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Sports Betting Market Trends: Top Leaders Dominate
SportsGrid
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7/22/2024
Category
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Sports
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00:00
Okay, so Superbook stepping back, Betfred stepping back, ESPN Bet having their troubles
00:10
as well.
00:11
I mean, that seems like the story that we're sort of headed for here over the next six
00:15
months.
00:16
And Pat, what I really find interesting about this is that some of these smaller sports
00:19
betting operators and the ones you're saying they're not getting the market share, they're
00:23
not even willing to wait, it seems like, for California to go live and Texas to go live,
00:28
because when those states go live too, you would think there'd be an influx.
00:32
But I guess that's kind of where we're headed, is the leaders in sports betting are going
00:35
to continue to be the leaders, TBD, until anything changes soon.
00:41
Yeah, I think we're seeing true consolidation at the top.
00:45
I mean, FanDuel and DraftKings are very clearly one and two in sports betting handle and market
00:50
share.
00:51
BetMGM, Caesars not far behind, Fanatics are right there.
00:55
And even BetRivers has generated probably enough market share to say this is worth it.
01:01
And then the rest are just kind of trying to fight out with what's left.
01:05
And then you have to figure out the business side of it for them, is that handle and revenue
01:10
enough to make it worthwhile and have a profit share?
01:13
And as we mentioned, I mean, multiple books now this year alone have said, no way, we
01:19
can't do this.
01:20
From Saharabet, which was only in Arizona, to Unibet and Bet365 saying, you know, this
01:26
is not 365, we'll talk about that in a minute.
01:30
Betway, you know, European operators saying, this market just isn't us, we're not being
01:35
very successful, we can't make this work.
01:38
I mean, that's five this year.
01:40
We've got 12, I think, was Matt's count on Saturday when he wrote up the Superbook story
01:45
as since the, you know, PASPA passed, fell.
01:51
I mean, that's a huge amount of operators in six years to say, let's try it.
01:55
Oops, it didn't work and pull out.
01:58
Meanwhile, we've got multiple operators at the top just really raking it in.
02:03
We've got a few operators, one we'll talk about in a minute, still trying to make it
02:07
work.
02:08
You've got Underdog Fantasy that they're making their way with the Sportsbook Endeavor.
02:12
So there's still some new, you know, entrants really trying to drum up some business.
02:16
But for the most part, the small ones, as you're mentioning, they're just struggling
02:21
to secure any significant market share and seeing that as a problem towards profitability
02:26
in the long term.
02:27
So, you know, like you said, you could stick it out for maybe Texas or California.
02:32
But again, who knows how long that's going to be.
02:36
And so how much more money do you have to bleed to make sure you're going to hit that
02:40
those populations and will anything change if you do get to that?
02:44
And if it doesn't, then you've just wasted even more money.
02:46
So it's a whole thing.
02:48
And it's just continuing to be interesting to watch.
02:50
But between the kind of consolidation and the dropping out of the market to the legislative
02:56
side where nothing really happened this year in terms of new states legalizing, this has
03:01
been a really interesting kind of slow negative year in sports betting news, I suppose, if
03:06
you wanted to kind of qualify it.
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