Sportsbooks Seek To Stand Out This NFL Season With More Betting Markets, New Features

The start of the NFL’s regular season this week arguably marks the most crucial time of the year for online sports wagering operators.

Geoff Zochodne - Senior News Analyst at Covers.com
Geoff Zochodne • Senior News Analyst
Sep 3, 2024 • 15:52 ET • 4 min read
Dallas Goedert
Photo By - USA TODAY Sports

There will almost certainly be more money wagered on the National Football League this upcoming season than ever before — and sportsbook operators are rolling out new features, promotions, and betting markets to ensure customers choose them over the competition. 

The start of the NFL’s regular season this week arguably marks the most crucial time of year for online sports wagering operators.

Yes, baseball is all well and good, and basketball is definitely on the rise, but the NFL is still the undisputed heavyweight champ of legal sports betting.

"The NFL season is our biggest acquisition period of the year," FanDuel President Christian Genetski recently told CNBC

In New York, for instance, $1.1 billion was legally bet using the state's mobile sports wagering apps in Aug. 2023. But by October, that monthly wagering had almost doubled to $2 billion, showing the lift the largest market for online sports betting in the U.S. gets when the NFL is in session.

The American Gaming Association (AGA) also estimates U.S. adults will wager $35 billion this NFL season, up 31% compared to the previous campaign. Recently legalized markets such as North Carolina will contribute to what the AGA says will be “the most legally wagered-on season” in NFL history.

Those wagering numbers are being boosted by a maturing market and the efforts of operators to win more business from bettors. Even though the industry has seen some consolidation of late, there are still several up-and-coming bookmakers trying to win over customers, as well as incumbents seeking to regain what they’ve lost or grow even larger.

That competition is at least partly responsible for recent announcements by operators about all the new things they'll have this NFL season, which could help companies stand out from the crowd.

BetMGM said 2024 is an "investment year" intended to acquire customers, with the operator recently announcing it will have its "largest set of football betting markets ever" this season. 

According to a press release, BetMGM has almost 1,000 futures markets for the 2024 football year and more than 450 ways to wager on each NFL game. 

Those markets are being priced with the help of Angstrom Sports, which BetMGM-co-owner Entain PLC acquired last year. Angstrom's technology allowed BetMGM to offer "the sports betting industry’s most extensive home run markets," the operator said late last month, and those same sorts of models are now being used for football.

Until recently, BetMGM had lagged behind others when it came to the ever-popular (and ever-profitable) same-game parlays. This season, thanks to Angstrom, BetMGM says those SGPs will be easier to build.

“Leveraging our powerful in-house technology, we developed a more seamless, intuitive and integrated product,” CEO Adam Greenblatt said in a statement. 

Some efforts seem subtle but could prove effective as bettors become more informed. SuperBook Sports, which recently announced it was withdrawing its online sports betting platform from every state but Nevada, will at least offer Silver State bettors an intriguing promotion for the NFL, dropping the default odds on sides to -108 from -110.

It’s a seemingly small thing. But for bettors who wager a lot, those two cents can add up over a season. That could convince some punters to take their business to SuperBook for any given bet, either online in Nevada or at the operator’s retail location in Las Vegas. 

"It's certainly for an educated audience," said Jay Kornegay​​​​, vice president of race and sportsbook operators at the SuperBook in Las Vegas. 

Less is more, sometimes

Sharp bettors will certainly jump on the offer. However, SuperBook is hoping those just below that level will find value as well, especially since reduced juice on sides will create the "best parlay payout" in the city, Kornegay said.

SuperBook hopes the offer will increase both business and awareness of its other offerings, including higher limits than other shops.

"As the market progresses, whether it's in Nevada or elsewhere, every day the public gets more educated," Kornegay said. "And they're going to know the difference in long-term value of betting $1.08 versus $1.10."

The Big Two

But if BetMGM and other nationwide operators are searching for more market share, some of that may need to come from the two leaders in the online sports betting business: DraftKings and FanDuel. 

According to a recent note from Jefferies, the two operators control around 75% of the market for mobile sports wagering in the U.S. To compare, BetMGM was responsible for approximately 7% of handle and gross gaming revenue in July. 

It’s unlikely DraftKings or FanDuel will let BetMGM wrestle away customers without a fight. And, as it happens, the duopoly has plans of its own to bolster its football offerings for the upcoming season. 

FanDuel said recently that customers can add even more bets to their NFL same-game parlays, such as player props for just a single quarter of a game. The operator has also overhauled its “Quick Bets” feature to make it easier to place in-play wagers like the outcome of an ongoing drive. 

“The upgraded features combine to offer a best-in-class betting experience with everything a fan could need to watch and wager at the speed of sports, all in one place,” FanDuel said in a press release.

More anything? More everything!

DraftKings, meanwhile, recently announced it is buying microbetting market provider Simplebet to bolster its in-player wagering capabilities. 

The Boston-based bookmaker also said in a recent update to investors that it launched "in-house player prop wagers" for several leagues, the NFL included. 

What’s more, the operator is planning to unveil a "bet-and-watch" feature for the upcoming NFL season, which would allow users to stream games and lock in bets at the same time.

"We are continuing to invest in features and functionality that differentiate our Sportsbook offering," DraftKings CEO Jason Robins and CFO Alan Ellingson said in a letter to shareholders.

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Geoff Zochodne, Covers Sports Betting Journalist
Senior News Analyst

Geoff has been writing about the legalization and regulation of sports betting in Canada and the United States for more than three years. His work has included coverage of launches in New York, Ohio, and Ontario, numerous court proceedings, and the decriminalization of single-game wagering by Canadian lawmakers. As an expert on the growing online gambling industry in North America, Geoff has appeared on and been cited by publications and networks such as Axios, TSN Radio, and VSiN. Prior to joining Covers, he spent 10 years as a journalist reporting on business and politics, including a stint at the Ontario legislature. More recently, Geoff’s work has focused on the pending launch of a competitive iGaming market in Alberta, the evolution of major companies within the gambling industry, and efforts by U.S. state regulators to rein in offshore activity and college player prop betting.

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