The 2024 NFL season kicks off this Thursday and it’s poised to be a historic year for sports betting. The American Gaming Association (AGA) projects that bettors will stake an astonishing $35 billion on NFL games through regulated sportsbooks. This projection marks a 30% increase from the $26.7 billion forecasted at the outset of the 2023 NFL season.
Three new states—Maine, North Carolina, and Vermont—have introduced mobile sports betting since last season, though only North Carolina is considered a sizable market. Despite this limited expansion, the expected growth in wagers underscores the escalating popularity of NFL betting. Indeed, a record number of states now permit sports betting; 38 states and Washington, DC offer some form of regulated sports wagering.
Football holds the title of the most wagered-on sport in the United States, driven predominantly by the NFL. If the AGA’s $35 billion projection is met, it will dwarf the amount wagered on this year’s NCAA Men’s Tournament by nearly twelvefold, solidifying the NFL’s grip on the sports betting landscape.
This surge in football betting is set to benefit major industry players while posing challenges to smaller operators. DraftKings and FanDuel, already industry giants, could see their dominance further entrenched. Meanwhile, Penn Entertainment’s ESPN Bet, along with BetMGM and Fanatics, faces a critical season as they strive to compete with these titans.
Although the number of states allowing sports betting has reached an all-time high, the roster of sportsbook operators has not followed suit. Due to recent consolidations and exits from the market, fewer regulated sportsbook operators are available to bettors this season compared to last year. This attrition highlights the fierce competition—and the economic realities—that make it difficult for smaller operators to survive against behemoths like DraftKings and FanDuel.
The NFL has inherent advantages that attract bettors, including primetime standalone games on Sunday, Monday, and Thursday nights, which consistently rank among the highest-rated television programs. These marquee matchups often attract massive wagers that can create a ripple effect, drawing in even more bets from smaller players.
In addition to traditional betting options such as pregame spreads, totals, and moneyline wagers, sportsbooks are diversifying their offerings to lure bettors. Newer options like same-game parlays, in-game wagering, and microbetting are gaining traction, adding layers of excitement and new avenues for bettors to engage with the NFL season. The combination of these factors sets the stage for an unprecedented year in sports betting, with the NFL at the forefront.
