FanDuel has added another feather to its cap after becoming an official sports betting partner of the Carolina Panthers.
The multi-year deal will see the two entities collaborate to boost their traditional and digital marketing activity. Digital signages for FanDuel will bevisible in and around Bank of America Stadium in Charlotte.
FanDuel and the Panthers announced the deal just days before North Carolina online sports betting goes live on March 11. FanDuel was among the first operators to apply for a sports betting license in the Tar Heel State. The North Carolina State Lottery Commission confirmed that FanDuel Sportsbook NC and seven other operators have received their operator licenses.
FanDuel partnership a strategic move to acquire market share
One prerequisite for obtaining an online sports betting license in North Carolina is that the applicant partners with a professional sports team, entity or venue in the Tar Heel State. FanDuel had already struck a partnership deal with the PGA Tour. That partnership fulfilled the requirements for an online sports betting license from the North Carolina State Lottery Commission.
Hence, the new partnership with the Panthers seems like a strategic move to increase market exposure and brand visibility.
“Bringing FanDuel to sports fans across North Carolina is an important moment for our business, and we are thrilled to be able to work with the Carolina Panthers to introduce their fanbase to America’s #1 Sportsbook,” said Mike Raffensperger, Chief Commercial Officer, FanDuel. “We look forward to supporting the team next season and to engaging the passionate sports fans across North Carolina with our product.”
The online sports betting market in North Carolina will be highly competitive with several big-name operators like DraftKings Sportsbook NC and BetMGM Sportsbook NC having already received permits to operate in the state.
According to a report published in 2023, FanDuel dominates the sports betting segment in the US. The New York-based operator holds almost 40% of market share in the USA, ahead of DraftKings, which has a market share of 34 percent.
What does the market look like?
According to a recent study, online sports betting is flourishing in the US. The growth projection is steady, and the market is expected to generate revenue of $9.65 billion by the end of this year, riding on a projected annual growth rate of 13 percent, resulting in a market volume of $15.75 billion by 2028.
The number of bettors will rise and reach 52 million in the next four years, and the average revenue per user could increase to almost $257.
Meanwhile, the North Carolina online sports betting market is labeled a highly competitive market with a projected revenue generation of $7 billion in its first year. This will increase the state’s tax influx as the segment could generate over $100 million in taxes from sports betting.
Exclusive FanDuel Offers Ready To Reel New Bettors In
Since the pre-launch process is live, FanDuel has encouraged bettors to register to claim NC sportsbook promo offers. The operator is handing out $100 in bonus bets to every bettor who registers before the market goes live on March 11.
In addition, bettors will get additional bonus bets worth $200 when they make their first $5 wager.
Image Credit: Brian Westerholt / AP Images
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