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In terms of how market share may evolve over time, if we look at mature online sports betting markets, many of them have high levels of concentration of leading operators. How will US sportsbook market share evolve? While the focus is on gross win, a number of states split out promotional activity, and share of net revenue is the key metric. FanDuel has become the clear market leader in terms of online sports betting. There is no reason that one of the leading brands in the US over time could be one that is not currently one of the top five or even top 10 operators. the increasing sophistication of customers, meaning that product becomes even more important than promotions or brand – this could be driven by the growing significance of a strong and diverse in-play product offering

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