NFL Bettors Planning to Wager More This Year, Says Optimove

Posted on: August 19, 2024, 04:55h. 

Last updated on: August 20, 2024, 09:32h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Football is the most wagered-on sport in the US, and the NFL leads the way. The 2024 season kicks off on Thursday, September 5, and in what could be good news for sportsbook operators, data suggest bettors will boost the frequency of their football wagers this year.

The NFL logo on a football field
The NFL logo on a football field. Football bettors are expected to wager more frequently this year, according to a study. (Image: CBS Sports)

Optimove’s “Insights 2024-25 Consumer Reports on NFL Wagering Intentions” study indicates that 71% of bettors polled expect to bet on more NFL games per week this year, up from 63% last year. The percentage of bettors that place “several” NFL wagers per week is expected to climb to 43% in 2024 from 37% in 2023, according to the research firm. In terms of bet size, the bulk of NFL bettors fall into three primary cohorts, with only small percentages placing tiny or exceptionally large wagers.

Expected frequency NFL bet sizes for the upcoming season, according to an Optimove study. (Image: Optimove)

“Almost three in ten NFL bettors (32%) wager from $11 to $50 on a single bet. At either extreme of a bell-shaped curve of wagers is $1 to $5 at 5% of NFL gamblers, and 5% who wager more than $500 on a single bet,” notes Optimove.

Not surprisingly, more than eight in 10 (81%) of football bettors queried by Optimove place bets via mobile applications or websites on computers.

Maybe Some Hope for Other Operators

In the US sports wagering industry, it’s clear that Flutter Entertainment’s FanDuel and DraftKings have a duopoloy, but the Optimove survey revealed potential spots of hope for the operators that trail “big two.”  The study indicates that 68% of bettors use at least three apps per week.

“While Draft Kings (24%) and Fanduel (22%) were the top two branded name sites identified and preferred by NFL bettors, it must be noted that in 2023, our survey revealed that 23% of sports bettors said that they have no preference. It underscores that brand loyalty is fleeting in NFL sportsbooks,” adds the research firm.

In making decisions about which mobile apps to use, bettors are less focused on branding than they are on promotions, free bets, and ease of use, observed Optimove. Bettors are also a superstitious lot, which isn’t a stunning revelation. Forty-two percent of respondents told Optimove the primary reason they stopped using a particular mobile betting app was because they felt their luck ran out.

Ahead of the start of the 2024 football season, another encouraging sign for gaming companies is that 85% of bettors plan to try in-game or live wagering during this football season. Due to frequent stoppages in play, American football is conducive to live betting, but operators need to have the technology to keep up with bettors’ demands or risk losing those customers.

Football Bettors Looking to Exercise Restraint

At a time when some studies indicate credit scores are declining in states allowing mobile sports betting, and others showing bettors selling investments to fund their wagering habits, the Optimove survey shows some bettors are attempting to exercise restraint as the 2024 football season nears.

Ninety percent of those questioned said they have football betting budgets, though there is fluidity as to whether those budgets are set before the season commences, monthly, or weekly. On the other hand, nearly two-thirds of respondents said it’s possible that this season, they’ll bet more on an NFL game than they can afford to lose.

The good news is that many bettors are aware of resources to help them with problematic wagering, but some experts believe states could do better jobs of promoting those services.

“According to the National Council on Problem Gambling (NCPG) Executive Director Keith Whyte, states have not been aggressive in setting protections for citizens. For sportsbooks, it may place an onus on them to help identify and help bettors gamble responsibly. And it appears that sportsbook operators have stepped up. Of respondents, ninety-four percent (94%) felt their sports betting site has good responsible gambling practices in place,” concludes Optimove.