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NFL season expected to spur record $35 billion in legal sports wagers

by September 4, 2024
written by September 4, 2024

Football is back, and it’s expected to bring with it record-breaking betting.

U.S. adults will wager $35 billion this NFL season, according to projections from the American Gaming Association.

That would mark more than 30% growth over the $26.7 billion Americans wagered over the course of last year’s season of the National Football League, according to the AGA, and would set a fresh record. Since last NFL season, Maine, North Carolina and Vermont have allowed sports betting operators to launch in their states. And court decisions have permitted Hard Rock International to relaunch sports betting in Florida.

Today, sports betting is live and legal in 38 states and Washington, D.C.

And yet stocks in the gambling companies aren’t following the same growth trajectory. Shares of DraftKings, Penn, Caesars, MGM Resorts and Entain, which jointly own BetMGM, are all negative year to date. Flutter, owner of FanDuel, is up 19%, after listing on the New York Stock Exchange this year. It posted second-quarter earnings that trounced expectations for revenue and profit, giving shares a lift.

Churchill Downs is positive on the year and Rush Street Interactive has posted notable gains of 109% year to date.

Each of the licensed sportsbooks is working on strategies to claim a bigger share of the action, trying to attract new customers and convince established players to show more brand loyalty.

NFL kickoff is an opportunity to launch new and improved technology or innovative wagers that entice players. Sportsbooks tailor their promotions to reach new customers.

“The NFL season is our biggest acquisition period of the year,” said Christian Genetski, president of FanDuel, the nation’s leading sportsbook.

FanDuel is the only one to partner with YouTube to roll out a “Sunday Ticket” offer. Players who wager $5 get a three-week trial to watch out-of-market NFL games with “Sunday Ticket.” FanDuel hopes allowing fans to watch their favorite teams will lead to more wagering.

FanDuel also said it has tweaked its app design and added more bets to its Same Game Parlay. It’s upgraded features so fans can wager at “the speed of sports,” the company said.

With more than 95% of sports wagers now happening online, speed matters. That’s especially true when it comes to micro-betting: wagers made on specific plays as the game unfolds.

Fanatics, Michael Rubin’s e-commerce empire that includes sports merchandise and memorabilia, launched its sportsbook last year in four markets. Since then, Fanatics Sportsbook acquired PointsBet’s U.S. operations and technology, which is now fully integrated. And its sportsbook is now live in 22 states.

It’s a pretty impressive ramp for a newcomer to the industry.

Fanatics Sportsbook relies on the existing database of 100 million sports fans for customer acquisition throughout the year and rewards them with products from the merchandise and collectibles businesses.

And just before the start of the 2024 football season, Fanatics hosted a blockbuster fan activation called Fanatics Fest NYC where customers could meet athletes and celebrities and celebrate their passion for sports.

Fanatics Sportsbook CEO Matt King told CNBC the customer response was effusive.

“We’ve seen incredible positive sentiment and resonance with our proposition of being the most rewarding sportsbook, both in terms of the economic value of what we give back as well as, frankly, the unique things we can do,” King said.

King said unique player rewards build into the crescendo of the sports calendar, what he described as the “sports equinox” — that time during the fall when nearly every sport is being played on overlapping schedules.

DraftKings said the NFL is its most popular league by both handle and number of bets it accepts.

The sportsbook, which recently pulled back on a plan to tax customers in high-tax states, is offering a “No Touchdown” prop bet this season, meaning bettors will now be able to wager on whether a top player does not score a touchdown.

With its shares off 28% this year and its digital business in the red, there is a spotlight and scrutiny on Penn Entertainment. This is its first full NFL season to show off ESPN Bet, its $2 billion investment on a rebranded sportsbook in partnership with the Disney-owned sports juggernaut. It first launched in November last year, smack in the middle of NFL season.

Since then, the platform has grown its customer database to 31 million members, an 80% gain. Penn’s leaders are optimistic about its media integration with ESPN.

“People are active in our app, and our goal over the next several quarters is to drive higher loyalty and retention and better monetize the significant engagement activity through improved product and expanded offerings,” Penn CEO Jay Snowden said on an Aug. 8 earnings call.

BetMGM just launched the first single wallet for mobile play in Nevada, where customers can transport their accounts from Las Vegas back to their home states. Mobile wallets eliminate the friction of multiple transactions.

“Our players can now immerse themselves in the excitement of MGM Resorts’ Las Vegas destinations or statewide while seamlessly continuing to place wagers in other BetMGM markets,” BetMGM CEO Adam Greenblatt said in a statement.

This post appeared first on NBC NEWS
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