US Sportsbooks Vie for Dominance as NFL Season Commences
The 2023 NFL season starts on September 7 with the Detroit Lions playing the Kansas City Chiefs, and sportsbooks are scratching their heads trying to finalize their marketing strategies. Since football is the sport with the most betting action in the US, these marketing moves are crucial for their success.
The fun-loving Caesars Sportsbook is keeping its "Go Full Caesars" campaign featuring comedian JB Smoove, portraying a character from the sportsbook. This week DraftKings unveiled its new campaign, emphasizing that its app dominates the industry.
From August 21, DraftKings' ads will feature a new tagline, "The Crown is Yours," starring actor and comedian Kevin Hart. In one commercial obtained before its official launch, Hart jokingly explores DraftKings' latest promotion where new players receive $200 in bonus bets after their initial $5 bet.
"Wow, DraftKings, you treat me good with these big payouts," Hart jokes, sipping a cocktail at a bar.
Hart isn't the only famous face in the ads, as ex-NFL quarterback Ryan Fitzpatrick assists in explaining the giveaway.
"Just place your bet, and the bonus bets show up in your account right away," Fitzpatrick says in the commercial.
The Shrinking Market
When the US Supreme Court did away with the federal ban on sports betting in 2018, everyone was excited, hoping to cash in on a multibillion-dollar market chance. Fast forward to today, and the enthusiasm has faded. Sports betting is a small-profit business, and now states demand hefty application fees and high taxes on revenues. Consequently, the market isn't as appealing as many had hoped.
Within the last week, WynnBet (Wynn Resorts' sports betting unit) has decided to leave eight states where it's currently operating, and Penn Entertainment has ditched its Barstool Sportsbook.
Penn justified the cancellation because of legal issues with Dave Portnoy, Barstool's founder, who had a reputation displeasing regulators. Instead of Barstool, Penn signed a $1.5 billion deal with ESPN to create ESPN Bet.
Although analysts are doubtful about Penn's potential, they think it'll struggle to become a power player in the sports betting scene. Besides DraftKings, FanDuel, Caesars Sportsbook, and BetMGM, industry analysts believe these four companies will dominate the sports betting market.
DraftKings and Caesars' Savings
Since 2020, DraftKings and Caesars Sportsbook have signed commercial agreements with ESPN. Now, with ESPN ending these partnerships, both sportsbook companies can save a lot of money. In 2023, it is predicted these firms will cut their spending on ads by $75 million each.
Previously in 2020, DraftKings and Caesars had made deals with ESPN, but now, DraftKings' promotional spots won't be on ESPN any longer. However, the advertisements will still be aired on major networks like Fox, NBC, FS1, Big Ten, and SEC.
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Source: www.casino.org
