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The online sports gambling industry is growing at a fast rate in the US. This comes as a result of many states legalizing real money betting on sports. The 2023 Super Bowl LVII event is expected to benefit many online betting site operators.
According to the American Gaming Association, more than 50 million people are expected to bet. An estimate of $16 billion in bet is expected to be put on the match between Kansas City Chiefs vs. Philadelphia Eagles.
The event has spiked stiff competition among giant operators like MGM, Draft Kings, and FanDuel. The high stakes made on the events have affected the stocks of big operators. Besides, most of the operators are yet to recover from the big losses they have been in.
However, it has been realized that many of them have big debts after splashing huge amounts of money on advertising. This implies that the online sports betting companies have a heavy tasking of attracting new customers as well as impressing top investors.