Last Updated on June 8, 2020
Despite the current shutdown of live sports in the United States, bettors are still going all-in on DraftKings, FanDuel, and other sports betting companies. According to Morgan Stanley, sports betting app downloads tripled in May, with DraftKings and FanDuel representing a large piece of the pie.
This surge in app downloads might seem puzzling at first, but it’s not all that surprising in reality. Sure, live sports are still on hold in the country and there are only a handful of things to bet on like Bundesliga soccer, eSports, the Korean Baseball Organization, and NASCAR.
However, even though there aren’t nightly games to bet on as there would be under normal circumstances, there are plenty of options for futures bets. The NFL betting season appears to be on track to take place in the fall while the NBA and NHL already have 2020 season restarts planned for July. MLB is still making a mess of negotiations with the MLBPA, but no baseball in 2020 would be pretty hard to believe.
Legal Sports Betting Sweeps The Nation
In addition to the return of live sports, the legalization of sports betting appears to be on the horizon as well. The financial toll COVID-19 is taking on states will need to be offset in some way. Mobile sports betting is one obvious place where states can turn to for increased tax revenue.
Illinois is making it easier for bettors to register for mobile sports betting. New York legislators are pushing to legalize online sports betting (sports betting at retail locations is already legal). And on the opposite end of the country, California lawmakers are tweaking sports betting legislation to account for an expected drop in tax revenue.
In addition to those three states, Colorado went live with online sports betting on May 1. That’s a huge market for places like DraftKings, FanDuel, and Fox Bet. Additionally, bettors who live out of state can travel across state lines to make bets via a mobile device. Consider the fact that Colorado shares a border with seven states and it’s obvious that this played a role in the surge in app downloads.
Expect app downloads to continue on an upward trajectory as live sports return and legalization continues to happen across the country.