PrizePicks has successfully maintained its lead over FanDuel and is ranked second in market share and revenue for its third consecutive month in Michigan’s fantasy sports market, according to the Michigan Gaming Control Board (MGCB).
Perhaps even more surprising is the Atlanta-based startup was able to extend its advantage over FanDuel in April — the most recent month where figures are available. PrizePicks is also chipping away at DraftKings, the market leader, which has held its perch atop the field since the market debuted in January 2020.
One reason for the unusual dynamic in Michigan between competitors is that PrizePicks differs by offering players the opportunity to place wagers based on over/under predictions. The platform is legal in 30 US states.
Startup Having a Brilliant 2022
PrizePicks grossed a record $339k in April, a 65.7% month-over-month increase from March ($235k) and up 35.8% from its previous record high set in February ($286k). Its market share climbed to a record high of 29.5%.
The startup has been on a roll in 2022 since grabbing an 11.8% market share in January and holding its shares in the 20-29% from then on. PrizePicks’ growth has come at the expense of its competitor FanDuel MI, but PrizePicks is now closing in on the market leader, DraftKings MI. If the young operator continues to grow at the pace it has since January, it could challenge DraftKings for supremacy in the market by year’s end.
An operator not named DraftKings or FanDuel holding on to a second-place spot in a US state for any given month in fantasy sports betting is highly unusual, but having that occur for three consecutive months is even more extraordinary. Supplanting both would have previously been considered an impossible feat, given the resources the larger operators can bring to bear.
And yet, PrizePicks managed to accomplish just that.
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PrizePicks Expands Its Lead on FanDuel
FanDuel MI earned $305k in revenue from fantasy sports in April, up 34.3% from March ($227k). But despite the uptick, its market share remained stuck at 23.2%. Like PrizePicks, its market share has been in the 20-20% range every month in 2022 — but that’s a considerable erosion from the period from August 2020 to December 2021, when it held market shares in the 30-39% and 40-49% range.
Meanwhile, DraftKings MI grossed $598k in April, up 22.9% month-to-month ($486k). The Boston-based operator saw its market share slip to 45.4% in April — which would have been a record low had it not been for the 45.3% stake it had in August 2021.
DraftKings has never trailed another operator in Michigan fantasy sports. It typically holds a market share of at least 50% or more in any given month, and it had a record 78.4% of the market in June 2020 — a very short month for overall revenue ($488k) due to the pandemic.
According to MGCB data, PrizePicks is building its market share lead over FanDuel, and DraftKings is in its sight. The startup was up 1.5% on FanDuel in February and has since expanded its growing lead to 6.3%. Although PrizePicks was down 20.8% to DraftKings in February and 25.5% in March, it has overtaken ground and closed the gap to 15.9% in April.
Overall revenue was $1.3 million in April, up 33.2% month-to-month ($989k), making it the second-best month after January’s $1.7 million.
Revenue is likely to continue to slide through August but is anticipated to pick back up significantly in September with the start of the National Football League season as the NFL remains the most popular sport for fantasy sports betting, according to the Fantasy Sports & Gaming Association (FGSA).