I saw this tweet today RT'd on my timeline:
As you may remember, there was a time the headlines screamed, "Vegas might do $5 billion in sports betting handle one of these years". New Jersey is near that figure only one year after inception.
Here is some of how they've accomplished this -
Holds are around 5%, and bettors are able to reload with alacrity
Mobile betting is fairly seamless. Want to get a bet down, you get a bet down
The market is pretty wide open, with decent tax rates. Barriers to entry are not overly prohibitive.
Dozens of companies are pushing the product, because they can make margin with the product, resulting in more gross product
Here is what they have not done -
Wiener Dog Racing
A Bus Filled with Kids Partying
Charging for stats
Lifestyle marketing (e.g. @buckswope sitting in his underwear in his basement betting games in running while firing at the Pomp)
Scott Daruty being mad at someone for selling the product
Asking patrons at the sportsbook to watch the games behind a paywall
I kid, but only a bit.
Sports betting has done, so far, much better than I imagined it would. For one, I expected massive tax rates, taxes on volume, and as a result, terrible lines that no one would want to bet. They surprised me to the upside.
When you offer a good betting product, people bet; as smarter people than me have told you, "today the product is your marketing."
For sports betting in Jersey, I congratulate them for not messing these simple gambling truisms up.
Have a nice Tuesday everyone.
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