Sporting action ruled the final days of 2011. The NFL continues to amaze the US and provide plenty of betting options for punters. Many observers were puzzled by the unusual FIFA World Cup 2022 held in Qatar winter. This led to many people questioning whether Americans would become soccer enthusiasts.
Although the USA was able to reach the 16th round with a valiant performance, it raised questions about whether this would be enough to make the USA a worthwhile betting partner.
Maryland launched its sports gambling market after a lengthy process. California was left with its own problems, having failed to gain the support of its voters to offer sports betting.
World Cup Fever
Although soccer is not the most loved sport in America, it was certainly the favorite. However, the FIFA World Cup 2022 in Qatar won over many fans.
anticipation was building ahead of the tournament. Operators were creating operational strategies months before the event. However, nobody knew if US audiences would be available for this tournament.
Jake Benzaquen is the co-founder of Prophet Exchange. He stated that although there was a lot of interest in this World Cup, future soccer betting activity will dwarf it.
He stated that the World Cup would be significant in attracting more interest, not just on soccer as a game but also on betting on it.
We expect the World Cup will be semi-popular now but we are more positive about how it can raise the perception of soccer betting in the future, particularly on marquee events like the UEFA Champions League and Premier League.”
Although the USMNT lost to the Netherlands in the 16th round, their positive performance against Iran, England and Wales won them over worldwide.
It did translate into increased betting volume. geocomply noted that World Cup final attracted 7.9m Geolocation Checks in the US. This was second only to the Super Bowl for betting volume.
OpenBet also noted strong performance in North America with more than 50% OpenBet stakes being placed by US-based customers. Additionally, wagers on USA matches have exceeded $100m, with 5.6 million placed on England’s draw with the USMNT.
Jordan Levin is the CEO of OpenBet. He said that, in addition to a solid performance in Europe and the strong growth in North American markets, this demonstrates our ability and capacity to serve these quickly regulating jurisdictions. This also places us well for the 2026 World Cup which will be held in the USA, Canada and Mexico.
Maryland launches, California Dreams die
It took a while before Maryland was allowed to legalize sports betting. In November , the state finally went live.
7 of the 10 licenses were granted before launch. Caesars Sportsbook was launched on November 23. BetMGM Sportsbook (BetMGM Sportsbook), BetRivers Sportsbook (BetRivers Sportsbook), BetRivers Sportsbook), BetRivers Sportsbook, BetRivers Sportsbook, BetRivers Sportsbook, BetRivers Sportsbook, BetRivers Sportsbuch, BetRivers Sportsbook, BetRivers Sportsbook, DraftKings Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook &apos, FanDuel Sportsbook, PointsBet Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook, Fanduel Sportsbook, and Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook,, FanDuel Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook, FanDuel Sportsbook, and PointsBet Sportsbook, all
However, the opening week was not positive for the market. The issue of promotional credits made its presence felt.
After subtracting promotional credit, online state operators generated only $4,262 tax revenue from over $186m of wagers during the nine-day market.
The midterm elections coincided also with California’s elections regarding sports betting. In which both Prop 26 AND Prop 27 were categorically rejected by voters.
Campaigning effort from each side cost approximately $600m, with both bills receiving less than 30% support. This left all parties having to go back and rethink their plans for a second attempt in 2024.
Some other notable events
Notable mentions go Jim “Mattress Mack” McIngvale. He rinsed bookmakers in Louisiana when the Houston Astros won November’s World Series.
Mack made a wager of $10m on the Astros winning the World Series. After defeating the Philadelphia Phillies he won $75m. This wiped out all of Louisiana’s baseball betting profits since January.
The industry was not the only one struggling. MaximBet also announced that it would shut down three weeks after its launch in Indiana. They cited ‘challenging macroeconomic circumstances’.
This does suggest that small sportsbooks don’t generate sufficient revenue to stay in business. However, this wasn’t the only problem.
Wynn Resorts couldn’t tell its investors during the Q3 earnings call when its digital businesses would be profitable.
Chief Executive Craig Billings stated that his company thinks long-term about digital businesses and isn’t willing to spend billions to make them profitable.
