Whenever a big sports event rolls around, we at LikeFolio get excited.
We know that one Super Bowl Sunday can give us MAJOR insight into the sports betting industry, specifically where people are placing their bets.
Here’s what we learned this year:
Sports Betting Continues to Grow
Consumer mentions of placing bets on a sporting event spiked yesterday, propelling the current seasonal pace +10% higher vs. last year.
Super Bowl 57 was the first one ever played in a state (Arizona) where sports betting is legal. And the numbers are insane:
- FanDuel told CNBC that it averaged 2 million active users on the platform throughout the game.
- GeoComply (verifies the locations where gamblers are betting) reported 100 million sports-betting transactions this Super Bowl weekend. A 25% increase compared to last year.
FanDuel (PDYPF) is Leading Peers
FanDuel (PDYPF) and DraftKings (DKNG) edged out Barstool from a usage volume perspective.
From a growth perspective, FanDuel once again has the edge.
FanDuel reported 50,000 bets per minute at its peak.
Take a look at the charts below, showcasing demand growth over the last quarter.
FanDuel and DraftKings are posting serious growth in demand (usage and download) volume.
On the other hand, Penn National (owner of Barstool Sportsbook) demand is waning:
We wouldn’t place a bet on PENN anytime soon…
With March Madness around the corner, the LikeFolio team will be monitoring the sports betting segment closely to see if there are any significant changes in the height of basketball season.