The US sports betting market is growing stronger as more services roll out and an increasing number of states approach legalization. Talks of deregulation on gambling have been heating up in California and Florida in particular.
March handles were boosted by the NCAA’s March Madness basketball tournament and sportsbooks are likely to reap benefits from May’s Triple Crown of Thoroughbred Racing.
Related ETF & Stocks: Roundhill Sports Betting & iGaming ETF (BETZ), Penn National Gaming, Inc. (PENN), DraftKings Inc. (DKNG), Caesars Entertainment, Inc. (CZR)
Super Group, Churchill Downs Target Fast-Growing Gambling States
The US market for sports betting is about to get more crowded as international sportsbook behemoth SGHC Ltd., also known as Super Group has decided to list on the New York Stock Exchange, preparing for a major US rollout of its online options that have become exceedingly popular in America. Super Group, the holding company for global online sports betting and gaming businesses Betway, said Monday it has agreed to go public via a SPAC merger with Sports Entertainment Acquisition Corp. at a pre-money equity valuation of $4.75 billion.
As MarketWatch notes, Super Group has licenses in 23 jurisdictions in Europe, the Americas and Africa and took in more than $42 billion wager in the 12 months to March 2021. It currently has more than 2.5 million monthly unique active customers and is in an agreement to acquire Digital Gaming Corp. which will give it access to an initial 10 US states, including New Jersey, Pennsylvania, Colorado, and Indiana, representing some of the fastest growing states for sports betting.
Speaking of New Jersey, the state’s sportsbooks bounced back in March, capitalizing on NCAA’s March Madness tournament, generating more than $60.7 million in sports betting revenue. Per LegsSportsReport.com, that equates to a handle (the total amount of cash wagered) of $859 million for the month, according to the state report released Friday. New Jersey continues to lead the nation in sports wagering.
Handle for NJ sportsbooks in 2021 has now surpassed $2.5 billion after three months. The Garden State posted more than $6 billion on a COVID-ravaged 2020 sports schedule, and this pace would easily surpass it.
Just days before this weekend’s Kentucky Derby, Churchill Downs’s biggest event of the year, the company announced the introduction of its TwinSpires sports betting service in Pennsylvania, Colorado, and Indiana.
According to the Pennsylvania Gaming Control Board monthly report, the Keystone state was able to collect $560.3 million in total bets across all PA sportsbooks. This was about a $50.8 million increase from the prior month. Of that total handle, close to 92% of it came from online or mobile sportsbooks.
Indiana’s sports betting market saw handle increase to $316.7 million in March, an increase of 15.6% from the prior month.
NFL Agreement Boosts Marketing Content For Partners
As CNBC reported earlier this month, the National Football League (NFL) is officially open for sports betting, announcing sportsbook partnerships with top companies Caesars, FanDuel, and DraftKings. The betting companies…