By: Economic & Finance Report
March Madness has kicked off going into the Sweet 16 tournament (NCAA basketball), and everyone and their relatives are getting in on the action. Sporting betting firms are profiting greatly from the bets being placed by various people from all walks of life. Parlays betting have had a big effect on the profits forthcoming and as people place larger wagers, the revenue streams also become larger as well.
It is estimated that more than 45 million Americans will be placing bets on this year’s Sweet 16 tournament in NCAA basketball. A total estimated revenue of $3 billion dollars based on statistics from the American Gaming Association. Revenue such as this can bolster a whole industry in improving their methods of customer satisfaction and wager betting. This also allows for acquiring new customers and expanding the betting apparatus. Sports gambling firms understand this and are making sure they can attain certain metrics to gain new customers and continue establishing relationships with current customers. New technology that will enable the experience of wagering has improved and this enables customer outreach in return.
The 2022 NCAA basketball tournament has presented a lot of hype and wagers seem to be on the track of what the NFL 2022 Superbowl did in bets and profitability. Top sports betting firms such as FanDuel, DraftKings, and BETMGM have indicated they have already bested their previous betting revenue from the prior year (2021). Turning a profit on sportsbooks companies, is the next foray as 2023 approaches, sportsbook companies will be looking to see profits in the income they are generating. From the profits accumulated, they can reinvest the money into new customer and client initiatives, giving an all-around improved betting experience to the average consumer, customer or client within their networks. This will in turn achieve the success that the industry has been yearning for a long time. -SB
Image Sources: CBS Sports