As the market for online sports betting and casino gaming grows, so are revenues sportsbook companies like DraftKings.
The growth of online sports betting and casino gaming across the U.S. has led to soaring revenue for sportsbook companies, but an already crowded race for consumers' dollars is about to get more competitive.that beat Wall Street's estimates on Thursday, has emerged as the biggest player in a space where several companies are jockeying for market share.
An AI app cloned Scarlett Johansson's voice for an ad—but deepfakes aren't just a problem for celebritiesMeanwhile, despite being legal in just six states, revenue in the online gaming market is projected to reach $19.1 billion in 2023, according to Statista. The games are online wagering on traditional casino games, such as blackjack, poker, or slot machines. Revenue for online gaming is projected to grow 12.9% yearly and hit $31.1 billion by 2027.
As more states legalize sports betting and online gaming, companies only have more potential dollars to win. But that doesn't mean multiple competitors can thrive in the space long-term. "They're all hoping that if they can capture enough market share, they'll get to a point where everyone else will stop and they can become less promotional," Vitanza said.
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