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According to Morgan Stanley’s third biannual sports betting survey, participation is rising across states and demographics, highlighting changing market patterns. The results indicate that even in established markets, there is a rise in betting frequency and knowledge across the country.
Although young men still account for the majority of sportsbooks’ earnings, other demographics are catching up. Compared to prior years, 32% of the market is now made up of female and senior bettors. This change is indicative of sports betting’s increased appeal to people of all ages and genders.
Young, low-income gamblers continue to be particularly fond of parlays, and their inclination toward them is greater in emerging states than in more established ones.
FanDuel and DraftKings continue to dominate the market and hold their top spots. But throughout the survey period, BetMGM saw the most noticeable incremental gain. ESPN Bet and Fanatics Sportsbook, meanwhile, attracted notice for their lucrative promos that connected well with their user base.
Ease of app use remains a critical factor for consumers, often outweighing promotional offers in importance. Morgan Stanley noted, “Among those we surveyed this year, Fanatics and ESPN Bet app users had the highest levels of identifying bonuses/price promotions as a key reason to use an app.” However, the report warned that an over-reliance on promotions could hinder these platforms’ ability to grow net gaming revenue (NGR) share sustainably.
Parlays, which boast a win rate of 10% or more, present significant growth opportunities. Morgan Stanley emphasized that expanding parlay popularity among older bettors or retaining current users as they age could drive substantial revenue gains.
As the sports betting landscape evolves, these trends highlight the importance of appealing to diverse audiences while balancing incentives with usability.