The evolution of online sports betting

Aug 29, 2025

Dan Politzer, an analyst at J.P. Morgan specializing in Gaming and Lodging, joins the discussion on the booming online sports betting industry. He and his co-host explore the surge in parlay and micro-betting trends, fueled by mobile technology. Highlighting strategies from giants like DraftKings and FanDuel, they discuss how innovation and technology are essential for differentiation. The conversation also addresses the intricate regulatory landscape and future opportunities in still-legalizing states like California and Texas.

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INSIGHT

PASPA Repeal Fueled Rapid Growth

The repeal of PASPA in 2018 enabled rapid state-by-state legalization and explosive industry growth.
By 2024 the industry reached ~$150B in handle and operators earned about $14B in win.

INSIGHT

Parlays And Micro-Bets Reshaped Betting

Parlay adoption and mobile penetration shifted betting from single bets to multi-outcome, customizable wagers.
Micro/in-play betting added granular, high-frequency options that increased engagement.

ADVICE

Differentiate With Product, Promotions, And Data

Focus product differentiation on app technology, betting markets, and frictionless wallets.
Use targeted promotions and sport/customer exposure to capture distinct bettor segments.

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With the 2025 NFL season right around the corner, Briggs Barton, a specialist for the U.S. Consumer sector, and Dan Politzer, an analyst covering Gaming and Lodging for J.P. Morgan Global Research, delve into the rapidly evolving online sports betting industry. They discuss key trends such as parlay adoption, mobile penetration and micro-betting, as well as the competitive strategies of major players like DraftKings, FanDuel and BetMGM. They also address regulatory challenges and the impact of technology on the industry’s growth. Tune in for an insightful analysis of the current landscape and future prospects of online sports betting.

This episode was recorded on August 11, 2025.

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