Outside the duopoly, Hard Rock Digital continues to be a major player. Valued at approximately $8 billion, the Florida-based operator benefits from its exclusive rights in the state and could see further upside if Florida legalizes iGaming in the near future.

Jefferies currently holds Buy ratings on Caesars, DraftKings, MGM Resorts, Entain, and Rush Street Interactive.