Sports betting companies are winning with March Madness

With a crazy start to March Madness this year, remaining brackets all have at least one incorrect pick so no perfect brackets left this year. Macquarie Group Senior Analyst Chad Beynon said, “A lot of states in the US are just still rolling out sports betting. So they’re acquiring customers, they’re improving their product, they’re improving their tech. There’s a lot of promotions out there.”
Companies like Penn National gaming believe they will be close to profitability in the fourth quarter of 2022. Most companies except the first quarter to be a big loss, but expect the second quarter to be much better. Penn National states that a customer who plays in retail and online betting is worth about six times more than a company that just does one.