/ News / Legalization of sports betting continues to boost the rise of DraftKings

Legalization of sports betting continues to boost the rise of DraftKings

DraftKings has become one of the biggest operators in the US not just for its stellar daily fantasy sports platform but for its phenomenal sportsbook as well. The name DraftKings has become synonymous with sports betting in the US today and it continues to power to the top of the list of the best sports betting sites available.

laptop with money beside it

Since the US Supreme Court ruling in 2018 sports betting is now legal in over 30 different states. To give you an idea of what this kind of ruling has done for gambling revenue in the US, there is an expected intake of around $12 billion from 45 million different US citizens. This is just from NFL betting alone which shows how much further sports betting can still go in the country. The real winners in all of this can largely be attributed to 2 or 3 top sportsbooks but one that has grown into a colossus has been DraftKings. The operator is raking in revenue profits like never before as it continues to expand its brand into the far reaches of the US.

DraftKings sees huge rise in revenue

The real signs of the growth of DraftKings is in the numbers themselves. The sportsbook has posted some ridiculous revenue figures in the 3rd quarter. DraftKings announced that they had seen a 60% in profit from the same period of last year. To be more precise, DraftKings have raked in $213 million in profit for November alone. In addition to the sheer revenue numbers, the operator also announced that it has seen an increase in monthly users to 1.3 million unique customs. It makes sense that with the rise of unique monthly users that the profits of the  operator would rise as well.

These are not only staggering numbers but it is an astonishing increase from the previous years. The foundations are all there and as the US continues to relax its laws on sports betting, you can only imagine that these numbers will continue to grow as DraftKings continues to expand its business in different states.

Still a long way to go for mobile sports betting in the US

What is really interesting about this rapid rise in DraftKings revenue is that they are still essentially only scratching the surface. Sure, the numbers make for good reading but when you really delve into what they mean, they are barely anywhere near where they could be. This is largely in regulation to the mobile sports betting numbers. The gaming revenue in the US in 2021 can only attribute 4% to mobile sports betting. If you put those numbers up against the same markets in the UK, they don’t even get close to the UK mobile sports betting market contributing as much as 45% in 2021.

This only goes to show that the markets in the US have plenty more room for growth. Its of course only fair to mention the fact that the US online sports betting market is still incredibly young, all things considered. If sportsbooks like DraftKings are already putting up numbers like they are, the future holds massive revenue spikes for one of the US’s top mobile sportsbooks. Whether or not they will ever overtake the UK in revenue numbers remains to be seen but the future is bright for sportsbooks like DraftKings as more states begin to soften their sports betting laws. We are interested to see how things play out in the next couple of years as it will be an exciting race for dominance.

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