NFL Season Expected to Break Records with $35 Billion in Legal Sports Wagers
The American Gaming Association (AGA) predicts that this NFL season will see a record-breaking $35 billion in legal sports wagers. This figure represents a more than 30% increase from last year’s $26.7 billion. The surge in sports betting is fueled by recent expansions, including new markets in Maine, North Carolina, Vermont, and the return of sports betting to Florida.
Currently, sports betting is legal in 38 states and Washington, D.C. Despite this growth, shares of major gambling companies such as DraftKings, Penn, Caesars, MGM Resorts, and Entain are down year-to-date. Flutter, which owns FanDuel, has seen a 19% increase in its stock value after a strong earnings report, while Churchill Downs and Rush Street Interactive have posted notable gains.
The competition among sportsbooks is intensifying as companies seek to capture a larger share of the betting market. FanDuel, the leading sportsbook, has partnered with YouTube for a “Sunday Ticket” offer and revamped its app to enhance user experience. Fanatics Sportsbook, which has expanded rapidly since acquiring PointsBet’s U.S. operations, leverages its existing sports fan base for customer acquisition and engagement.
DraftKings is emphasizing its NFL offerings with new prop bets and has adjusted its tax policies for high-tax states. Penn Entertainment’s ESPN Bet, which launched last November, is focusing on increasing customer loyalty and engagement. Meanwhile, BetMGM has introduced a single wallet for mobile play in Nevada, allowing customers to manage their accounts seamlessly across various states.
With more than 95% of sports wagers now placed online, speed and innovation are key to attracting bettors in a highly competitive market.