A (NEWLY) LEGAL VICE
Sports betting expands
Earlier this month, the U.S. broke betting records when fans bet nearly $7.6 billion on the Rams vs. Bengals championship game. With more states legalizing sports betting, the industry is ripe for expansion, and top brands are already battling it out for market share. Today, we’re looking ahead at the top sports betting apps and where they’re, well, betting the industry will go next.
With a current market share of 40%, FanDuel aims to become the go-to sports betting app as they lock in a brand-new partnership with Kevin Durant’s media network Boardroom. FanDuel is also expanding into live-streaming and allowing customers to get notifications as their sports wagers are about to occur through a partnership with streaming app Buzzer. As sports streaming continues to grow in popularity, expect an evolution in tandem with sports betting, with both industries capitalizing on the boom.
The National Football Leagues’ official sports betting partner is none other than Caesars Sportsbook. With an expansion focused on both maximizing their app presence and creating IRL experience, Caesars is creating a sportsbook kitchen bar with – wait for it – Guy Fieri. After receiving the green light for operations in New York State this past January, Caesars received more betting than any other sportsbook in the first nine days post-launch at a tune of $257 million. Given their ability to expand quickly, we’re anticipating the inevitable expansion of these sportsbook kitchen bar concepts.
While some rethink Super Bowl ads altogether, sports betting app DraftKings had little to reassess. They saw the second-largest surge in install growth at a rate of 197% week-over-week after their Super Bowl spotlight, securing DraftKings spot as #2 for U.S. online sports gambling. DraftKings is now expected to reach $2 billion in revenue, though they have seen a recent drop in investor confidence as they expand into potential new locations like Puerto Rico and Ohio.