Many of the top betting companies announced that they want to pursue agreements with online sportsbooks. So, what’s the score on this front?
Getting out of Wrigley is no easy task. You gather the kiddies and you aim to high-tail it out of the traffic. Now, this scenario plays out across every arena in the States. The exodus means fewer peanuts and the sale of Cracker Jacks.
Moreover, fewer butts in the seats if the Cabbies stage an unlikely comeback. Picture this, adjacent to the stadium is a sportsbook. Or, within the stadium for that matter. Where you can make in-game bets including if the home ties a score.
That day has not arrived yet at Wrigley. However, DraftKings plans on opening a retail sportsbook along Sheffield Avenue. This will be at the iconic ballpark just in time for the 2022 season. Excited? We are.
Why Sportsbooks Will Work at Sport Venues?
Many sports fans want to congregate and sweat out the action. Moreover, they want more fun with plenty of skin in the game.
So, how does Draftkings plan to make this work? It will be an immersive live sports betting experience like none other before. They plan on engaging fans by selling them extra beer, more hot dogs, and more ad impressions.
Ultimately, it’s all about fan engagement; the perfect way to do so is by having a sportsbook in your favorite arena or ballpark.
The positive speaks as to why it’s beneficial to have a sportsbook in the stadium. The only sportsbook venture of its kind is in Capital One Arena in D.C. William Hill opened it earlier this year. The NBA Wizards and the NHL’s Capitals play at the arena.
According to the Legal Sports Report, a temporary pop-up version roped in 113,000 bets totaling more than $12 million. Needless to say, it’s quite clear that in-arena sportsbooks have massive potential.
Sportsbooks Bring The Action
One of the major advantages of sportsbooks within arenas is that they give live bettors a front-row seat. In other words, they bring them closer to the action.
Furthermore, to make the live betting experience at the sportsbook more engaging. Bettors can download the sportsbooks mobile betting app onto their phones. The sportsbook even boasts a restaurant. The idea is to create an entertainment hub that locals and visitors will enjoy.
The best part is the NBA has no issues either. However, on the condition, the sportsbook toes the line. The sportsbook must have a valid license to operate within the stadium.
If the NBA approves a sportsbook it must be located within the arena where bettors can legally place their bets. Obviously, they must be of legal age to do so within a state’s laws.
Even though the NBA bans kiosks and betting windows in stadiums. The Cardinals announced a partnership with BetMGM for a retail sportsbook at the State Farm Stadium in Arizona. Keep in mind, per state laws the kiosk will be adjacent to the stadium.
Great Atmosphere at Stadiums
The atmosphere at the biggest sports stadiums in the United States is electrifying. When a company installs more sports betting opportunities like a sportsbook. It creates more excitement for the fans.
More importantly, it will strengthen the operator-player relationship. Sports arena operators also aim to add IGT’s PlaySports Pad. Sports betting companies can tether the pads to the surfaces of a tabletop or bar.
Teams will also benefit from sportsbooks within stadiums because they are cash cows and they’re a built-in sponsor.
Mostly, they stimulate in-game betting as the action unfolds. Another interesting thing about sportsbooks at stadiums. Is that they will be operational throughout the year and not only seasonal. As such it’s a continuous cash flow from the restaurant or the sale of merchandise.
Other problems online sportsbook faces are underage gamblers. Sportsbooks will address the issue of kids betting in stadiums with an iron rod. Suffice to say, this ain’t gonna happen.
Keeping underage bettors away from the action is just one fly in the ointment. Another issue that will surface is that a sportsbook in a stadium takes away revenue from online casinos.
The loss of money in casino sportsbooks could have an impact on gaming tax revenue. One potential drawback could be; if they legalize arena sportsbooks in states where they ban or limit mobile wagering outside the stadiums. Many believe this will curb the potential revenue of the arena sportsbook.
Luckily a sportsbook within the arena has far more pros than it has cons. Fans can use their mobile apps to sign up. If you have more than sixty thousand fans watch a game. The financial return could be astounding.
So far Caesars is happy with the figures at Capital One Arena. In fact, it looks so rosy; they plan on building on the success of their first arena-sportsbook with another one in 2022. The new venue for the sportsbook is none other than the home of the Arizona Diamondbacks.