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If you’ve watched any American sports game recently, there’s a good chance you were blasted with an ad from FanDuel, DraftKings, BetMGM, WynnBET, Caesars Online, and various online casinos promising free money and million dollar jackpots upon signup. Historically, sports betting and gambling in the US had been heavily restricted where you could only legally play offline at isolated places around the country like Las Vegas and Atlantic City.
But in the past 5 years, the landscape has evolved dramatically as venture capitalists have invested billions into mobile-first gambling startups like FanDuel and DraftKings. But despite the relentless advertisements and celebrity endorsements, online gambling and sports betting is nothing more than a wild west where no one is telling the truth.
It’s a market so new that everyones boasts that they have the greatest market share, the best apps, the most users, and the fastest growth. In this episode, we’ll unmask the wild wasteland of online gambling in the US, the economics of traditional casinos, the political dynamics behind this market, and what FanDuel and DraftKings are really betting on as they pursue adoption at every turn.
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