Bet.Works exec: US sports betting market worse off than last year despite recovery

Despite the level of demand seen for US sports betting since live sport returned, the market is lagging behind early year forecasts, according to a Bet.Works executive.

The coronavirus pandemic caused chaos to the sporting calendar in March, which led to a pent-up demand for sports betting and an impressive recovery in the second half of the year.

All four major leagues - Major League Baseball (MLB), National Basketball Association (NBA), National Hockey League (NHL) and the National Football League (NFL) - all took place on the same date, 10 September, for the first time, helping New Jersey post the country’s highest-ever monthly sports betting handle of $748.5m for September.

However, figures from the American Gaming Association (AGA) showed sports betting gross gaming revenue (GGR) for the second quarter of 2020 dropped 46% year-on-year down to $64.2m.

Jay Rood, chief risk officer for US sports betting and online gaming supplier Bet.Works, believes the market is not in a better place than a year ago due to the absence of college sports, but the years ahead could see significant growth.

Rood told Gambling Insider: “2020 has been a better than average year despite COVID-19 and the initial cancellation of all sports in the USA. Overall, we have seen a steady increase in our number of users and in our handle. As far as being in a better position than this time last year, the answer is no.

“The numbers we are seeing indicate that the overall US sports betting market could be significantly bigger than forecasted prior to the repeal of PASPA. The last two years have proven that newly regulated states will eventually see numbers that eclipse even the best years for Nevada historically.”

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