By Jack Glasure
Last week we attended a global conference on sports betting hosted in New Jersey with several clients of our sports and entertainment practice, including Pro Football Hall of Famer Morten Andersen. Andersen was representing Better Collective, a Danish company seeking a foothold in the US after many years of strong growth in Europe.
Over 1700 attendees networked for four days to explore and evaluate opportunities in our emerging national market for sports betting.
Looking ahead, legal betting from your phone could be a $150 billion dollar market, as Americans annually gamble $150 billion on sports illegally and $5 billion legally.
To put that figure in perspective, Amazon founder and CEO Jeff Bezos is worth $150 billion. And Netflix’s market cap is also $150 billion.
Any state can now legalize sports betting following a ruling by the Supreme Court last year, and 7 states have already passed laws legalizing mobile sports betting with the expectation that 15 will come online by the end of the year.
The only state that is currently up and running is New Jersey where DraftKings and FanDuel are battling it out for coveted market share.
Until last year, legal sports betting was limited to Nevada, which voted to legalize bookmaking in 1949.
State legislators across the US are motivated to move fast towards legalization because of the potential revenue at stake. For example, New Jersey taxes sports betting at 8.5% for land-based casinos and 13% for mobile betting. On the other extreme, Pennsylvania is looking at a tax rate of 36% with a $10 million licensing fee for a Sportsbook operator.
FWV is currently consulting with brands in this space. Give us a ring if you’re placing bets on sports in America, and let’s connect.
The opinions within this article are of the author and not representative of FWV.
French/West/Vaughan (FWV) is one of the nation’s leading public relations, public affairs, advertising and digital media agencies, with offices in Raleigh, New York City, Los Angeles and Tampa. National, international and local clients represented by the agency include Wrangler, ABB, Proximo, Melitta, Bassett Furniture, Volvo Trucks North America, the V Foundation for Cancer Research, Moe’s Southwest Grill and the N.C. Department of Transportation. Owned or affiliated companies include fashion and lifestyle PR firm AMP3 (New York City), pet and veterinary PR practice FWV Fetching and feature film development imprint Prix Productions. FWV is a partner in IPREX, a $380 million network of communication agencies with 1,600 staff and 110 offices worldwide. For more information, please visit www.fwv-us.com or follow us on Facebook, Twitter, LinkedIn, Pinterest or Instagram.