Challenger Brands Shake Up U.S. Sports Betting in 2025, Says Bettormetrics

A New Vibe in U.S. Betting

The U.S. sports betting scene, worth $13.76 billion in 2023, is heating up as Hard Rock, Fanatics, and bet365 chip away at the DraftKings-FanDuel stronghold, according to Bettormetrics’ report.

Analyzing the NFL, NBA, NHL, MLB, English Premier League, and Australian Open from January to April 2025, Bettormetrics evaluated nine operators: FanDuel, DraftKings, BetMGM, Caesars, BetRivers, ESPN BET, Fanatics, Hard Rock, and bet365, using four metrics: Uptime, Overround, Green Time, and Shading Time.

DraftKings and FanDuel still dominate, handling 71.5% of bets and nearly 80% of gross gaming revenue, but the challengers are closing the gap.

Metrics Unpack Operator Strategies

Bettormetrics’ metrics reveal how operators perform. Uptime measures when odds are available; Fanatics led here, surpassing even DraftKings and FanDuel, with bet365 and Hard Rock close behind, per the report.

Overround, reflecting expected returns, saw bet365 shine with a low 5.3% average, compared to BetRivers’ softer 7%, signaling aggressive pricing.

Green Time, when odds are live and profitable, was topped by DraftKings at over 80%, with Fanatics, Hard Rock, and bet365 in the high 70s.

Shading Time, when prices deviate unprofitably, showed bet365 struggling in NFL and NBA, and Hard Rock in tennis, while ESPN BET led with under 3%.

Fanatics, Hard Rock, bet365 Stand Out

Fanatics, jumping from 5.2% to 6.7% handle share in a quarter, leverages its apparel brand for cross-selling. Hard Rock, dominant in Florida, is expanding nationwide, balancing high Green Time (86.2% in March Madness) with frequent price tweaks.

bet365, despite exiting some markets amid sale rumors, competes on price, offering the lowest overrounds. These strategies contrast with DraftKings’ uptime dominance (97.6% in Super Bowl LIX) and FanDuel’s parlay strength.

Bettormetrics’ CEO Robert Urwin said, “The two major US sports betting operators have carved out a dominance rarely seen in regulated markets.” He added, “We looked at three distinct use cases—bet365 with its global experience, Hard Rock with its Florida monopoly, and Fanatics with its cross-sell acquisition opportunity.”

Analyst Alfie Arrand noted, “The US market is hotting up as rival sportsbooks look to differentiate themselves to close the gap.”

Their data, tracking thousands of in-play events weekly, helps operators spot revenue leaks.