FanDuel Leads Horse Racing Betting Apps, DraftKings ‘Places’

Posted on: June 29, 2023, 03:04h. 

Last updated on: June 30, 2023, 09:06h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

One of the oldest forms of wagering, horse racing is getting a needed jolt thanks to technology, and FanDuel is leading the way in terms of apps for betting on the ponies.

Jockeys participate in a horse race
Jockeys participate in a Kentucky Derby race last year. FanDuel’s racing app was ranked best in the field by a research firm. (Image: Yahoo News)

Already the largest online sportsbook operator by a wide margin, FanDuel is setting the pace in the world of mobile applications for wagering on horse racing, according to Eilers & Krejcik Gaming (EKG). Pari-mutuel betting apps are young relative to their sports wagering counterparts, and some bugs still need to be worked out.

Apps generally did not score highly compared to their OSB counterparts, with testers reporting multiple bugs, broken buttons and a dearth of payment options,” noted EKG. “That is not unexpected, given these products are all relatively new to market and heavily reliant on third-party technology suppliers. But the missing polish compared to OSBs and OCs is noticeable.”

Still, the technological advances are critical at a time when there are some inklings of resurgent interest in wagering on horse races. FanDuel is 95% controlled by Dublin-based Flutter Entertainment (OTC: PDYPY). Boyd Gaming (NYSE: BYD) owns the other 5%.

Where FanDuel Horse Betting App Thrives

The intent of mobile betting apps is convenience, and that’s an area in which FanDuel excels in the pari-mutuel space.

As EKG observed, FanDuel is currently the only operator that allows a shared wallet and account credentials between its online sports betting and racing apps, and “does a good job of minimizing friction when switching between those products.”

The operator also scores well in another important, though overlooked area: educational content. While many users of sports betting apps can be considered experienced sports bettors — success is up for debate — they aren’t necessarily well-versed in pari-mutuel wagering. On that front, educational content is appreciated by bettors, and FanDuel is answering that call.

“The vast majority of bettors using these OSB-branded racing apps will have been cross-sold from sportsbook and relatively new to horse racing. However, only FanDuel has proper instructional content for rookies,” added EKG.

DraftKings Solid Second

DraftKings (NASDAQ: DKNG) is the second-largest online sportsbook operator by market share behind FanDuel. The pair are the duo most frequently vying for the top spot among betting apps, so it’s not surprising that the former has its own solid horse racing app.

EKG observed the DraftKings racing app is in fine form, and may even have some advantages over the FanDuel equivalent.

“Perhaps unsurprisingly, DraftKings Horse was second-best in our rankings, and may even appeal more to a seasoned horse bettor, thanks to the widest range of markets in the testing pool and ‘Angles’ to prompt bets such as in-form trainers and jockeys for the track,” concluded the research firm.

EKG also tested related apps from BetMGM, Caesars, and PointsBet, noting those offerings “were a step (or more) behind the top two.”