US sports betting operators are finally starting to focus on profitability, though meaningful profit could still be years away.
That analysis comes from Fitch analyst Colin Mansfield, who was one of three analysts discussing sports betting on a panel at the East Coast Gaming Congress held Thursday and Friday at Hard Rock AC:
“That’s what their conversations are focusing on and that’s what their strategy is starting to turn toward, where it’s less about grabbing market share and more about, ‘How do we get to the path of profitability?'”
Sports betting ops know they have to rationalize spending
That said, meaningful profits could take until 2025, maybe 2024, Mansfield added. Mansfield pointed to the “soft facts” that operators throw out, like being profitable on one NFL betting weekend or turning profitable in a state.