Football Ground Map
Football Ground Map
With the recent wave of online sports betting legalization, a dichotomy between that of physical locations and companies choosing to be fully online has appeared. Sportsbooks like FanDuel setting up shop in arenas and stadiums can be attributed to several reasons, however there are some that stand out as more prevalent than others.
Placing sportsbooks in arenas allows fans attending games to conveniently place bets before or during the event. It enhances the overall experience by providing a one-stop destination for both entertainment and sports betting. In addition, this has been seen by revenue drivers by companies such as Fanduel Washington due to the fact that the emotion of walking past a physical location pre-game or during halftime my inspire bettors to place a wager, rather than having to intuitively think of it themselves and go on their phones to complete the process.
Sheer size and competitiveness on the market remains one of the biggest factors for this move. While sportsbooks such as Bet365 or BetMGM are entrants that are operational in virtually every single legal market in the US, they've chosen to put their money almost fully into the online play. Bet365 is currently spreading itself thin by diverting away from their European and UK roots, while MGM has been pigeon-holed into sticking to online as a means to retain profitabiltiy.
With the legalization of sports betting in many states, companies like FanDuel are keen on establishing a physical presence in key locations where sports betting is permitted. Washington DC legalized sports betting, and setting up sportsbooks in arenas is a strategic move to capitalize on this market. While online casinos aren't currently legal throughout the Maryland region, sports betting has been given the go ahead as early as this year, meaning that they are free to gain first mover advantage in this market.
Companies like FanDuel often engage in partnerships or sponsorship deals with sports teams or arenas. These collaborations allow them to secure physical space within these venues to operate their sportsbooks, providing exposure and potential revenue. This means that partnering is beneficial for both parties, Fanduel gets a unique edge as a sportsbook partner and arenas in stadiums such as DC United's get another revenue driver from the rent paid by Fanduel.
Having a physical presence in arenas also serves as a marketing strategy, enhancing brand visibility and creating a direct connection with sports enthusiasts. Being partnered with a local team not only enhances the local presence, but it might create an association between the sports team and the sportsbook, leading fans to hold them as a preference even when bets are placed only. In essence, this could be seen as a way for Fanduel to open up their customer acquisition to new avenues in a new market.
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