Sports Betting's Boom Is A Technology Revolution

U.S. consumers in 2022 spent more money wagering on sports than they did on ride-sharing apps and streaming services, reports the Philly Inquirer.

More than $95 billion was wagered legally in the U.S. last year, and it’s worth comparing the market with those other two segments because we largely view them as booming technology industries. Sports betting is, too. Ninety percent of that more than $95 billion in bets was placed on a mobile device.

It’s worth noting, too, that all of that money was bet without legalization in the states of California, Texas, and Florida — the three largest states. More money is coming, eventually, and sports betting’s explosion is, like that of almost every other modern industry, a story about the explosion of data and tech.

Walk around a major sports betting conference and you’ll see more tech companies than sportsbook brands, and people who look more like Pharma Bro than Pete Rose. It’s become a race to see who has the fastest, best data and who can create and drive the user experience of the future.

According to a 2022 study, AM/FM radio listeners are 50% more likely to have placed an online bet and are 85% more likely to be interested in sports betting than television viewers. And in terms of people who are already betting on sports, 40% count themselves as heavy radio listeners compared to 30% who say they are heavy television watchers.

FanDuel, DraftKings lead the way: Unsurprisingly — as anyone who listens to radio (or watches TV) can attest — FanDuel and DraftKings have the most brand awareness among radio listeners, according to the report.

One last interesting nugget from the study: While 70% of sports radio listeners said they are interested in sports betting — not a surprise — some of the other formats have listeners who are almost equally intrigued by sports betting, including 68% of urban listeners and 60% of alternative radio listeners. 

These numbers skew young, as the people least likely to be interested in sports betting were classic rock fans (39%) and classic hits fans (33%).