The upcoming NFL season is predicted to drive a new high of $35 billion in legal sports betting.

• This NFL season, it is predicted that $35 billion will be wagered legally, surpassing the previous record.
• Last year's National Football League season saw Americans wager a record $35.4 billion, marking a 33.7% increase over the previous year, according to the AGA.
• Sportsbooks such as DraftKings, FanDuel, and ESPN Bet are striving to increase their market share.

The return of football is anticipated to result in unprecedented betting.

This NFL season, it is estimated that U.S. adults will place a total of $35 billion in bets, as projected by the American Gaming Association.

The American Gaming Association (AGA) reports that Americans wagered more than $30.7 billion during the 2020 NFL season, surpassing the previous record. This growth was driven by the legalization of sports betting in several states, including Maine, North Carolina, and Vermont, as well as court decisions allowing Hard Rock International to resume sports betting in Florida.

In 38 states and Washington, D.C., sports betting is currently operational and legal.

Despite the growth trajectory of the gambling industry, the stocks of some companies, such as BetMGM and FanDuel, are not following the same trend. While shares of BetMGM are all negative year to date, FanDuel owner has seen a 19% increase in stock value after listing on the New York Stock Exchange. Additionally, FanDuel's second-quarter earnings exceeded expectations for revenue and profit, giving shares a boost.

The year has been positive for the company, with a 109% increase in gains year to date.

Competition heating up

The sportsbooks are developing strategies to increase their market share, entice new customers, and encourage brand loyalty among existing players.

Sportsbooks use NFL kickoff to introduce new technology and enticing wagers to attract customers.

Christian Genetski, president of FanDuel, stated that the NFL season is our largest acquisition period annually.

FanDuel has partnered exclusively with YouTube to offer a "Sunday Ticket" deal. For a $5 bet, players receive a three-week trial to watch NFL games outside their local market. FanDuel aims to increase wagering by providing fans with access to their preferred teams.

FanDuel has upgraded its app design and added more bets to its Same Game Parlay, allowing fans to wager at "the speed of sports," the company stated.

The increasing popularity of online sports wagers, particularly micro-betting, emphasizes the importance of speed.

Michael Rubin's e-commerce empire, Fanatics, launched its sportsbook last year in four markets. Since then, Fanatics Sportsbook acquired PointsBet's U.S. operations and technology, which is now fully integrated. As a result, its sportsbook is now live in 22 states.

It's a pretty impressive ramp for a newcomer to the industry.

The sportsbook acquires customers through its database of 100 million sports fans and rewards them with merchandise and collectibles.

In preparation for the 2024 football season, Fanatics hosted a massive fan event called Fanatics Fest NYC, where fans could interact with athletes and celebrities and express their love for sports.

Fanatics Sportsbook CEO Matt King told CNBC the customer response was effusive.

King stated that there has been a significant positive response to the idea of being the most profitable sportsbook, not only in terms of the financial benefits but also due to the distinctive features we offer.

The "sports equinox," as King described it, is when nearly every sport is being played on overlapping schedules, resulting in unique player rewards building into the crescendo of the sports calendar.

By both handle and number of bets, the NFL is DraftKings' most popular league.

This season, the sportsbook that previously abandoned a plan to impose taxes on customers in high-tax states is introducing a "No Touchdown" prop bet, allowing bettors to wager on whether a top player fails to score a touchdown.

New offerings

ESPN's shares have fallen 28% this year, and its digital business is in the red. This is its first full NFL season to showcase ESPN Bet, its $2 billion investment in a rebranded sportsbook in partnership with the -owned sports juggernaut. It launched in November last year, right in the middle of the NFL season.

ESPN has integrated with Penn's media platform, resulting in an 80% increase in its customer database, now at 31 million members. Penn's leaders are optimistic about the integration.

Jay Snowden, CEO of Penn, stated on an Aug. 8 earnings call that the app has high engagement, and the company aims to increase loyalty and retention while monetizing it better through enhanced products and additional offerings.

In Nevada, BetMGM introduced the first mobile wallet for customers to transfer their accounts from Las Vegas to their home states, streamlining the process with a single wallet.

BetMGM CEO Adam Greenblatt stated that their players can now immerse themselves in the excitement of MGM Resorts' Las Vegas destinations or statewide while seamlessly continuing to place wagers in other BetMGM markets.

The Official 2024 NFL Team Valuations will be unveiled on CNBC on Thursday, Sept. 5, both on TV and online.