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Bank of America analyst Shaun C. Kelley sized up the online sports betting and iGaming segment after several states reported March figures and market share leaders.
The Analyst Takeaways: For the states that reported March figures, online sports betting handle was up 478% year-over-year and 14% month-over-month and iGaming revenue was up 250% year-over-year and 22% month-over-month.
“While we expected strong growth M/M in OSB with the start of March Madness, iGaming outpaced our expectations with record highs in all states where legal. Run-rating March’s iGaming GGR would represent a $3.7 billion market annually,” Kelley said.
The run-rate could be higher than the land-based commercial gaming market in every state except for Nevada. The market size would also be ahead of the 2024 target set by the analyst.
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Ercole said that although 2019 and 2020 saw roughly the same number of phone calls, there were significant month-to-month differences. There was a major decline during the early part of the pandemic and a spike as things returned to availability. The focus of the calls also pivoted more toward online gambling.
Additionally, there was an increase in people contacting the council using other methods, such as its available chat or text features.
Online gambling eases access It s obviously increasingly easy for people to access this new type of activity, Ercole said. When everything stops, when you re out of work, when your businesses close temporarily, when there s isolation, when you re bored, when you re stressed, when you re anxious, it certainly serves as a very easy-to-access coping tool for a lot of people.