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Visualizing the Growth of U.S. Sports Betting https://ift.tt/8qZp352 See this visualization first on the Voronoi app. Visualizing the Growth of U.S. Sports Betting This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. The global sports betting industry has grown exponentially over the last few years, with a significant share of that growth coming from the United States. This graphic shows annual gross gaming revenue (GGR) from sports betting in the U.S., with data coming from the American Gaming Association. What is GGR? GGR is the total amount of money wagered minus winnings. For example, if a player wagers $1,000,000 at a casino and wins $900,000, GGR would be $100,000. Sports Betting Still a Young Industry Sports betting in the U.S. was first legalized in May 2018, after the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) of 1992. PASPA had effectively outlawed sports betting nationwide. Since 2018, gross gaming revenue has jumped from $400 million to $11 billion in 2023. Year Gross Gaming Revenue (GGR) Label 2018 0.4 $0.4B 2019 0.9 $0.9B 2020 1.5 $1.5B 2021 4.3 $4.3B 2022 7.5 $7.5B 2023 11.0 $11.0B Betting is particularly big in Nevada, New Jersey, and Pennsylvania due to early legalization, robust regulatory frameworks, and strong sports cultures. Nevada, boosted by Las Vegas, generated over $5 billion in commercial gaming revenue (including other casino revenue streams) over the first four months of 2024, while New Jersey and Pennsylvania each generated over $2 billion. According to the American Gaming Association, 38 states (and DC) have legalized sports betting to date. If you enjoyed this post, be sure to check out this graphic, which shows the top NFL teams by revenue. The post Visualizing the Growth of U.S. Sports Betting appeared first on Visual Capitalist. INFO via Visual Capitalist https://ift.tt/CXnSlci July 5, 2024 at 07:03AM

⚡ SPORTS BETTING NEWS ⚡ Per Sportico, Barstool Sports is making a comeback in the world of sports betting with current advanced talks on a comprehensive deal with DraftKings. The deal, as reported, is set to be a traditional marketing partnership, where Barstool will actively promote DraftKings odds. In return, Barstool stands to benefit from customers referred to the sportsbook. It's an exciting synergy that combines the unique strengths of both entities. Unlike Barstool's previous relationship with PENN Entertainment, the company won't be lending its name to a betting app -- instead, the focus is now on creating a dynamic marketing alliance that will allow DraftKings to leverage the vast audience and influence of Barstool Sports. Per sources, Barstool is not allowed to get back into sports betting until after the end of the current NFL season, so the deal is yet to be finalized. GMA Consulting's Josh Swissman, MBA shared his thoughts: "Further enhancement and development of media partnerships like this one are going to be critical for continued differentiation and increasing marketshare, whether we are talking about a top-tier operator like DraftKings, or a new market entrant." As the sports betting landscape continues to evolve, partnerships like these could redefine the industry's dynamics. We look forward to witnessing the innovation and excitement that this collaboration between Barstool Sports and DraftKings will undoubtedly bring to the world of sports and entertainment. Read more here: https://lnkd.in/gDBNQRHe

Comcast and DraftKings Bring Enhanced Sports Betting Experience to Xfinity X1: With Xfinity Odds Zone, X1 customers can view live odds from DraftKings directly on the TV while watching major live sports games and events. Additionally, the company announced a new immersive viewing experience, launching for the first time with THE PLAYERS Championship, that makes finding, interacting with, and watching live sports easier than ever. Comcast Business is a Proud Partner of THE PLAYERS Championship, where the strongest field in golf will meet the famed Stadium Course at TPC Sawgrass from March 12 – 17. Xfinity Odds Zone on X1 Xfinity Odds Zone on X1 will be a seamless on-screen companion experience for sports fans, making it quick and easy for customers to find betting information and initiate wagers on the DraftKings Sportsbook app without having to take their eyes off the action on the main screen. Xfinity Odds Zone will debut on March 12 for the start of THE PLAYERS Championship, with additional sporting events to follow including the men’s and women’s NCAA tournaments and NBA & NHL Playoffs. Xfinity Odds Zone will also be available for the start of the MLB and NFL regular seasons. “For sports fans, there is no better way to track in-play odds than right next to the live event, so we’re working with DraftKings to bring customers a transformative experience that makes it easy to follow the action and initiate bets while the event unfolds,” said John Dixon, Senior Vice President, Entertainment, Comcast. With Xfinity Odds Zone, sports fan can view odds directly on the TV, side-by-side with the live coverage. Bets can be quickly initiated by scanning a QR code that will add the wager to a DraftKings bet slip on their mobile device, where they can complete the transaction. Odds Zone will live within the existing Sports Zone app on X1, a popular companion experience used by millions of X1 customers that provides a quick way to find and watch live sports and view real-time scores and stats while watching any show or program. To access the Sports Zone app, customers can say “sports app” into their voice remote, or simply press the “c” button. Xfinity Odds Zone will be available to X1 customers in most markets; placing bets is limited to customers living in states where sports betting is legal and DraftKings Sportsbook operates. New Interactive Sports Experience Also debuting on March 12, a new interactive sports experience on X1 will bring golf fans an easy way to follow every pivotal moment of THE PLAYERS Championship, aggregating all live coverage from NBC, Golf Channel, Peacock, PGA TOUR LIVE on ESPN+ and the TOUR’s free ad-supported streaming TV (FAST) channel in one place alongside new interactive features. “With Comcast Business as a Proud Partner, THE PLAYERS Championship is a perfect opportunity to showcase the power of our platform to help customers find, watch and enjoy events…

The Super Bowl extends beyond just NFL fandom… With an estimated $𝟐𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 to be wagered on the game, this is the biggest day of the year for sportsbooks The popularity of sports betting is at an all-time high. In 2023, the American Gaming Association reported that the total sports betting handle exceeded $100 billion. This year's Super Bowl represents a peak moment in sports betting. With an expected audience of over 200 million, it is projected to be the most bet-on event in history. However, sportsbooks face the challenge of attracting and retaining customers. With numerous options available to consumers, companies are strategizing to capture their interest. 𝗙𝗮𝗻𝗗𝘂𝗲𝗹: Offering a share of $10 million in free bets to customers who place a Super Bowl wager of at least $5. 𝗗𝗿𝗮𝗳𝘁𝗞𝗶𝗻𝗴𝘀: Introduced a “Bet One, Get One” promotion, leveraging their new partnership with LeBron James. This offer includes placing a bet on the Super Bowl and receiving a bonus bet of the same value. 𝗕𝗲𝘁𝗠𝗚𝗠: While many companies focus on offering perceived value through promos to attract consumers, BetMGM is emphasizing the use of social media for a more streamlined experience. BetMGM has formed an exclusive partnership with X, which is usually the heart of conversation for sports especially during big games. 𝗛𝗼𝘄 𝘄𝗶𝗹𝗹 𝘁𝗵𝗶𝘀 𝘄𝗼𝗿𝗸: BetMGM’s odds will be integrated into X, providing an interface for easy navigation to BetMGM’s app or website. This strategy is aimed at engaging consumers where their interest already lies. 𝗪𝗵𝘆 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱 𝗰𝗮𝗿𝗲: BetMGM's strategy marks a notable venture in merging sports betting with social media. While their future goal is to enable direct betting within the social app, the Super Bowl offers a pivotal moment to demonstrate the effectiveness of this integration. I'm excited to see how this goes because this event could potentially reshape how sports betting interacts with social platforms going forward. https://lnkd.in/geM6NWtg #sportsbiz

🎲 Some wild news about Barstool Sports and DraftKings Inc. potential alliance to the sports betting scene! Here's my take: 🤝 Barstool has shown the level of collaboration with key partners is like no other, which is evolving the world of sports gambling and media. It's like they are looking at the other team's Madden playbook and always know what's next. Barstool's mindset had extremely fast growth, and part of that has been on the backbone of the sports gambling world. 💼 Partnering with DraftKings, one of the fastest-growing brands in the sports gambling universe, is just a genius strategy. It's like two powerhouses teaming up to dominate a following. Strengths on strengths, because why settle for anything less? Brace yourselves for the exciting opportunities, content, and betting boosts galore for us sports fans. 📈 The business dynamics are intriguing and, let's face it, kind of confusing. Barstool's return to Dave Portnoy for a whopping $1, Penn's stake in ESPN Bet, and a nearly $1 billion write-off – talk about extremes in the industry. In an industry where you can have a $1 sale and a $1 billion write-off in the same sentence, blows my mind. Also please reach out if someone has one of those $1 parlays that pays out $1 billion. Thanks! 📅 Barstool's origin as a betting and fantasy outlet in 2003 is a nostalgic reminder of how early they were in on a huge shift in our culture and sports. The company's history in the betting realm, coupled with the potential deal, signifies a potential revival of its roots and potential for somehow even more gambling content. 🏈 As a die-hard sports fan, I'm on the edge of my seat, eagerly awaiting the unfolding of this collaboration. It's not just business – it's about the content, the experiences, and the wild ride it promises for us fans. Exciting times at the intersection of sports, media, and betting! What are your thoughts on these developments? Share your opinions! #SportsBetting #MediaCollaboration #BarstoolSports #DraftKings #OpinionPiece https://lnkd.in/einA8cur

AS THE SPORTS BETTING WORLD TURNS... As first reported by Sportico, Barstool Sports is on its way to getting back into the gamblin' game. Well, sort of. The report maintains that Barstool is closing in on an eight-figure pact with DraftKings. That doesn't mean the former's eponymous sportsbook is returning, however, as DK already has that more than covered. Rather, we appear to be looking at a promotional/marketing partnership. It all comes on the heels of founder Dave Portnoy buying Barstool Sports back from Penn Entertainment (formerly Penn National Gaming) in 2023 for a single dollar. Penn turned around and partnered with ESPN to establish the fledgling ESPN BET platform, which currently operates in 17 states. For the record, Penn originally bought Bartsool for $550 million. DraftKings, the No. 2 US online sportsbook by market share behind FanDuel, is known for recruiting celebrity endorsers across the worlds of sports, entertainment, and beyond, but this is a highly specific move -- ostensibly to attract a highly specific type of consumer. It's unavoidable that Barstool and Portnoy have caught fire for expressing misogynistic and racist views across its platforms and engaging in unethical and even illegal business practices. There's no nice way to put it. But DraftKings clearly recognizes that there's a (disturbingly) large number of relentlessly loyal denizens that consider those troublesome realities to be a feature rather than a flaw. Full story from Eben-Novy Williams at Sportico: #linkedinsports #draftkings #barstool #barstoolsports #gambling #sportsbetting #media #sportsmedia

M&A activity for sports media websites has been strong for as long as the internet has been around. Over time, the prices for these assets have gone up considerably due to things such as betting, fan growth, diversified revenue streams, etc... My bet? They’ll only continue to get bigger as sports continue to expand globally. Here are 10 of the biggest deals done throughout the history of the industry: #sportsbusiness #sportsindustry #sportsmedia

The betting aspect of the sports business is something that intrigues me most about the growth of professional leagues, the revenues of the AGA, and our economy in general. Currently, some form of sports betting has been legalized in 38 states. In addition to that, betting on games has become a generally accepted function of popular sports culture and media. Additionally, tons of networks have adapted to the growth of the betting sector (ie, ESPN, Barstool Sports, and pro organizations). The marketing of sports betting seems to persuade some consumers that sports betting can be a "long-term investment" and the access to data intrigues these consumers to make certain betting decisions. The past Superbowl has brought the industry to new heights and its growth seems limitless in the short amount of time it has been legalized. Where will it go from here? Curious to hear my network's opinions.

In recent years, the landscape of sports betting in the United States has experienced a seismic shift. The repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018 opened the floodgates for legalised sports betting, transforming how Americans engage with their favourite sports. This transformation is particularly evident during mega events such as the Super Bowl, March Madness, and the World Series. The Supreme Court's decision to overturn PASPA allowed states to regulate sports betting. 38 states and Washington D.C. have legalised sports betting in some form. Mega events like the Super Bowl exemplify the dramatic rise in sports betting. The Super Bowl is not just the pinnacle of American football; it is also a betting extravaganza. The 2024 Super Bowl, for example, attracted a record 123.4 million viewers, many of whom engaged in legal betting on various aspects of the game, from traditional point spreads to exotic prop bets like the length of the national anthem or the color of the Gatorade dumped on the winning coach. The economic impact of legalised sports betting is significant. States with legalised betting have reported substantial tax revenues, which are often allocated to public services such as education, infrastructure, and health care. In the third quarter of 2023, sports betting generated $505.96 million in tax revenue nationwide, highlighting its economic potential. Looking ahead, the future of sports betting in the USA appears promising yet complex. The potential legalisation in major states like California and Texas could exponentially increase the market size and revenues. Additionally, the continued integration of technology, including AI and data analytics, will likely refine and enhance the betting experience. The involvement of major sports leagues and media companies, such as the partnerships between the NFL and various betting platforms, indicates a deeper embedding of betting within the sports ecosystem. These partnerships not only legitimise sports betting but also integrate it seamlessly into the fan experience. The rise of sports betting in the United States, particularly around mega events, marks a significant evolution in the sports industry. While the economic benefits are clear, the industry must navigate the associated social responsibilities carefully. As technology continues to advance and more states consider legalisation, sports betting is set to become an even more integral part of American sports culture. The key will be balancing growth with responsible practices to ensure a sustainable and enjoyable betting environment for all.

🚀 Penn Entertainment has acquired WynnBET's New York sports betting licenses, paving the way for ESPN BETt's launch in 2024 🎲📈 For $25m, Penn and ESPN BET gain access to the lucrative NY market, entering the biggest betting market in the United States.🗽💼 This deal not only expands Penn's footprint but marks an important milestone for ESPN BET. With ESPN BET already live in 17 US states, New York represents a key market in North America's sports betting landscape 🌎🏈 🏅 The state is currently dominated by two of the largest sportsbooks in the US, DraftKings and FanDuel. The two operators currently hold around 75% of the NY mobile sports betting market. Penn and ESPN BET will be looking to find a share of their market through extensive media promotion, as in other states. Jay Snowden, CEO of Penn Entertainment, highlights the significance, "This development brings ESPN BET to North America's largest regulated online sports wagering market." 🤝🔝 The acquisition underscores Wynn Interactive’s retreat from the US market, having withdrawn from multiple states last year. The focus now shifts to ESPN Bet's expansion as it continues to grow across the US 📊. What does the future hold for ESPN Bet? With New York on the horizon and 17 states already in the bag, the sky's the limit. Penn Entertainment’s moves, including the recent rebranding from Barstool Sportsbook to ESPN Bet, demonstrate a clear vision for dominating the sports betting industry 🌟🏟️ Where do you think ESPN BET is heading next? How do you think the sportsbook will compete with the existing giants, like FanDuel and DraftKings, in the Empire State? Let us know in the comments ⬇️  #PennEntertainment #WynnResorts #SportsIndustry #BettingMarket