State of the Union: US Sports Betting Update – FanDuel Signs Up Spieth
Three-time major champion Jordan Spieth has signed a long-term deal to become the face of FanDuel’s sportsbook and daily fantasy golf sites. FanDuel is already an official sports betting partner of the PGA Tour, but it has doubled down on golf by inking the deal with Spieth. He will feature in TV commercials for the brand, make social media appearances and help with its responsible gaming efforts. Spieth burst onto the scene when he won the 2015 Masters and US Open at the age of 21. He followed it up with victory in the Open Championship two years later. He struggled for form after that victory, but he came roaring back this year by winning the Valero Texas Open, finishing T3 at the Masters, and then taking the runner-up spot at the Open Championship. Spieth is now back up to 12th in the world rankings. He is now 28 years old, and has already secured nine top 10 victories thus year. “As the world of legal sports betting grows rapidly in the U.S, I’m incredibly excited about what’s happening in the space and the potential it has to bring new fans to the sport of golf,” he said. “As the PGA Tour and others in the golf world have strongly embraced legalized sports gaming, I look forward to working with FanDuel to find unique ways to engage the fast-growing fanbase.”
Engaging the Golf Fan Base
“Golf is an incredibly popular sport on the FanDuel platform, and we are always looking for new ways to engage the growing golf fanbase and community,” said Mike Raffensperger, chief marketing officer of FanDuel Group. “As one of the most universally admired golfers at the top of his game, Jordan Spieth is a perfect fit for our first official golf partner and the face of golf at FanDuel.” Spieth is the newest member of FanDuel’s roster of ambassadors and influencers. FanDuel has also formed exclusive sports betting partnerships with major media companies like Pat McAfee Inc., Turner Sports and Bleacher Report, while sponsoring a huge array of pro sports teams. This is all in addition to FanDuel’s own sports betting and daily fantasy content offerings that includes numberFire, The Duel, an extensive podcast network with a total of seven podcasts and More Ways to Win on TVG. FanDuel is live in in Colorado, Illinois, Indiana, Iowa, Michigan, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia. It is the market leader in most of those states after investing heavily in promotions and advertising.
Sportradar Renews FanDuel Deal
Swiss stats provider Sportradar will supply FanDuel with official data from the NBA, MLB, NHL and global soccer leagues until 2028 after signing an extended deal. Sportradar provides sports betting companies with a wealth of stats, which bettors can access when they visit the sites. It also provides data that can be used to settle bets. People familiar with the deal told CNBC that it was worth between $150 million and $200 million. With FanDuel being the leading US sportsbook, this deal further underscores Sportradar’s position as the data and odds supplier of choice for US sports, including the NBA, MLB, and the NHL,” said Carsten Koerl, global chief executive at Sportradar. “Both Sportradar and FanDuel have established market leading positions through investment in innovation and cutting-edge products and services and this expanded agreement enables us to work together to further evolve FanDuel’s offering, particularly in areas like in-play betting. We’re looking forward to deeper integration with the FanDuel team to continue building on the success we’ve had together thus far.” This expanded partnership with Sportradar is designed to enrich the live betting experience for FanDuel Sportsbook customers. In-play wagering accounts for almost 50% of FanDuel Sportsbook’s handle, with the most popular markets being moneyline and spread. The popularity of live betting means the FanDuel Sportsbook is “a true second screen companion for sports fans in the arena, stadium, sportsbook or living room”, according to Sportradar, which has filed for a US IPO after SPAC merger talks broke off. “Low latency live data is the essential fuel for our proprietary trading models to deliver a quality in-play betting experience to our customers, said Niall Connell, sportsbook general manager at FanDuel Group. “Sportradar’s data powers our in-house models allowing us to offer a large number of in-game betting markets and it’s the collaborative nature of our partnership that will evolve FanDuel’s in-play product offering in the years to come.”
Rush Street Interactive Secures Connecticut Deal
The Connecticut Lottery has announced that BetRivers owner Rush Street Interactive (RSI) has won the state’s third and final sports betting license. DraftKings and FanDuel are already confirmed, and some commentators expected BetMGM to claim the final remaining skin. Yet it has gone to RSI, which operates BetRivers in Pennsylvani0a, Indiana, Illinois, Michigan, Iowa, Colorado, Virginia and West Virginia, and SugarHouse Sportsbook in Pennsylvania and New Jersey. “We chose RSI for a number of reasons,” said Lottery chairman Rob Simmelkjaer. First of all, from the purely financial point of view, we graded and we perceive their offer to be the best offer among the ones that were received from various bidders. I was public in my desire for us to receive at least 50% of net gaming revenue, and their offer did achieve that for us.” RSI has guaranteed the Lottery a minimum of guaranteeing a minimum of $170 million for the lottery over 10 years. Sports betting is expected to begin during the opening weeks of the NFL season, but not quite in time for Week 1. “Our focus is to be ready whenever the Connecticut opportunity presents itself,” said Richard Schwartz, president of RSI. “We have a track record of being first to launch in a wide range of markets. We were first to launch sports betting in Illinois, Indiana, Colorado, first day in Michigan. And so our goal is to be prepared to launch as soon as it’s viable in Connecticut.”