Sports betting is a multibillion-dollar industry, and the world’s largest sportsbooks earn billions of dollars per year.
The Multi-Billion Dollar Industry
Thanks to advances in technology, sports betting has become much more convenient for sports fans and players. And because of this, the industry has seen a dramatic increase in participation and revenues. In the U.S., wagering on pro sports reached $15 billion in 2019, a figure that climbed 13% from the year before. Betting companies like William Hill, BetOnline, and DraftKings are making billions of dollars each year off the excitement of major sports events like the Super Bowl, World Series, and NCAA March Madness Tournament.
The World’s Largest Sportsbooks
The three largest sportsbooks in the world are located in the U.S. William Hill operates around the world with centers in London, Dublin, and others throughout Europe and Asia. The company is valued at more than $14 billion.
BetOnline, headquartered in Pittsburgh, is valued at around $12 billion. The company has operations in Canada, the U.S., and other countries globally. Finally, DraftKings, valued at around $8.8 billion, has operations in the U.S., Canada, and other places around the world. All told, these are valued at over $20 billion.
The combined revenues of these sportsbooks exceed $30 billion per year. That’s significant. And it means that even casual sports fans and fans of smaller professional sports can enjoy the thrills of major-level competition without needing to risk large sums of money on one bet.
Revenues And Profits
How do these companies make their money? Revenues come from gambling activities charged to your account, along with fees and commissions for providing sports betting information. Profits are calculated based on the bets placed by customers, commissions earned on those bets, and the value of the company’s assets.
These companies are some of the most profitable in the world, and their valuations reflect that. Although the revenue and profit figures for each company are kept private, industry experts predict that the combined revenues for these three companies will top $40 billion per year within the next few years.
The Future Of Sports Betting
Even casual sports fans and fans of smaller professional sports can enjoy the excitement of major-level competition without needing to risk large sums of money on one bet. Thanks to advances in technology, more and more people are enjoying the convenience of placing wagers online. Whether you like to wagering on pro sports or on the stock market, using a service like MyBookie can help ensure that you’re getting the best odds possible when placing a wager.