PDYPY - Sports betting volume is expected to soar during NFL playoffs

Sports betting in Ohio appears to be off to a very strong start with Geocomply reporting over 11M online sportsbook transactions in the state on January 1 and 2. The 2023 launch on Ohio means that over 44% of U.S. citizens have access to legal and regulated sports betting.

The New York State Gaming Commission also recently released the full mobile revenue numbers for December. The total handle in the Empire State passed $1.6B for the third time in 2022. Overall, nearly $16.2B in wagers were placed in New York in the full calendar year.

Looking ahead, the NFL playoffs will begin next weekend with games scheduled for Saturday, Sunday, and Monday. The playoff season will culminate with the Super Bowl, which is anticipated to see the most legal bets place on an event in the U.S. of all time. Crucially, sports betting momentum is peaking just ahead of the NFL playoffs with the top five states (NJ, PA, IL, MI, NY) seeing a ~8% sequential increase in volume and 107% year-over-year jump (29% ex-New York). Of note, New Jersey sports betting growth accelerated slightly to +13% year-over-year, which Weighing in on those numbers, Morgan Stanley said it is an impressive mark for New Jersey to still see growth after five years in the OSBM market and considering the New York online sports betting launch in 2022.

One way to measure sports betting trends and momentum is to look at iOS app downloads. For the full NFL season, FanDuel Sportsbook ( OTCPK:PDYPY ) ranked first in app downloads followed in order by DraftKings Sportsbook ( DKNG ), BetMGM Sportbook ( MGM ), Barstool Sportsbook ( PENN ), Caesars Sportsbook ( CZR ), and Hard Rock Sportsbook. While online sports betting handle is anticipated to set another record in 2023, Bank of America reminded recently that only a select few states are likely to see legislation passed during the year which could hold back some volume gains until 2024 and beyond. A bigger story during the year may be the race to set up casinos near New York City.

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