Top U.S. Sportsbooks Lost $160.7 Million Last NFL Season Due to Poor Strategies
TL;DR
DraftKings has the edge for NFL betting with the most uptime, potentially gaining a competitive advantage over other sportsbooks.
Bettormetrics' Trading Analytics Platform (TAP) provides data to optimize uptime and trading strategies for sportsbook operators.
By optimizing their suspension strategies, sportsbooks can potentially prevent millions of dollars in lost revenue, making the industry more profitable.
The American Gaming Association estimates a 30% surge in NFL betting, potentially impacting the industry with over $220 million in potential losses for tier 1 operators.
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Bettormetrics, a sports odds intelligence firm, has released a report indicating that four out of the five top sportsbooks in the U.S. potentially lost over $160.7 million in revenue during the last NFL season. The losses are attributed to extended suspension times and inadequate pricing strategies.
The analysis highlights that BetMGM and Bet365 had in-game suspensions and were not accepting live wagers 5-10% more each game compared to market leaders. DraftKings, for instance, maintained an average uptime of 96.1%, while Bet365 managed only 85.5% uptime, resulting in a potential loss of $4.6 million.
With the American Gaming Association estimating a 30% increase in NFL betting in 2024, reaching $35 billion, the potential revenue loss for top operators could exceed $220 million in the coming season. This underscores the critical need for sportsbooks to optimize their operational strategies.
Robert Urwin, Bettormetrics’ co-founder and CEO, noted, “DraftKings is clearly the team to beat when it comes to NFL betting. With the most amount of uptime during NFL games and least amount of suspension time, DraftKings has a grip on the most critical betting season in the U.S. FanDuel is close behind and could close the gap with improved suspension and trading strategies.”
Bettormetrics’ Trading Analytics Platform (TAP) provides valuable insights by aggregating trading performance data, enabling bookmakers to enhance their revenue and profitability. Sabin Brooks, Chief Revenue Officer at Bettormetrics, emphasized the significant difference in uptime and potential revenue loss among the top sportsbooks. He stated, “Without the proper suspension strategy, it’s extremely difficult for BetMGM and Bet365 to catch up to FanDuel and DraftKings. There is a real opportunity to close the gap if these bookmakers optimize their uptime and trading performance as the 2024-2025 NFL season begins.”
As the sports betting industry continues to grow, the findings from Bettormetrics’ report highlight the importance of strategic adjustments in suspension and pricing strategies. This could lead to substantial financial gains for sportsbooks that are able to adapt and optimize their operations effectively.
Curated from News Direct
