Start Of Football Seasons Expected To Boost Sports Betting
Mon, Sep 20, 2021
Football accounts for over 30% of the sports betting business online and offline. That means the beginning of the NFL season this year translates into an increase in sports betting activities on Betway after the summer hiatus.
According to data analyst Eric Ramsey, industry numbers would significantly reduce if a football season was put on hold. Fortunately, the American Gaming Association says that sports betting is now legal in 26 states in the US. That’s a significant increase from the 18 states that had legal sports betting by the start of the previous football season.
Today, some of the biggest sports betting markets in the US include New Jersey, Illinois, Nevada, and Pennsylvania. Other major markets moving towards legalization of sports betting include Florida and California, with New York expected to embrace mobile sports betting soon.
In July, sports punters spent over $300 million to wager at Pennsylvania casinos and online, which is almost twice the amount they bet in July 2020 - when they spend around $165 million. July is known as a slow month in sports betting since there aren’t many leagues playing, but this year was different as the Olympics offered an opportunity for a summer boost.
The Olympics gave punters more games to wager on with Betway sports betting, although the industry numbers were still down compared to June. That’s because there wasn’t a lot going on in the sports calendar as many leagues were on a break ahead of the 2021/2022 season. Fortunately, the Olympics gave the industry a little nudge, but not as much as many expected as most bookies were down 20-30 percent.
During the 2020/2021 fiscal year, July 2020 was the worst month for sports betting, before peaking again in January 2021. However, most of these bets were placed online, with mobile betting accounting for over 80% of the total sports betting revenue. Most of these mobile bets occurred on games, which encouraged many operators to offer their customers these types of bets on different sports.
Following the struggle that many sports organizations have gone through over the last year, many professional leagues have welcomed the sports betting market. As a result, the NFL and other professional leagues that once fought against sports betting legalization are now allowing various betting companies to advertise their offerings during games. Various teams have also signed deals with sports betting companies as their official betting partners, including recently announced contracts involving the New York Jets and the Baltimore Ravens.
Media companies are also collaborating with sports betting firms, looking to reach punters who enjoy betting and enjoy reading and watching sports news. Sports Illustrated has already launched a sports bookie and ESPN is reportedly considering a $3 billion contract that will license the brand to sportsbooks. Additionally, sports merchandise trader, Fanatics is planning to launch a new sports betting app.
This ever-increasing competition in the sports betting market is making it harder for betting companies to maintain their market share as more entrants come in. However, the cost of penetrating the market is gradually increasing as it’s getting more difficult to replace established entities, which is inspiring strategic partnerships.