00:00Let's talk about the growth of sports betting, which we've seen since legalized every single college and pro football season.
00:06People running to their phones, downloading the apps, DraftKings, FanDuel, Bet365, everybody else, MGM.
00:12I don't want to leave anybody out.
00:13But for the first time in a while, Sam, no legalization of any new state.
00:18We'll have to wait till December.
00:19So what does that mean for downloads?
00:22Yeah, you hit on it, Craig.
00:23This is the first week one of NFL and college football where downloads were actually down from last year, except for FanDuel and Bet365.
00:33So every single sports betting app not named FanDuel or Bet365 combined, their downloads were down 10% from last year.
00:42FanDuel and Bet365 are newer entrants in the space.
00:45Bet365 has launched in about four new states since the start of last NFL season.
00:50So they're working from a smaller pool to compare to, and Fanatics similarly has launched in a bunch of new states, and they've put a lot of promo dollars out there.
00:58So even an app like FanDuel was down in downloads about 29%, but still led the entire sports betting universe in app downloads versus everyone else.
01:09So that should go to show you how dominant they've been here.
01:12But yeah, you only have 50 states that can legalize sports betting.
01:16So this is a number that steadily declined kind of every year.
01:20Only so many people turned 21 in the time between last football season and the start of football season.
01:26So what it means for the operators is they're allowed to, you know, acquire people at more efficient costs.
01:32They're focusing, you know, you're not working from a base where you have everyone rushing to a new state to kind of compete for the same customers.
01:38They can kind of focus on squeezing more revenue out of their customers, reactivating old customers.
01:44And like you alluded to, Craig, we do have Missouri on the horizon in December, the only state that's going to launch during football season.
01:50That'll be about the 39th state, 39th new market with sports betting.
01:54So I imagine, you know, because they've had no other states to really compete for at this point, that'll be so much more important to them at that time to really come in and acquire customers pretty much at a later stage in the sports betting game where you have a bunch of states have already turned on as well.
02:10But yeah, definitely, you know, this is the first time ever we've seen the app downloads down year over year.
02:15Usually they're up a percentage.
02:16So very interesting, you know, down 10% and we'll see if Fanatics and Bet365 can build on their momentum going forward.
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