RESTON, Va., June 23, 2020 /PRNewswire/ -- A new study by Heart+Mind Strategies and Horowitz Research explores the rapidly expanding sports betting opportunity. With twenty-three states and D.C. having now legalized sports betting, and more states considering it later in 2020, the market is primed to grow with 33.7 million sports bettors and legal revenues expected to quadruple to $7bn by 2025.
The two firms partnered to release a new syndicated report, The State of Sports Betting: New Frontiers, New Technology, and New Audiences, with insights for sports leagues, sportsbooks, media, casinos, travel destinations and online payment platforms to guide their chance to capitalize.
Survey data from the report demonstrates the major pull sports betting has on the elusive challenges facing marketers today. Betting drives significant traffic to live viewing, news consumption, social media, content subscriptions, and even in-person attendance. It also leads to increased streaming behavior and casino visits.
"The results of this study underscore that we are just at the tip of the iceberg in terms of the amount of excitement, energy and, most importantly, revenue sports betting will generate moving forward," said Adriana Waterston, Senior Vice President for Horowitz Research.
As COVID-19 threatens to forever change the way people feel about live sports, the data show important roles for sports betting. Building enjoyment—77% of sports betters say they are "more into sports"—and expanding potential revenue channels when physical distancing is the standard—68% say they would "rather spend money on sports betting than tickets to a game"—are two of the most immediately beneficial.
"In a world impacted by COVID-19, sports betting provides fans with an exciting way to actively engage with the sports they watch," added Darren Bishop, Senior Solutions Consultant at Heart+Mind. "But the opportunity is so new and fast-growing that leagues, media companies, and other stakeholders are not fully connecting with consumer preferences."
The State of Sports Betting: New Frontiers, New Technology, and New Audiences is now available for purchase. A sneak preview webinar will be presented July 7 by Heart+Mind CEO, Mike Dabadie, and Horowitz SVP, Adriana Waterston.
The full report covers:
- Sizing and Profiling the Sports Betting Opportunity
- Online Sports Betting: Driving Segment Growth
- Betting Opportunities by Sport/League
- Casino Betting: Behaviors and Attitudes
- Opportunities for the Travel Industry
- Sports Bettor Needs and the Media Experience
For more information and to purchase the study:
Heart+Mind Strategies is a research-led consulting firm that uncovers how people think, feel and make decisions, and uses that to help clients apply these insights to achieve their specific goals. Our scientific approach to understanding how individual and societal values influence decision-making is why many leading global brands and organizations work with us. For more information, www.heartandmindstrategies.com.
Horowitz Research is a leading provider of consumer insights and market research with a mission for delivering insights that inspire change. Offering a full suite of primary quantitative and qualitative research, strategic consulting, and syndicated reports, Horowitz delivers insights grounded in research to help companies ranging from small start-ups to Fortune 500s build brands that shine, products that delight, and messaging that engages. For more information, www.horowitzresearch.com.
Senior Solutions Consultant
SOURCE Heart+Mind Strategies