2023 is going to be a light year in terms of online sports betting launches as just Kentucky sports betting is launching in 2023. The bluegrass state will launch numerous online sports betting apps as many of their neighboring states have been in the legal field already, such as Tennessee and Ohio.

All of the big companies will be looking to join the newly launched state, such as DraftKings Kentucky will be live in September and their rival FanDuel Kentucky will look to beat them out as they have been in various markets. With daily fantasy legal in the state for the last several years, many residents are very knowledgable about the two brands, often using them as the first sites to sign up for.

BetMGM Kentucky and Caesars Kentucky are also set to join on launch day but have been below the FanDuel and DraftKings in handle share across various states. The effort of going heavy in advertising has not been as lucrative in acquiring new customers. Will Kentucky be different? A newly revamped Caesars app could help, but both products are not found to be as user friendly in comparison. New betting apps are also looking to join a crowded field and could create a tough scenario for those trying to catch DK and FD.

Industry Leaders

Dozens of sportsbooks have either launched a mobile app or secured a license to run a brick-and-mortar sportsbook location. Certain sportsbooks are still relatively unknown. Others are beginning to make a push for relevance.

DraftKings Sportsbook

One of the sportsbooks ready to go live with the 2018 U.S. Supreme Court ruling was DraftKings. They started with a tremendously successful launch in New Jersey. DraftKings operates both retail and online sportsbooks in six states. DraftKings Illinois sportsbook is through a partnership with The Casino Queen. The DraftKings Tennessee sportsbook is one of the online-only options in the Volunteer State. DraftKings Michigan sportsbook hopes currently hinge on the state allowing online sports betting in the coming months.

In each of the states where DraftKings has launched its sportsbook, new accounts can generate a nice welcome bonus by using the DraftKings Sportsbook promo code. With the DraftKings promo code, new accounts can receive up to $1,200 in the form of a deposit bonus and bonus bets. There is no higher offer on the market today.

The company launched a Casino offering and provided a DraftKings Casino promo code in New Jersey, Pennsylvania, and now Michigan. The company still leads in the daily fantasy sports space in revenue and user base. DraftKings launched its initial promo code offering in New Jersey and has carried the same offer to all other states. The DraftKings promo code offering resulted in a record number of sign-ups in New Jersey, Pennsylvania, Illinois, Colorado and Indiana. DraftKings Sportsbook bonus details are straightforward. You need to be 18 years old, be a new user, and make an initial deposit. The bonus will immediately display in your account.

FanDuel Sportsbook

Like its daily fantasy sports rival DraftKings, FanDuel was ready at the starting line when sports betting began to push across the country. FanDuel started gradually but made a huge mark on the New Jersey sports betting market. FanDuel outmatched DraftKings offer with a FanDuel Sportsbook promo code of their own. During the first year, FanDuel had nearly doubled the competition in total handle in New Jersey. The FanDuel Michigan operations received a huge boost with the partnership that helped FanDuel open the physical location at the Motor City Casino in Detroit.

The FanDuel Tennessee Sportsbook launch gave FanDuel eight licensed states. The FanDuel promo code is uniform across each state where the app is available. New accounts will receive up to a $1,000 no sweat first bet after a minimum $10 deposit. A quick look at the FanDuel promo code fact table explains how the no-sweat bonus works. Using $100 as the first bet benchmark, a winning bet will be deposited into the account wallet. If the first bet does not win, the amount of the bet will be a credit. To open up the amount of the no sweat first bet, $100 in this instance, the player would need to post a minimum of $100 in total bets before the $100 no sweat bonus credit would be available. These bonuses can get confusing, and there is always fine print to read through. For this purpose, we put together a FanDuel promo code fact table that outlines the key considerations.

BetMGM Sportsbook

BetMGM has ridden the coattails of a highly successful resort casino operation. The MGM International name has helped BetMGM cement itself as a strong competitor in nearly every sports betting market. The few states where BetMGM has yet to launch its app are states that do not have a physical MGM casino. The BetMGM bonus code earns new accounts a $1,000 new user bonus. The BetMGM sportsbook app had a successful 2020 despite limitations.

BetMGM Ohiois the most recent state where it has gone live. An improved version of the original PlayMGM app, the new sportsbook app consistently receives some of the highest ratings for layout and available bets. BetMGM PA has already partnered with the Pittsburgh Steelers and capturing new users at a fast pace.

New York has launched sports betting and a BetMGM New York Bonus will be on the way when they launch. The New York market has already seen a ton of success. These are three of the top U.S. sportsbooks from the first two and half years of legal sports betting. There is some strong competition from other sportsbooks as well. A Caesars promo code will earn a new account registration a chance at a $1,500 first bet bonus.

Other sportsbooks offer similar welcome bonuses. New registrations with the unique Pointsbet sports betting model can use the Pointsbet promo code to receive up to $500 in second chance bets. New accounts can earn a quick $100 in bonus bet money with an initial deposit. It's a 100 percent match up to $100. The last big name in sportsbooks heading into 2023 we'll mention is FoxBet. After partnering with the Stars Group, FoxBet immediately became a strong competitor.

As the sports world and life, in general, begin to approach something akin to normal, sports betting will see the benefits. Each state that has legal sports betting legislation in place has a head start. However, as new states enter the race for sports betting revenue, expect each of the sportsbooks we've discussed to be competing for their market share. The year 2021 will hopefully look a lot different from the one we put in the rearview mirror.

Caesars Sportsbook

Caesars Sportsbook has had a busy year after re-branding their sportsbook. They have turned into one of the top sportsbooks, joining some of the giants of the industry. While Caesars took over William Hill, they remained in the states that have sports betting and also launched in new states like Ohio. The Caesars promo code earns new accounts up to a $1,250 bet on Caesars plus get 1,000 Tier Credits and 1,000 Reward Credits®. The Caesars sportsbook app had a successful 2022.

Caesars Arizona is the most recent state where it has gone live. An improved version of the original Caesars app, the new sportsbook app consistently receives some of the highest ratings for layout and available bets. Caesars AZ has already partnered with Arizona Diamondbacks and capturing new users at a fast pace. These are three of the top U.S. sportsbooks from the first two and half years of legal sports betting. There is some strong competition from other sportsbooks as well. A Caesars promo code will earn a new account registration new-user bonus of up to a $1,250 bet on Caesars.

Other sportsbooks offer similar welcome bonuses. New registrations with the unique Pointsbet sports betting model can use the Pointsbet promo code to receive up to $500 in second chance first bets. New accounts can earn a quick $100 in bonus bet money with an initial deposit. It's a 100 percent match up to $100. The last big name in sportsbooks heading into 2021 we'll mention is FoxBet. After partnering with the Stars Group, FoxBet immediately became a strong competitor.

As the sports world and life, in general, begin to approach something akin to normal, sports betting will see the benefits. Each state that has legal sports betting legislation in place has a head start. However, as new states enter the race for sports betting revenue, expect each of the sportsbooks we've discussed to be competing for their market share. The year 2022 will hopefully look a lot different from the one we put in the rearview mirror.

U.S. Sports Betting History

On May 14, 2018, a new era in sports betting began. The U.S. Supreme Court ruled that the 1992 Professional and Amateur Sports Protection Act (PASPA) violated the 10th Amendment. In a 6 to 3 vote, the court insisted the federal government did not have the right to enforce gambling laws against states, businesses, or individuals. It would be a matter of days before sportsbook operators would pounce on the opportunity. One month after the PASPA was overturned, New Jersey's Governor Phil Murphy walked into the Monmouth Park Racetrack. It was the first legal bet outside of the state of Nevada.

While Murphy's first wager in New Jersey was essentially ceremonial, it triggered a wave that has swept across the United States. Like other states, New Jersey had many of the pieces already in place to open up sportsbooks in the Garden State. Within weeks, lawmakers in several states began to propose legislation to allow sports betting in their states. Lawmakers in Pennsylvania, West Virginia, and New York were quick to bring legislation to legalize sports betting to the floor.

While New Jersey's already impressive casino industry garnered the biggest attention when sports betting launched, Delaware actually beat them to the ticket window. Delaware launched retail sportsbook outlets 22 days after the PASPA was overturned. Mississippi legalized a handful of brick-and-mortar sportsbook locations later that summer, with West Virginia, New Mexico, Rhode Island, and Pennsylvania sports betting legislation approved during the fall of 2018. After a break in legal sports betting announcements, six more states would begin to pass legislation allowing sportsbook operations beginning in the summer of 2019. There would be no lull in the progression to begin in 2020.

Six more states would open their sports betting market by the middle of the year. That brought the total to 20 states with legal sports betting options as the calendars flipped from 2020 to 2021. There are three states primed to launch early in 2021 as well. Michigan went live in January 2021, just in time for Super Bowl LV. Virginia's sports betting legislation passed and was approved by the governor. There was some delay, but VA also launched before the Super Bowl kickoff.

All the legal steps are complete in Louisiana, North Carolina, South Dakota, Maryland, and Washington to begin legal sports betting during the 2021 calendar year. A dozen more states have legislation introduced on the floor to allow sports betting. It wouldn't be surprising to have upwards of 40 states either allowing sports betting or standing at the threshold. Let's review a few projections for sports betting in 2021, including a look at three of the newest states ready to go live.

Projections For 2023

After adding Arizona, Connecticut, and Louisiana in 2021 to the legal sports betting states. 2022 is set to become a big year as well as Ohio, Massachusetts, Georgia, New York, and North Carolina are all in line to take a step forward. However, there are still some legal hurdles. New York technically has legal sports betting, but it is limited to in-person at partnered retail-based locations. New York launched fully in 2022, bringing sports betting to one of the largest markets in the United States.

Ohio, North Carolina, Georgia, and Massachusetts project to further their efforts in legalizing mobile sports betting. Ohio is a rather large market, but talks kept stalling in 2021. Georgia was in the same boat, while North Carolina and Massachusetts have a more clear picture for launching in 2022. Tennessee is one of the few states that took a backward approach. Late in 2020, Tennessee launched unique online-only sports betting legal package. Currently, there are no physical locations permitted to open sportsbooks in the Volunteer State.

Michigan sportsbooks took a more conventional path to legalize both online and physical sportsbooks. While it took a full year to go live after legislation was passed, sports betting has been tremendously successful. New York sports betting is the largest market in which physical sportsbooks are approved, but online betting statewide is still on hold. However, progress was made to approve mobile sports betting, but details and regulations were delayed.

The watch will be on in the early stages of 2022 as they are expected to pick back up where they left off in 2021. Getting mobile sports betting in before March Madness would be a stretch but before the NFL season next year will be the likely goal. It is still unclear who will get the bid approved.

California is the largest market in the US and we can only hope California sports betting legislation is once again introduced in 2021. People have been betting online in California illegally for years, but that takes tax dollars out of the state and increases player risk. It's not what we want as an industry moving forward.

Michigan Sports Betting Market

Michigan lawmakers pushed the state's sports betting legislation across the finish line in late 2019. The first bets in Michigan occurred the following March. Legislation paved the way for Michigan's tribal casinos and three commercial casino facilities to secure sportsbook licenses. Michigan mobile sports betting and Michigan online casinos officially launched on 1/22/21. While legal aspects of Michigan sports betting took longer than many envisioned. Industry leaders, such as BetMGM, FoxBet, PointsBet, FanDuel, and DraftKings are accepting bets now. Based on registration numbers, we expect FanDuel Michigan to take an early lead in overall registrations. We think there will be a surprise with BetMGM Michigan securing the #2 position early. DraftKings Michigan will most certainly be in the top 3 positions. We do expect DraftKings Sportsbook to be in the top 2 in total handle. BetMGM locked in one of the fifteen online sportsbook licenses through their current licensed physical location at the MGM Grand Detroit. BetRivers Michigan has been a surprising upstart in the MI market. With both a Sportsbook and Casino market, BetRivers has made some noise despite having one of the lower new user offers. The BetRivers bonus code provides new users with a $250 sign up bonus. Caesars Michigan started slow, but ended the month strongly. We expect Caesars to continue to gain market share in the summer months. Other sportsbooks in the space are more active in the marketing space and this provides an advantage in user acquisition.

Revenue

Michigan sportsbooks got but a glimpse of potential profits ahead of COVID-19. During a short five-day open window, beginning with the first bets on March 11, 2020, revenue surpassed $100,000. Conservative projects estimate Michigan sportsbook revenue could exceed $3,000,000 per month when things normalize. A key to reaching that potential lies in how lawmakers handle the push from Michigan online casinos and sportsbooks. The application process started on May 15, 2020. Sportsbooks are taxed 8.4 percent on adjusted gross gaming revenue in Michigan. The license fee is $100,000 per license and $50,000 per year to renew that license.

Partnerships

Michigan's commercial casinos have linked partnerships. Two of these will be a factor when online sports betting goes live. FanDuel is operating the physical sportsbook at the MotorCity Casino Hotel. The Sportsbook at Greektown has a unique relationship with the Greektown Casino in Detroit. BetMGM Michigan will launch their online sportsbook through their current physical license at the MGM Grand.

Outlook

In the shortened and challenged 2020 year, Michigan sportsbooks registered over $120,000,000 in total handle generating more than $16,000,000 in revenue. A full calendar of legal sports betting should dramatically increase both of these numbers. The single largest handle was in October, at $46,000,000. Conservative estimates give sports betting in Michigan the potential to exceed $500,000,000 in total handle during 2021. Any progress towards launching online sportsbooks will further improve this outlook.

Ohio Sports Betting Market

Ohio sports betting is preparing to launch on January 1st, 2023. While small in land size, Ohio has three major cities and plenty of sports fandom. Expected to be one of the biggest launches in 2023, you will want to get a jump on the action. Ohio had a friendly amount of partnerships and licenses to give away, which made the state very open to operator competition. Users in Ohio can select from the major sportsbooks in addition to some of the smaller brands.

Revenue

Ohio sports betting is expected to bring in large revenue for the state and is one of the friendlier operator states compared to some more tax heavy states, like New York. Expect Ohio to be among some of the larger markets given their population and amount of sports teams.

Partnerships

Bet365 has partnered with the Cleveland Guardians, while Betfred Sportsbook partnered with the Cincinnati Bengals. FanDuel, DraftKings, and Caesars are all partnered with local casinos in the area.

Outlook

Ohio Sports betting will launch during bowl season and before the NFL playoffs take place. With plenty of bet on in opening of March Madness, expect a strong start in 2023 before the usual summer dropoff.

Tennessee Sports Betting Market

A survey of Tennessee's casino situation explains why lawmakers launched sports betting as an online-only option. The Tennessee sports betting market has no physical casinos. However, legislators clearly envisioned the revenue-generating potential of online sports betting in the state.

Competition

The market is led by only three major online sportsbooks, DraftKings Tennessee, FanDuel Tennessee, and BetMGM Tennessee . Action 24/7 is a Tennessee-only sportsbook without the same level of notoriety. However, the market is about to get shaken up as WynnBet Tennessee has launched and ready to compete. WynnBet has been following the BetMGM model that has been wildly successful. With key partnerships and strong promotions, WynnBet is looking to carve out some market share.

BetMGM is the only sportsbook that has an exclusive deal with the Tennessee Titans. BetMGM has been making significant strides in securing the number three position behind DraftKings & FanDuel. With a powerful brand and quality offerings, we are eager to see how the company performs in Michigan. BetMGM has increased its brand recognition through strategic sports partnerships in virtually every legalized state.

Partnerships

With no physical locations in the state, Tennessee sportsbooks only needed to apply for a license to go live. Action 24/7 is a local startup company attempting to compete with three of the nation's most successful sportsbooks.

Outlook

Tennessee's online-only sports betting laws may not trigger other states to follow the model. However, seeing the increased revenue numbers will provide an extra incentive for any state that has yet to approve online sportsbooks. Surprisingly, Caesars Tennessee launched before WynnBet in TN. Caesars made a push to be online before March Madness.