The Super Bowl is just over a week away, where the Philadelphia
Eagles will face the Kansas City Chiefs in what is usually the biggest night in
football every year. The Super Bowl is also one of the biggest money-making
nights of the year for sports – between TV ads, beers bought, and bets
placed, the Super Bowl generates a ton of money.
Sports betting, in particular, has taken off in recent years.
The industry has grown following the 2018 Supreme Court decision that opened the
way for states to legalize betting. Since that decision, as more and more
states adopted legalized sports gambling, each Super Bowl has beat the next on
bets placed and revenue generated.
The lucrative and fast-growing world of sports betting isn’t a
fan favorite for everyone, though. Public health experts are increasingly concerned
about gambling addiction.
But, despite all the money and growth the sports betting
industry has had, does the public really care?
Below in five charts we explore the new frontier of legalized
sports betting.
1.
Who are sports bettors? Sports bettors tend to be male, white, younger,
and on the wealthier side. They also tend to be some of the most engaged sports
fans. Sports bettors are more likely to watch niche sports, like esports, go to
live games, play fantasy sports, and self-describe as a sports fan. It's not for
everyone, but for some people, it is everything.
2.
A few generate billions. That energy and engagement generates billions in revenue
every year. In 2022, less than one in ten Americans placed a bet on live sports
games. Despite that, this small, engaged group of Americans generated over $4
billion in revenue. Look at the numbers, revenue keeps growing.
3.
Professional sports the biggest draw. Sports bettors are most likely to want to put their money in
professional sports leagues like the NFL and NBA. College football and
basketball come next.
4.
Waste of money? Sports betting isn’t for everyone. Most people see it as a
waste of money. Outside of that, many choose not to bet because they either
don’t know enough or just don’t believe in gambling.
5.
Split on legalizing. Americans split on whether to allow sports betting in their
state. Equal shares are for it, against it, or just don’t know what to think.
Still, when given a choice between the two, most think people should be allowed
to bet on sports and spend their money how they choose, even if addictive
behaviors are a risk.
Sports
betting isn’t for everyone. Whether someone isn’t a fan of sports, disagrees
with the practice of gambling, or simply doesn’t know enough about sports
gambling to partake, it’s clear that the vast majority of Americans won’t be
heading to sportsbooks this week to place a wager on the Super Bowl.
But the ones who are – the
small group of hyper-engaged fans – are the ones fueling the rapid growth of
the burgeoning sports betting industry. There will likely be more to come and
more to watch for this industry in the weeks and years ahead.