According to a study by the research and consulting company Eilers & Krejcik Gaming, sales are expected to increase sixfold from more than 1 billion US dollars in 2020 to 2023. If All 50 states allow sports betting, and revenues will exceed $ 19 billion annually, according to the study projects.
Multibillion dollar industries will generate multibillion dollar marketing as bookmakers, media companies, and technology entrepreneurs claim their place in the marketplace.
Check your Twitter and Instagram feeds, count the commercials and watch out for the betting content that is now on the pre-game broadcasts of all sports. On TNT’s NBA broadcasts, America can compete against Charles Barkley and, for example, bet on whether LeBron James or Giannis Antetokounmpo will score more points.
“Sports betting is like water now and it finds its way into everything, especially now as operators try to attract new customers,” said Chris Grove, partner at Eilers & Krejcik. “In a mature market like the UK, a midsize bookmaker will spend around 40 cents of every dollar to attract and retain new customers. Here we see 100 percent or more spending on any money. “
According to advertising information company MediaRadar, bookmakers spent more than $ 200 million on television advertising in the past year alone, and have increased their television spending by 82 percent year over year since mid-June 2020. Sports game executives expect that amount of advertising and promotions to double by year-end as betting shops in five other states – Washington, North Carolina, Louisiana, Maryland and South Dakota – move closer to opening.
New York Governor Andrew M. Cuomo, who is betting on state law to approve mobile sports betting this spring, said it could raise hundreds of millions of dollars in the treasury as New York faces a multi-billion dollar deficit is. Despite his excitement, Cuomo said he wanted the state to have strict control over the betting platforms and compared gambling to the state lottery.
“This is not a moneymaker for private interests just to get more tax revenue,” he said. “We want real sports betting income.”