Nov 6, 2023 - Economy
Charted: Online gambling's rise
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Disney's ESPN will enter the online sports betting industry on Nov. 14 with the debut of its ESPN BET platform in 17 states, Hope writes.
Why it matters: "Getting into sports betting is a perceived business necessity for ESPN," John Kosner, a former ESPN executive, tells WSJ.
- Industry revenue is expected to grow by 55% next year, according to consulting firm Eilers & Krejcik Gaming, per WSJ.
State of play: DraftKings is now the U.S. market leader in online sports and casino gambling, with 2.3 million monthly unique payers as of Q3.
- The company took about 31% of online gambling gross revenue as of late August, toppling FanDuel for the No. 1 spot.
The intrigue: There's not a lot of consensus on how sports betting companies fare during economic downturns.
- As a "nascent" industry, and "for sports betting to work, you don't need a view on the economy," Jefferies' David Katz recently told CNBC.
What to watch: "[Some] addiction experts fear a coming national epidemic to rival the opioid crisis," The Hill reports.
