Sports betting industry predictions for 2024 from top executives

Mike Raffensperger, FanDuel’s chief commercial officer, expects new live sports and betting experiences to come with the digitalization of sports.

FanDuel Chief Commercial Officer Mike Raffensperger poses in an office setting wearing a black suit and pink tie.


Michael Benabib/Courtesy of FanDuel

FanDuel is the undisputed leader in online sports betting in the United States.

According to Eilers & Krejcik Gaming, which measures full-year gross gaming revenue, the Flutter-owned company, whose parent company is preparing to go public in the U.S. next year, has grown nearly 45% in the 12 months ending July 2023 of the online sports betting market is conquering the industry.

While rival DraftKings has challenged FanDuel’s dominance in the online gambling market, which includes casino gambling, FanDuel’s sports betting has appeared untouchable.

One way the company built its big lead was by introducing same-game betting, a type of betting that has captured the attention of US audiences. According to the company, four out of five active FanDuel customers placed a match-play contest last year. Most competitors have now launched their own versions.

Raffensperger, FanDuel’s chief commercial officer, who has been with the company for about six years, spoke to BI via email and phone about how the industry has changed over the last year and shared his key prediction for 2024.

Looking back at his predictions for 2023: “Long-tail operators have struggled to scale while FanDuel has solidified our No. 1 position. This is a low-margin business that rewards those who can scale and, by our calculation, those who can’t reach 10%. “The market share will be difficult to be profitable. We saw that come to fruition this year as smaller operators exited the market,” he said. Operators such as Fox Bet, a joint venture between Fox and Flutter, were shut down this year.

The biggest surprise of 2023: “The strong popularity of parlay betting and other exotic markets has changed what a good day for the house looks like,” Raffensperger said, pointing to parlay betting on the same game and other player-focused betting types that have been a boon to the industry — and can be for customers be good, he said, because these options allow them to bet on outcomes other than which team will win the game. “It used to be the standard logic that if it was a day where a lot of underdogs won and the score went down, the house would have a good day,” he said. “If there are days when we see popular, high-profile players scoring a lot of goals, that’s a customer-friendly day, no matter who wins.”

His top predictions for 2024: “More and more live sports are going digital, both nationally and locally. This will create new and comprehensive opportunities for sponsorships and integrations that go beyond the current model of traditional linear broadcast.” Raffensperger described this as a largely unexplored area that could further grow the live in-play betting market.

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