Sports Betting Gains Traction with Online Betting

In 2018, the U.S. Supreme Court ruled that the 50 U.S. states may determine on a per-state basis whether or not off-site betting on sports events is allowed. This is accelerating betting in many parts of the U.S. on nearly all types of sports activities. Advanced technologies could boost this trend. For example, fans could place bets online using their smartphones while they watch a game on TV or at a stadium. Leagues may be big beneficiaries because betting could boost audiences and viewer engagement. Sophisticated betting systems might allow fans to bet on the results of sub-segments of games—for example, the number of “outs” a baseball pitcher throws in a given inning or game. A very wide range of betting options may be possible.

As of early 2023, 37 U.S. states and the District of Columbia had legalized sports betting. Some states restrict betting to casinos, while others allow online wagering (including using mobile devices). U.S. gamblers placed $16 billion in bets on Super Bowl LVII, “the largest single-event legal handle in American sports betting history” according to the American Gaming Association. More than 68 million Americans placed bets on the NCAA March Madness basketball tournament in 2023.

A number of companies have capitalized on the trend, including Penn National Gaming, Inc., which acquired a 36% stake in Barstool Sports, a sports and pop culture blog in January 2020. Penn National has exclusive rights to use the Barstool brand in sports betting products. Meanwhile, FanDuel and Paddy Power Betfair owner Flutter Entertainment PLC acquired The Stars Group in May 2020, creating a major player in online poker and sports betting.

Washington D.C.’s Capital One Arena became the first U.S. sports venue to house a sports booking agency. Stadium owner Monumental Sports & Entertainment partnered with British gambling operator William Hill PLC to complete the project, which includes a two-floor bar and restaurant.

Growing numbers of media companies are investing in gambling. For example, Sinclair Broadcast Group, Inc. rebranded its U.S. regional Fox Sports networks as Bally Sports Marketing (Bally is a well-known name in hotel-casinos.) Sports betting content such as odds and picks are to be integrated into broadcasts.

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