Bars That Provide Sports Betting Could Profit From Super Bowl Wagers.
Posted On
Sports betting bar could generate greater ticket and traffic from the expanding number of Americans placing wagers.
According to the American Gaming Association, a record 50,4 million American adults, or almost one in five, want to wager on this year’s Super Bowl between the Philadelphia Eagles and the Kansas City Chiefs. The association anticipates they’ll wager $16 billion on the game. It might be a significant boon for sports betting bars and restaurants that have adopted sports betting in one of the 36 states where it is allowed.
In 2018, the U.S. Supreme Court invalidated a federal law prohibiting sports betting outside Nevada. The decision opened the floodgates for state-by-state legalization. Ohio became the most recent state to authorize sports betting on January 1. As this regulation went into effect, more than 700 restaurants and bars in the state were already licensed to operate on-premises sports gaming. Demonstrating that many establishments are embracing the activity to increase foot traffic.
How are Sports Betting Bar preparing for the Super Bowl related?
Many Americans want to gamble in sports betting bar, and many of them will also want to eat, drink, and socialize away from home. Upon the legalization of sports betting in Ohio, establishments such as Hide-A-Way Buffalo Grill in Canton, Ohio, placed a self-service sports betting kiosk. According to the Canton Repository, over 1,000 licensed kiosks have already been built throughout Ohio. An additional 400 have been pre-approved for licensing. In Ohio, it costs $1,000 to apply for this license, which lasts three years. The additional expense may add pressure to an already tense climate. Still, given the increasing interest, it may also yield a speedy return. Through 2029, the market for sports wagering is projected to expand by 10.2% annually.
Customers engrossed in a game are likely to linger around longer. They spend more, according to a survey from CGA by NielsenIQ. As the company expanded, the then-CMO, Rita Patel, stated that the brand intended to increase its presence in the sports betting industry. (Buffalo Wild Wings did not reply to a request for comment for this story). Hooters has embraced sports betting through its collaboration with DraftKings. In contrast, other concepts like Dave & Buster’s have begun investigating similar arrangements.
With demand, traffic, tickets, and small licensing fees, restaurants have much to gain by embracing legal sports better. That is why the Ohio Restaurant Association supported that state’s bill.
Evaluation is essential. As gambling addiction has increased by 30% over the previous several years, there is a potential that sports betting could increase disorder or even bad perceptions. The risk/reward scenario has yet to be determined. It is why the Texas Restaurant Association has taken a neutral stance on the topic, even though it arises with each election cycle.
All eyes are on Glendale, Arizona, where sports betting has been legal since September 2021.
