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Sports Betting Revenue hits $11 Billion in 2023

February 22, 2024 Category :General 0

It case you didn’t know, sports betting is getting more and more popular every year. The sports betting industry set a record with nearly $11 billion in revenue for 2023. The American Gaming Association reported that US sports betting posted a record $10.92 billion in revenue for 2023. That is a huge year for the industry. It also represents a 44.5% year over year increase from 2022. 2022 previously held the record. A handle of almost $120 billion combined with an increase win percentage of the books of 9.1% contributed to the record.

Five new legal states helped the industry set the record. Those 5 states are Kentucky, Maine, Massachusetts, Nebraska, and Ohio. All 5 states went online in 2023. New York maintained its dominance at the top of the leaderboard. The state of New York accumulated $1.70 billion in 2023. New Jersey and Illinois both eclipsed $1 billion in annual revenue. That is the first time either of those two states went over $1 billion.

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Super Bowl is Expected to Generate $1.25B in Regulated Bets

February 6, 2024 Category :General Off

As everyone already knows, a lot of money is going to be bet on the Super Bowl. The game will be played this Sunday in Las Vegas. As more and more states have legalized sports betting, the amount of money in regulated bets has increased tremendously. Bettors are expected to plunk down $1.25 billion in regulated wagers on the big game. That is according to Eilers & Krejeck gaming (EKG). They also noted that the Super Bowl is the most wagered on sporting event in the United States. The Super Bowl accounts for 1% of total handle in this country.

Nevada and New York are expected to lead in the way in handle. With Las Vegas hosting the Super Bowl, and already known for gambling, it is not surprising that they are expected to lead the way. EKG projects that Nevada will account of 12.8% of the handle while New York will follow closely with 12.4%. New York is the largest state with a multi operator sports wagering market. No other state is expected to command a double digit handle share of the big game. New Jersey, Pennsylvania, and Illinois round out the top 5.

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DraftKings and Barstool Sports are in Partnership Talks

January 25, 2024 Category :General Off

DraftKings and Barstool Sports are in partnership talks. They appear to be in advanced discussions regarding a marketing partnership. This could see the sports media entity reenter the betting space following its recent divorce from Penn Entertainment. This would seem to be a more traditional partnership that would see Barstool Sports promote DraftKings odds and refer readers and viewers to the operator’s online sportsbook. Nothing is official yet, but it is believed the deal could be worth around $10 million a year to Barstool.

David Portnoy is the owner of Barstool Sports. He was able to reacquire the company from Penn last August. Since then he hasn’t been able to sign a betting marketing agreement. Penn paid $551 million to acquire Barstool Sports, but then went on to ink a sports betting deal with ESPN. Once they did that they quickly dumped Barstool. Portnoy paid just $1 to buy back his “baby”.

The agreement between Penn and Portnoy, under which he regained control of Barstool Sports, contained a provision that the casino operator would be entitled to 50% of the economics should he sell the media outlet to another gaming company. However, Portnoy will not be selling Barstool to DraftKings. It is believed that Penn stipulated Barstool be subject to a noncompete clause of just 6 months following the deal with Portnoy.

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ESPN Bet is Off to a Great Start Since Being Launched

January 15, 2024 Category :General Off

Penn Entertainment’s ESPN Bet mobile sports betting app has been live for about two months now. The app was launched on November 14th in 17 states. In that brief period it has outperformed its predecessor Barstool Sportsbook. It should be noted that not all of those states have delivered November data, let alone December numbers. But early indications from some states confirm ESPN Bet is generating more revenue than Barstool Sportsbook did for the same period one year ago.

Right from the start ESPN Bet garnered a double digit share of gross gaming revenue in Maryland, Iowa, and Indiana. Last month in Maryland, ESPN Bet’s handle was $42.4 million. That is more than double the $16.8 million Barstool Sportsbook reported one year earlier. In Iowa, ESPN Bet’s handle was $18.8 million which was substantially more than the $7.2 million generated by the Barstool Sportsbook app in December 2022.

When new operators enter the sports betting market they tend to spend heavily on promotions. This is obviously to get new customers to use their app. The typical concern, however, is that they won’t be able to retain those clients. Bank of America analyst Shaun Kelley, however, noted that that the operator’s promo spending in Kansas, Kentucky, and Maryland was tolerable. ESPN Bet lowered their bonus offer to new clients to $150 down from $250. Spending is critical for Penn because the regional casino operator is paying ESPN $2 billion in cash and stock over the next 10 years to use the sports network’s brand.

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Sportsbook Operators Boosted Ad Spending During NFL Season

December 30, 2023 Category :General Off

Sportsbook operators increased advertising during the 2023 NFL football season. This should come as no surprise to anyone. Football, in particularly the NFL, is the most bet on sport in the United States. EDO Ad EnGage estimated that from September 1st through December 26th advertising on television increased 10% to $237.8 million. They did not specify if the increase was attributed to new entrants such as ESPN Bet and Fanatics, more expenditures by incumbents, such as DraftKings and FanDuel, or a combination of the two. Sports gambling impressions were up 52% to a total of $20.7 billion.

Sportsbook operators spending on ads is changing though. Of course it still makes sense to spend on such TV networks such as ESPN, but the landscape is shifting. For example, Amazon Prime’s Thursday Night Football, which is streamed, drew an estimated $41 million in ad revenue from sportsbook operators, which is up from $27.9 million a year earlier. This is not to say that sportsbooks are only placing ads on sports networks. They are increasingly placing ads on non sports networks. Some of those non sports networks include TBS, FXX, truTV, and Discovery Life Channel to name a few.

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ESPN Bet Seen Bringing More Women to Sports Betting

December 21, 2023 Category :General Off

The ESPN Bet app is off to a strong start. ESPN Bet was launched by Penn Entertainment just over five weeks ago on November 14, 2023. It debuted in 17 states and topped one million downloads in the first week. It appears the venerable ESPN brand is paying off for Penn in terms of bringing new bettors to the table. The consensus is that it is luring more casual bettors, including women, to the world of sports betting. This is in turn growing the market.

That’s the take of Bank of America analyst Shaun Kelley who is praising ESPN Bet’s strong start. “It is our sense ESPN Bet could be growing the market through more casual and female bettors compared to other sportsbooks,” Kelley noted. That is good news for the industry at large, because in the US, sportsbooks are struggling to attract female bettors according to some studies.

In November ESPN Bet’s gained market share came at the expense of BetMGM, Caesars Sportsbook, and DraftKings. FanDuel, the largest sportsbook, added 1% of market share. This could be in part due to increased marketing. Analysts say the increased market share of ESPN Bet isn’t yet weighing on DraftKings. DraftKings clients spending habits for November were estimated to be normal in the states where they compete with ESPN Bet.

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Do Strip Casinos Earn Most of Their Revenue from Gambling?

December 12, 2023 Category :General Off

Do Las Vegas Strip casinos earn most of their revenue from gambling? That is a great question that was recently asked. The Las Vegas Strip has been the heart of US gambling for decades. But gambling is no longer the heart of the Las Vegas Strip. Over the last 30 years, casino profits have slowly shifted to nongambling sources. From the 1950’s until the early 1990’s about 75% of casino revenues were earned from gambling. This came from table games such as blackjack, roulette, and baccarat. Of course much of the revenue also came from slots and video poker.

That’s why the more you played, the more you would be compensated. Many guests used to be compensated for their rooms, meals, drinks, and shows. The more you played, the more you were compensated. Dunes invented this in the 1960’s with their special guest card. Today, the Strips revenue streams have flipped. Now nongambling sources account for about 75% of revenue. This is according to the most recent quarterly earnings reports from MGM Resorts Las Vegas, Caesars Las Vegas, and Wynn Las Vegas. Now to get free rooms you have to do some serious high rolling.

Steve Wynn is considered mostly responsible for this trend. He decided that instead of it being about cheap buffets and shows, he decided it could be more like Monte Carlo. In 1989 he opened The Mirage which offered its guests the best of everything. Dining at his Kokomo’s restaurant, they ate world class steak and seafood while surrounded by banana trees and waterfalls in The Mirage’s indoor rainforest.

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Houston Texans Wide Receiver Tank Dell Out For Season

December 5, 2023 Category :General Off

Houston Texans rookie wide receiver Tank Dell is out for the season. Dell suffered the season ending injury in yesterday’s game vs the Denver Broncos. Houston won the game by a 22-17 score at home. Dell sustained the injury in the first quarter of the game. He was blocking on a running play at the goal line. Dell got caught up in a dog pile at the goal line.

X-Rays revealed a fractured left fibula. Dell will undergo surgery and miss the rest of the season. The Texans took a flier on Dell with a 3rd round pick in the 2023 NFL draft. Through his first 10 games of the season Dell caught 47 passes for 709 yards and 7 touchdowns.

This comes as a big blow for the Texans as they are battling for the division lead and a playoff spot. They currently trail the Jacksonville Jaguars by a game and a half. Jacksonville hosts the Cincinnati Bengals who are without star Quarterback Joe Burrow. Houston has won 4 out of their last 5 games losing only to the Jaguars by a score of 24-21. The Indianapolis Colts are also in that division. The Colts have the same record as Houston. Both teams are sitting at 7-5. Jacksonville is 8-3.

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Cincinnati Bengals Lose Joe Burrow to Season Ending Injury

November 19, 2023 Category :General Off

The Cincinnati Bengals have lost their starting quarterback Joe Burrow to a season ending injury. It happened in last weeks game against the Baltimore Ravens. Burrow will miss the remainder of the season with a wrist injury. This is a huge blow to the Bengals in their quest to return to the AFC Championship game. Last year they lost to the Kansas City Chiefs, by a score of 23-20. The Chiefs went on to beat the Philadelphia Eagles in the Super Bowl. The Super Bowl was a thriller of a game with a final score of 38-35. The rematch of that Super Bowl will be played tomorrow night on Monday Night Football.

In that same Cincinnati vs Baltimore game, Baltimore tight end Mark Andrews went down with an ankle injury and is possibly out for the season as well. Also last weekend Cleveland Browns starting quarterback DeShaun Watson’s season ended with a shoulder injury. Injuries have hit the NFL hard again this year as it does every year. All pro wide receiver Justin Jefferson of the Minnesota Vikings is scheduled to possibly return next week on Monday Night Football. Of course the Vikings have a new quarterback in Joshua Dobbs, who they traded for, when Kirk Cousins went out for the season.

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FanDuel CEO Forecasts Profitability Amid Rising Competition

November 5, 2023 Category :General Off

FanDuel CEO Amy Howe recently reiterated that the largest US online sportsbook will be profitable this year. This is even though the landscape is growing increasingly competitive. They were already profitable the first half of the year. FanDuel and DraftKings currently combine for 76% of the US online sports wagering market. So what do you do if you want to bet on sports, but do not live in one of the states in the United States where it is legal to do so? Not everyone can place bets on FanDuel or DraftKings currently in the USA. Online sports betting is not legal in every state in the United States. We can help.

DraftKings is king of online gaming stocks says analyst. Its stock gained 26.69% this week taking its year to date rise to 196.31%. DraftKings is royalty among online gaming equities. That is the sentiment of Macquarie analyst Chad Beynon. He recently increased his price target from $38 to $42. That implies upside of 24.44% from Friday’s closing point of $33.75.

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