This sports betting industry report provides an in-depth analysis of sports bettor preferences, sports betting platform market share, strategies for sportsbooks, and much more. Covering the US market, you’ll be able to strategise confidently with Mintel’s market-leading independent research.
Below, we list the key areas analysed and offer handpicked insights from the report.
Key Areas Analysed
- The US sports betting market and performance.
- Factors impacting the sports betting landscape.
- Sports betting history, interest, frequency and interest by sport.
- Reasons for choosing a specific sportsbook.
- Sports betting platform awareness.
- Attitudes towards sports betting.
US Sports Betting Market Size and Industry Overview
The sports betting industry in the US continues to grow, with total wagers reaching a record $31.1 billion in Q1 2023, generating a record quarterly revenue of $2.79 billion. 37 states and Washington D.C. have legal sports betting, with 33 operational, and New Jersey, Nevada, New York, Illinois and Pennsylvania leading in handle and revenue since 2018. As more states open up to sports betting – especially mobile betting – revenues are expected to increase further with the potential addition of larger population states like California and Texas.
Sports Betting Consumer Trends
While sports betting activity slightly dipped this year, the interest persists. The trend is particularly pronounced among younger adults, showing a rise in betting frequency. With 61% of bettors leaning towards mobile and online platforms, the digital shift in the industry is evident.
The core demographic remains young men, but there’s a budding opportunity with young women. Factors such as ease of use and competitive odds sway platform choice. However, many female bettors express a desire for more betting education, indicating an untapped market. Discover more in our in-depth sports betting industry report.
Opportunity for Sportsbooks
Over half of sports bettors say that they’re less likely to place bets due to the current economic climate. Given this, sportsbooks should look to emphasise the convenience and socialising aspect of sports betting to reach a broad range of customers. Parents and those working from home are the most frequent bettors due to these aspects, so positioning sports betting as an affordable form of at-home entertainment may help establish a perception of value.
In this report, you’ll find a complete breakdown of opportunities for sportsbooks from our industry expert. You can also browse our Leisure Market Research to find something relevant.
Definitions and Betting Platforms Discussed
This report defines a sports bettor as any respondent aged 22+ who has participated in betting on a sporting event among friends, a sporting event at a casino, a sporting event online or through an app, or bet on daily fantasy sports in the past 12 months.
Betting platforms discussed: This report covers sports betting platform awareness among consumers, sports betting market share comparison, and competitive strategies with market leaders considered. Platforms discussed include Fanduel, BetMGM, WynnBET, Pointsbet, bet365, DraftKings Sportsbook, BetRivers, Caesars Interactive Entertainment, Barstool Sportsbook & Casino, FOX Bet, and more.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis
Our analyst Gabe Sanchez delivers in-depth commentary and analysis to highlight current trends in the US sports betting market, adding expert context to the numbers.
Sports betting revenues in the US continue to grow, fuelled by legalisation and greater accessibility. As consumers desire to engage more deeply with the sports they love, sportsbooks must continue to optimise their offerings to drive awareness, appeal and loyalty among consumers.
Gabe Sanchez
Reports Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top Takeaways
- Consumer trends
- Younger men are a core audience, women represent growth opportunity
- Figure 1: Sports betting in the past 12 months and future interest, by gender and age, 2023
- Younger sports bettors indicate increased frequency; opportunity to engage emerging consumer segments
- Figure 2: Sports betting behavior – Change in the past 12 months, by gender, age, race and Hispanic origin, 2023
- Mobile sports betting leads, physical touchpoints provide an experience
- Figure 3: Betting location – Online vs in-person, by gender, age, race and Hispanic origin, 2023
- FanDuel and DraftKings lead for consumer awareness
- Figure 4: Betting platform awareness, 2020-23
- Beyond user experience, consumers weigh multiple reasons for choosing a sportsbook
- Figure 5: Reasons for choosing a sportsbook, by gender and age, 2023
- Competitive strategies
- DraftKings leverages influencers, provides suggested bets
- Figure 6: DraftKings leverages JJ Redick for suggested bets, 2023
- Sportsbooks turn to acquisitions to extend reach
- Figure 7: Fanatics reached a deal to acquire PointsBet’s US operations, 2023
- DraftKings goes beyond traditional offerings to provide sports card “breaks”
- Figure 8: Steve Aoki hosts a DraftKings card pack break, 2023
- Sportsbooks provide an in-person experience
- Figure 9: DraftKings highlights sportsbooks at Wrigley Field
- Market predictions
- Figure 10: Total US sports betting performance since 2018
- Figure 11: Sports betting outlook, 2023-28
- Opportunities
- Design improved in-app experiences
- Provide users with greater customization options
- Incentivize consumers to generate organic content
- Expand reach beyond core audiences
- Highlight aspects of convenience, accessibility, affordable at-home entertainment
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The Sports Betting Landscape
- The sports betting industry will continue to experience growth
- Figure 12: US Quarterly sports betting revenue 2020-23, Twitter post, 2023
- Figure 13: Total US sports betting performance, by state, since 2018
- DraftKings, FanDuel significantly outspend competitors for online ads
- Figure 14: Digital advertising overview, ytd spend – Analyzed sportsbooks, 2023
- Figure 15: Betting platform awareness, 2020-23
- The sports betting industry will continue to experience growth
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Market Drivers
- Consumer confidence slides, remains suppressed
- Figure 16: CPI change from previous period and Consumer Sentiment Index, 2020-23
- Figure 17: Attitudes toward sports betting – Economy, by household income, 2023
- Legalization will drive the market forward
- Figure 18: US Legal Sports Betting, AGA Twitter post, 2023
- Proposed advertising regulations have the potential to limit sports betting growth
- Emerging consumer segments present opportunity for sports betting platforms
- Figure 19: US population, by generation, 2018-28
- Figure 20: Population by race and Hispanic origin, 2018-28
- Sportsbooks face closures, acquisition
- Consumer confidence slides, remains suppressed
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Competitive Strategies and Market Opportunities
- DraftKings leverages influencers for promoted bets
- The opportunity: Drive interest among new consumer segments through influencers
- Figure 21: DraftKings leverages JJ Redick for suggested bets, 2023
- Sportsbook leverage acquisitions to drive additional opportunities, reach
- The opportunity: Expand reach and content through acquisitions
- Figure 22: Penn Entertainment completes acquisition of Barstool Sports, 2023
- DraftKings introduces “Box Breaks” to its mobile application
- The opportunity: Go beyond traditional sports betting to drive interest, engagement
- Figure 23: DraftKings highlights its marketplaces’ box breaks, 2023
- Sportsbooks look to physical locations
- The opportunity: Brick-and-mortar locations provide consumers with a physical experience, sense of community
- Figure 24: DraftKings highlights sportsbooks at Wrigley Field, 2023
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The Sports Betting Consumer – Fast Facts
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Sports Betting History and Interest
- Sports betting interest experiences a slight decline
- Figure 25: Sports betting in the past 12 months and future interest, 2022 vs 2023
- Younger men are a core audience; younger women represent an opportunity for growth
- Figure 26: Sports betting in the past 12 months and future interest, by gender and age, 2023
- LGBTQ+ consumers represent an opportunity
- Figure 27: Sports betting in the past 12 months and future interest, by LGBTQ+, 2023
- Multicultural consumers are among the most active, interested sports bettors
- Figure 28: Sports betting in the past 12 months and future interest, by race and Hispanic origin, 2023
- Sports betting interest experiences a slight decline
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Sports Betting Behavior and Frequency
- Younger sports bettors are a “lock”
- Figure 29: Sports betting behavior – Change in the past 12 months, by gender, age, race and Hispanic origin, 2023
- The majority of sports bettors track their bets, driving viewership
- Figure 30: Influence of betting on following sports, by gender, age, race and Hispanic origin, 2023
- The convenience of mobile betting drives sports bettors’ use
- Figure 31: DraftKings announces sportsbook at Wrigley Field, 2022
- Figure 32: Betting location – Online vs in-person, by gender, age, race and Hispanic origin, 2023
- Among sports bettors, betting frequency holds strong year-over-year
- Figure 33: Sports betting frequency, 2022 vs 2023
- Younger sports bettors are the most active
- Figure 34: Sports betting frequency, by age, 2023
- Parents’ search for convenient entertainment drives more frequent sports betting
- Figure 35: Sports betting frequency, by parental status, 2023
- Flexible working situations influence sports betting participation
- Figure 36: Sports betting frequency, by employment and work from home status, 2023
- Younger sports bettors are a “lock”
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Sports Betting Participation and Interest by Sport
- Younger consumers are most active, interested in betting across a variety of sports
- Figure 37: Sports betting history and interest by sport, by age, 2023
- Multicultural consumers represent opportunity for growth
- Figure 38: Draftkings receives exposure from 23XI racing, 2022
- Figure 39: Sports betting history and interest by sport, by race and Hispanic origin, 2023
- Younger consumers are most active, interested in betting across a variety of sports
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Sports Betting Platform Awareness
- Awareness improves for some while others struggle; acquisitions and closures impact
- Figure 40: Betting platform awareness, 2020-23
- Younger men have an established awareness; opportunity to drive further awareness among female consumers
- Figure 41: Fanduel partnered with over/under bar, 2023
- Figure 42: Barstool River North highlights Barstool Sportsbook giveaway, 2023
- Figure 43: Betting platform awareness, by gender and age, 2023
- Sportsbooks need to drive awareness among LGBTQ+ consumers
- Figure 44: Barstool sports highlights its Pride Month merchandise, 2023
- Figure 45: Betting platform awareness, by LGBTQ+, 2023
- Betting platforms must extend reach across multicultural consumers
- Figure 46: Draftkings highlights Kevin Hart’s Same Game Parlay, 2023
- Figure 47: Betting platform awareness, by race and Hispanic origin, 2023
- Awareness improves for some while others struggle; acquisitions and closures impact
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Reasons for Choosing a Sportsbook
- User experience and a consumer-friendly interface are critical
- Figure 48: Reasons for choosing a sportsbook, by gender and age, 2023
- LGBTQ+ consumers prioritize online and in-person sportsbooks, incentives
- Figure 49: Reasons for choosing a sportsbook, by LGBTQ+, 2023
- Multicultural consumers demonstrate value-seeking prioritizations, look to in-person and online access
- Figure 50: Reasons for choosing a sportsbook, by race and Hispanic origin, 2023
- User experience and a consumer-friendly interface are critical
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Attitudes Toward Sports Betting
- Sports betting content resonates more with younger bettors, potential advertising overload for all
- Figure 51: Attitudes toward sports betting – Content and advertising, by age, 2023
- Multicultural sports bettors are interested in live betting access
- Figure 52: Attitudes toward sports betting – Live events and partnerships, by race and Hispanic origin, 2023
- Female sports bettors indicate a limited knowledge of terms, open to learning more
- Figure 53: Barstool leverages Kelly in Vegas to share her picks, 2022
- Figure 54: Attitudes toward sports betting – Education, by gender, 2023
- Sports betting content resonates more with younger bettors, potential advertising overload for all
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
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Appendix – The Consumer
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- Figure 55: Sports betting in the past 12 months and future interest, by household income, 2022 vs 2023
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