Sports Betting Market Trends: Top Leaders Dominate

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00:00Okay, so Superbook stepping back, Betfred stepping back, ESPN Bet having their troubles

00:10as well.

00:11I mean, that seems like the story that we're sort of headed for here over the next six

00:15months.

00:16And Pat, what I really find interesting about this is that some of these smaller sports

00:19betting operators and the ones you're saying they're not getting the market share, they're

00:23not even willing to wait, it seems like, for California to go live and Texas to go live,

00:28because when those states go live too, you would think there'd be an influx.

00:32But I guess that's kind of where we're headed, is the leaders in sports betting are going

00:35to continue to be the leaders, TBD, until anything changes soon.

00:41Yeah, I think we're seeing true consolidation at the top.

00:45I mean, FanDuel and DraftKings are very clearly one and two in sports betting handle and market

00:50share.

00:51BetMGM, Caesars not far behind, Fanatics are right there.

00:55And even BetRivers has generated probably enough market share to say this is worth it.

01:01And then the rest are just kind of trying to fight out with what's left.

01:05And then you have to figure out the business side of it for them, is that handle and revenue

01:10enough to make it worthwhile and have a profit share?

01:13And as we mentioned, I mean, multiple books now this year alone have said, no way, we

01:19can't do this.

01:20From Saharabet, which was only in Arizona, to Unibet and Bet365 saying, you know, this

01:26is not 365, we'll talk about that in a minute.

01:30Betway, you know, European operators saying, this market just isn't us, we're not being

01:35very successful, we can't make this work.

01:38I mean, that's five this year.

01:40We've got 12, I think, was Matt's count on Saturday when he wrote up the Superbook story

01:45as since the, you know, PASPA passed, fell.

01:51I mean, that's a huge amount of operators in six years to say, let's try it.

01:55Oops, it didn't work and pull out.

01:58Meanwhile, we've got multiple operators at the top just really raking it in.

02:03We've got a few operators, one we'll talk about in a minute, still trying to make it

02:07work.

02:08You've got Underdog Fantasy that they're making their way with the Sportsbook Endeavor.

02:12So there's still some new, you know, entrants really trying to drum up some business.

02:16But for the most part, the small ones, as you're mentioning, they're just struggling

02:21to secure any significant market share and seeing that as a problem towards profitability

02:26in the long term.

02:27So, you know, like you said, you could stick it out for maybe Texas or California.

02:32But again, who knows how long that's going to be.

02:36And so how much more money do you have to bleed to make sure you're going to hit that

02:40those populations and will anything change if you do get to that?

02:44And if it doesn't, then you've just wasted even more money.

02:46So it's a whole thing.

02:48And it's just continuing to be interesting to watch.

02:50But between the kind of consolidation and the dropping out of the market to the legislative

02:56side where nothing really happened this year in terms of new states legalizing, this has

03:01been a really interesting kind of slow negative year in sports betting news, I suppose, if

03:06you wanted to kind of qualify it.

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