US Sports Gambling sees big gains from pre-pandemic levels

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According to a report by Canaccord Genuity, the number of sports bets in the US is now double what it was before COVID-19. Much of this has to do with the increase in legalized gambling states, of course, but also with increased interest in the activity. iGaming is on the rise too, and the gambling ecosystem will continue to provide much-needed revenue for states in the US that have turned to sports gambling and online gaming.

US sports gambling see big wins

US sports betting trade is now double what it was before COVID-19, according to Canaccord. This is because 21 states and Washington, DC, are now fully accepting the place that sports betting has in their economy and will grow as other states join. Michigan and Virginia are two of the most recent additions, while Louisiana, Ohio and others are making the final touches to launch. By the end of the year, there will be more than 30 states (and DC) offering legalized sports betting.

Canaccord states that after the other states roll out, an additional 13% of the US population will be exposed to sports betting. That number could jump a lot higher if New York and Florida can roll out mobile sports betting, though Florida’s options are slim at best right now. New York, the fourth largest state in the United States, is expected to see significant gains, and Florida, which is expected to hold a multibillion-dollar sports gambling gold mine, could add even more, provided the Home Office can turn on its side. Several legislators are currently trying to prevent this.

iGaming brings new income

Sports betting isn’t the only one bringing new revenue to various states. The iGaming industry has also continued to expand in the US, with five states now involved. This quintet comprises 11% of the total population in the country, which means there is still plenty of room for growth. According to Canaccord analysts Michael Graham and Maria Ripps, “Total iGaming revenue in the US has grown steadily over the past year, with a remarkable surge after its recent launch in Michigan, reaching a new record of $ 309 million in March. “

Analysts are extremely bullish on a select number of operators, notably DraftKings, FanDuel and BetMGM. Although they were originally launched as sports gambling platforms, the appeal of online casinos attracted them and they are much more now. With significant control over various markets in the United States and new features and products introduced all the time, the three are poised to see explosive growth. They add that DraftKings is in a particularly lucrative position, especially with Arizona, Maryland, Louisiana, and Wyoming able to get their sports gambling marketing up and running before the NFL season kicks off this summer. The analysts give the operator a price target of 80 US dollars, an improvement of 60% over the current price of 48.81 US dollars.

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