More people than ever expected to bet on Summer Olympics after U.S. legal gambling boom

by | Jul 11, 2024 | Business

The Olympic Rings being placed in front of the Eiffel Tower in celebration of the French capital won the hosting right for the 2024 Summer Olympics.Sopa Images | Lightrocket | Getty ImagesSportsbooks and daily fantasy operators are preparing for a Summer Olympics bump.The games in Paris, set to start July 26, will be the first to take place since legal gambling became widespread in the U.S. The gaming industry expects an increase in wagering from the previous Summer Games in Tokyo, particularly for sports like men’s and women’s basketball, soccer and tennis.”The Olympics and gambling, for decades, have looked at each other from afar. This year we’ll see them meld together,” said Max Bichsel, North America executive vice president at Gambling.com Group.These Olympic Games come at an opportune time for sportsbooks, during the offseasons of high-volume betting leagues like the NFL and NBA. But it remains to be seen whether they move the needle for gambling operators.The effect could be more muted for giants FanDuel and DraftKings, which together hold about 80% of the U.S. online gambling market share, than for smaller players.”If you want to look at this from an annual perspective for a company like DraftKings or FanDuel, it’s still going to have a relatively minor impact,” said Jordan Bender, a senior equity analyst at Citizens JMP. “Obviously positive, but it’s not going to be as big as we might think and a lot of it is going to be largely dependent on viewership.”A representative of FanDuel, which is owned by Flutter, said the Olympics likely won’t move the needle much for the sportsbook. DraftKings didn’t respond to a request for comment.Even so, the expected rise in Olympics gambling underscores just how much the market has boomed in recent years.Gambling growthMore than 30 …

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[mwai_chat context=”Let’s have a discussion about this article:nnThe Olympic Rings being placed in front of the Eiffel Tower in celebration of the French capital won the hosting right for the 2024 Summer Olympics.Sopa Images | Lightrocket | Getty ImagesSportsbooks and daily fantasy operators are preparing for a Summer Olympics bump.The games in Paris, set to start July 26, will be the first to take place since legal gambling became widespread in the U.S. The gaming industry expects an increase in wagering from the previous Summer Games in Tokyo, particularly for sports like men’s and women’s basketball, soccer and tennis.”The Olympics and gambling, for decades, have looked at each other from afar. This year we’ll see them meld together,” said Max Bichsel, North America executive vice president at Gambling.com Group.These Olympic Games come at an opportune time for sportsbooks, during the offseasons of high-volume betting leagues like the NFL and NBA. But it remains to be seen whether they move the needle for gambling operators.The effect could be more muted for giants FanDuel and DraftKings, which together hold about 80% of the U.S. online gambling market share, than for smaller players.”If you want to look at this from an annual perspective for a company like DraftKings or FanDuel, it’s still going to have a relatively minor impact,” said Jordan Bender, a senior equity analyst at Citizens JMP. “Obviously positive, but it’s not going to be as big as we might think and a lot of it is going to be largely dependent on viewership.”A representative of FanDuel, which is owned by Flutter, said the Olympics likely won’t move the needle much for the sportsbook. DraftKings didn’t respond to a request for comment.Even so, the expected rise in Olympics gambling underscores just how much the market has boomed in recent years.Gambling growthMore than 30 …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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