FanDuel is opening up its wallet for the return of sports.
Everyone who has an account with the company woke up with a free $10 site credit on July 21. Customers can use that site credit on either a FanDuel online sportsbook or the daily fantasy side of the app.
Since FanDuel has a huge list of users, the giveaways added up to over $80 million.
Mike Raffensperger, the chief marketing officer of FanDuel, says the move was all about thanking its customers.
“We are excited for the return of sports and wanted to give all of our customers a chance to get in on the action for free. Putting more than $80 million in site credits into our customers’ accounts to enter DFS contests or to make legal sports bets is a thank you to our customers for their loyalty during this stretch without the NBA, NHL and MLB.”
FanDuel is looking to make the most out of the return of sports. However, the move is also about countering the company’s biggest rival.
DraftKings still the Indiana sportsbook king
Even though FanDuel is a big fish in Indiana, DraftKings still has the most popular betting app in the state.
In June, $18.2 million out of the Hoosier State’s $29.7 million sports betting handle came through DraftKings. That’s a huge 61% market share.
Comparatively, FanDuel pulled in a second-best $7.9 million handle in June. That was good for a little under 27% of the handle last month.
Although second place is a solid position, FanDuel is aiming higher. It’s already beating out DraftKings in other states, and wants that same spot in the Hoosier State.
Since the more popular sports have been off the board since the COVID-19 shutdowns in mid-March, many of the more casual sports bettors have been sitting out for the past few months.
FanDuel’s hoping to snag some of those gamblers that have taken some time off. Handing out free money is certainly one way to do just that.
With sports returning this week, there’s bound to be a rise in the number of bettors.
Competition from PointsBet and BetMGM
If FanDuel and DraftKings want to hold their spots on the podium in Indiana, they’ll have to do more than just keep each other at bay.
BetMGM launched in Indiana on February 25, just a few weeks before the sports world shut down.
PointsBet opened its digital doors even later, on March 5. It barely saw a week of action before sports leagues hit pause.
With the health crisis flipping everything on its head, neither betting app had a real chance to carve out its own share of the market. Now that sports are back, both will be eager to jump at the opportunity.
Since both sportsbooks are backed by large companies, expect some new promotions to help attract gamblers.
The more online sportsbooks there are in Indiana, the more competition DraftKings and FanDuel will have to fight off.
Right now, there are seven different online betting options in Indiana.
However, that number will be jumping up soon. With the following operators in the pipeline, the level of competition will only be going up from here on out:
- theScore Bet
- William Hill
- FOX Bet
FanDuel’s $80 million giveaway is just one example of the sportsbook trying to get a leg up on all that competition.
Whether they come in the form of giveaways or promos, the rest of Indiana’s sportsbooks will be looking for their own ways to attract as many new gamblers as possible.