Thanksgiving Week Sports Betting to Hit Record $4.5B as Football Takes Center Stage
A record $4.5 billion in sports wagers is expected during Thanksgiving Week 2024, representing an 11% increase from last year, according to Macquarie analyst Chad Beynon. With sports betting now legal in 38 states and Washington, DC, betting volumes are projected to surge 15% compared to 2023.
NFL player with football on field
The NFL remains the primary driver, featuring three Thanksgiving Day games and the Kansas City Chiefs versus Las Vegas Raiders on Black Friday, followed by the regular Sunday lineup. College football adds to the action with games throughout the week.
While industry leaders Flutter Entertainment and DraftKings maintain their market dominance, smaller operators like Bally's, Caesars Sportsbook, and Rush Street Interactive are expected to see significant year-over-year hold expansion during this period.
Chiefs player with football during Ravens game
BetMGM has reported above-average holds of 11%+ in recent weeks, while New York data through November 18 shows market share gains for DraftKings and Caesars Sportsbook. Primetime games, including all three Thanksgiving matches, typically account for 37% of bets and 10% of handle.
Macquarie maintains "outperform" ratings on Caesars Entertainment, DraftKings, Penn Entertainment, and Rush Street Interactive, citing strong online gaming growth potential. The sector forecasts indicate 23% GGR growth in Q4 2024 and 18% year-over-year growth in 2025, outpacing other gaming sectors.
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