The NEW NFL new season officially kicks off on Thursday and it already looks promising in the betting department. According to the American Gaming Association, wagering commitments are expected to hit a record-breaking $35 billion across regulated sportsbooks.
This astonishing benchmark, if accurate, establishes a 30% increase from last year’s $26.7 billion forecast. It will also account for nearly 12x the number of bets placed on the NCAA Men’s Tournament this year.
Here, we highlight the reasons behind the AGA 2024 prediction and what it means for the NFL in the near future.
Primary Reason for the Expected Surge
According to the AGA, there are several metrics inspiring the expected betting surge. The wider acceptance of gambling remains the primary influence.
38 states and Washington currently allow a level of offline and online gambling, attracting more bettors and giving them the luxury to stake via different mediums. Innovation is also playing a small role too. Mobile gambling is now the go-to choice for most bettors, including millennials.
Since the conclusion of the last NFL season, three new states have adopted mobile wagering - North Carolina, Vermont and Maine. This small difference does add important ‘drops of water’ that makes the $35 billion ‘mighty ocean’.
The Biggest Beneficiaries of this Predicted Betting Increase
While the predicted NFL wagering surge is majorly due to more states accepting gambling, the sportsbooks benefitting is quite small. DraftKings (NASDAQ: DKNG) and FanDuel from Flutter Entertainment (NYSE: FLUT) are the major beneficiaries. Both are already enjoying improved membership registrations, an indication of expected higher betting commitments.
Historically, we always love to stick with the big brands, and it won't be really different this time. Unfortunately, this situation means that smaller operators will not exactly get that big break… yet.
As a matter of fact, smaller sportsbooks have not been faring too well recently. There are fewer gambling platforms than was available last year, with many departing the tight market and others merging with bigger brands.
Only a few sportsbooks outside the top two may make substantial inroads and benefit from the predicted rise. ESPN Bet, BetMGM and Fanatics all have the potential but will mostly play catch up against the two NFL betting behemoths.
Catalysts for Elevated NFL Betting and What it Means for the Future
The NFL is America’s number one sport, making it natural that it attracts the biggest gamblers. Sunday, Monday and Thursday nights are the season’s big moments and is when wagering reaches the pinnacles. Their standalone games attract both the whales and small bettors making sportsbooks their biggest revenues.
Also, most platforms now have new betting options that increase the choices gamblers have. In-game betting, same-game parlays and microbetting are unique offers complementing the more popular moneylines, totals and spreads.
From all indications, NFL betting will only continue to grow. Other sports may grow in popularity, but their rise won't affect gamblers' commitment to America's biggest sport. We can only look forward to more record-breaking numbers in the near future.
