Since the last championship, states such as Maine, North Carolina and Vermont have legalized sports betting, bringing the number of states where the practice is allowed to 38.
However, the shares of several companies in the sector have not followed the same trajectory as betting. Shares of companies such as DraftKings, Penn, Caesars, MGM Resorts and Entain, which operate on BetMGM, have all been down this year.
In contrast, Flutter, which owns the FanDuel betting platform, saw its shares rise 19% after a positive second-quarter financial performance. Churchill Downs, the horse racing venue, is also reporting positive results, while Rush Street Interactive has seen its shares rise by a notable 109%.
Competition among bookmakers is intensifying, with each seeking strategies to capture a larger share of the market. The start of the NFL season is seen as a crucial opportunity to launch new technologies and innovative bets.
Christian Genetski, President of FanDuel, highlighted that this is the biggest time of the year for customer acquisition. The company has partnered exclusively with YouTube to offer “Sunday Ticket,” allowing bettors to spend US$5 to watch NFL games for three weeks.
Additionally, FanDuel has enhanced its app and expanded betting options with its “Same Game Parlay” feature, allowing fans to bet “at the speed of sports.” With more than 95% of bets placed online, speed has become a key factor, especially when betting in real time during games.
Meanwhile, DraftKings announced that the NFL is its most popular league in terms of betting volume. The company is offering a new bet called “No Touchdown,” allowing people to bet on whether a star player will not score a touchdown this season.
Meanwhile, media company Penn Entertainment has faced scrutiny due to a 28% drop in its stock and the underperformance of its digital business. This is the first full year that the company has launched ESPN Bet, a US$2 billion investment in partnership with Disney. Since its launch, the platform has grown to 31 million members, an increase of 80%. Penn CEO Jay Snowden expressed optimism about the media integration with ESPN.
BetMGM recently launched a single wallet for betting in Nevada, allowing customers to port their accounts from Las Vegas to other states. BetMGM CEO Adam Greenblatt said the innovation has improved the experience for bettors by allowing a smooth transition between different markets.
Source: InfoMoney
