🌊 pent-up demand in sports betting is coming to legal markets

currently sitting at $76b, the global sports betting market is anticipated to be ~$184b by 2030 (10.2% cagr)

as legal sports betting became available to 21 states in 2020 – coupled with massive stimulus dry powder looking for new sources of entertainment and income – us sports betting revenue nearly quadrupled to $4.3b in 2021

here are some notes i’ve compiled on the industry recently!

 💸 gen z & millennials are betting big time

• millennials are historically the most active (64% of millennial male sports fans place bets), but more and more gen z sports fans are trying it out

  • 33% of 13-to-19-year-old sports fans surveyed bet on sporting events (note: the legal age is 18!)

• compared to millennials, gen z bettors are 19% more likely to place bets socially, with friends or family, and conversely 15% less likely to participate alone

• 94% of bettors on uplatform, a gen z-first betting platform, are 30 years old or less

  • cs:go, dota 2, and league of legends make up more than 91% of esports bets on the platform

⚖️ the money is becoming legal

• currently, 27 states have legal, regulated sports betting industries, and in h1 2022 alone, four more states are in the process of signing into law or passing bills

• in europe, the general trend is that each country is supportive of establishing its own pool of permissible licenses and sportsbooks, though recently the english premier league asked clubs to enact a voluntary ban on new gambling jersey sponsor deals

👀 trying to keep my eyes on…

• sporttrade: p2p sports betting marketplace designed to foster a stock-trading-like experience. emphasis on social aspects like challenging friends and leaderboard.

• mojo: a-rod-backed nfl-focused sports betting app, offering a mval valuation method of measuring an athlete’s career value

• midnite: london-based gen z-focused esports and sports betting platform with an added cashmode platform where users can play-to-earn skill challenges

• pikkit: social betting platform that allows users to sync their legal sportsbook accounts, stay up-to-date on friends’ picks, and build a following based off their performances and track records

that’s all for today!

always always feel free to email me (apeofomaha@substack.com) to ask any questions! :)

💡 something im thinking about

interesting divergence from yesterday - will have to look more into it!

🙏 closing comments

all of this is just one ape’s thoughts, but I would love to hear what you want to know about! happy trading!

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as always, just another ape's thoughts and opinions – i am no financial advisor! (i am no substitute for professional financial services)