Here’s today’s quick rundown in the world of US gambling.
Farewell GambetDC, hello FanDuel
Washington, DC, is getting a new sports betting app. The DC Lottery is moving to FanDuel and away from GambetDC, which is arguably the worst sports betting app in the legal US sports betting industry. More here. Monopolies for online sports betting are still dumb, but this is a huge upgrade from the debacle that is Gambet. The app had some of the worst lines for bettors and somehow managed to generate less sports betting activity than a physical sportsbook in DC. Good riddance.
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NC sports betting is live
You can now bet online at North Carolina sportsbook apps. More here. Stuff to know moving forward:
We will probably not see another online sports betting launch in a state of any size until 2025 or later. This is in part because efforts to legalize online sportsbooks have been so successful around the country. Any growth in the industry is going to have to come organically for a while.
This will be a bit of a litmus test for at least some sportsbooks:
This is the first time ESPN Bet started at the same time as other operators; will that translate into a higher floor than it’s established in other states?
Similarly, Fanatics has been launching and rebranding PointsBet around the country; will it make some noise here?
Underdog makes its debut as a sportsbook operator after years offering fantasy sports (both contests and parlays vs. the house). Can it make a dent in the gambling industry?
Speaking of ESPN Bet…
We’re starting to get some of the early results for February sports betting handle and revenue. The most interesting thing in the monthly data remains tracking the results of ESPN Bet. And the returns for February don’t seem great:
In Maryland, ESPN Bet dropped in market share by handle to around 5%. That puts it in fourth, well behind BetMGM (No. 3) in both handle and revenue.
In Indiana, ESPN Bet is one of three operators vying for fourth place, with about the same handle as Bet365 and Caesars. Again, share of handle sits around 5%.
These are of course small samples; some context:
Share is down month on month in these states.
ESPN Bet was doing better in the states that report later in the month.
These are modest improvements over the old Barstool Sportsbook.
ESPN Bet has slashed promotional spend since launch.
If you believe ESPN has kept a lot of its powder dry, and that a better product and increased integration will improve things over time, there’s nothing to worry about! If you believe that ESPN Bet shouldn’t be losing ground after the initial wave of customer acquisition, there’s maybe something to worry about!
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Stathero shut down their offerings for "classic" sports on 3/12, saying they're going to focus on "alternative" sports like bull riding and "power slap". Virtually nothing is offered at the moment. The corporate strategy and optics make it look like they're closing shop with NFL over. Their Twitter account has also gone quiet for the last month.
Interestingly, they are not allowing "bonus bucks" to be converted for withdrawal, saying that eventually there will be ways to use them. Very unfair to customers.