Looking back in 2018, we might recall when the U.S. Supreme Court freed companies from an online gambling ban and allowed states to legalize sports betting. More than 30 states, including Washington, D.C., have since implemented some form of online gambling. Thus far, DraftKings (NASDAQ:DKNG) remains the dominant player in this sector, with a market capitalization that dwarfs its competition.
That said, competition is picking up. The online sports betting market is expected to grow at an incredible rate. In the first quarter of 2023, sports betting companies reached $2.8 billion in revenue, a 70% bump year-over-year (YoY). That growth rate will slow as the number of states legalizing online betting increases toward the limit. But for now, this is a sector allowing early movers an advantage. The question is, which companies can effectively challenge DraftKings for market share?
This post appeared first on InvestorPlace.