MINNEAPOLIS (KMSP) - With sports betting predicted to be a multi-billion dollar industry over the next few years due to the Supreme Court opening the door to legalization, entrepreneurs at this week's Fantasy Sports Trade Association Conference in Minneapolis were all looking for their path to cash in on the industry's potential.
"There’s going to be this big wave of consumer demand and new products--and [everyone is trying to figure out] what moves they're going to make to take advantage of it,” said Peter Schoenke, the president of Rotowire.
The Supreme Court ruled in May that individual state Legislatures could decide whether or not they wanted to legalize sports betting, and so far just New Jersey and Delaware have done so. More states, including Minnesota, are expected to follow.
While states work to create a legal framework for the industry, the FSTA says nearly four out of every five fantasy sports players are expected to become sports betters--leading to estimates that up to $12.4 billion in annual revenue could be made. This is exciting for fantasy sports firms, who say they're already seeing dollar signs.
“The value of our customer base has dramatically changed the value of our companies, where we expect to see a lot of advertising revenue and a lot of opportunities to find customers who want to do both,” President of the FSTA Paul Charchian said.