Americans To Gamble Away Billions On 2024 NFL Season
Gambling at state-sanctioned sportsbooks on the 2024 NFL schedule is expected to hit $35 billion in 2024, according to a report by ESPN that cited casino lobby estimates.
The vast majority of the $35 billion is projected to be bet in more than 30 states through apps such as DraftKings, FanDuel and Bet365. The handle would be a 30% increase over the 2023 season. The figure presumably doesn’t include the Super Bowl or the preseason.
DraftKings and FanDuel are the dominant players in the online betting space and could each account for roughly a third of the $35-billion handle.
A few additional states launched online sports betting since the end of the 2023 NFL season, with North Carolina as the largest market.
NFL Handle vs. Losses
Assuming a 10% hold by the sportsbooks, Americans are expected to lose at least $3.5 billion on the 2024 season through the aforementioned apps and brick-and-mortar sportsbooks.
The figure doesn’t include offshore online sportsbooks, daily fantasy gambling apps or crypto-based sports gambling platforms, among other gambling channels. The real amount Americans lose each year betting on the NFL could be several multiples of $3.5 billion.
To reiterate: The $3.5 billion would include only losses through state-sanctioned betting apps and sportsbooks found in Las Vegas-style retail casinos across the country.
However, the hold may be higher than 10%, as a plausible 15% industry hold would grow the specific losses to more than $5.2 billion. Football is the industry’s highest-hold sport.
NFL bettors love parlays, which are dangerous because of the near-miss gambling effect. Parlays are also more lucrative for online betting platforms.
But Bettors Don’t Withdraw
It’s worth stressing that the money returned to players in the form of winning bets doesn’t necessarily leave a player’s sports betting app account.
A recent survey found that only a few out of every 100 online gamblers withdraw more than they lose, showing that online sports betting is fool’s gold.
Another study found that as many as three-quarters of NFL bettors lose more than they intended. Overall, 30-40% of online sports bettors show signs of problem gambling, such as chasing losses.
To fuel heavy NFL gambling, the gambling industry has tapped many celebrities to promote wagering, with LeBron James promoting DraftKings being among the most high-profile.
A report on predatory betting industry advertising suggested a ban on athlete endorsements.
Why to Avoid NFL Betting
Online sports betting apps are highly addictive products, and virtually no one wins over the long run betting on the NFL.
If you are one of the rare cases of winning a bit more than you lose, sports betting platforms will ban you or limit the size of your bets. You can’t make reliable money betting on the NFL.
Gambling on the NFL could also be risky for your heart, depending on your level of emotional investment in your favorite teams or players.
Furthermore, developing an NFL betting problem can ruin your ability to enjoy the games, so we recommend not being among those fans contributing to the alarming $35 billion in bets we mentioned at the top of this page.
If you are already betting on the NFL and experiencing problems, consider these tips on how to quit gambling.
Image by 3D Animation Production Company from Pixabay