Sports Betting Is Revving Up Ad Spending For Fourth Quarter
Sports betting is expected to boost ad spending for the fourth quarter. The fourth quarters are the most expensive of the year due to the holiday season. This year's sports events include the FIFA Men's World Cup from Qatar and the NFL and college football. The global event has been pushed back from June-July to November-December.
Sports betting revenue is climbing. Last month Massachusetts became the 36th state to legalize sports betting. In 2021 Americans bet $57.2 billion on sporting events.
Sports Betting Is Revving up Ad Spending For Fourth Quarter. California has legalized sports betting on its ballot this Election Day. The ad spending has already exceeded $300 million. Alaska also has a ballot referendum on sports gambling in November. Proposition 26 will allow only casinos and four race tracks owned by Native American tribes to allow in-person gambling. Proposition 27 would legalize mobile sports bets statewide.
IAI forecasts ad spend for sports betting to reach $1.8 billion in 2022. Local ad spending for the category will reach almost $2.9 billion by 2024. NFL is driving the popularity of sports gambling in the fourth quarter. According to the American Gaming Association, 46.6 million Americans plan to bet on the NFL during the 2022 season. There are currently five advertisers approved by the league: FanDuel, DraftKings, Caesars, BetMGM and FOX Bet.
NFL games dominate national TV spending with sports betting advertisers. FanDuel led in ad spend at $13.8 million for week 1 of 2022. DraftKings, BetMGM, Caesars and Circa Sports also made big money. Sports betting is becoming a major category. For the first time, NHL players will have an ad patch with a casino or sportsbook on their uniforms.
