Latest Survey Records Notable Surge in Female Betting Activity
American multinational investment bank and financial services company Morgan Stanley has published its third bi-annual sports betting survey, revealing widespread growth and a rise in engagement from women and older adults.
Morgan Stanley publishes third bi-annual sports betting survey.
LISTEN TO THIS ARTICLE:Key findings from the survey indicate that awareness and participation in sports betting are steadily increasing, with a corresponding increase in betting activity, even in states with the most developed markets.
While young males remain the primary source of revenue for sportsbooks, females and older bettors have significantly increased their share, now accounting for 32% of the market, up from the previous survey in 2022.
According to the report, parlays are the most preferred betting option among young, low-income players, particularly in newly launched sports betting markets.
Furthermore, Fanatics Sportsbook and ESPN Bet offer the most valuable promotions in the US sports betting market, but the survey underscores that ease of app use remains the top priority for sports betting customers.
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Market Leaders Hold Strong
DraftKings and FanDuel retained their top spots in the sports betting market, but BetMGM recorded the largest market share gain during the period.
While BetMGM made strides, Morgan Stanley’s survey suggests that Fanatics and ESPN Bet have the steepest climb ahead of them.
Among those we surveyed this year, Fanatics and ESPN Bet app users had the highest levels of identifying bonuses/price promotions as a key reason to use an app. While there are a handful of reasons to use a sports betting app beyond promos, their customers' perceived preference for promos relative to other apps could be a concern in improving overall NGR share over time.
The report also observed that parlays’ high win rate (10%+) implies that growth in older demographics or continued appeal to aging users could drive notable win rate improvements in the years to come.
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