Today, thanks to the emergence of #sportsbetting in the US, FanDuel is valued at $11.22 BILLION.
This is only the beginning of the sports betting revolution…
— SeventySix Capital (@76Capital) December 3, 2020
$11.22 billion. That is the current estimated value of FanDuel. A company that raised ~$4 million in a Series B round less than a decade ago is now worth $11.22 billion. To put that in perspective, FanDuel alone would rank as the 136th richest country in the world if going based on GDP.
Sports betting is something that a lot of people reading this know and love. When PASPA was overturned on May 14th, 2018 and betting became legal outside of Nevada, people were quick to dismiss the validity of the industry becoming a major player in the US from an investment perspective.
I am lucky enough to work in this industry as the Chief of Staff and Director of Brand Strategy at SeventySix Capital, and let me tell you – this industry is just getting started. And fortunately, our team has believed in this industry even before PASPA was overturned. Looks like Wayne and Chad were right, to say the least.
Go on Twitter right now and I guarantee half of your timeline is filled with people giving out picks, talking about bad beats (I’m looking at you, Eagles), or discussing past or future games in sports betting terms.
One bettor lost $500,000 laying 6.5 with the Seahawks. @MitchMossRadio and @paulyhoward dissect last night’s game as they explain the biggest mistake bettors played. Subscribe to https://t.co/omBpOk6WFF for your exclusive betting content! We have your back! pic.twitter.com/Hc9WmdVfoP
— VSiN (@VSiNLive) December 1, 2020
Sports betting has taken over a country desperate for new ways to interact and engage with their favorite teams and sports. Watching a random Big West game on ESPN at 10 ET on a Tuesday night? Throw $10 on the spread and next thing you know you’re a die-hard UC Irvine Anteaters fan for the 3 hours that game is on. Sports betting takes the fan experience and enhances it tenfold, especially during a time when fans can no longer attend and experience games like they used to.
Talking about sports betting on-air used to be a one-way ticket to being thrown off-air by the big wigs at the major sports media companies. Guys like Brent Musberger (who I have had the pleasure of meeting and working with through VSiN – our 24/7 sports betting media network that you should DEFINITELY follow on Twitter) were trailblazers in sports betting, discussing lines and odds in a way that was only obvious to those that were focused on betting.
Fast forward to today and every single league has leaned into sports betting, and now teams and major media companies such as Barstool Sports, Fox, NBC Sports, ESPN, etc. have followed suit as well. Heck, even colleges have created sports betting partnerships. Amateur athletes. Sports betting. Imagine those two things being said in the same sentence with the word “legal” in there as well.
But we are just getting started. Currently, there are 25 states and 2 jurisdictions (PR and DC) that offer legal sports betting or have passed regulations with the goal of offering sports betting in the very near future. In a little over two years, the US has gone from having 1 state legal (Nevada) to over half of the country. In 2021, we expect this number to continue to increase, with my personal prediction being that we can expect upwards of 10 more states to legalize sports betting.
So when you go to place your college basketball bets today, think about the bigger picture. In a world where we cannot LEAVE OUR HOUSE, let alone attend sporting events, fan engagement has taken a massive step forward thanks to sports betting.
So here’s my lock of the week: sports betting is the best industry to invest in right now. Educate yourself on the bigger picture of the industry; Understand the opportunity that is in front of all of us; Check out sports betting stocks and literally bet on sports betting. Look into education and job opportunities in the space. Want to work in sports? Sports betting can be the opportunity you have been looking for. The revolution is here, and I can tell you one thing: I am NOT sitting on the sidelines for this one.
All opinions stated are of my own and in no way, shape or form represent those of my employer.