DUBLIN, Sept. 25, 2023 /PRNewswire/ -- The "US Online Sports Betting Market Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
The US online sports betting market has been experiencing significant growth and expansion over the past few years, especially since the unprecedented arise of Covid-19. This growth was largely fueled by the United States Supreme Court's decision in May 2018, which was to overturn the Professional and Amateur Sports Protection Act (PASPA), previously restricting legal sports betting to just a few states.
After the abolishment of PASPA, individual states in the US gained the authority to legalize sports betting within their borders. Many states quickly moved to pass legislation and set up regulatory frameworks to allow for legalized sports betting. As a result, the US online sports betting market has been seen making rapid expansion and is projected to continue growing and reach massive lengths by 2028.
The US has been expanding ever since in its sports list including betting even in major sports league like the NFL and NBA. Simultaneous betting and live-cash withdrawal, are amongst those things which allows customer to engage more, beneficially retaining more number of customers, generating huge revenues.
US Online Sports betting industry is supported by some of the major players that oversee today's betting and money exchange, actively streaming around the globe. Some key players like DraftKings, FanDuel, Ceasers Entertainment etc. to provide seamless, server secured and encrypted betting on government aired sports.
US Online Sports Betting Market Analysis
Several prominent gambling operators and sportsbooks have newly emerged as market leaders in the states where online sports betting is made legal. Established casino operators, such as MGM Resorts, Caesars Entertainment, and DraftKings, are among the key players.
Mobile betting have become the dominant form of online sports betting in the US with a high increase in mobile and internet penetration. The convenience and accessibility of mobile apps have made them highly popular among users.
Sports betting operators have already formed partnerships with major sports leagues, teams, and media players to expand their reach and get into the new customer base. These collaborations helped to promote sports betting, increase fan engagement and customer retention.
Key Trends by Market Segment:
The National Football League (NFL) is the leading and widely followed professional football league in the United States, with a high fan base, almost all of the population are watching the games. Online sportsbooks offer a wide range of betting options for NFL games, including money line bets, point spreads, over or under bets, prop bets, and futures bets.
NCAA football games or college leagues, especially those involving popular teams and rivalries, attract considerable betting interests. While the NFL and NCAA dominates the US market, some online sportsbooks are offering betting options for other sports leagues worldwide like NBA, American League East (Baseball) etc.
Mobile devices, particularly smartphones, are the most dominant platform for online sports betting in the US. The reason behind is the convenience and accessibility of mobile betting apps have made them highly popular among bettors. Most of the online sportsbooks offer dedicated mobile apps which are optimized for operating in both iOS and Android devices, allowing users to place bets from anywhere, anytime.
Desktop and laptop computers were the traditional betting devices used for online sports betting before the rise of mobiles. While mobile devices may have gained significant traction, desktops and laptops still play a crucial role in the market due to the large screen and smoother user interface.
The leading area covered for the online sports betting market is in the America including, all the regions of north, east, south and west. with New Jersey, Pennsylvania, New Orlando, Michigan topping the other regions are recognized as the states with most betting done in a year. With high level of social networking groups, high internet penetration with 5G infrastructure everywhere availability of smartphones and desktop with high knowledge of sports is seeming to fuel and peak the interests of betting players.
The presence of strong and trustable vendor's (DraftKings, FanDuel, BetMGM, Caesars Entertainment, William Hill, PointsBet, FOX Bet etc.) penetration, makes the projected growth over the regions.
Several well-known and established operators, such as DraftKings, FanDuel (operated by Flutter Entertainment), BetMGM (joint venture between MGM Resorts and Entain plc), and PointsBet, were among the early entrants into the market. These companies had a head start and significant brand recognition from their previous daily fantasy sports (DFS) or casino operations.
Several land-based casino operators in the US have entered the online sports betting space to expand their offerings and capitalize on the potential of the digital market. These operators included companies like Caesars Entertainment (Caesars Sportsbook), Penn National Gaming (Barstool Sportsbook), and Golden Nugget.
Some online sports betting operators forged strategic partnerships with media companies and sports leagues/teams to enhance their brand exposure and reach a broader audience. For example, DraftKings and FanDuel secured partnerships with various professional sports leagues and teams to become their official sports betting partners.
Some online sports betting operators focused on specific states or regions where they had a strong presence and local brand recognition. These regional operators tailored their offerings to meet the preferences of the local market.
DraftKings: DraftKings at present operates an online sportsbook that allows users to bet on various types of sporting events, including major professional leagues like NFL, NBA, MLB, NHL, and others. Users can now place bets on moneylines, point spreads, totals, props, parlays, and many more.
FanDuel: FanDuel gained popularity as one of the pioneers in the Daily Fantasy Sports (DFS) industry. Similar to other DFS platforms, users on FanDuel can draft virtual teams of real players from various sports and compete against others based on the players' actual performances in games.
BetMGM: BetMGM is an operator, handling an online sportsbook that allows users to bet on various sports events from around the world. Users can place bets on major professional leagues, college sports, international competitions, and more. The platform offers a wide range of betting options, including money lines, point spreads, totals, props, and live in-play betting.
Several states have legalized sports betting since 2021, expanding the market's reach to increase its capacity even more. States like Arizona, Wyoming, and Connecticut passed legislation to allow online sports betting, and other states continued to explore legalizing sports betting as a potential revenue source.
Sports media companies and sports betting operators made collaboration to provide integrated experiences for users. Partnerships between media outlets and sportsbooks were maid, aiming to create seamless platforms that offer both content and betting opportunities, making an overall growth.
Online sports betting operators continued to introduce innovative betting options to attract customers. This included player prop bets, in-game betting features, and unique promotions tied to major sporting events.
Mobile sports betting has remained to be the primary channel for placing bets, with a significant share of wagers coming from mobile apps. User-friendly and intuitive mobile platforms were crucial for the operators' success.
As of 2021, Canada considered legalizing single-event sports betting, and some US operators were eyeing potential opportunities to expand into the Canadian market if legislation allowed.
The US Online Sports Betting Market is expected to show an increase in growth, at a CAGR of ~12% between the years 2022 to 2028, with much more capable influencers incoming to make the infrastructure much more dominant in the field of online betting.
The US online sports betting market is likely to continue growing as more states legalize and regulate sports betting. States that have not yet legalized sports betting might explore legislation to tap into the potential revenue generated by the industry.
Established operators will likely expand their presence into new states, where it's not that flourished, while smaller operators may look for partnerships or acquisitions to gain access to newer markets. This could lead to further consolidation in the industry, making the network to grow even further.
Mobile sports betting will likely remain the dominant channel for placing bets in the future as well. This is due to its convenience and accessibility even in places where one cannot take their desktop or private computers. Operators will continue to invest in user-friendly mobile applications to attract and retain customers and further monetize their firm.
Giants will continue to innovate and invest in technology to provide new and much more engaging betting options, live betting features, and personalized experiences for users. This will cause for a much larger customer base, where everyone will have a betting option to their specificity. Along with this the regulatory landscape will play a crucial role in shaping the market's future. As more states regulate sports betting, operators will need to navigate varying between state laws and regulations.
A selection of companies mentioned in this report includes
Key Topics Covered:
1. EXECUTIVE SUMMARY
2. US Online Sports Betting Market Overview
2.1 Taxonomy of the US Online Sports Betting Market
2.2 US Online Sports Betting Industry Value Chain
2.3 US Online Sports Betting Market Ecosystem
2.4 Government Regulations/Initiatives for the US Online Sports Betting Market
2.5 Growth Drivers of the US Online Sports Betting Market
2.6 Issues and Challenges of the US Online Sports Betting Market
2.7 Impact of COVID-19 on the US Online Sports Betting Market
2.8 SWOT Analysis
3. US Online Sports Betting Market Size, 2017 - 2022
4. US Online Sports Betting Market Segmentation
4.1By Sports Type, 2017 - 2022
4.2 By Device Type, 2017 - 2022
4.3 By Regional Shift (North, South, East, West), 2017-2022
5. Competitive Landscape of US Online Sports Betting Market.
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players of US Online Sports Betting Market.
5.3 Company Profiles - (Top 7 Major Players)
5.3.4 Caesars Entertainment
5.3.5 William Hill
5.3.7 FOX Bet
6. US Online Sports Betting Market Size, 2022 - 2027
7. US Online Sports Betting Future Market Segmentation
7.1By Sports Type (Football, Basketball, E-Sports, Baseball), 2022 - 2028
7.2 By Device Type (Desktop, Mobile), 2022 - 2028
7.3 By Regional Shift (North, South, East, West), 2022-2028
8. Analyst Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/jji51n
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