Update on the US Online Sports Betting Industry

Legal Update on the US Online Sports Betting Industry Post Thumbnail
May 26, 2020 20:05Joe Tarzaiski

The sports industry as a whole is a standstill at the current time, but all hope is not lost in the US sports betting industry.

Jason Robins, CEO of DraftKings, stated three potential upsides from the pandemic on Friday through a webinar. He also announced he will participate in the following investor conferences:

  • The Cowen 48th Annual Technology, Media and Telecom Conference on May 28, 2020
  • The Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on June 1, 2020

The presentations will be available via webcast over the internet to the public.

Added Revenue for States

Holes in state budgets will most likely initiate legislatures to adopt more mobile sports betting and gaming legislation. Analysts predict 38 states to have legalized sports betting by 2025 and 11 of those states to have legalized online gaming. Jason stated:

“We think that being a digital-first company has some pluses, in addition to the general migration to online channels. Younger bettors like sports and prefer to wager on their phones."

Additional interest in Niche Betting

Robins also predicted interest in non-core sports will carry over once major sports resume play. He went on to say DraftKings has seen increased interest in free-to-play DFS contests on Madden NFL sims and television shows such as "The Bachelor".

The betting community will be the deciding factor whether or not this will be a successful endeavor, but the Madden sim currently trending will most likely fade rather than show long-term success once sports resume.

Sports Betting Channel Shift

Robins sees a future bump in online betting as America scour to find different ways to replace land-based opportunities for social events and gatherings. Online gambling will continue to grow and build the community during the coronavirus shutdown.

Robins stated: “If you’re not allowed large gatherings, that goes for sports, but it goes for other social events too… and we expect to see a lot of that activity move online.”

We will see whether or not this data becomes a reality once Pennsylvania reopens its land-based casinos.

About 90% of betting was handled on online platforms in February and March. We will see whether or not people switch back to normalcy and go back to land-based options of bet online instead because of the convenience.

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Joe Tarzaiski
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Joe Tarzaiski began his sports writing career in 2004 in the Philadelphia market, analyzing and handicapping professional sports, college sports, poker and various table games. He currently reports on the increased efforts on the legalization and continual growth of sports betting throughout the United States. A Philadelphia University alum, Joe is dedicated to following current trends in both the gaming community and daily news throughout the sports world.
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