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Reproduced from American Gaming Association; Cartogram: Axios Visuals

When the pandemic arrived, the sports betting industry funneled bettors toward the few sports that were actually happening.

What's happening: Now that sports have returned, the industry has benefited from pent-up demand, while also capitalizing on a busier-than-usual summer, with baseball, soccer, hockey, golf and basketball all in full swing.

By the numbers: The Action Network, a sports betting-focused media company, had its biggest week ever for golf and NHL picks last week, and its second-biggest week ever for the NBA.

Yes, but: Sports betting operators and other businesses were still negatively affected, particularly on the user acquisition front. And with college football prospects dwindling, the fall won't deliver the betting volume they hoped.

1. The benefits of being young: "For most major stakeholders in the U.S., sports betting was always a 2023 or 2024 story," says Chris Grove, partner at Eilers & Krejcik Gaming. "So the industry appears to be shrugging off any concern about the long-term impact of COVID-19."

  • "You see a lot of operators and startups being able to take this in stride because the story has always been, 'Here's where we're going to be when this is a national market.' And the U.S. is still years away from that."
  • "That has insulated the industry from the kinds of material impacts you're seeing in more mature aspects of the U.S. gambling market like casinos and horse racing."

2. Online betting push: As a result of the coronavirus, some lawmakers and stakeholders who were on the fence about online sports betting are now more supportive.

  • Rhode Island passed a bill last month allowing residents to register for sports betting online instead of having to travel to one of the state's two casinos to do it in person.
  • Movement towards online betting remains slow in some states for political reasons, with casino lobbyists successfully killing bills.

3. All eyes on the NFL: March Madness is the biggest betting event in sports, so losing that this year was brutal. The next big "event" is the NFL season.

Driving the news: Penn National Gaming — which bought a 36% stake in Barstool Sports for $163 million in January — will launch the Barstool Sportsbook app in Pennsylvania next month, just in time for college football.

  • This represents the next phase in Barstool's evolution from media company to sports betting brand, and there's lots of interest in seeing how it goes.
  • "In these crowded state-by-state marketplaces, you need something to cut through, and it's hard to do that on price, product or brute force marketing," says Grove. "I think the core bet Penn is making is that Barstool's brand will cut through."

Go deeper

Kendall Baker, author of Sports
Aug 17, 2021 - Sports

The sports world's "decacorn"

Expand chart
Data: Crunchbase; Chart: Connor Rothschild/Axios

Fanatics has nearly tripled in value over the last year. Now, the e-commerce giant wants to expand into new businesses like sports betting, ticketing and media.

Driving the news: Fanatics closed a $325 million funding round last week that values the company at $18 billion, making it the world's 12th-most valuable private company, per CB Insights.

John Hinckley, who shot Reagan, wins unconditional release

John Hinckley Jr. sitting on the back seat of a car in 1981. Photo: Bettmann / Getty Images

A federal judge on Monday approved the unconditional release of John Hinckley Jr., who tried to assassinate former President Reagan in 1981.

State of play: U.S. District Court Judge Paul L. Friedman in Washington ruled that Hinckley can be freed from all court supervision in 2022 if he remains mentally stable and continues to follow rules that were imposed on him after he was released from a Washington mental health facility in 2016 to live in Virginia, AP reports.

Rep. Karen Bass launches run for Los Angeles mayor

Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Karen Bass (D-Calif.) on Monday launched her bid for mayor of Los Angeles.

Why it matters: Bass is a high-profile member of Congress. The former chair of the Congressional Black Caucus, she was considered as a potential running mate to President Joe Biden and was a lead negotiator in the recently-ended talks on police reform. Should Bass win the mayoral election, she would become the first female mayor in L.A. history.

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