How Did Daily Fantasy Contribute to Sports Wagers?
First of all, let’s make one thing clear – daily fantasy sports was a long overdue. It was a long-time coming indeed. The increase in bet volume was expected. It was, however, touch-and-go whether sports betting was going to pick up on account of daily fantasy sports rising to popularity. It turned out it did. With the two biggest players in the industry launching the beginning was market of exponential growth in the money wagered on sports in Nevada. Fan Duel and DraftKings are, to date, the biggest and most profitable companies of their kind, so there’s no arguing their businesses gave the industry a new lease of life.
What Is the Best Bookies’ Part in The Increase?
It’s a real eye-opener when you hear it from the AGA president and CEO, that the sports betting demand has reached never-seen-before proportions. And that was 2015. What Geoff Freeman could not have known with certainty is that this is going to continue. Geoff Freeman pinned it all on the laborious efforts of the industry’s leaders to establish clear rules for customer protection. Let us remind you that back then, daily fantasy wasn’t regulated as well as it is today. So, it’s only natural that by bettering that part of the service, a new wave of eager-to-bet customers was unleashed. Going back, we can see it in the numbers, that the foreseen ‘symbiotic growth’ Geoff Freeman was talking about, came to be.
How Illegal Sports Betting in Nevada Played Its Role
The increase in the amount wagered on sports in Nevada in 2015 , served as a reminder that the resurgence in popularity is going to benefit the Illegal market as well. And there was no intention to make it fair weather. The AGA forecasted an output of 138.9 billion to be directed towards illegal betting.
It’s hard to put this affinity down to anything other than misinformation. Sports betting in Nevada in 2015 was a well regulated and safe market, provided that one stayed conscious of the fact they should bet at legal operators. The AGA never fails to remind us that illegal sports betting is just a façade for criminal activities, and it ultimately deprives the user of their right for a safe gambling environment.
Analysis of the Amount Wagered on Sports in Nevada
It’s quite easy to do the math, actually, and we are sure you can do it yourself. That’s why we decided to back up the news of a sports betting volume increase in Nevada with an easy-to-follow visual element. The simple table below lays out the data of topical importance for the years 2009-2015. In other words, this is the annual amount wagered at Nevada betting sites starting 2009 up until 2015. We merely quoted the data, courtesy of the Nevada Gaming Control Board, intending to stay as accurate as possible.
| Year | Amount Wagered | Increase Compared to Last Year |
|---|---|---|
| 2009 | $2.55 billion | – |
| 2010 | $2.75 billion | 8.2% |
| 2011 | $2.88 billion | 4.2% |
| 2012 | $3.45 billion | 19.9% |
| 2013 | $3.62 billion | 5.0% |
| 2014 | $3.90 billion | 7.7% |
| 2015 | $4.46 billion | 14.6% |
The table above is a good way of fleshing out what the AGA reported. Although the December numbers weren’t as good for the sportsbooks as the those at the start of the year, they still managed to generate $232 million in revenue. The revenue reports from January set the tone for this startling success. As far as sports are concerned, football seems to be the primary focus of punters with an $83 million revenue for the bookies.
Nevada Sports Betting Volume Increase
It’s not the least bit surprising the rate with which the industry is evolving when we consider the fact each fiscal year comes on the heels of a successful previous year. In 2017, the sportsbooks would set a new record for the amount wagered on sports of 4.87 billion. Even today, the betting industry in Nevada is going strong. The tax revenue for the state is benefitting big time from that too. That, in terms, provides financing for the education system, which is always a good thing. Ever since daily fantasy sports betting was defined as a skill-based activity, it hasn’t stopped paying dividends for both participants, operators and government.
