Fanatics, Hard Rock and bet365 narrow gap on DraftKings and FanDuel, says Bettormetrics

Trading intelligence firm Bettormetrics has published analysis suggesting that Fanatics, Hard Rock and bet365 are beginning to distinguish themselves from fellow challengers Caesars and BetMGM in the race to catch DraftKings and FanDuel in the US sports betting market.

The study, covering the first four months of 2025, examined odds data across the four major US leagues (MLB, NBA, NHL, NFL) as well as the Australian Open and the English Premier League. Bettormetrics assessed nine operators, including FanDuel, DraftKings, BetMGM, Caesars, BetRivers, ESPN Bet, Fanatics, Hard Rock and bet365, using four metrics applied to Moneyline markets: Uptime, Overround, Green Time and Shading Time.

Findings

DraftKings and FanDuel continue to dominate the US market, together accounting for more than two thirds of digital handle and close to 80% of gross gaming revenue, according to the release. Despite this, Bettormetrics said three operators merit closer attention: Fanatics, which has grown its handle share from 5.2% to 6.7% year on year; Hard Rock, which is looking to expand beyond its Florida stronghold; and bet365, which has recently withdrawn from several markets amid speculation over a possible sale or stock market listing.

On Uptime, Fanatics topped the rankings, ahead of both FanDuel and DraftKings, with ESPN Bet, bet365 and Hard Rock also performing strongly. Caesars and BetMGM lagged 5-7% behind the leaders.

For Shading Time, a measure of how often prices deviate unprofitably from the market average, Fanatics, Hard Rock and bet365 posted comparatively high figures, alongside Caesars, while ESPN Bet led the field with a shading time below 3%. bet365 was notably out of step in NBA and NFL markets around a sixth of the time, Fanatics stood out in NBA pricing, and Hard Rock was an outlier in tennis.

DraftKings led on Green Time, helped by strong Uptime and Shading Time scores, while Fanatics operated above 80% thanks to its Uptime performance. Hard Rock and bet365 both sat in the high 70% range. On Overround, bet365 averaged 5.3% across the six competitions studied, positioning it as a price-competitive operator, while BetRivers and ESPN Bet offered the softest odds.

Industry reaction

Robert Urwin, chief executive and co-founder of Bettormetrics, said the dominance of DraftKings and FanDuel is rarely matched in regulated markets, but that growing attention on bet365, Hard Rock and Fanatics reflects three distinct strategic approaches: global trading experience, a regional monopoly, and cross-sell acquisition through non-betting channels. He said the findings show there is no single formula for sportsbook success.

Alfie Arrand, sports trading analyst at Bettormetrics, said the analysis demonstrates the strength of the company’s data and technology, adding that while DraftKings and FanDuel remain well ahead, competition among rival sportsbooks is intensifying as they seek to close the gap.