NFL Season set to drive record-breaking $35 Billion in legal sports bets

With football back in full swing, the betting scene is gearing up for a record-breaking NFL season. U.S. adults are projected to wager a staggering $35 billion this year, a massive jump from last season's $26.7 billion. As sports betting expands to new states and platforms, it's clear that excitement is at an all-time high—even if the stocks of major gambling companies aren’t quite keeping pace.


Football’s return is set to break records, with U.S.adults expected to wager $35 billion on the NFL this season—a 30% increase from last year. Sports betting has expanded to new states, making it legal in 38 states and Washington, D.C.
However, gambling stocks haven't mirrored this growth. DraftKings, Penn, Caesars, MGM Resorts, and Entain have all seen negative returns this year. In contrast, FanDuel’s parent company, Flutter, has gained 19% after a strong stock market debut, and Churchill Downs and Rush Street Interactive have also posted positive gains, with Rush Street up 109%.
Licensed sportsbooks are rolling out fresh strategies to capture more of the market, focusing on attracting new customers and boosting brand loyalty. The NFL kickoff is a prime time for these platforms to introduce new technology and innovative wagers to entice bettors.
FanDuel, leading the charge, has partnered with YouTube for a “Sunday Ticket” offer, where a $5 wager gets players a three-week trial to watch out-of-market NFL games. They've also revamped their app, enhancing its design and expanding Same Game Parlay options, all aimed at keeping pace with the fast-moving world of online betting, where speed is key, especially in micro-betting.
FanDuel has updated its app and expanded Same Game Parlay options to allow faster betting, crucial for micro-betting as over 95% of wagers are now online. Meanwhile, Fanatics Sportsbook, after acquiring PointsBet's U.S. operations, is now live in 22 states, rapidly expanding since its launch last year.
Fanatics Sportsbook leverages its 100 million-strong fanbase for year-round customer acquisition, rewarding them with sports merchandise and collectibles. Ahead of the 2024 football season, Fanatics hosted the Fanatics Fest NYC, where fans met athletes and celebrities.
CEO Matt King noted strong positive feedback, emphasizing the sportsbook's focus on delivering value and unique experiences, especially during the "sports equinox" when multiple sports overlap. Meanwhile, DraftKings confirmed that the NFL remains its most popular league for both the volume of bets and total handle.
Penn Entertainment, with its shares down 28% this year and its digital business struggling, is under scrutiny as it enters its first full NFL season with ESPN Bet, a $2 billion rebranded sportsbook partnership with Disney's sports giant. Launched last November, the platform has since grown its customer base by 80% to 31 million members. Penn's leadership remains optimistic about its integration with ESPN, focusing on boosting loyalty, retention, and monetization through enhanced products and expanded offerings.
"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," stated BetMGM CEO Adam Greenblatt. (via CNBC)