The legal betting market across the US continues to grow. GeoComply announced this week that it recorded 330 geolocation transactions during the first four weeks of the current NFL season. This marked an increase of more than 120% in the sports betting volume when compared to last year.
Sports Betting Volume Hits Record Values during NFL’s First Four Weeks
GeoComply, the geolocation and compliance technology leader announced on Monday this week that it saw record-breaking betting volumes during the first four weeks of the 2021/22 NFL season. The company reported that for the first four weeks that ended October 3, it recorded 330 million geolocation transactions.
This result reaffirms that the US betting market continues to grow at a rapid rate, considering that compared to last year shows that the total recorded betting transactions halted at $149 million. The result from the first four weeks of NFL action shows a 122% increase in sports betting volume when compared to last year.
According to GeoComply, the result came from legal betting markets in 18 states as well as the District of Columbia. The company acknowledged that the increase in betting volume is the result of more states introducing sports betting. Additionally, GeoComply said that players continue to migrate to legal sportsbooks, which also boosted the number of betting transactions during the first four weeks of the NFL season.
Sports Betting Volume Will Likely Continue Growing
GeoComply’s managing director of gaming, Lindsay Slader, said that it is exciting to see such significant growth of the sports betting volume after the first four weeks into the NFL season. She outlined that based on the collected data, it looks like the popularity of betting in Arizona wasn’t just for the first week. In fact, the state propelled itself among the top five states with the highest volume for the recorded period. In conclusion, Slader predicted that sports betting will continue to grow across the US and accelerate through 2021 and 2022.
“We’re excited to see the growth of sports betting from the first NFL weekend has carried over to the first four weeks of the season.”Lindsay Slader, managing director of gaming, GeoComply
Sports betting transactions in New Jersey for the first four weeks of the current NFL season hit 70.5 million. This marks a significant increase when compared to the same period last year when the betting transaction volume halted at 49.2 million. Similarly, sports betting transactions in Pennsylvania also marked record volumes. This year, betting transactions in the state hit 64.6 million up from the 47.1 million for the same period last year.
According to GeoComply, the third state with the most betting transactions this year is Michigan with 44.3 million. In contrast, last year, Illinois has taken third place, but now it is bumped down to fifth. After Michigan, Arizona solidified its presence as the fourth state with 36.9 million transactions, followed by Illinois with 25.8 million betting transactions.