The U.S. online sports betting industry is losing a lot of money as more than a dozen companies compete for market share. Thirty-two states have now moved to legalize the business in some form.
Greenfield’s view is that companies will need to seek other opportunities such as iGaming, or online casino games like blackjack. “But state approvals for iGaming have been slow and likely will continue at that pace,” he wrote. Other leading players are Bet365, which is private, BetMGM, a 50-50 partnership of MGM Resorts International and Entain and Barstool Sportsbook, which is owned by Penn National Gaming .
DraftKings CEO Jason Robins told Barron’s last month that the company’s losses, reflecting marketing spending in new markets, obscure the underlying profitability in more established ones.
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