As the 2024 NFL season kicks off on Thursday, it’s set to break new betting records. The American Gaming Association (AGA) projects that wagers on NFL games through regulated sportsbooks could total a staggering $35 billion this year.
This represents a 30% jump from the $26.7 billion forecasted at the start of the 2023 season. Remarkably, only three states—Maine, North Carolina, and Vermont—have added mobile sports betting since last season, with North Carolina being the largest of the trio.
The AGA’s estimate aligns with other predictions, suggesting that 2024 NFL wagering will surpass previous records. Currently, 38 states and Washington, DC, allow some form of regulated sports betting, contributing to the expected surge.
Football is the most bet-on sport in the U.S., driven heavily by the NFL. If the AGA’s $35 billion projection holds, it would be nearly 12 times the amount wagered on this year’s NCAA Men’s Basketball Tournament, which is also one of the most popular betting events in the country.
Key Beneficiaries of NFL Betting Boom
While more states now allow sports betting, the field of operators set to benefit from this surge in NFL wagering remains relatively small.
Industry giants DraftKings (NASDAQ: DKNG) and Flutter Entertainment’s FanDuel (NYSE: FLUT) are expected to strengthen their dominance. However, some analysts view this season as crucial for Penn Entertainment’s ESPN Bet (NASDAQ: PENN). Additionally, BetMGM and Fanatics are vying for a larger slice of the market as they compete against the two heavyweights.
Although more states permit sports betting than ever before, the number of sportsbook operators is lower compared to last year due to acquisitions and market exits. For some companies with limited market share, competing with DraftKings and FanDuel has become unsustainable.
Factors Driving Increased NFL Wagering
The NFL’s appeal to bettors is enhanced by marquee games on Sunday, Monday, and Thursday nights. These primetime matchups, especially Sunday and Monday night games, consistently rank among the highest-rated TV programs and often attract large wagers. When high-profile bets receive media coverage, it can drive smaller bettors to follow suit, further increasing the overall handle.
Sportsbooks are also expanding their offerings to entice more bettors. While traditional bets like pregame spreads, totals, and moneylines remain popular, operators are capitalizing on the growing demand for same-game parlays, in-game betting, and microbetting, all of which have gained traction among NFL fans.
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