Sports fans have missed seeing their favorite teams in person due to the COVID-19 pandemic. But the empty stands and stay-at-home lifestyle have combined to give a big jolt to sports betting, most of which is taking place via mobile apps these days.
The Supreme Court gave states the ball a few years ago to allow sports betting and many have gone in for the score. Further, most sports leagues and media companies have partnered with Vegas casinos and online fantasy sports operators. With casinos shuttered or lacking in customers, sports fans are placing their bets from the comfort of their couches. Payments providers and app developers are riding this wave of mobile sports wagering. Bet on it to continue.
The following excerpt from an Action article reports more on the topic:
American sportsbooks recorded their highest monthly handle and second-highest monthly revenue total this August, according to an American Gaming Association report released Tuesday. The eye-popping numbers reaffirmed sports betting’s momentum in the roughly 30 months since it’s been allowed to expand nationwide. It further underscored the importance of online gaming; land-based commercial casinos, due to closures and reduced patronage, are still below last year’s revenues even as sports betting figures jumped.
Americans wagered $2.1 billion in August 2020, an all-time single-month record. Sportsbooks generated $119.4 million in revenue, trailing only the $138 million held in January 2020. The August 2020 revenue total was a 90.2 percent increase from August 2019.
Nationally, 2020 sports betting revenues are up 31.5 percent compared to the first eight months of 2019 and handle is up 24.1 percent during that same time. Online wagering makes up more than 80 percent of handle and revenue in mature markets, and some states with closed or restricted brick-and-mortar casinos eclipsed 90 percent.
Bolstered by an unprecedented sports calendar featuring late-summer NBA and NHL playoff series along with a full month of Major League Baseball games, the sports betting record was nevertheless set with neither college nor professional football, historically the most lucrative sports for sportsbooks.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group