With more states legalizing gambling on sports, Super Bowl LVII will probably be the biggest event for the industry ever. The American Gaming Association is predicting that more than 50 million people will bet about US$16 billion on the National Football League championship game between the Kansas City Chiefs and Philadelphia Eagles.
But how will casino and online/mobile sports betting companies stand out in an increasingly crowded field?
DraftKings is down about 30 per cent in the past 12 months and nearly 75 per cent over the past two years. Caesars and Penn Entertainment, which has a stake in Barstool Sports, have both plummeted 40 per cent in the previous year. Rush Street Interactive, the parent company of BetRivers, has slid nearly 65 per cent during the same time frame.
Of course, many gamblers will be busy placing bets on their phones. But Adam Greenblatt, CEO of BetMGM, told CNN that business at the sportsbook before and during the game should be brisk. Given the competition with DraftKings and FanDuel, as well as other casino companies, Greenblatt said that having a physical location at the Super Bowl should be a great marketing opportunity. A big goal for Sunday is to also convince people making bets at the sportsbook to download the BetMGM app so they can set up accounts.
FanDuel CEO Amy Howe said in an interview with CNN that there is plenty of room for more growth, especially after Ohio, Maryland and Kansas all legalized sports betting last year. Still, DraftKings CEO Jason Robins told CNN that he thinks sports betting firms realize that they can't go overboard with costly promotions anymore.
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