PrizePicks Dominated Fantasy Sports Revenue in January

The Atlanta-based startup grabbed more than 60% of the Michigan DFS market in January, trouncing better-known rivals DraftKings and FanDuel.
Two basketball players in action in gym. the player on the right is about to dunk the ball, while the player on the left is trying feebly to block it. PrizePicks Dominated Fantasy Sports Revenue in January
By
March 22, 2023

Michigan’s fantasy sports market continued its months-long upswing to a near-record $2.9 million in revenue in January — as startup PrizePicks grabbed a record share of the market versus more well-known rivals DraftKings and FanDuel.

Data from the Michigan Gaming Control Board (MGCB) show the $2.9 million mark in January was just $104k short of the record set the entire market set in September 2020 ($3 million). The regulator releases the revenue figures on a roughly six-week delay.

Fantasy sports betting revenue has nearly tripled since June 2022, when the market stood at $1 million. It has increased month-over-month ever since — except in December 2022, when revenue dropped to $1.9 million.

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Revenue increased 52% month-over-month into January 2023. MGCB data show that the increase was entirely attributable to PrizePicks. A similar situation occurred just one month earlier, in November 2022.

An Atlanta-based startup, PrizePicks has been in a dogfight with DraftKings Sports MI and FanDuel Sports MI for over a year. It had more revenue than FanDuel for half of the months of 2022 — from February through April and then again from October through December.

PrizePicks grossed a record $1.8 million in January and also took a record 61% share of the market. It also registered an all-time record for any operator since the market opened in January 2020.

The appeal of PrizePicks in DFS is that the platform offers bettors a different model for wagers than its better-known competitors — it provides the opportunity to place bets based on over/under predictions. The platform is legal in 30 US states plus the District of Columbia. It is also available in Canada, except Ontario.

Since January 2022, DraftKings led both FanDuel and PrizePicks through October before finally yielding the top spot to PrizePicks in November.

Boston-based DraftKings (barely) took the top spot back in December but surrendered it again to PrizePicks in January. DraftKings grossed $725k in January, down 10.8% month-over-month ($812k). The operator was also down 13.6% year-over-year ($839k).

FanDuel has had a rough run as of late. Revenue declined for the fourth consecutive month, sliding to $271k in January, a more than 19% decrease month-over-month ($335k). FanDuel was also down 46% year-over-year ($501k).

The Flutter brand has never led DraftKings and trailed PrizePicks in seven of the past 12 months.

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Smaller Operators Also Grow

MGCB data show the three smallest DFS operators in the state — Boom Shakalaka, RealTime Fantasy Sports, and Fantasy Football Players Championship (FFPC) LLC — posted revenue of $12k, $21k, and $106k, respectively.

The trio had $139k in revenue, or 4.8% of the market.

Revenue grew 42% month-over-month for Boom Shakalaka, and the $12k the operator generated in January missed second place overall by less than $162. The operator had its best month in October 2022 ($14k).

January was also the second-best month on record in Michigan for RealTime Fantasy Sports — the operator grossed $21k in January, compared to a record $29k it made one year earlier, in January 2022.

FFPC had its best month in August 2022 ($276k), MGCB data show. The $106k the operator made in January comes one month after it suffered a loss of $331k.

If you or someone you know has a gambling problem and wants help, call the Virginia Council on Problem Gambling (VACPG) helpline at 1-888-532-3500

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