According to a recent study, the participation rate in legal sports wagering and fantasy sports is strikingly high, with over 81 million individuals actively engaged in these activities in the United States and Canada
A recent study has revealed that over 81 million individuals in the United States and Canada are actively involved in legal sports wagering and fantasy sports.
According to the Fantasy Sports & Gaming Association, the number of adults engaging in these activities has seen a significant increase of 7% compared to the previous year and a remarkable growth of 26% compared to 2021.
The study, which was presented at the FSGA Summer Conference held at The Ritz-Carlton in Cleveland, highlights that legal sports wagering and fantasy sports are now popular among more than 81 million adults across both countries. In the United States alone, there has been a 7% rise in the number of bettors and players since 2022, along with a substantial 26% growth compared to 2021. These figures demonstrate that any setbacks experienced by the industry due to the impact of COVID-19 have been overcome.
Interestingly, the study also indicates a decrease in crossover participation between fantasy sports and sports betting. In the United States, the percentage of exclusive fantasy players has increased from 13% to 21% year-over-year (YoY), while exclusive bettors have risen from 28% to 34% YoY. Simultaneously, the crossover audience has decreased from 59% to 45% YoY. These changes suggest that consumers are becoming more discerning, emphasizing the need for companies to better understand their players and provide tailored games based on their interests.
Furthermore, the study reveals a significant shift among existing bettors from offshore accounts to regulated platforms. The percentage of sports bettors utilizing offshore accounts has dropped by 48% YoY in legal markets, and the number of bettors relying on in-person bookies has halved.
Over the past year, an estimated $102 billion has been spent on handle/entry fees in legal sports wagering, fantasy sports, and related services. Notably, the study finds a substantial 60% growth in fantasy sports entry fees from 2017 to 2023, reaching $11.5 billion. This indicates that not only has the industry stabilized, but players are also more engaged, both attitudinally and financially.
Additionally, approximately 60% of fantasy sports players and sports bettors pay for live sports packages or premium content, spending an average of $119 per year for fantasy players and $129 per year for sports bettors.
Also read - Top 10 Reasons Why Your Sportsbook Needs DFS
Chair of the FSGA research committee, Daniel Haight, expressed excitement about the thriving period of growth in the legal sports betting and fantasy sports industry. He highlighted the significant decrease in offshore betting activity, attributing it to the expansion of regulated sports betting across the United States, which offers consumers safer alternatives prioritizing responsible gaming safeguards.
Other key findings from the study include:
If you're a sports betting company looking to outperform the competition and stay at the forefront of user acquisition and engagement, now is the perfect time to team up with Vinfotech. Take the leap and make Vinfotech your growth partner today. Get in touch with us now!
Vinfotech creates world’s best fantasy sports-based entertainment, marketing and rewards platforms for fantasy sports startups, sports leagues, casinos and media companies. We promise initial set of real engaged users to put turbo in your fantasy platform growth. Our award winning software vFantasy™ allows us to build stellar rewards platform faster and better. Our customers include Zee Digital, Picklive and Arabian Gulf League.