OKBET | Sports Betting: Who’s In, And How Big of an Opportunity Do They Represent?

If you turn on any live sports event that’s being broadcast these days, you’ll probably see a lot of advertisements during the commercial breaks encouraging viewers who are interested in the games and matches they’re watching to get involved in the action by placing bets on various aspects of those games and matches.

Online sports betting is the latest way that a handful of prolific gambling brands are tapping into the billion opportunities that the country’s 7.3 million daily fantasy bettors bring to the table. Local TV advertising in the Philippines is already worth million for the game, and online sports betting is the latest way that this opportunity is being pursued.

However, they could not be appealing to the correct people, they might not be concentrating on the right sports, and they might not be taking into consideration interested fans who have not yet placed a bet.

Let’s begin by thinking about the National Football League (NFL), which is the most well-known and widely watched sports league in the Philippines. According to Nielsen Fan Insights, the widespread popularity of the NFL does not necessarily convert into a significant number of fans who are interested in placing bets on sporting events.

In point of fact, out of the six major sports leagues, National Football League supporters are the least interested in wagering on sports.

Therefore, despite the fact that the sheer number of NFL fans provides a potential market, the majority of these people do not participate in betting on sporting events to the same extent that one would expect given the league’s track record. When compared to fans of the other six major sports leagues, the percentage of NHL fans that are interested in betting on sports is the greatest.

SPORTS FAN INTEREST IN SPORTS BETTING

It is interesting to note that the sports that sports bettors really watch do not necessarily coincide with the sports in which they have an interest in betting. For instance, bettors have a high level of interest in the National Hockey League (NHL), but they have a relatively low level of interest in watching ice hockey when compared to other major sports leagues. This is the reverse side of what we see with the NFL, despite the fact that the NFL has the biggest viewership among those who wager on sports (tied with the NBA).

The category of online sports gambling now ranks 11th among 1,200 product categories for spot TV advertising expenditures, accounting for 2.1% share as a result of the considerable increase in the number of advertisements that have been shown on television.

A little less than one-third (32%) of the population in the United States already has an interest in sports betting, but a total of 46% of the population has at least some curiosity, showing a possibility for future expansion in the industry.

And when we look at the actual opportunity, we see that the portion of the American population that lives in households with incomes of more than $125,000 is much more interested in sports betting than the general population (48 percent), which is significantly higher than the percentage of people who are interested in sports betting overall.

It should come as no surprise that sports fans should be the primary focus of any business or platform associated with sports betting, given that 55% of sports fans indicate they have an interest in the activity. That’s a 72 percentage point increase compared to adult Americans. Importantly, having an interest in betting and actually being able to engage in it are two very different things.

A potential bettor’s capacity to participate in part depends on whether or not it is legal in the area in which they reside. With pro-gambling legislation now being considered in seven states, the potential for brands, TV networks, and sports fans is set to extend far beyond the bounds of the 22 states in which sports gambling is already allowed.

Fans of each league who are interested in gambling have indicated that they would be more interested in the activity if it were allowed in the state in which they reside. This makes the impending legalization in new states very important from the point of view of expansion. As sports betting services are the most common channel for placing a bet, the increased interest in gambling would be a boon for online gaming operators like FanDuel and DraftKings, in addition to growing more engaged with the sports themselves, because sports betting services are the most common channel. Sports pools with family, friends, and colleagues are another common betting option, as are bets placed through sportsbooks (on- and offline).

The growing interest in and participation in sports gambling provides a significant potential in the market for sponsorship, in addition to boosting the market for local television advertising.

For example, FanDuel and MGM have exploited league-wide arrangements to create exposure chances with each of the clubs in the NBA and MLS, respectively. And just lately, the National Hockey League (NHL) and Betway announced the beginning of a new multi-year collaboration, which will make Betway the official sports betting partner of the NHL in the United States. As a result of the contract, Betway will get major exposure in the form of visual signage that will be shown during NHL broadcasts and league events, which is an increasingly common practice.

Over the course of the previous season, television broadcasts of games and matches from the NBA, NFL, NHL, MLB, and MLS all provided more than sixty different sponsors with an opportunity to profit from visible stadium signage.

The repercussions, in terms of the world of betting on sports, are not hard to grasp. After just a short period of time (after a judgement handed down by the Supreme Court in 2018), online sports betting has developed into a flourishing sector that presents a growing potential for brands, sports leagues, rights holders, and television networks.

To be more specific, 46 percent of individuals in the United States show at least a passing interest in wagering on sports. That’s equivalent to 106 million individuals, which is a substantially larger number than the 7.3 million people who are presently participating in daily fantasy betting. The likelihood of winning will continue to rise over time as a result of the fact that a number of states are debating whether or not to legalize some kind of gambling on sports.

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