Why Is Sports Betting on the Rise in 2022?
The number of sportsbook licenses granted in the USA and Canada since the beginning of 2022 has been rising steadily.
Experts have estimated that since 2018, when the USA lifted the federal ban on sports betting, more than 110 million Americans have gained access to online sports betting apps, while another 50 million – to physical sportsbooks.
Canadian sports betting market is likely to follow suit after the federal ban on single-game sports betting was lifted in August 2021.
The first reason why Canada sports betting has been on the rise since January 2022 is that it is still uncharted territory.
For example, Ontario’s Alcohol and Gaming Commission (AGCO) has already approved the applications of four major sportsbooks, although online betting’s legalization in the province will likely happen in April 2022.
South of the border, only 29 states have legalized sports betting, meaning that there still are 31 states preparing to do so. Mobile sportsbook apps went live in New York at the beginning of March 2022, and Ohio is expected to follow suit soon.
Feeling that they are missing out on sports betting’s multi-million-dollar market, governors in other states like Florida are racing to clear some minor legal obstacles.
Backed by Sports Leagues
Major sports leagues in the USA like the NHL and NBA, where Canadian teams also compete, see fantasy sports betting as a way to strengthen the bonds with their fans on both sides of the border.
Furthermore, MGM Resorts, FanDuel, and William Hill are official business partners to NBA and NHL. For instance, Caesars Entertainment has signed a sponsorship deal with NBA’s Philadelphia 76ers.
Tired of Complicated Parlays
Until last August, Canadians could only bet on parlays and horse racing. Local sportsbooks soon realized they were losing millions of potential revenue and pushed towards the legalization of single-game bets in the country.
All provinces legalized single-game bets by February 2022, but only Ontario and Alberta have opened doors for third-party sportsbooks. A nationwide advertising campaign will also be necessary, as under 20% of Canadians are now aware they can bet on single games.
Sportsbooks Pay Millions for Primetime Commercials
Sportsbooks and online casinos in the United States pay millions of dollars for prime time commercials. However, concerned Americans have filed complaints to the federal telecommunications watchdog saying these commercials have been fueling erratic behavior among young sports fans.
And while gambling TV ads are unlikely to be entirely outlawed, big franchises like NFL have limited their number to one per quarter. As a result, the average price of primetime gambling commercials has skyrocketed.
To Bet or Not To Bet?
Sports media companies like Barstool Sports, Fox Bet, and ESPN run multiple sportsbooks across the USA.Yet, they have understood that not all sports fans are bettors. An NFL-funded survey has revealed that just over 40% of their fans are occasional bettors, but 20% are firmly against gambling.
The NBA Approach
Taking heed of the survey’s results, the NBA has launched special media content for gamblers like the NBABet Stream. Thus, the non-gambling fans of the league will see fewer gambling commercials during game breaks.