Four Take-aways from “Sports Betting: Opportunities Inside & Out of Nevada”

We were honored to participate in the timely sports betting webinar presented by The Innovation Group on August 9, 2017.

The panel was moderated by Michael Vanaskie from The Innovation Group.

Panelists included:

#1: The opportunity that US Sports Betting presents to the US gaming industry is as rare as a solar eclipse.

First and foremost: we know that Americans actively bet on sports. 
  • 30,000,000 Americans currently wager on sports
  • Americans wagered nearly $150,000,000,000 in 2015
  • 97% of all bets were placed illegally

More importantly, if sports betting is regulated:

  • The number of sports bettors in America will nearly double to 58,000,000
  • Gross Gaming Revenue for sports betting will top $11,000,000,000

Also, sports betting audiences skew younger than typical casino patrons. Successful sports betting products will provide access to the critically important 25-35 year old demographic.

#2: Many states are actively prepared to move on the potential repeal of PASPA.

New Jersey has led the charge with their appeal to #SCOTUS. Right behind New Jersay, a growing number of states have passed or proposed legislation to legalize sports betting.

As a result, casinos and tracks in those states poised to act will have a unique ‘first mover’ advantage.

#3: Domestic Operators can look to International operators for direction.

Having operated inside sports books and casinos in North America, Africa and Europe, we agree with prevailing wisdom that US operators can learn from international operators. That said: the US situation is undoubtedly unique.

Because of the current landscape, casinos and tracks have an opportunity to creatively address this market.

#4: The biggest risk facing US operators? Waiting to mobilize until legalization occurs.

Based on our experience, it’s likely that nearly 60% of all sports bettors are already on Casino Loyalty programs.

A quick look at mature sports betting markets paints a picture that should prompt action from US casinos and tracks. Customer acquisition can accelerate by implementing simple, snackable, ‘Play for Fun’ games today.

Regulated book makers spend nearly 25% of annual revenues on marketing. Future sports bettors in the US will be much more expensive to acquire than they are today. 

Marketing costs as a percentage of Revenue

 

 Watch the full presentation:

 

Learn more about Chalkline Solutions for Casinos and Tracks

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