U.S. Sports Betting: March 2024 Summary

As of March 8, 2024, sports betting is available or regulated in 39 states, bills authorizing sports betting are currently pending in six states, and bills to expand or reform existing state laws are currently pending in 14 states. We project the U. S. sports betting market to generate $22. 4 billion to $25. 8 billion in total annual revenue by 2027, depending on whether legislative developments align with our base case or our (more optimistic) bull case.

In this blog, we highlight the key developments in March.

Mobile Sports Betting Goes Live in North Carolina

Vixio projects that after the March 11 launch, North Carolina's mobile sports betting market will be the 11th largest in the U. S. by 2027. North Carolina will join a group of second-tier markets with annual revenues between $500 million and $1 billion, and could be nearing the top end in its fifth year of operation. ESPN Bet and Fanatics could launch at the same time as more established competitors FanDuel, DraftKings, BetMGM and Caesars.

Tax Rise Risks Rising?

If you had to pick one state most likely to propose a tax increase on sports betting, Illinois would be a safe bet, given its history of budget deficits and its track record of raising taxes on land-based casinos.

On February 21, Governor J. B. Pritzker's budget proposal would more than double the state's tax rate from 15% to 35%, with the Democratic governor saying he wants Illinois' tax rate to be closer to that of its peers in the sports betting market, such as New York.

It is unknown whether Pritzka's budget proposal is approved by Congress as it is, and the industry has a more small increase in the increase, and an alternative revenue increase plan to expand the IL State online market by legalizing Igaming. It is certain that you will be asked for lobby activities. In addition, various factors such as advantageous tax revenues in NY, higher profit margins of the US sports gambling market, state budget needs, political and public opinion on advertising and responsible gaming. It is unclear how many states will seek the tax rate in the future due to the possibility. The latter factor was that Ohio was described as the background of the tax rate of sports betting last year, and in recent years it has become a driving force on online gambling in various European markets. I can't deny.

Not all states take the same approach to the tax system on the lan d-based casino. While Illinois, Maryland, and Pennsylvania have been adjusting the casino tax rate for many years, other states have maintained their initial tax rates, regardless of budget and competitive environment.

College Prop Bet Backlash Continues

While online harassment for student athletes is concerned, the state regulatory authorities have been increasingly rebounding on the university athlete. Although the work of the National Collegiate Athletic Administration has increased its attention, the trend has increased in recent weeks, and the Ohai Ohio Casino Management Committee has decided to ban betting. The State Lottery and Gaming Management Committee and the Vermont Lottery Management Committee followed this. In addition, the West Virginia Congress has passed a new law to prohibit the player's betting if the speech is harassing the sports players. The bill is waiting for Governor Jim Justice to sign. < SPAN> It is unknown whether Mr. Pritzka's budget proposal is approved by Congress as it is, and the industry is a more substitute for the IL State online market by legalizing Igaming. It is certain that the extra drawing will be asked in the lobby activity. In addition, various factors such as advantageous tax revenues in NY, higher profit margins of the US sports gambling market, state budget needs, political and public opinion on advertising and responsible gaming. It is unclear how many states will seek the tax rate in the future due to the possibility. The latter factor was that Ohio was described as a background of doubling the tax rate of sports betting last year, and in recent years it has become a driving force on online gambling in various European markets. I can't deny.

U.S. Market Exodus Continues

Not all states take the same approach to the tax system on the lan d-based casino. While Illinois, Maryland, and Pennsylvania have been adjusting the casino tax rate for many years, other states have maintained their initial tax rates, regardless of budget and competitive environment.

Want to keep reading?

While online harassment for student athletes is concerned, the state regulatory authorities have been increasingly rebounding on the university athlete. Although the work of the National Collegiate Athletic Administration has increased its attention, the trend has increased in recent weeks, and the Ohai Ohio Casino Management Committee has decided to ban betting. The State Lottery and Gaming Management Committee and the Vermont Lottery Management Committee followed this. In addition, the West Virginia Congress has passed a new law to prohibit the player's betting if the speech is harassing the sports players. The bill is waiting for Governor Jim Justice to sign. It is unknown whether Pritzka's budget proposal is approved by Congress as it is, and the industry has a more small increase in the increase, and an alternative revenue increase plan to expand the IL State online market by legalizing Igaming. It is certain that you will be asked for lobby activities. In addition, various factors such as advantageous tax revenues in NY, higher profit margins of the US sports gambling market, state budget needs, political and public opinion on advertising and responsible gaming. It is unclear how many states will seek the tax rate in the future due to the possibility. The latter factor was that Ohio was described as the background of the tax rate of sports betting last year, and in recent years it has become a driving force on online gambling in various European markets. I can't deny.

Not all states take the same approach to the tax system on the lan d-based casino. While Illinois, Maryland, and Pennsylvania have been adjusting the casino tax rate for many years, other states have maintained their initial tax rates, regardless of budget and competitive environment.

‘We can’t think of anything that’s moved this quickly’: What’s the state of the US sports betting market in 2023?

While online harassment for student athletes is concerned, the state regulatory authorities have been increasingly rebounding on the university athlete. Although the work of the National Collegiate Athletic Administration has increased its attention, the trend has increased in recent weeks, and the Ohai Ohio Casino Management Committee has decided to ban betting. The State Lottery and Gaming Management Committee and the Vermont Lottery Management Committee followed this. In addition, the West Virginia Congress has passed a new law to prohibit the player's betting in the case of harassment patterns for athletes in the state of the State Congress. The bill is waiting for Governor Jim Justice to sign.

In March, 888 and BETWAY have become the latest business operators that have announced their withdrawal from the US online sports bed. The 888 eliminates the ti e-up with the Sports Illustrated brand, has begun a strategic review of the US business, and has revealed that BETWAY owner Super Group reveals that he is not satisfied with the status quo, and "aggresses the US strategy." It is evaluated. Many small operators originally signed an expensive market access contract to enter the major state market, but have been increasingly squeezed in recent years as the focus on the top ends of the market. I am. Businesses other than FANDUEL and DRAFTKINGS have dominated a total of 22. 4%of the market online GGR in 2023, decreasing from 34. 2%in 2021, and the current eight major companies are 4 in 2023. In the quarter, it has gained only 1%market share.

This blog is a monthly report on how the Supreme Court ruled in May 2018 to approve gambling regulations in all states, and how the US sports betting is being repainted. This is a part of the contents of the "Sports Betting Outlook in March". In this report, Vixio customers compare the state law and the main pending bills to identify policy trends, accurate the market size and range from both the progress of the expected legislative measures and the profit forecast by the participant. Can be predicted.

If you can contact the team members of Vixio or book a demonstration, we will guide you how your organization can use the Vixio's gambling compliance platform to grasp the US sportsbetting regulation. 。

Except for some states, the Professional Amateur Sports Protection Law (PASPA), which had virtually banned sports in the United States, was abolished in May 2018. At that time, the Federal Supreme Court ruled to support New Jersey, which was trying to acknowledge sports gambling, which became a watershed for the whole country.

Currently, 38 states and Washington DCs are legalizing sports gambling in some form, and more states are expected to continue.

Will more states legalise sports betting?

So far, business has been performing well. According to the US Gaming Association (AGA), US sportsbooks in 2022 reached $ 75 billion, up 75 % compared to 2021. Flutter, the parent company of Fanduel, predicts that the US betting market will be more than $ 40 billion by 2030.

"AGA's Senior Vice President of Casey Clark is a bit difficult to understand that he had only five years since the United States, not legalized outside Nevada.

"This has been part of our culture for a long time, and it seems that I was involved in sports as an adult.

"I don't think there's anything that has evolved so quickly.

There are also large markets where legal sports betting is not an option. California residents vote in November 2022, and members are still rubbing with local tribes and lobby groups opposing legislation.

Texas is unlikely to accept this idea until 2025. Florida may enter the struggle after braking sportsbetting in December 2021. Hard rock bets can be operated this month in response to the Federal Court of Court of Colombia, which may end a prolonged trial.

"Sports Innovation Texas's founder Thomas Alomes says," But it doesn't include the most popular states.

Which brands are on top?

"Looking at California, Texas, and Florida, it accounts for nearly 30 % of the potential target market in the United States.

"It will be really interesting if 75 % to 80 % of the population can be bet, and if the critical mass is expanded, it will be really interesting."

In particular, in the United States, in the United States, it must be remembered that the industry is still in the dawn. Nevertheless, it is impossible for gambling companies to spend enormous funding in the fight to become a market leader.

Fanatics's Michael Rubin, CEO, states that the company can become a top player in the US sports betting market.

So far, Fanduel and Draftkings have emerged as the biggest player. As of May 2023, with 9. 9 % of bed MGM share and 6 % of Caesers Sportsbook share, it boasted a market share of 45. 1 % and 32 %, respectively.

Fanduel and Draftkings have required a lot of investments to the present, and in the process, the two companies suffered significant losses. Fanduel, which is considering listing on the US Stock Exchange, is expected to be in the black for the first time in 2023, and Draftkings has recorded a 69 million dollar business loss in the second quarter.

"They are watching it is the investment in the future of the business, not the cost in the early stages," Clark says. "There are still many movements in the market.

Who else is entering the market?

"But we look at the numbers of the steering wheels that are rising every year and the number of revenue that are rising every year. For leading operators in this field, more advantageous and profitable business opportunities begin to come. I think. "

"Our model is based on giving a lot of options in what the customer wants to do in the selected platform. We have a fairly competitive market, and the new market is online. Then the competition will intensify.

"The market decides how many businesses can develop a business here, but I think consumer choices are really useful for Americans who want to bet on sports."

Betting giant flutter believes that the US betting market will be more than $ 40 billion by 2030.

Gambling emerging companies have already been born. FUBO canceled the sports betting business in October last year due to a severe macro economic environment, and Wynnbet stopped its business in eight states in the United States in August. FOX and Flutter also confirmed the closure of the FOX BET platform in July.

Despite these mistakes, Fanatics has developed sportsbooks in Maryland, Massachusetts, Ohio and Tennessee. Digital Sports Platform Fanatics is developing sportsbooks in Maryland, Massachusetts, Ohio, and Tennessee.

The sports network ESPN, a subsidiary of Disney, recently entered this field, partnered with pen entertainment in August, and r e-started the gambling sports book as an ESPN bet. With this movement, a pen that agreed to pay ESPN for $ 1. 5 billion in the first 10 years has sold Barstool Sports to Dave Portnoy, the founder of the digital media platform.

In addition, BETR of Micro Betting Platform, c o-founded by Jake Paul Jake Paul and SimpleBet's c o-founder Jake Paul and SimpleBet, and NVENUE, who are affiliated with Nascal, wants to succeed. We are cutting off with other companies.

"Fanatics has a huge amount of data about fans." Fanatics has a huge amount of data for fans. It is still not yet known whether it will be reflected in the betting.

What are leagues and teams doing?

The Theory of Pen was "How efficiently enters the Sports Betting Market." This concept is to spend as much money as possible to acquire users on your own platform, and increase the lifetime value of the user.

"A lot of funds have been invested in acquisitions, such as free beds and promo. I'm working on the release of ESPN BET (pen), and I'm spending a lot of attention.

"Again, I don't know if people will use Fanduel or Draftkings while watching ESPN."

Wynnbet has stopped its business in eight states because of many customers.

According to Sponsorunited, more than 25 franchises in the National Football League (NFL) have gambling sponsors. There is also an initiative to install rea l-stor e-type sports books that can be operated all year round, and in recent years, it has been introduced on the theme of betting.

I hope that gambling will be developed in the American sports world in the future.

"It depends on what the market is looking for," Clark points out the complexity and size of the United States. "I think we have proved not only a great innovator, but also an agile business that responds to the demand of consumers.

"As things mature, it will be a plus to the experience of an American adult who wants to bet on sports among leagues, teams, and gaming companies, but not (not attractive) to those who are not. , The necessary cooperation will continue.

"Sports betting as entertainment is certainly a positive fans' experience. Increase the enthusiasm of fans and spend more time on content.

New England Patriotz is one of more than 25 NFL teams with gambling sponsors.

However, while there is such a chance, there are concerns that gambling and sports may be too intertwined in the United States. Such discussions have been held in the UK, where the betting market is mature, and the government has published a white paper on gambling reform in April. The Premier League has been wary of the introduction of an independent soccer regulatory agency in the UK, and has agreed to illegal the betting sponsor from the front of the match day shirt since the 2025/26 season.

In the United States, where the market is still developing, similar measures are not yet deemed necessary, but there are warning signs. NFL players Isaiah Rodgers, Rashod Berry and Demetrius Taylor were suspended for the 2023 season in June for gambling during the 2022 campaign. Meanwhile, Tennessee Titans' Nicolas Petit-Flaire will miss the first six regular season games for betting on non-NFL sports in the team's facilities, violating the tournament's gambling policy. This brings to 10 players who have received gambling-related suspensions since April.

How lucrative will sports betting be in the US?

Given the exposure of betting brands, leagues and teams need to be careful not to be accused of being hypocritical by taking a heavy-handed approach to players. They also need to make sure gambling addiction doesn't become a problem. Notably, the AGA predicts that 28% of American adults plan to bet on the NFL this season.

In theory, the American sports betting industry should be favored in the face of this because major league franchises are not as reliant on gambling affiliations and the market is mature in an era when online betting is widespread. In contrast, the UK's gambling laws are becoming outdated as mobile betting becomes more widespread.

"I have confidence in a regulated industry," Clark continues. "As the market matures, I think it will require continued vigilance and evolution. It's not static.

"The US regulatory structure will not allow us to take the kind of reactions that some in the UK market are being forced to. We're way ahead of that."

When asked what he thought of Flutter's "US$40 billion by 2030" forecast, Clark didn't offer his own prediction. But the data suggests that, for now, things are only going in one direction.

"The trend lines are certainly positive in terms of handle growth," Clark says. "We're up 18% in the first half and revenues up 65%."

"As things mature, (the market) may look completely different in five years' time. I don't think anyone expected it to escalate so quickly five years ago."

The AGA, which is working to eradicate illegal gambling, also predicts expansion and evolution. The group predicted the illegal gambling market to be more than $150 billion in 2018, but now it’s only $64 billion. Clark acknowledged that addressing illegal sports betting “will always be a challenge,” but that tackling “predatory operators” will remain a priority and perpetrators will be held accountable.

Both sports betting and handle to grow year-over-year in the first half of 2023

Aromes said that despite “$220 billion” bet in the U. S. over the past five years, the sector “hasn’t reached the peak that people probably thought it would.” Still, he doesn’t think it “has hit bottom.”

Beyond the draft: inside the dynamics of daily fantasy sports in a surging market

Brands looking to dominate the industry have already invested heavily, but they know that endless, unfocused spending is not viable. Prioritizing the user experience, including doubling down on variety and innovation, may ultimately bring the biggest rewards.

Instead of thinking, like, for example, the Premier League, like, 'Okay, let's get rid of betting,' it's, 'How do we customize and personalize the experience for people who want to bet and create a separate personalized experience for people who don't bet?'" Alomes said.

"I think sports betting will be in a natural position as one of the levers that fans pull to get involved where they want to be. That's my hope.

"I don't think that will happen, but it's a sustainable way to deal with criticism while still growing.

DraftKings continues to shape the landscape of the game with an innovative platform that offers fans a blend of strategy and excitement. (Photo illustration: Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

PHOENIX - Nick Arcolano, founder of Brooklyn, New York-based fantasy football "lifestyle brand" BDGE, began blogging about fantasy football at the age of 18 and quickly realized his passion was behind the microphone.

It started with creating YouTube content focused on fantasy football, but later expanded into other areas such as gambling and lifestyle.

One day, I woke up and didn't decide, "Hey, I quit my job and do this job." Many years and years. "I witnessed the growth, and I started to get money.

Certainly progressive. Daily Fantasy Sports is a subset of fantasy sports games that became popular in the 1980s, and the 2018 Supreme Supreme Court ruling opened a door to Sportsbetting legalization, and the 38 states and the Columbia Special Zone accepted this opportunity. Thanks to this, it is booming.

Enjoying the ride

The January 2023 report suggests that the fantasy sports betting market will reach $ 56. 36 billion by 2030.

Daily fantasy sports articles and podcasts are overflowing on the Internet. The DFS has the elements of the brain battle between players, and was originally more popular than betting on odds. In addition, users can participate in a larger contest, where you can get the prize pool separately in the top half.

"I think the growth of DFS and sports betting will continue," said Ben Folks, former vice president of VSIN, a streaming TV channel in the United States. "Daily fantasy sports are legalized in more states because they have a longer history than Sportsbetting.

The growth of daily fantasy sports has brought many wonderful entertainment, but also caused changes, issues, and concerns. And it's a great opportunity for some people.

Ercolaho had created content on the Draft platform before the company name was changed to underdog.

"The relationship with Underdog is extremely organic, and in terms of partnership, I think it's one of the more organic relationships," he said.

The video using the Draft app posted by Elcorano to X (formerly Twitter) was noticed by the Vice President of DRAFT's marketing.

"At that time, the two companies were owned by the same parent company (Fanduel). One day I was brought to the office. I was able to enter the office of Fanduel.

Elcorano has partnered with Underdogs that summer, and since then he has been in the company.

"When you work with a company like this, at least if you're a slightly higher-level partner, they tend to put you in a monopoly position and not let you work with other companies in that field. "The competition with them is intense.

Growing up in Brooklyn, Folkes has always been familiar with gambling, and during his senior year of college, he interned editing gambling content.

"Growing up in Brooklyn, you're going to be dealing with gambling in some way. "I was always interested in gambling in college. I was an economics and psychology major, and I think sports betting is at the intersection of those two majors.

Fowlkes interned at ESPN The Magazine, editing gambling content from Chad Millman's podcast. He then began his career as a digital content creator for ESPN Chalk (now ESPN Plus), where he created preview guides for each NFL, NBA, and NHL season, and ran websites, social media, and subscription products. VSIN "Because at the time gambling was only legal in Nevada," he said. "But the key was knowing there was an audience there. It was just a matter of growing it organically and eventually getting buy-in from higher-ups that it was OK to produce more content." Daily fantasy sports have gained immense popularity in the Southwest since sports betting became legal in September 2021. This seismic shift is emblematic of how the betting market is trying to carve out a niche in an unexplored industry that was booming just a decade ago. As the fantasy sports space evolves, PrizePicks has emerged as a front-runner with its simplicity, strategic gameplay and unique appeal that sets it apart in the competitive sports betting world. (Graphic: Peyton Gallaher/Cronkite News) The difference between daily fantasy sports and classic fantasy football leagues is how rosters are constructed. In DFS, contests usually last anywhere from a day to a week. DFS roster sizes allow teams to be built on a week-by-week basis, rather than drafting a team and maintaining it for the entire season like in a typical fantasy league.

Carving out a market

Aside from prize money, some fans enjoy watching sports more when there is a financial incentive, according to the National Center for Biotechnology Information.

The Fantasy Sports Gaming Association (FSGA) advocates for fantasy sports legislation that adheres to the basic principle that "fantasy sports are games of skill and should not be legally considered gambling." For each contest, participants must create a new team. Each player has a price, and participants cannot exceed the salary cap of $50, 000 per team.

Sports betting and daily fantasy sports are intertwined because FanDuel and DraftKings, the two largest sports betting sites, have invested in DFS. DFS requires participants to create their own lineups and play against other competitors, as opposed to sports betting, where participants bet on a specific outcome.

Daily fantasy sports and sports gambling have great growth potential across Arizona, fueled by a surge in marketing campaigns heavily targeted at online gamblers. Also, because gambling is legal in Arizona, it attracts bettors from outside the state.

"We have people driving across the border from California, we have people driving across the border from Nevada," he said.

"Similarly, when New York didn't have mobile betting and New Jersey did, people would go over the GW (George Washington) Bridge or take the PATH train to New Jersey, place a bet and come back.

"So that may be bigger in terms of growth, because you know the fact that it's legal in some places and not in others, and there's a demand."

Arizona's rise as a gambling haven has brought into the spotlight concerns about ethics and addiction.

Problems arise

The National Council of Problem Gambling has been addressing the issue of daily fantasy sports as far back as 2013.

DFS has been controversial for some time as state legislatures have been grappling with the issue of its legality and whether fantasy games should be considered gambling.

Related story

"If you think about the definition of gambling, it's trying to win something to gain an advantage," says Mark Lefkowitz, program director at KindBridge Behavioral Health. "It's definitely gambling. Gamblers Anonymous includes fantasy sports as a form of gambling in their literature."

In 2023, the world's fantasy sports market was expected to grow at 9 % per year until 2027, and was expected to be the largest area in North America. This is a tough slope for a medical service company, but he understands that it needs to secure a recognized therapist, build such a network, and continue to supervise.

"This is a lot of money. It's similar to the game industry," said Hatfield. "Video games are a big trajectory of increasing net assets. There are many players. Gambling is high and there are many behaviors that may be concerned in the future.

One of the biggest problems that is currently emerging is the age when gamblers begin to participate in fantasy sports and other games. In many cases, it starts with a scratch lottery that can be purchased at a convenience store. You can hit and hit by simply scratching.

"Cindbridge's Chief Clinical Officer, Michel Hatfield, says," Interestingly, in my experience, most of their gambling starts with scratches. Win the 18th birthday with a scratch. And I want to buy a scratch.

"Lefcovitz, who is in charge of Prescott's inpatient treatment program, said," The young sports better is the entrance to the organized bet. I started using the Internet. " 。

According to experts, if fantasy sports players are absorbed in time and financial restrictions, mental and economic health is likely to be impaired.

While gambling is considered an accidental game, fantasy sports are defined as skill games. However, the result of the action is the same. "I think the idea of ​​skil l-t o-chance is to separate the instinct and the action itself," said Hatfield. "In other words, it is the excitement and action of people, and the action itself can cause problems." < SPAN> In 2023, the world's fantasy sports market was expected to grow up to 9 % per year until 2027, and it was expected that North America would be the largest affected area. This is a tough slope for a medical service company, but he understands that it needs to secure a recognized therapist, build such a network, and continue to supervise.

"This is a lot of money. It's similar to the game industry," said Hatfield. "Video games are a big trajectory of increasing net assets. There are many players. Gambling is high and there are many behaviors that may be concerned in the future.

One of the biggest problems that is currently emerging is the age when gamblers begin to participate in fantasy sports and other games. In many cases, it starts with a scratch lottery that can be purchased at a convenience store. You can hit and hit by simply scratching.

"Cindbridge's Chief Clinical Officer, Michel Hatfield, says," Interestingly, in my experience, most of their gambling starts with scratches. Win the 18th birthday with a scratch. And I want to buy a scratch.

"Lefcovitz, who is in charge of Prescott's inpatient treatment program, said," The young sports better is the entrance to the organized bet. I started using the Internet. " 。

According to experts, if fantasy sports players are absorbed in time and financial restrictions, mental and economic health is likely to be impaired.

Growth, ramifications of daily fantasy sports

While gambling is considered an accidental game, fantasy sports are defined as skill games. However, the result of the action is the same. "I think the idea of ​​skil l-t o-chance is to separate the instinct and the action itself," said Hatfield. "In other words, it is the excitement and action of people, and the action itself can cause problems." In 2023, the world's fantasy sports market was expected to grow at 9 % per year until 2027, and was expected to be the largest area in North America. This is a tough slope for a medical service company, but he understands that it needs to secure a recognized therapist, build such a network, and continue to supervise.

"This is a lot of money. It's similar to the game industry," said Hatfield. "Video games are a big trajectory of increasing net assets. There are many players. Gambling is high and there are many behaviors that may be concerned in the future.

One of the biggest problems that is currently emerging is the age when gamblers begin to participate in fantasy sports and other games. In many cases, it starts with a scratch lottery that can be purchased at a convenience store. You can hit and hit by simply scratching.

"Cindbridge's Chief Clinical Officer, Michel Hatfield, says," Interestingly, in my experience, most of their gambling starts with scratches. Win the 18th birthday with a scratch. And I want to buy a scratch.

"Lefcovitz, who is in charge of Prescott's inpatient treatment program, said," The young sports better is the entrance to the organized bet. I started using the Internet. " 。

According to experts, if fantasy sports players are absorbed in time and financial restrictions, mental and economic health is likely to be impaired.

While gambling is considered an accidental game, fantasy sports are defined as skill games. However, the result of the action is the same. "I think the idea of ​​skil l-t o-chance is to separate the instinct and the action itself," said Hatfield. "In other words, it is the excitement and action of people, and the action itself can cause problems."