Is it a useful countermeasure? Or merely a quiet alarm bell drowned out by the promotional clamor? Lives and livelihoods may depend on the answer. One report in the United Kingdom — where sports betting has been more liberalized for a while — found 55,000 “problem” gamblers between ages 11 and 16.
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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Sports Betting Revenue: Revenue for sports betting has been climbing. For the first half of 2022 revenue totaled just over $3 billion compared to $4.3 billion for all of last year. Morgan Stanley forecasts revenue to reach $7 billion by 2025. Also, in 2021 Americans bet $57.2 billion on sporting events, a year-over-year increase of 165%.
On these questions, too, there are some demographic differences. Americans 50 and older are more likely than adults under 50 to say that legalized sports betting is a bad thing for both society (41% vs. 27%) and sports (38% vs. 29%). College graduates and those in upper-income households are also more likely to see the widespread legalization of sports betting as a bad thing for both society and sports.