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Local Sports Betting Ad Spend: For local advertising, BIA forecasts ad spend for sports betting to reach $1.8 billion in 2022, a sizable jump of 80% from 2021. By 2024, BIA projects local ad spend for the category to total $2.9 billion. BIA’s Nicole Ovadia, says, “With New York and other larger markets making online sports betting legal this year, that has led to a significant increase in ad spending. BIA is also forecasting this vertical to grow significantly between now and 2024 when it will hit nearly $3 billion. This jump is dependent on California voting to legalize online gambling in 2023 and going live in 2024.”
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Even with gambling legal in Pennsylvania, bookies didn’t disappear. For instance, “the Accountant” has been taking bets for nearly 15 years in Philadelphia. A registered ER nurse by day, he inherited the book from a friend who owned a bar and reports that he has “about 100 customers” during football season and 25 in the months after that. His client base was cut in half when Pennsylvania legalized sports gambling, but “we got 50 percent of them back,” he reports.
What's happening: The law allows for temporary licenses, but doesn't cap them or stipulate how they should be awarded.
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