Betfair owners Flutter targets US Sports betting market

The gambling group that owns the major sports betting exchange is increasingly interested in the US market. It is already a massive player in the North American arena, with a 45% share of American online sports betting. They plan on expanding their presence in states that have legalized sports betting and expect to make profits starting from 2023 onward.

Massive amounts invested in advertising

Flutter is already spending a lot of money on its North American division and invests significant amounts in advertising. The company is ready to tap into the immense potential of the US sports betting market, where it plans on consolidating its dominant position. The current growth is the result of the investments which enable them to acquire more customers on a monthly basis.

For the time being, the sales generated by existing customers are not enough to attract new ones. This doesn’t have a deterring effect on the company who can afford to invest larger amounts and wait for future profits. The overarching strategy is expected to pay lavish diffidence starting from 2023, but the results can already be seen.

Betfair is already providing players from several states with several more on the list. As local lawmakers pass gambling bills that legalize sports betting, there will be new opportunities in the years to come. For the next 18 months, the gambling group plans on expanding to nine more states, which would increase its portfolio from 10 to 19.

Positive signals from investors

The fact that the company doesn’t get make a profit in the US yet doesn’t affect the way its shares perform at the stock exchange. In fact, the company has seen its shares increase steadily, propelled largely by its success in Europe. If past performance can be an indicator for future results, they should be able to replicate that success in the US.

States that have recently legalized gambling in America seek to license prestigious international gambling operators. Betfair who are regarded as one of the best sports betting sites online meet all the expectations, as one of the best-known and most respected sports books. In addition to sports betting, the company also runs a successful casino and plans on advancing its interest in this direction. Over the last couple of years, they have also expanded their presence in this area, by acquiring the Canadian gaming group Stars.

In the near future, the gambling group hopes for a positive outcome in its argument with Robert Murdoch. The two parties are engaged in a legal dispute over the sale of shares in FanDuel. There are strong reasons to expect that this will be solved next year, which will allow Flutter to fully commit to the expansion of its US business. Americans are anxious to bet on sports and more are likely to jump on the bandwagon, now that they have a respectable gambling operator catering to their every need.