The ESPN Bet platform is making waves in the national sports wagering market and is attracting a large number of women, according to Shaun Kelley, a global research analyst at Bank of America. Kelley also highlighted the Durango Casino & Resort, which has been drawing 25,000 visitors daily since its launch.
State figures published recently showed significant growth in sports betting handle, with ESPN Bet leading the charge. Kelley noted that the platform is attracting more casual and female bettors compared to other sportsbooks. In November, ESPN Bet’s share came from DraftKings, BetMGM, and Caesars, while FanDuel gained one point of share due to NBA seasonality and increased marketing.
The initial metrics show that ESPN Bet has exceeded expectations, achieving a 10% run-rate share with limited integrations or marketing. Kelley believes that the upcoming launch of ‘Bet Mode’ in the ESPN Media app before the Super Bowl could further support adoption and stickiness to ESPN Bet.
However, Bank of America is adjusting its DraftKings model to show retention rates of only 6% over the past month. Despite increased competition, Kelley remains confident in DraftKings’ growth story.
Kelley also highlighted the success of the recently launched Durango Casino & Resort, which has been drawing 25,000 visitors per day. Despite concerns about cannibalization of demand at Red Rock Resort, visitation to both Red Rock and Orleans was up year over year in the first week of Durango’s opening. Red Rock officials had expressed concerns about clients shifting to Durango, but remained confident that they would regain their clientele.