“We invented the parlay product in Australia and perfected it in the UK,” Flutter CEO reflects

December 6, 2023 2:45 PM
Photo: Courtesy Flutter
  • Conor Murphy, Special to CDC Gaming Reports
December 6, 2023 2:45 PM
  • Conor Murphy, Special to CDC Gaming Reports
  • Europe
  • United States
  • Australia

CEO of Flutter Entertainment, Peter Jackson, has reflected on how FanDuel earned its market share in the US, how it intends to compete with rivals DraftKings moving forward, and Flutter’s plans to list on the New York Stock Exchange (NYSE) in 2024.

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Speaking on the Bloomberg Businessweek podcast from London with hosts Carol Massar and Tim Stenovec, Jackson first commented on Flutter’s widely reported plans to list on the NYSE in Q1 of 2024, saying “we’re very excited about it,” emphasizing “it’s going to be a great opportunity for American investors to invest in Flutter.”

Highlighting some of the benefits, Jackson commented on having access to “the deepest liquidity pool in the world” through investors. In addition, he mentioned that “having a US-listed asset will help us retain and attract talent in America,” which will be crucial to the company continuing to compete in the competitive US market.

The competition in the US was a point raised by the podcast’s hosts, who asked Jackson about Flutter’s rivalry with DraftKings. Stenovec cited DraftKings’ reported 30% to 31% market share. According to Jackson, that market “has never been easy”.

“DraftKings and FanDuel were the leading business originally in daily fantasy, and we’ve both managed to take that leadership position into sports betting,” Jackson said.

Jackson explained how Flutter’s faith in FanDuel has been motivated by the company delivering products that competitors don’t supply, commenting, “We were able to take some of the product advantages that we had globally and bring them to the US audience”.

One example Jackson referenced was parlay betting, highlighting, “the parlay product, which we’ve become very famous for, is something we’d invented in Australia, we perfected in the UK, and we brought to the US audience”. Jackson estimated that 80% of customers have placed parlay or same-game parlay on the NBA 2023/24 season.