DraftKings' Position in the Sports Betting Industry
DraftKings was founded in 2012 and is an American company that offers daily fantasy sports (DFS) and sports betting. They first made a name for themselves with DFS contests, allowing sports fans to create virtual teams and compete based on real athlete performances.
After the 2018 Supreme Court decision that allowed states to legalize online sports betting, DraftKings expanded to include online and retail sportsbooks. The company launched its first legalized sports betting platform in New Jersey in August 2018.
In April 2020, DraftKings went public through a reverse merger with Diamond Eagle Acquisition Corp. and SBTech, a technology provider for sports betting companies. This merger made DraftKings a vertically integrated company in the US sports betting market.
DraftKings has a large share of the sports betting market, accounting for over half of it with their main competitor, FanDuel. The industry is constantly changing, but here's the breakdown as of July 2024:
Source: The Lines via research from Eilers and Krejcik Gaming
Because even the average casual sports fan and the vast majority of sports bettors are familiar with DraftKings, this guide seeks to provide some basic information on alternatives to the sports betting behemoth.
The availability of these online sportsbooks may vary, and this page will not cover every operator, but it should give you a sense of what else is out there.
Check out this guide on the RG Game Changers podcast on Spotify
FanDuel
| Attribute | Details |
|---|---|
| Founded | 2009 |
| Headquartered | New York, U.S. |
| Min. Deposit | $10 |
| Betting Apps | iOS version in the App Store & Android version in the Google Play Store |
| Desktop | Yes |
| Withdrawal Time | ~1-5 days |
| Online Since | 2018 |
| Payment Methods | Credit Card, Debit Card, e-Wallets, Bank Transfers, In-Person |
| Support | 24/7 Live Chat, Email, Social Media |
| Availability | AZ, CO, CT, IL, IN, IA, KS, KY, LA, MD, MA, MI, MS (Retail), NJ, NY, NC, NV (Retail), OH, PA, TN, VT, VA, WA (Retail), WV, WY, DC. Ontario, & Puerto Rico |
Main Bonus Offer
What You Need to Know
FanDuel Sportsbook is one of the industry's top online betting options. It offers wide market coverage and competitive lines. Sports bettors who prefer same-game parlays will find solid options, as well as a user-friendly mobile app and website.
Available in over 25 states and D.C., they offer many betting options and fast payouts. However, users report some technical issues, such as geolocation problems and limited promos for non-football sports.
Users sometimes complain that bonuses and odds boosts could be improved, but due to its reliability and innovation, FanDuel is still one of the top choices in the market.
FanDuel Pros and Cons
BetRivers
| Attribute | Details |
|---|---|
| Founded | 2018 |
| Headquartered | Des Plaines, Illinois |
| Min. Deposit | $10 |
| Betting App | iOS version in the App Store & Android version in the Google Play Store |
| Desktop | Yes |
| Withdrawal Time | Instant, or up to two weeks, depending on the method. |
| Payment Methods | Cash at Casino Cage, PayNearMe, Vanilla, BetRivers Play+ Card, Credit/Debit card, PayPal, VIP Preferred, Online Banking |
| Support | 24/7 Live Chat, Email, Telephone, Social Media |
| Markets | 20+, including MLB, NFL, NBA, NHL, etc. |
| Availability | AZ, CO, DE, IL, IN, IA, LA, MD, MI, NJ, NY, OH, PA, VA, WV, Ontario. |
Main Bonus Offer
What You Need to Know
BetRivers offers a platform with live streaming and competitive odds. Its promotions, like the "Second Chance Bet," attract users, and it operates in multiple US states, including Ontario, Canada.
The platform offers iRush Rewards and many betting markets. However, some bettors have issues with the app being outdated, slower withdrawals, and occasional technical issues.
BetRivers is for users who want variety and loyalty but could improve the mobile interface and transaction clarity.
BetRivers Pros and Cons
BetMGM
| Attribute | Detail |
|---|---|
| Founded | Online Betting - 2019 |
| Headquartered | Jersey City, NJ |
| Min. Deposit | $10 |
| Betting App | iOS & Android |
| Desktop | Yes |
| Withdrawal Time | 3-5 days processing and then up to two weeks, depending on the method |
| Payment Methods | Mastercard, Visa, Discover, American Express, PayPal, Apple Pay, VIP Preferred, PayNearMe, Play+, Wire Transfer, GAMEON, Venmo |
| Min. Deposit | $10 |
| Support | 24/7 Live Chat, Email, Social Media |
| Availability | AZ, CO, IN, IA, IL, KS, LA, MD, MI, MS, NV, NJ, NY, OH, PA, TN, VA, WV, WY, DC. Ontario |
Main Bonus Offer
Up To $1500 In Bonus Bets
What You Need to Know
BetMGM Sportsbook offers a wide array of sports betting markets and a $1,500 First Bet Offer for new users. It is also available in many states, including Ontario, and has a solid app and website.
They have positive reviews for odds and promotions, but some bettors report app connectivity issues and slow withdrawals. Payment options include credit cards, PayPal, wire transfers, and 24/7 customer support.
BetMGM Pros and Cons
Hard Rock Bet
| Attribute | Detail |
|---|---|
| Founded | 1971 |
| Headquartered | Hollywood, Florida |
| Min. Deposit | $10 |
| Betting App | iOS & Android |
| Desktop | Yes |
| Withdrawal Time | Instant, or up to two weeks, depending on the method |
| Online Since | 2023 |
| Payment Methods | Visa, MasterCard, Discover, PayPal, ACH/eCheck, Play+, Paynearme, Bank Wire Transfer, ApplePay, GooglePay, Venmo |
| Support | 24/7 Live Chat, Email, Telephone, Social Media |
| Availability | FL, IL, IN, NJ, OH, TN, VA. |
Main Bonus Offer
$100 Back in Bonus Bets If Your First Bet Doesn’t Win
What You Need to Know
Hard Rock Bet is a notable player in the US sports betting market, with locations in eight states, including Arizona, Florida, New Jersey, and Virginia. The company offers a full betting experience with a wide range of sports markets, competitive odds, and innovative features like Flex Parlays and same-game parlays. However, user reviews of the platform’s functionality and customer service are mixed.
The mobile app and website have received high marks for design and navigation. They offer various payment methods, including credit cards, e-wallets, and bank transfers. However, users have reported issues with withdrawal processing times and location verification. 38% of reviews are negative on the app and 65% on banking.
Hard Rock Bet offers responsible gambling features like deposit limits, session reminders, self-exclusion options, SSL encryption, and robust user verification. It also offers users competitive odds on major sports and educational resources. However, some reviewers say the odds are less competitive, and customer support response times are inconsistent.
Hard Rock Bet Pros and Cons
Borgata
| Attribute | Details |
|---|---|
| Founded | Online Sportsbetting 2019 |
| Headquarters | Atlantic City, NJ |
| Min. Deposit | $10 |
| Betting App | iOS & Android |
| Desktop | Yes |
| Withdrawal Time | Instant, or up to two weeks, depending on the method |
| Online Since | 2019 |
| Payment Methods | VIP Preferred, Play+, Mastercard Visa, PayPal, Electronic Transfer, PayNearMe, Borgata, Skrill, American Express, Discover, PayWithMyBank, Apple Pay. |
| Support | 24/7 Live Chat, Email, Telephone, Social Media |
| Availability | NJ & PA |
What You Need to Know
Borgata Sportsbook has a wide range of betting markets for major sports and multiple bet types, including moneylines, point spreads, props, and parlays, but limited state availability and sometimes cluttered websites are drawbacks.
Numerous payment options are available, including credit cards, e-wallets, and bank transfers. Processing times range from instant to two weeks. However, user reviews have mixed feelings about withdrawal processing times and customer service.
Borgata has responsible gambling tools including deposit limits, timeout and self-exclusion options and customer support is available 24/7 through live chat, email and phone with response times 2-4 minutes depending on the time of day.
Borgata Pros and Cons
ESPN Bet Sportsbook
| Attribute | Detail |
|---|---|
| Founded | 2023 |
| Headquarters | Bristol, CN |
| Min. Deposit | $10 |
| Betting App | iOS & Android |
| Desktop | Yes |
| Withdrawal Time | 3-5 days |
| Online Since | 2023 |
| Payment Methods | Debit, Credit, Trustly, ACH e-Check, Paypal, Skrill, Venmo, Cash at Casino, Wire Transfer |
| Support | 24/7 Live Chat, Email, Social Media |
| Availability | AZ, CO, DC, IL, IN, IA, KS, KY, LA, MD, MA, MI, NC, NJ, NY, OH, PA, TN, VA, WV. |
Main Bonus Offer
Make Any Sportsbook Bet, Get $100 Bonus
What You Need to Know
ESPN Bet launched in 2023 through PENN Entertainment’s partnership with the sports industry giant ESPN.
The sportsbook combines ESPN’s sports coverage with full betting markets. However, some bettors note some market limitations and app issues.
The sportsbook has competitive odds and multiple payment options, including PayPal and bank transfers, with a 5-day processing time. User sentiment is generally positive despite some complaints about customer service and withdrawal times.
ESPN Bet Pros and Cons
DraftKings is one of the most recognizable names in both the sports betting industry and the daily fantasy sports world. The company has an enviable market share, but it also has plenty of competition from the biggest sportsbooks and best daily fantasy sites in the United States.
FanDuel is the company's biggest rival for the foreseeable future, but as the legalized gambling market flourishes, sports bettors have plenty of options.
The company seems to be prioritizing the betting aspect of its business, and if it continues to do so, DFS competitors will take a larger share of the pie in the years to come.
FAQ
DraftKings Basics
What is DraftKings, and when was it founded?
DraftKings is a U.S.-based company that began offering daily fantasy sports (DFS) in 2012 and later expanded into sports betting. It became a major player in the industry after the 2018 Supreme Court ruling legalizing online sports betting.
Founding
How did DraftKings enter the sports betting market?
Following the 2018 Supreme Court decision, DraftKings launched its first legal sports betting platform in New Jersey in August 2018. This expansion allowed DraftKings to compete with other sportsbooks, such as FanDuel.
Market Share
What is DraftKings' position in the U.S. sports betting market?
DraftKings holds a large share of the sports betting market, competing primarily with FanDuel for the top spot. The company is recognized for its vast reach and strong presence in multiple states.
What are some of the features of DraftKings’ sportsbook?
Sportsbook Features
DraftKings offers a wide range of betting options, including same-game parlays and competitive odds. To attract and retain customers, it also offers promotions, a user-friendly app, and a strong loyalty program.
Competitors
Who are DraftKings' main competitors in both DFS and sports betting?
DraftKings' primary competitors include FanDuel, BetMGM, BetRivers, and other sportsbooks, as well as DFS platforms like PrizePicks and Underdog Fantasy, which are gaining traction in the fantasy sports space.
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Meet our Authors
Paruyr Shahbazyan started his business career as an entrepreneur in 2000. Over 13 years, he learned business and leadership, which laid the foundation for his career.
In 2013, Paruyr entered the sports and betting industry as the founder and president of Bookmaker Rating, an online media platform he led until 2020. The platform focuses on in-depth analysis and insights in sports betting and has gained a reputation for quality content.
In 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This shows his commitment to technology in the sports betting space. Through all these experiences, Paruyr has been shaping and influencing the betting industry, setting new trends and standards.
Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports.
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