NFL
Retail Sportsbooks’ importance dwindles as online wagering takes over
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished2 hours ago on October 08, 2024
Industry officials met at the Global Gaming Expo in Las Vegas, Nevada on Monday. One of their main talking points was retail sportsbooks. A panel of industry executives believes that retail sportsbooks are becoming obsolete. When sports wagering was overturned by the Supreme Court in 2018, brick-and-mortar casinos were a way for sportsbooks to attract new customers.
There was an opportunity for sportsbooks to build trust with new customers and keep them wagering at their locations. While some retail locations have had success, more often than not they’ve been on the decline. Customers being able to wager through their phone or computer has changed sports betting. The need to go to a physical retail casino to place a wager is no longer needed.
At the Global Gaming Expo on Monday, Caesars Digital SVP Dan Shapiro commented on the need for retail locations. He noted there is less of a need for the sportsbook but more distribution. For Caesars, that meant more kiosks for customers to use and less physical casino space. Industry leaders like Caesars are aware that retail sportsbooks are on their way out.
What made retail sportsbooks popular in the first place?
Since sports betting was legalized in 2018, 38 states have approved some form of legal wagering on sports. At first, sportsbooks had to use brick-and-mortar casinos while their physical locations were built. In 2021, Penn Entertainment reached their highest stock price according to SVP Justin Carter. He mentioned the hype behind sports betting’s early stage was behind Penn’s success.
While retail sportsbooks have had success in the last five years, it’s continued to become obsolete. Online sports wagering is the largest source of revenue for sportsbooks in the U.S. Top mobile sportsbooks in America include FanDuel, DraftKings, Caesars, BetMGM, Hard Rock, and ESPN BET. They’re able to offer their mobile platforms via in-house technology.
Industry executives noted they are increasing the number of in-person kiosks at their retail locations. Additionally, they want the kiosks to offer the same type of bets as their mobile sportsbooks.
Are retail sportsbooks on their way out?
Retail sportsbooks are not going to disappear completely. However, the multi-million dollar investments to upgrade retail locations will start to dwindle. In-person sportsbooks still attract younger customers to slot or table games. The two top U.S. sportsbooks, FanDuel and DraftKings, continue to focus their time on their mobile sportsbook. They both have a handful of brick-and-mortar locations but online sports wagering will continue to dominate the market.
