The U.S. online handle grew threefold to $60 billion in 2021, and that’s just the opening hook as things heat up
FanDuel was the national market share leader in 2021 as the total U.S. online betting handle exploded to about $60 billion. With the Super Bowl this week and more states joining the legal wagering party this year, 2022 will be even bigger.courtesy of fanduel
Certain to be the most bet-on event in the brief annals of legalized U.S. sports betting, Super Bowl LVI this week comes on the heels of a wildly expansive year that exceeded even the most bullish projections, with upward of $60 billion wagered legally.
That nearly tripled the $21 billion wagered in 2020.
Openings in new states contributed to the growth, with Arizona, Connecticut, Michigan, Montana, Virginia and Wyoming all opening to online wagering during the year. But there also was continued, and often accelerated, advancement in states now entering their third and fourth years.
New Jersey, litigant in the Supreme Court case that led to all this and the flag bearer for state-by-state legalization, was up 94% over 2020. Pennsylvania was up 97%. Indiana more than doubled. Colorado, Illinois and Iowa more than tripled.
None of this includes New York, which opened with the launch of four of nine state-approved sportsbooks on Jan. 8 and had eclipsed $1 billion in handle with a week still to go in January. Elsewhere, online betting began in Louisiana on Jan. 28, and Maryland is expected to launch by next football season. Ohio will open by early 2023.
The pace of growth is beyond what even the most bullish proponents anticipated.
National market share leader FanDuel was adopted by less than 1% of New Jersey’s adult population in the first 30 days after it launched in September 2018. Today, it finds its way on to phones and tablets in new states exponentially faster.
“The enthusiasm of the country as each new state comes online for tech forward, great user experience, safe, secure legal betting keeps getting better all the time,” said Mike Raffensperger, chief marketing officer for FanDuel. “In each state, the national coverage, the enthusiasm, the fact the operators are getting better, the product is getting better, the experience is getting better — that adoption rate increases significantly. More or less, each state embraces sports betting faster than the last, which to me is really encouraging about the health of this nascent industry.”
Of late, the conversation around U.S. expansion has turned to the timeline of anticipated profitability, with sportsbook stocks hammered as investors question high customer acquisition costs in state after state.
“I think this industry is going through what every single industry that has been disrupted by digital has gone through: An initial euphoria, and then a period of reflection,” Raffensperger said. “But ultimately, this is unquestionably the future of sports gaming in America.”
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February 07, 2022 at 06:10PM
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Betting's Triple Play - Sports Business Journal
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