The number of sports bettors and fantasy sports players in the U.S. and Canada continues to grow, providing a critical lift to gaming operators forging a path to profitability.
The Fantasy Sports & Gaming Association in a new study said the number of adults in those countries engaged in legal sports wagering and fantasy sports has surpassed 81 million, up 7% from a year ago and up 26% compared to 2021.
The research is good news for major entities such as DraftKings and Caesars still posting fiscal losses from sports betting and seeking consistent profits through an enlarged gaming market — an effort also boosted with recent legalization in North Carolina. Flutter Entertainment is similarly projecting full-year profitability for FanDuel in 2023.
“There’s unquestionably a market maturation happening with more regular bettors and more established patterns of activity,” said FSGA board member Paul Charchian to Front Office Sports.
The study also found decreasing crossover between sports bettors and fantasy players, with the level of those doing both the U.S. falling from 59% to 45% year-over-year as consumers become more discerning about their preferred games.
Big Player Losses
ProFootballTalk reported an undisclosed NFL player lost $8 million from betting last year, underscoring excessive wagering’s risks. NFL players are allowed to bet on sports aside from the NFL itself.
The report adds to recent gambling policy violations by five NFL players, including four from the Detroit Lions, and a separate investigation into Indianapolis kick returner/defensive back Isaiah Rodgers.
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