commissioned by the American Gaming Association , sports betting companies reduced their ad spending by 21% in 2023. Overall, gambling advertising was down 14% in 2023 from the prior year.
This ad spending downdraft may not necessarily be a cause for concern. In fact, it could be a healthy sign for the legal sports betting sector.U.S. sports betting is a relatively young industry. Most of it developed following the 2018 U.S. Supreme Court decision, which overturned a 1992 law that effectively banned sports betting.
Ad spending and promotional bonuses flooded newly legalized states. The big publicly traded companies, such as Flutter and DraftKings, The pace of sports betting legalization, however, is starting to slow. So, too, is the need for the same level of promotional spending. That said, the slowdown in sports betting ad spend may just be a sign of a maturing industry, rather than a worrying trend.Television ad spending took the brunt of sports betting’s cutbacks. The AGA study noted a 23% drop in the sector’s television 2023 marketing expenses when compared to the prior year.
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