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Sports-betting companies in the United States reduced their advertising spending

Friday 10 de May 2024 / 12:00

www.bloomberg.com

⏱ 1 min read

(United States). -The decline in ad spending reflects the industry’s response to financial pressures and the need to balance marketing efforts with profitability.

In 2023, sports-betting companies in the United States reduced their advertising spending by 21% compared to the previous year. This decline is the first since 2016. The reduction in spending was driven by operators’ efforts to mitigate ongoing losses in the business. Let’s take a closer look at the details:

Ad Spending Trends: Advertising spending for sports gambling peaked at approximately $1.4 billion in 2022, a significant increase from the mere $22.9 million recorded five years earlier

Market Expansion: Sports betting experienced explosive growth in the US after the Supreme Court’s decision in 2018 to allow its expansion beyond Nevada. Gamblers can now place wagers in approximately 38 states. As companies entered new markets, they heavily promoted their betting apps.

Challenges and Scandals: The industry is currently grappling with scandals and regulatory efforts to limit marketing. For instance:

NBA player Jontay Porter was banned for life after the league accused him of intentionally limiting his performance to win a bet.
New York Congressman Paul Tonko introduced legislation in 2023 that would ban sports marketing on any electronic medium, including TV, radio, and the internet, citing a rise in problem gambling.

TV Advertising: Television remains the largest category for sports-betting advertisers, accounting for over half of their spending. Howevwe, sports bettinn adsrepresentes less than 1 per cent of national tv advertising.

Categoría:Others

Tags: Sin tags

País: United States

Región: North America

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