The NBA is back and you can expect more legal bets on basketball than ever before.
DraftKings already saw its NBA handle and bets grow five-fold during the last NBA season. Michigan and Virginia will launch online betting in early 2021, adding to the legal pool of bettors.
Where the money’s headed this season, according to DraftKings’ season preview:
- Los Angeles Lakers have 37% of the money and 26% of bets to win the 2021 title
- Brooklyn Nets make up 22% of the pot with 15% of bets
- Philadelphia 76ers and Golden State Warriors each account for 9% of bets
Where the money’s not headed this season:
- “The Bucks and Clippers seem to be undervalued right now,” said Nick Bogdanovich, director of trading for sportsbook operator William Hill US. “We’re not writing any tickets on either one of them.”
Wager Growth Is Inevitable: October was the first time American bettors wagered more than $3 billion in a single month. New Jersey consistently handles the most wagers out of any state, with more than $900 million bet in November.
Betting revenue will continue to increase as casinos reopen across the country and more states prepare to launch mobile betting.
Major sportsbook operators are expanding in legal states as well. BetMGM, for example, launched in Pennsylvania this month. Those operators bring an influx of potential sponsorship cash, exemplified by yesterday’s partnership announcement between BetMGM and the Philadelphia 76ers.
Sportsbooks are also using media influencers in an attempt to gain customer loyalty. Yesterday, NBA Hall of Famer and TNT analyst Charles Barkley made his debut as a FanDuel ambassador during NBA tip-off coverage.