Based on the findings of Morning Consult, a business intelligence organization, the market for sports betting in the US exploded in 2021 as US citizens wagered more than $52.7 billion throughout the year.
The sudden increase of sports betting in the US in 2021 is mainly because of the launch of legal betting in 11 states and more than a billion dollars invested in advertising and marketing by some of the US’ most prominent sportsbooks such as FanDuel and DraftKings, to name a few.
Legalized online sports betting is available now in 30 US states, with Washington DC, Maine, Florida, and Ohio being added to that list. Alabama, Alaska, California, Georgia, Hawaii, Idaho, Minnesota, Missouri, and South Carolina are currently still not legal for sports betting.
It is crucial to note that some states allow mobile betting, and some offer in-person betting, while others have legalized a combination of both.
Sports betting applications have been live in Arizona since September 2021, and an increasing number of retail options are becoming accessible for Arizona locals who want to place wagers in person. This includes both professional sports venues and casino locations around the state.
In recent news, Chase Field and the Footprint Center, located in Phoenix, have joined forces with prominent sportsbooks to establish retail sportsbooks and mobile betting.
This article focuses on the mergers between legal sports betting and professional sports stadiums.
The Birth and Rising Popularity of Sports Betting Venues
Opened on September 9, 2021, the FanDuel Sportsbook is a one-stop-shop for sports fans who enjoy placing wagers on Suns games and other sports. Stretching over 7,400 sq. ft., the venue offers more than 24 retail sports gaming machines, five live betting windows, and one VIP window. The multi-million-dollar facility also features 40 high-definition TVs, a full-service food bar, 26 self-service betting kiosks, and an MVP room for more earnest players.
A tour of the FanDuel Sportsbook venue uncovers a slew of wagering options at kiosks going above and beyond the conventional point spreads and over-under bets most bettors are restricted to by private bookies and even sportsbooks based in Las Vegas.
The betting offerings included at the venue featured over-under for point totals for each player set to partake in the Suns versus Thunder game on December 29, 2021, while incorporating props for rebounding and total assists.
As a home advantage, those in Suns courtside seats are offered access to a private betting room. In Downtown Phoenix, Caesars Sportsbook is building a retail betting venue inside Chase Field. Across town, BetMGM is hinting towards an opening in August for its collaboration with the NFL’s Arizona Cardinals that will provide live betting for the very first time inside the State Farm Stadium, which is set to host Super Bowl 57 in 2023.
Soon enough, the Caesars Sportsbook project in Chase Field will be a two-story 20,000 sq. ft. venue featuring a Guy Fieri restaurant, wall-to-wall television screens, multiple floors with betting facilities, a VIP lounge, and a full-service bar.
BetMGM has already established itself at Nationals Stadium in Washington; once baseball team owners and its players’ union finally cut a deal, Jason Scott, BetMGM’s Trading Vice President, looks forward to easy transactions for sports fans. According to Scott, it is profitable for his platform to offer reach to fans who have not yet been involved in sports betting.
Aside from the larger venues, Tipico Sportsbook will be sponsoring a lounge. The Tipico Sportsbook VIP club saw its debut at Lower.com Field in February. That was when the Columbus Crew inaugurated their first MLS season. Ohio residents are expected to begin betting legally by early 2023.
Suns’ sportsbook has arrived at a good time, i.e., after their third appearance at the NBA Finals in team history, launching just as Arizona legalized online betting to coincide with the onset of the NFL regular season.
Nearly 2000 sports fans flow through the sportsbook on a Suns game day, and the audience count on an NFL game day was 121% higher. There are no entry costs, just the condition that patrons must be 21 or older and give proof of identification at the entrance.
2023 Sports Industry Outlook
The sports industry is expected to see the following trends in the future:
- The merging of the real and virtual worlds will accelerate, leading to growing markets for e-sports, NFTs, data acquisition and analytics, and immersive tech.
- Blockchain-centric technologies have the potential to open new markets for sports fans beyond merchandise and collectibles.
- College athletics is expected to experience some of its most significant changes, leading to student-athletes practicing more self-determination.
- Legalization will further influence sports betting economics.
- Sports betting has become mainstream, with many sports fans turning to it, encouraging companies to continue their pursuit of new consumers.
- The role of sports will receive more attention than before, with a particular focus on mental health and sustainability.
The end of 2021 saw most college athletics and professional sports leagues go back to a relative sense of regularity, all with live fans, packed stadiums, full-fledged seasons, etc. It also led to a significant rise in online sports betting, online casinos, and whatnot.
There are also opportunities expected to emerge in the next few years – ones that had been dormant during the Covid pandemic. Such opportunities can cause power shifts in the sports business and online casinos introducing new possibilities.