$13B Revenue Battle. $53B+ in Bets Each. One Winner by 2030 — DraftKings vs FanDuel

The US online sports betting market has, for a while now, been a two-horse race. FanDuel and DraftKings have dominated since sports wagering was legalised across multiple states following the repeal of PASPA, and both have scaled at a pace that still surprises people who weren’t watching closely.

Their latest financial disclosures, though, tell a more nuanced story. Same market. Same bettors, more or less. Very different priorities.

Q1 2026 Momentum

Flutter reported total group revenue of $4.304 billion in Q1 2026, up 17%. Its US segment brought in $1.76 billion, a 6% year-over-year increase. iGaming grew 28%, which is the number worth paying attention to.

DraftKings posted Q1 2026 revenue of $1.646 billion, also up 17%. Adjusted EBITDA came in at $167.9 million, up 64%. Net income hit $21.1 million. The profitability turn is real and it’s happening faster than most expected.

FanDuel still holds the scale advantage. But DraftKings is not chasing anymore. It’s optimising.

Revenue Performance

Flutter Entertainment reported $7.0 billion from its US segment in 2025, which includes FanDuel’s sportsbook and the TVG racing platform. DraftKings reported $6.05 billion for the same year, up from $4.31 billion in 2024.That’s a meaningful gap. It’s also a shrinking one.

FanDuel’s revenue position is supported by continued product and brand investment, including the appointment of Ari Avishay as Senior VP of Marketing.

User Base and Player Engagement

Both operators reported over 4.0 million average monthly players heading into 2026. Flutter’s annual report indicates a massive US-backed player base, while DraftKings reported 4.2 million monthly unique players in its latest quarter. 

Worth noting: they measure this differently. FanDuel counts players who bet or engage in gaming activity. DraftKings counts unique users placing real-money wagers. Similar numbers. Not identical methodology.

Market Share Leadership

FanDuel holds approximately 41% of the US online sportsbook market and around 27% of the US iGaming market, according to Flutter’s annual report. DraftKings remains second. But the gap is narrowing as DraftKings expands into newly regulated states and improves player monetisation.

Betting Activity and Handle

DraftKings reported $53.6 billion in sportsbook handle in 2025, with a 7.1% sportsbook net revenue margin. Handling at that volume, with margins improving, is a decent indicator of where the economics are heading.

Product Strategy

FanDuel runs a diversified platform: sportsbook, iGaming, daily fantasy, horse racing, and emerging prediction market products. Flutter’s broader strategy is to hold FanDuel’s US leadership while using its global technology and trading expertise to deepen cross-product engagement.

DraftKings is more concentrated. Sportsbook and iGaming together account for over 90% of total revenue. The strategy is increasingly about monetising existing users more effectively, not just acquiring new ones. Prediction market parlays linked to major sporting events are part of that conversation.

Growth Strategies

As the US market matures, both operators are recalibrating.

FanDuel’s priorities: defend sportsbook market share, expand into newly regulated states, and drive cross-product engagement across sportsbook, casino and fantasy.

DraftKings is focused on state-level unit economics, reducing promotional spend, and building toward sustainable profitability. Adjacent regulated verticals, including event trading platforms, are also in view.

Industry Outlook

The rivalry between FanDuel and DraftKings isn’t going anywhere. FanDuel leads on revenue scale and market share. DraftKings is closing the gap through growth, volume, and improving margins.

As expansion slows and the market matures, the real competition shifts to profitability, retention and product depth. Both operators know it. Both are spending accordingly.

Source: Official Company Reports