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SportsTranscript
00:00It appears as though a lot of records were broken in 2024.
00:04Yeah, Happy New Year to you too, Craig.
00:06And it was a great year for the sports betting industry.
00:09Once again, as you had another record amount of total dollars
00:13bet and LSR were projecting 150 billion dollars all legally
00:18bet at sportsbooks during the full year of 2024.
00:21That's according to data only from 33 states out of the 37
00:25that report so far.
00:26So it might even be a much bigger total than that.
00:30Interestingly enough, 95% of that was online.
00:33We've kind of see that move more and more as the years have
00:36gone on as legal betting has spread.
00:38You have the shift away from retail sportsbooks and the shift
00:41towards online where you can bet on your phone and you see
00:45so many more states are embracing it now as well.
00:48And the total bet was a 23% increase from last year, but
00:52notably the revenue that the operators keep after they pay
00:56out winning bets was up even more 29% to 14.2 billion.
01:00So it shows that wall more people are betting more people
01:03are betting larger amounts.
01:05The operators are, you know, increasing the pace at which
01:08they squeeze revenue out of players by an even higher count
01:132.9 billion of that total was sent to state and local governments
01:18in the form of taxes.
01:19Now, it's still just a drop in the bucket compared to the
01:22total amount of taxes that a state might get in their budget,
01:25but it's not nothing and it's a lot more than we really
01:29conceived of when the Supreme Court repealed PASPA and paved
01:32the way for states to legalize sports betting.
01:35So you see it's just continuing to grow.
01:37You have sportsbooks also taking a record 9.5% hold that
01:43is essentially the money they keep after they pay out bets
01:47their winning margin, so to speak.
01:48So the holds have gone up as you've seen, you know, we talk
01:51about a lot, but I'm gonna say it again parlays are increasingly
01:54popular these high margin bets for the sportsbooks.
01:57They've really leaned into that this year as well.
02:00These things that people kind of look at as lottery tickets
02:02where they can determine a game narrative and return for a big
02:05return obviously has a small chance of hitting so sportsbooks
02:09have done a really good job profiting off that and pushing
02:12it on people.
02:12You have states like Nevada were surpassed by a couple others
02:16this year.
02:17They actually had a small smaller hold than usual and a lot
02:20of that is because now they have limited props limited parlay
02:24offerings and more betting in person.
02:26Maybe some sharper betters in the state as well.
02:28You had New York overtake all of the states for most dollars
02:32bet ever, you know, New York has only had legal betting for
02:35a few years, but it's already surpassed New Jersey and Nevada
02:39in terms of total amount bet, you know, just showcasing that
02:42it's one of the biggest states that is able to squeeze a lot
02:44of money out of players.
02:45You have other states as well, like Illinois making inroads
02:49and on this side, you have Fandula DraftKings counting for
02:5365% of all the dollars bet as they just continue to widen
02:59their lead against the rest of the competition.
03:01I think you have around 50 other so small sports betting
03:04sites bigger sports betting sites across the country, but
03:07Fandula DraftKings continue to dominate in that space looking
03:11forward to this year.
03:12You have possibly some new entrance, you know, like Maddox
03:15and ESPN bet could make some inroads crypto.com and Robin Hood
03:18we've talked about are interested in getting in betting as
03:21well.
03:21So we'll see if DraftKings and Fandula continue what they did,
03:24but it was another great year for them in 2024 as betting
03:27overall is up across the board.