While some researchers are predicting that betting on Super Bowl LVII will break records this year, with some 50 million Americans projected to bet $16 billion on the big game, ads for online betting are on the decline.
New data from Standard Media Index (SMI) shows that after a huge bump in 2021, when the gross ad spend for online betting soared by 167% from 2020, the ad spend by online betting companies fell by 8% in 2022.
The slump occurred as losses by online betting companies soared and some firms, such as FuboTV pulled out of the business.
SMI’s latest numbers, which capture actual agency invoicing data (from all major holding companies and most major independents) representing about 95% of national brand ad spend, also found that linear TV remains the main beneficiary of ads by online betting companies even though some major streaming players have been working with online betting platforms.
Close to 90% (87.9%) of the media mix went to linear TV players in 2022, with digital clinging to a mere 4.7%.
Among the major media companies, Comcast led with 15% of the online betting ad spend, followed by Fox (14%), Paramount (10%), and Disney (8%).
