It’s been over three years since the Supreme Court struck down the federal ban on sports betting, allowing states to legalize it whenever they please. And it’s safe to say that legal sports betting has crossed nearly every state’s mind. However, the reality is that full online sports betting will not come to a dozen or more states for quite a while. That hasn’t stopped streaming services, though. As of now, ESPN+, DAZN, fuboTV, Sling TV, among others, have joined the virtual sports betting race or are at least planning to make their move.
FuboTV recently launched the Fubo Sportsbook mobile app in Iowa and plans to operate in other states soon. Simply said, this was a boss move for the live tv streaming service, and others are following suit.
Mike Berkley, chief product officer of fuboTV, tells The Verge, “Sports fans have been unofficially making bets with their friends and family as they watch the game for decades… It’s kind of core to being a fan, making casual bets… and it is something that we felt would make our product even more engaging than it is now.”
Berkley and many others agree that “There’s definitely a trend for this becoming not just legal but more mainstream.” For instance, Disney CEO Bob Chapek hints at their future entrance to the growing sports betting world. He said in the company’s fourth-quarter earnings call, “As we follow the consumer, we necessarily have to seriously consider getting into gambling in a bigger and bigger way.” He added that this “strengthens the brand of ESPN when you have a betting component” and will in no way tarnish Disney’s reputation.
Dish-owned live TV service Sling TV also explores the landscape, partnering with DraftKings earlier this year. In addition, NBC Sports and Peacock partner with PointsBet for their betting integrations. Meanwhile, sports streaming service DAZN is waiting for the right moment to jump into the gambling pool. Spokesperson Graham James said that the service has “no specific plans to share at this time but believes that the addition of recreational betting to the DAZN platform across all our markets will create a safe, fun, and immersive experience for fans to enjoy alongside the top-tier sports they love.”
Which States Have Legalized Sports Betting
According to data firm Ampere Analysis, approximately 34% of Americans bet weekly on games and spend an average of $51 a week. On the Legal Sports Betting site, it suggests that sports betting is considered a $150 billion industry, which is only a conservative estimate. While this is the number of legal sports betting in 2021, the reported numbers are only a fraction of what truly goes on in U.S. sports bettors’ households.
Sports Betting Revenue
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Arkansas:
January: $2.8 million handle, $319.481, (10.73)
2019: $11.3 million handle, $1.3 million revenue
2020: $32.8 million handle, $4.3 million revenue -
Delaware:
August: $5.2 million handle, $541,000 revenue (10.31%)
2019: $102.6 million handle, $12.5 revenue (12.17%)
2020: $90.2 million handle, $23.5 million revenue -
Indiana:
August: $215.6 million handle, $16.5 million revenue (7.69%)
2019: $436.0 million handle, $41.4 million revenue (9.49%)
2020: $1.7 billion handle, $138.6 million revenue -
Iowa:
August: $108.4 million handle, $3.2 million revenue (6.09%)
2019: $93.6 million handle, $19.3 million revenue (9.09%)
2020: $575.2 million handle, $41.6 million revenue -
Mississippi:
August: $21.4 million handle, $1.8 million revenue (8.80%)
2019: $369.2 million handle, $44.5 million revenue (12.04%)
2020: $363.7 million handle, $43.7 million revenue -
Nevada:
August: $427.4 million handle, $14.3 million revenue (3.36%)
2019: $5.32 billion handle, $329.0 million revenue (6.19%)
2020: $4.28 billion handle, $260.1 million revenue
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New Jersey:
September: $1.0 billion handle, $82.4 million revenue (8.2%)
2019: $4.58 billion handle, $301.2 million revenue (6.57%)
2020: $6.01 billion, $398.5 million revenue -
New York:
August: $1.0 million handle, $108,000 revenue
2019: N/A handle, $9.7 million revenue
2020: $10.7 handle, $1.0 million revenue -
Oregon:
September: $25 million handle, $1.2 million revenue
2019: $45.2 million handle, $2.9 million revenue
2020: $218.2 million handle, $20.0 million revenue -
Pennsylvania:
August: $348.5 million handle, $25.3 million revenue (7.30%)
2019: $1.49 billion handle, $103.2 million revenue (6.92%)
2020: $3.5 billion handle, $189.7 million revenue -
Rhode Island:
August: $24.0 million handle, $1.1 revenue (4.70%)
2019: $245.8 million handle, $17.8 million revenue (7.27%)
Projected 2020: $149.1 million handle, $12.3 million revenue -
West Virginia:
September: $60 million handle, $7.1 million revenue (9.47%)
2019: $226.0 million handle, $18.6 million revenue (8.21%)
2020: $392.4 million handle, $26.4 million revenue
Thus, there is a huge market waiting for live sports streaming services to take advantage of. Not only will it keep users engaged, but sports betting can open up a whole new world of products and business expansion.