The 2023 NFL season's opening week wrapped up with sportsbooks potentially hitting it big, complemented by impressive television viewership.
What Happened: In a matchup of two teams that were among the top 10 contenders to win Super Bowl LVIII, the Detroit Lions defeated the Kansas City Chiefs 21-20 to win the opening NFL game of the 2023 season.
The season kicked off on a high note, with the Chiefs raising their Super Bowl championship banner and a clash between two 2023 champion contenders, but it closed on a somber note as New York Jets quarterback Aaron Rodgers suffered a season ending injury.
From Thursday to Monday, sports bettors were aggressively betting on matchups, player props and more.
Over 242 million geolocation transactions from customers at U.S. sportsbooks were recorded by GeoComply Solutions, according to an Associated Press report.
GeoComply, which tracks logins and makes sure bettors are in physical locations of legalized territories, said the geolocation transactions were up 56% from the opening first week of the 2022 NFL season.
Data also showed that 1.1 million new player accounts at sportsbooks were registered in the first week of the 2023 NFL season, a figure that is up more than 40% from the first week of the 2022 NFL season.
The 2023 NFL season kicked off with 35 states and Washington D.C. operating with legalized sports betting, up from 31 at the start of last season. Three more states have approved legalized sports betting, but they didn't launch in time for the season's kickoff and likely won't commence until 2024.
GeoComply said there was a high level of demand in states that have not legalized yet, as the company records attempts in all states. This includes over 500,000 attempts in Missouri and over 250,000 attempts in Mississippi, two states that have not legalized online sports betting.
Live sports betting may be more in demand for the 2023 NFL season as companies add more live props and options. GeoComply saw over 4,200 transactions per second after the Lions scored the first touchdown in the Thursday Night Football game, suggesting people were logging in to make new bets.
Related Link: 2023 NFL Season Simulated With Madden Game, Super Bowl Matchup Pays $350 On A $1 Bet
Why It’s Important: The data from GeoComply could be a positive for sportsbook companies like market leaders DraftKings Inc DKNG, Flutter Entertainment PDYPY owned FanDuel and BetMGM, which is a joint venture from Entain and MGM Resorts International MGM.
Needham analyst Bernie McTernan recently highlighted strong app rankings for DraftKings around the start of the 2023 NFL season. McTernan rates the stock a Buy with a $44 price target.
McTernan said that promotional offerings from sportsbooks were down to start the 2023 NFL season when compared to past years.
Ahead of the 2023 NFL season, DraftKings CEO Jason Robins shared his optimism with Benzinga.
“It looks like it’s shaping up to be a great NFL season,” Robins told Benzinga.
While it was early, Robins said the initial indicators showed strength ahead of the season.
“It continues to be a great time of year. I’m expecting big things and big growth this NFL season.”
The strong login activities tracked by GeoComply along with the lower promotional activity could be a great combination for sportsbooks.
Another sportsbook to watch will be the ESPN Bet platform from Penn Entertainment PENN through a licensing deal with The Walt Disney Company DIS. The sportsbook, rebranded from Barstool Sportsbook, will launch later this year.
With over 10 million fantasy sports players on ESPN and a built-in fan base through a network of television channels, there are high expectations for the ESPN Bet platform.
Outside of sportsbooks, another winner from the increased activity could be Genius Sports GENI, a company that is the exclusive carrier of NFL games data, which is sold to sports betting and sports media operators.
Genius announced an extension as the exclusive data rights provider of the NFL through the 2027-2028 season, prior to the kickoff of the 2023 season.
Genius Sports recently reported second-quarter revenue that was up 22% year-over-year and raised its full-year outlook.
Read Next: Four NFL Teams Have Never Been To A Super Bowl, Here Are The Betting Payouts If History Is Made
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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