$4.5 Billion Expected to Be Wagered on Thanksgiving Football Week Games

What’s Driving the Popularity of Sports Betting?

Lucky Peak attributes this anticipated record to several factors, including the expanding accessibility of sports betting across the U.S. Legal wagering is now available in 38 states, contributing to a larger pool of bettors and fueling the Thanksgiving week betting boom.

Thanksgiving week is packed with football action, including three NFL games on Thanksgiving Day, a special Black Friday game between the Kansas City Chiefs and the Las Vegas Raiders, and numerous college football matchups. This concentration of sporting events naturally draws fans’ attention and encourages wagering activity.

Additionally, the online betting sector continues to showcase significant growth within the gambling industry. Online platforms offer unparalleled convenience and accessibility, making it easier for fans to bet on football games, especially during a high-stakes week like Thanksgiving.

These factors are projected to drive the record-breaking $4.5 billion in bets across regulated U.S. markets during Thanksgiving week, up 11% year-over-year.

Notably, prime-time games account for 37% of total bets and 10% of the overall betting handle during Week 12 of the NFL season, according to Lucky Peak.

The U.S. Sports Betting Market Keeps Growing

In addition to highlighting growth drivers, Lucky Peak provides insights into the current state of the U.S. sports betting market.

Flutter Entertainment and DraftKings continue to dominate the market, although smaller operators like Bally’s, Caesars Sportsbook, and Rush Street Interactive are expected to experience notable growth in the near future. BetMGM has also recently reported an above-average hold rate of over 11%.

According to the American Gaming Association (AGA), in Q3 2024 commercial gambling operators in the U.S. achieved a record-breaking revenue of $17.71 billion.

Forecasts suggest a 23% growth in gross gaming revenue for the fourth quarter of 2024, with the industry projected to grow year-over-year by 18% in 2025.

Wall Street analysts remain bullish on the sector, maintaining “outperform” ratings for companies such as Caesars Entertainment, DraftKings, Penn Entertainment, and Rush Street Interactive.