Sports betting is now legal and fully operational in 18 states, plus Washington, D.C.Updated Aug 7, 2020 - Sports
18 states and counting have legalized it, launching an explosive new industry.May 14, 2020 - Sports
The best way to reach the vast majority of average sports fans is through their phones.May 8, 2020 - Sports
After watching New Jersey turn into America's new sports betting capital this fall, New York Gov. Andrew Cuomo is ready to embrace mobile betting as a way to generate much-needed revenue for the state amid the pandemic.
Driving the news: In a statement to the New York Daily News, Cuomo said he will make mobile sports betting a central part of his policy proposals to be laid out in next week's State of the State address.
As the U.S. sports betting market matures, a robust media landscape is forming alongside it, with companies aiming to educate and entertain bettors.
The state of play: One of the early entrants is Vegas Stats & Information Network (VSiN), which launched in January 2017. VSiN has three studios in Las Vegas (South Point, Mandalay Bay, Circa), one in Atlantic City (Borgata) and one outside Chicago (Rivers).
All North American sports leagues face enormous uncertainty heading into 2021, but the NHL's reliance on ticket sales and cross-border travel puts it in a particularly tough spot.
The state of play: While leagues like the NBA and NFL make most of their revenue from media rights, the NHL is a much more gate-driven league.
While legal wagers on the election aren't offered through U.S. sportsbooks, betting operators have launched free contests to drive sign ups and engagement.
Driving the news: DraftKings' $100,000 pool has attracted nearly 400,000 entries, and those who pick the winner overall and in 11 states have a chance to win.
Circa, the first ground-up resort built in downtown Las Vegas since 1980, opens today with what's being billed as the "world's largest sportsbook."
New Jersey's sports betting market shattered its own national record in September, taking in nearly $749 million in bets.
By the numbers: Online bets accounted for 90.7% of September's handle ($678.7 million). FanDuel Sportsbook/PointsBet topped the market with $25.1 million in gross revenue.
Sports betting stocks have been some of the best performers on the market this year, with DraftKings shares up 466% and Barstool Sports-backed Penn National up 176%.
The state of play: A new survey from CivicScience, provided first to Axios, shows sports betting likely has a great deal of growth potential. But much of that may be baked into already-lofty shares prices.
Barstool Sports was founded in 2003 as a free gambling newspaper. It later became a sports blog before growing into a media empire, and now things have come full circle with the recent launch of its own branded sportsbook.
Driving the news: The Barstool Sportsbook app saw a record 21,000 downloads per day during its first weekend (Sept. 18–20), breaking DraftKings' and Fanduel's daily records despite Pennsylvania being the only state where it was operational.
As sports betting comes out of the shadows and the pool of potential bettors increases, companies are experimenting with ways to target general sports fans.
Why it matters: While some aspects of betting remain complex and require time and research, the basic concept of making predictions is understood by everybody.
For decades, the black market — which consists of offshore sports books and local "bookies" — has been the only option for U.S. sports bettors looking to place wagers.
The state of play: Sports betting is currently legal and operational in 18 states plus Washington, D.C. It's legal but not yet operational in four more states, and another seven have active legislation.