The Newcomers Poised to Disrupt the Sports Betting Duopoly
Date: 2023-09-16 Author: Dima Zakharov Categories: SPORTS BETTING
The 2023 NFL season has kicked off with a bang, reaffirming the league's significant role in American culture, and its influence extends to the world of sports betting. With lofty expectations for NFL betting activity, U.S. sportsbooks have seen a remarkable surge. During the first week of the 2023 season, there were over 242 million geolocation transactions, marking a staggering 56% increase compared to the same period in 2022, according to GeoComply, a fraud detection company.
Furthermore, more than 1.1 million new player accounts were created, representing a substantial 40% year-over-year growth, according to GeoComply.
Despite the industry's established leaders, FanDuel and DraftKings, who currently dominate over 70% of the domestic online sports wagering market, two formidable contenders, Fanatics and the upcoming ESPN Bet, are poised to reshape the landscape.
Matt King, CEO of Fanatics Betting and Gaming, expressed his enthusiasm, stating, "We are excited about our first big football weekend and seeing very positive results. The Fanatics Sportsbook was the No. 3 most-downloaded sportsbook app [according to JMP Securities], even though we are only in four states."
While FanDuel and DraftKings remain confident in their positions, they are closely monitoring the progress of their new rivals.
Sara Slane, president of sports betting consultancy Slane Advisory, and a former executive with the American Gaming Association, remarked, "They're not taking anything for granted. They obviously have great brand ID and have had a huge head start given how they've converted daily fantasy players, and were there Day 1. But it's still relatively early days," she added, referencing the 2018 U.S. Supreme Court decision allowing states to set their own gambling laws.
Furthermore, more than 1.1 million new player accounts were created, representing a substantial 40% year-over-year growth, according to GeoComply.
Despite the industry's established leaders, FanDuel and DraftKings, who currently dominate over 70% of the domestic online sports wagering market, two formidable contenders, Fanatics and the upcoming ESPN Bet, are poised to reshape the landscape.
Matt King, CEO of Fanatics Betting and Gaming, expressed his enthusiasm, stating, "We are excited about our first big football weekend and seeing very positive results. The Fanatics Sportsbook was the No. 3 most-downloaded sportsbook app [according to JMP Securities], even though we are only in four states."
While FanDuel and DraftKings remain confident in their positions, they are closely monitoring the progress of their new rivals.
Sara Slane, president of sports betting consultancy Slane Advisory, and a former executive with the American Gaming Association, remarked, "They're not taking anything for granted. They obviously have great brand ID and have had a huge head start given how they've converted daily fantasy players, and were there Day 1. But it's still relatively early days," she added, referencing the 2018 U.S. Supreme Court decision allowing states to set their own gambling laws.
