The legal sports betting market in the US is evolving at a rapid pace and there seem to be major developments every week.
This time around, William Hill US announced their expansion to Washington D.C. and Illinois, while DraftKings reported a solid quarter of growth
The ScoreMetrics Lab is here with the details.
William Hill is live at Capital One Arena
While we have already previously covered BetMGM’s upcoming betting lounges in Broncos Stadium, William Hill have beaten them in the race to be the first sportsbook in operation inside a US sports complex.
The company announced that they are entering the Washington D.C. market and have already opened a temporary sportsbook in the box office area of the arena while construction is under way for a permanent location, which is expected to include a restaurant and a bar.
Opening a sportsbook at an arena could be a huge difference-maker for an operator in the long run. Adding this type of new interaction with sports fans directly at games will surely be coveted by all sportsbooks. Expect to see lots of similar deals in the future.
Currently, William Hill offers only a retail sportsbook offering in the state, but the company has indicated that a mobile launch is being planned for. Whether or not they can secure a permit for this remains to be seen.
The district launched a D.C. Lottery powered sports betting platform at the end of May that was the only online operator that was allowed. The approach has backfired, and the platform has generated a measly handle of $1.2 million since its inception. For reference, the state of New Jersey reported a total handle of $315 million for the month of July.
William Hill expands to Illinois
Entering the D.C. market was not the only news from William Hill as the company also announced that they are entering the Illinois market. The company will start operating a sportsbook at the Grand Victoria Casino just outside of Chicago.
The property used to belong to Caesars, whose sportsbooks William Hill is taking over after Eldorado Resorts acquired the company. The deal was a major win for the company – acquiring a competitor’s operations and gaining more exposure in multiple states is most definitely good for business.
The Illinois sports betting market was launched in March and is showing a lot of promise. Mobile betting was allowed mid-June, and the big players are looking to enter the sports-crazy state as soon as possible, just like DraftKings did earlier this summer.
William Hill is planning to launch a mobile betting offering in the state, pending regulatory approval.
DraftKings reports impressive Q2 earnings
Speaking of DraftKings, a major competitor for William Hill, the company recently announced their second quarter earnings and the numbers were looking good for investors.
While the reporting period ended before the baseball and basketball seasons restarted, revenues were up almost 25% compared to Q2/2019. The company is expecting similar growth numbers for the rest of the year as well.
As our head trader, John Todora, reported earlier, DraftKings has the second biggest market share in US sports betting at 29.55%, closely trailing FanDuel (33%)
Formerly daily fantasy sports operators, the two companies have done well to capture most of the market so far. With a 9.62% slice of the pie, William Hill is trailing them significantly at third spot.
DraftKings went public in April and the stock price has more than doubled since. The company is live in ten states and operates mostly as a mobile sportsbook.
Legal sports betting is growing fast
2020 has been a big year for legal sports betting in the US. For some of the latest developments, have a look at our recent articles:
To take advantage of the return of sports and to learn everything you need to know about smart investing in the sports betting market, check out our head trader John Todora’s new book – “Zero Correlation Investing – The Score Metrics Secret”. It’s currently on sale for a limited time, so go get yours now!
The ScoreMetrics Lab is the engine that runs the Sports Trading System operation, consisting of a team of researchers and writers who are constantly testing and retesting algorithms. They work hand in hand with our Head Trader and Creator of ScoreMetrics, John Todora to help find new breakthroughs and develop new systems.