Record Sports Betting Totals in 2024 Reached $150 Billion

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00:00It appears as though a lot of records were broken in 2024.

00:04Yeah, Happy New Year to you too, Craig.

00:06And it was a great year for the sports betting industry.

00:09Once again, as you had another record amount of total dollars

00:13bet and LSR were projecting 150 billion dollars all legally

00:18bet at sportsbooks during the full year of 2024.

00:21That's according to data only from 33 states out of the 37

00:25that report so far.

00:26So it might even be a much bigger total than that.

00:30Interestingly enough, 95% of that was online.

00:33We've kind of see that move more and more as the years have

00:36gone on as legal betting has spread.

00:38You have the shift away from retail sportsbooks and the shift

00:41towards online where you can bet on your phone and you see

00:45so many more states are embracing it now as well.

00:48And the total bet was a 23% increase from last year, but

00:52notably the revenue that the operators keep after they pay

00:56out winning bets was up even more 29% to 14.2 billion.

01:00So it shows that wall more people are betting more people

01:03are betting larger amounts.

01:05The operators are, you know, increasing the pace at which

01:08they squeeze revenue out of players by an even higher count

01:132.9 billion of that total was sent to state and local governments

01:18in the form of taxes.

01:19Now, it's still just a drop in the bucket compared to the

01:22total amount of taxes that a state might get in their budget,

01:25but it's not nothing and it's a lot more than we really

01:29conceived of when the Supreme Court repealed PASPA and paved

01:32the way for states to legalize sports betting.

01:35So you see it's just continuing to grow.

01:37You have sportsbooks also taking a record 9.5% hold that

01:43is essentially the money they keep after they pay out bets

01:47their winning margin, so to speak.

01:48So the holds have gone up as you've seen, you know, we talk

01:51about a lot, but I'm gonna say it again parlays are increasingly

01:54popular these high margin bets for the sportsbooks.

01:57They've really leaned into that this year as well.

02:00These things that people kind of look at as lottery tickets

02:02where they can determine a game narrative and return for a big

02:05return obviously has a small chance of hitting so sportsbooks

02:09have done a really good job profiting off that and pushing

02:12it on people.

02:12You have states like Nevada were surpassed by a couple others

02:16this year.

02:17They actually had a small smaller hold than usual and a lot

02:20of that is because now they have limited props limited parlay

02:24offerings and more betting in person.

02:26Maybe some sharper betters in the state as well.

02:28You had New York overtake all of the states for most dollars

02:32bet ever, you know, New York has only had legal betting for

02:35a few years, but it's already surpassed New Jersey and Nevada

02:39in terms of total amount bet, you know, just showcasing that

02:42it's one of the biggest states that is able to squeeze a lot

02:44of money out of players.

02:45You have other states as well, like Illinois making inroads

02:49and on this side, you have Fandula DraftKings counting for

02:5365% of all the dollars bet as they just continue to widen

02:59their lead against the rest of the competition.

03:01I think you have around 50 other so small sports betting

03:04sites bigger sports betting sites across the country, but

03:07Fandula DraftKings continue to dominate in that space looking

03:11forward to this year.

03:12You have possibly some new entrance, you know, like Maddox

03:15and ESPN bet could make some inroads crypto.com and Robin Hood

03:18we've talked about are interested in getting in betting as

03:21well.

03:21So we'll see if DraftKings and Fandula continue what they did,

03:24but it was another great year for them in 2024 as betting

03:27overall is up across the board.

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