Upcoming NFL Season to Bring Increase in Sports Betting Advertisements
Get ready for the 2023 NFL season kickoff on September 8th, as the defending Super Bowl champions, the Kansas City Chiefs, take on the up-and-coming Detroit Lions! While we don't know if the Chiefs can bring home the Lombardi Trophy again, what we do know for sure is that more sports betting advertisements are on their way.
This makes sense because the NFL has the highest ratings among major domestic sports, and football is the most bet-on sport in the U.S. What's more, more states than ever before are allowing sports betting. Assuming Kentucky launches as planned by the start of the season, there will be 35 states and Washington D.C. This creates a perfect environment for gaming companies.
According to MediaPost, the number of national television airings for sports betting ads has tripled from the previous year, from 12,900 to 39,300.
Out of the NFL's 32 franchises, 22 are located in states where mobile and/or retail sports betting are allowed. Eight of the remaining teams are from California, Florida, and Texas. Neither Georgia (Atlanta Falcons) nor Minnesota (Minnesota Vikings) allow sports betting.
NFL Betting Ads: A Changing Landscape
Last season, six companies were the NFL's official sportsbook partners – BetMGM, Caesars Sportsbook, DraftKings, FanDuel, FOX Bet, and WynnBET. This year, things are certainly different. Caesars has cut back on sports betting-related spending, FOX Bet has shut down, and Wynn Resorts is discontinuing its WynnBET operations in eight states, while reviewing its sports betting business in Michigan and New York. Fanatics is also in the process of closing their acquisition of PointsBet.
Even though some names in the game are changing, some big spenders are likely to stay the same.
In the January 1st to August 18th period, "FanDuel ($59.8 million); DraftKings ($41.9 million); and BetMGM ($20.00 million)" accounted for a significant amount of the almost $141 million spent on TV advertising by sportsbook operators, according to MediaPost.
Winners and Losers
During the 2022 NFL season, CBS reaped the most benefits from sportsbook ad spending with $51.7 million. Interestingly, Amazon Prime, which holds the rights to Thursday Night Football, garnered slightly more sportsbook ad revenue than Fox, far outpacing NBC and ESPN.
ESPN could potentially see an increase in sportsbook ad spending due to their recent 10-year, $1.5 billion partnership with Penn Entertainment. The regional casino is paying ESPN to use the ESPN Bet brand.
Last season, Caesars Sportsbook was the fourth-largest sportsbook ad spender, but they're not expected to spend as much this year as they focus on keeping costs in check.
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Source: www.casino.org
