2022
9
US Sports Betting Market Report 2022
2022-09-06T04:06:36+01:00
OX1102907
3695
155462
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“Once considered taboo, sports betting is now widely accepted and here to stay. Across the US, sports betting is legal in 37 states and Washington DC – and counting. As…

US Sports Betting Market Report 2022

£ 3,695 (Excl.Tax)

Description

This report provides comprehensive and current information and analysis of the sports betting market including sports betting market size, anticipated market forecast, relevant market segmentation, and industry trends for the sports betting market in the US.

Current market landscape

Since 2018, when the US Supreme Court overturned the federal ban on sports wagering outside of Nevada, 37 states have legalized sports betting; another eight states show the potential for movement toward legalizing in 2022-23. Sports betting is on the rise and is expected to only increase moving forward. 31% of adults of legal gambling age have bet on sports in the past year. Among sports bettors, 26% have bet more often than they did in the previous year, while an additional 15% have sports bet for the first time. As sports betting becomes legalized in more states, new users will enter the market, adding to revenue growth. Further, as related sports betting content becomes more available and improved, the industry will benefit from continued high interest levels from consumers.

Market share and key industry trends

  • Nearly one third (31%) of legal gambling age adults have bet on sports in the past year; 26% of those have bet more often than they did in the previous year. Furthermore, an additional 15% have sports bet for the first time. Consumers aged 22-34 are the most likely to have bet more often over this time frame (see Betting Behavior and Frequency).
  • The desire to win money tops the list of reasons for sports betting (64%). Conversely, the leading reason for consumers not being open to gambling is because they don’t want to lose money. Additional motivations for sports betting relate to enhancing the overall experience, such as enjoying the excitement/experience (53%), making watching/following a game more interesting (49%) and liking the competition (40%). In addition to the financial and experience elements, 42% of men 22-34 would consider betting on sports because it’s a hobby – highlighting how the prime audience views the activity and the opportunities to engage with them (see Reasons for Sports Betting).

Future market trends in sports betting

However, as inflation remains high, many consumers will be challenged to prioritize and limit their discretionary spending. This could be a challenge for the sports betting industry. Consumers may choose to remain engaged, but may look to limit their bets.

The arrival of football season is sure to generate excitement among new and existing sports bettors. Professional and collegiate football are two of the top three sports consumers are interested in betting on in the future. Other sports with high interest levels include horse racing, professional basketball, college basketball, baseball and boxing/MMA.

Read on to discover more about the sports betting consumer market, read our US Fighting Sports Market Report 2022, or take a look at our other Sports research reports.

Quickly understand the sports betting industry

  • US sports betting performance since 2018.
  • Factors impacting the sports betting landscape.
  • Sports betting history, frequency and interest by sport.
  • Reasons for sports betting and barriers to gambling.
  • Betting platform awareness levels.
  • Consumer attitudes toward sports betting.

Covered in this sports betting report

Brands include: Pathmatics, DraftKings, FanDuel, Caesars, BetMGM, FOX Bet, Barstool, BetRivers, Fubo, PointsBet, Bovada, American Gaming Association, William Hill, MyBookie, Facebook, Sports Handle, Front Office Sports, Fanatics, Desert Diamond, Maximbet, Br Betting, YouTube, Facebook, Instagram, TikTok.

Expert analysis from a specialist in the online sports betting field

This report, written by Vince DiGirolamo, a leading analyst in the Sports sector, delivers in-depth commentary and analysis  on sports betting market share to highlight current trends and add expert context to the numbers.

Once considered taboo, sports betting is now widely accepted and here to stay. Across the US, sports betting is legal in 37 states and Washington DC – and counting. As consumers are interested in betting across sports, the sports and sports betting industries will continue to look to optimize their offerings and position betting as a way to enhance the overall sports experience.
Vince DiGirolamo, Director, US Reports
Vince DiGirolamo
Reports Director

Table of Contents

  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Total US sports betting performance since 2018
    • Top sports betting platforms aim to grow awareness with varying ad strategies
      • Figure 2: Digital advertising overview, spend and impressions – FanDuel, DraftKings and Caesars, 2022
      • Figure 3: Sports betting outlook, 2022-27
    • Opportunities and challenges
    • Economic concerns may limit betting activity
      • Figure 4: Consumer Price Index change from previous period, 2007-22
    • So many options for consumers means steep competition for sports betting platforms
      • Figure 5: Betting platform awareness, 2022
    • With new states come new opportunities, challenges
    • Provide education and guidance to interested consumers
      • Figure 6: Attitudes toward sports betting – Familiarity and interest in learning, by gender and age, 2022
    • Key consumer insights
  3. The Sports Betting Landscape

    • The sports betting industry continues to grow; surpasses $10 billion in revenue since 2018
      • Figure 7: Sports betting handle sets new record in Q1 2022
      • Figure 8: Total US sports betting performance, by state, since 2018
    • DraftKings and FanDuel continue to lead the way
      • Figure 9: Betting platform awareness, 2020 vs 2022
    • DraftKings far outspends the competition on digital advertising
      • Figure 10: Digital advertising overview, spend – FanDuel, DraftKings and Caesars, 2022
      • Figure 11: Digital advertising overview, impressions – FanDuel, DraftKings and Caesars, 2022
  4. Market Factors

    • Continued legalization of sports betting
      • Figure 12: Legal status of select gambling types in the US, 2017-21
    • Potential restrictions on advertising
      • Figure 13: Massachusetts looks to put restrictions on sports betting advertising
    • Rising prices may prompt some to limit spending on sports betting
      • Figure 14: Consumer Price Index change from previous period, 2007-22
      • Figure 15: Disposable Personal Income change from previous period, 2007-22
    • Improved sports betting content and offerings
      • Figure 16: In-stadium sportsbooks offer benefits to the industry and consumers, 2022
  5. Competitive Strategies and Market Opportunities

    • FanDuel plans to launch betting-centric TV network with FanDuel TV
      • Figure 17: FanDuel plans to launch 24/7 sports betting network, 2022
    • Fanatics has entered the sports betting chat
      • Figure 18: Fanatics prepares to enter sports betting industry, 2022
    • Major League Soccer selects new data partner, improving sports betting offering
      • Figure 19: MLS deal aims to enhance betting offering, 2022
    • If you teach it, they will bet
      • Figure 20: BetMGM provides betting 101 guidance on Instagram, 2022
    • Focus on personalities to drive appeal and retention
      • Figure 21: Betting platforms leverage notable personalities to drive awareness
    • Differentiate and establish brand identity to stand out
      • Figure 22: Penn Entertainment shares CSR report
  6. The Sports Betting Consumer – Fast Facts

    • Sports betting continues to increase
    • Interest in future sports betting is higher than current betting
    • Cash rules, but the experience matters
    • Competitive landscape is crowded; industry leaders remain at the top
    • Opportunity to teach consumers more about sports betting
  7. Betting History and Interest

    • Nearly one third of legal-aged adults have bet on sports in the past year
      • Figure 23: Sports betting in the past 12 months and interest for the future, 2022
    • Men and younger women are prime audiences for sports betting
      • Figure 24: Betting history and future interest, by gender and age, 2022
    • Black consumers represent a key opportunity
      • Figure 25: Desert Diamond Casinos promotes social aspect of sports betting, 2022
      • Figure 26: Betting history and future interest, by race and Hispanic origin, 2022
  8. Betting Behavior and Frequency

    • Sports betting behavior increases; drives interest in following sports
      • Figure 27: Sports betting behavior in past 12 months, by gender and age; race and Hispanic origin, 2022
    • Perceptions of sports betting evolves, fans along for the ride
      • Figure 28: Influence of betting on following sports, by gender and age; race and Hispanic origin, 2022
    • Betting frequency is on the rise
      • Figure 29: Sports betting frequency, 2020 vs 2022
    • Sports betting currently skews toward men; the future will strongly be impacted by women
      • Figure 30: Betting frequency, by gender, 2022
    • Younger bettors most actively engaged; represent key audience moving forward
      • Figure 31: Betting frequency, by age, 2022
    • Multicultural consumers exhibit increased betting behaviors
      • Figure 32: Betting frequency, race and Hispanic origin, 2022
  9. Participation and Interest by Sport

    • Betting interest levels across sports signals growth potential
      • Figure 33: Sports betting history and interest by sport, by gender and age, 2022
      • Figure 34: FanDuel promotions new user offer for Kentucky Derby, 2022
    • Engage multicultural consumers beyond major sports
      • Figure 35: Betting participation and interest by sport, by race and Hispanic origin, 2022
    • Opportunities to reach multicultural consumers
      • Figure 36: Betting participation and interest by sport, by language primarily spoken in the home, 2022
  10. Betting Platform Awareness

    • Category leaders increase awareness; battle for acquisition and retention heats up
      • Figure 37: Betting platform awareness, 2020 vs 2022
    • Younger men most aware of various platforms
      • Figure 38: Betting platform awareness, by gender and age, 2022
    • Opportunity to increase awareness among multicultural consumers
      • Figure 39: MaximBet and Charlie Blackmon promote Colorado’s water plan, 2022
      • Figure 40: Betting platform awareness, by race and Hispanic origin, 2022
  11. Betting Location

    • Availability of in-person sportsbooks increases, but mobile betting will continue to lead the way
      • Figure 41: DraftKings Sportsbook opening at Wrigley Field in 2023
      • Figure 42: Betting location, by gender and age, race and Hispanic origin, 2022
  12. Reasons for Sports Betting

    • Consumers want to win money and have a more exciting sports experience
    • Sports betting offers opportunity to connect consumers through community
      • Figure 43: Barstool Sportsbook promotes private Facebook group, 2022
      • Figure 44: Reasons for sports betting, by gender and age, 2022
    • Add to the experience and offer something new to appeal to multicultural consumers
      • Figure 45: Reasons for sports betting, by race and Hispanic origin, 2022
      • Figure 46: BR Betting gets consumers excited and prepared for college football betting, 2022
  13. Barriers to Gambling

    • What drives some, deters others
      • Figure 47: Reasons for not gambling, by gender, 2022
      • Figure 48: MaximBet 101 explains sports betting basics, 2022
    • Hispanic consumers need education, and also guardrails
      • Figure 49: Reasons for not gambling, by Hispanic origin, 2022
  14. Attitudes toward Sports Betting

    • Consumers are noticing and engaging with sports betting content
      • Figure 50: Attitudes toward sports betting – Advertising and content, by gender and age, 2022
      • Figure 51: FOX Sports promotes betting contests during MLB coverage, 2021
    • Black consumers are eager for sports betting content; opportunity to reach other consumers from diverse backgrounds
      • Figure 52: Attitudes toward sports betting – Content, by race and Hispanic origin, 2022
    • There is desire to learn more about sports betting and how to be successful – particularly with younger consumers
      • Figure 53: Attitudes toward sports betting – Familiarity and interest in learning, by gender and age, 2022
    • Consumers of all backgrounds want to learn more
      • Figure 54: Attitudes toward sports betting – Familiarity and interest in learning, by race and Hispanic origin, 2022
    • Across the fandom spectrum, there’s a desire to learn more
      • Figure 55: BetMGM promotes prop bets
      • Figure 56: Attitudes toward sports betting – Familiarity and interest in learning, by sports fandom, 2022
    • Consumers want more ways to bet, and get rewards for doing so
      • Figure 57: Loyalty and rewards offerings from MaximBet and Barstool Sportsbook, 2022
      • Figure 58: Cleveland Browns announce betting partnership ahead of Ohio legalized sports betting, 2022
      • Figure 59: Attitudes toward sports betting – Betting activity, by gender and age, 2022
    • Black consumers lead the way in terms of interest among multicultural consumers
      • Figure 60: Attitudes toward sports betting – Betting activity, by race and Hispanic origin, 2022
    • Sports fandom is not a prerequisite for interest in sports betting offerings
      • Figure 61: Attitudes toward sports betting – Betting activity, by sports fandom, 2022
  15. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms
  16. Appendix – The Consumer

      • Figure 62: Betting frequency, by language spoken in the home, 2022
      • Figure 63: Influence of betting on following sports, by sports fandom, 2022

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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Data

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*databooks not available with UK B2B Industry reports.

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