FanDuel Casino’s Parent Company Eyes Potencial Expansion in Michigan

Last Updated: 
Jul 25^th, 2024

The power balance on the Michigan online casino scene might change soon if the rumors of a potential buyout of PENN Entertainment by Flutter, a parent company of FanDuel, come to fruition. Several news media sites reported that the company is evaluating Penn Entertainment’s assets. So far, Flutter has not officially confirmed the speculation. It’s worth pointing out that a similar issue appeared a few months ago about the sale of BetRivers Casino.

The potential acquisition will allow Flutter control over Hollywood Online Casino in Michigan. After the regulatory process is rubber-stamped by the MGCB, Flutter can retain the current Hollywood brand or choose another brand. The company also owns the Betfair brand, which is currently not accessible in Michigan.

At the same time, other news reports pointed towards competition for the acquisition of PENN Entertainment after Boyd Gaming appeared in some news reports as another potential buyer. There has even been speculation about a joint effort by Flutter and Boyd to buy PENN and divide the spoils.

FanDuel Is a Market Leader in the Great Lakes State

Michigan’s Lawful Internet Gaming Act permits a company licensed by the Michigan Gaming Control Board to operate two online casino brands. This rule is already used to the fullest by DraftKings, which also owns Golden Nugget Online Casino, while Caesars Entertainment is gearing up to launch another casino app alongside Caesars Palace by the end of the year.

Flutter has operated a FanDuel Casino in the Wolverine State since 2021. The brand is one of the market leaders, ranking as the 2nd best online casino according to revenue generated. For two months in 2024, more precisely March and April, FanDuel overtook BetMGM as the best-performing operator according to bets taken.

FanDuel Casino controls 26% of the Great Lakes State iGaming market, while its potential new acquisition, Hollywood Online Casino, is near the bottom of the pile among the 15 licensed Michigan operators with a 2.5% market share.

Michigan Is the Fastest-Growing iGaming Market

FanDuel Casino captured players’ attention by offering exclusive slots, live dealer games, and competitive Michigan online casino promotions. Michigan is one of the fastest-growing iGaming markets in the nation, and by expanding its portfolio of casino brands, Flutter will be able to capture an even larger market share. The market is projected to take in over $2 billion in bets in 2024.

Purchasing a company that already holds a license issued by the MGCB is easier than attempting to launch a new brand. FanDuel is poised to have an even stronger year in 2025.

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Last Updated: 
Jul 25^th, 2024