June Sports Betting Index (SBI)

In the chart below, we present our RubinBrown Sports Betting Index (SBI). The SBI is based on our proprietary index of the leading sports betting states in the U.S. To continue to best reflect current market conditions, we’ll occasionally adjust the components of the index. To better compare competitive conditions, our index numbers focus in on a group of mature, competitive states. Therefore, a state with an index score of 1.15 had a raw index score of 15% greater than the average, while a 0.90 index score shows a 10% lower than average result.

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Handle Dips as Hold Rips

June marked another strong month for the U.S. sports betting market. Hold rates remained elevated, with many states topping the 10% mark. States that segregate parlay data showed parlay popularity is the driver of higher holds, even as betting volume softened with the seasonal summer dip. Despite the expected slowdown, the industry continues to sustain momentum and post robust year-over-year annual growth.

To underscore this success, we highlight the inclusion of online sports betting and iGaming in the American Customer Satisfaction Index (ACSI) comprehensive annual Entertainment Study. This study, with data collected between November 2024 and June 2025, provides invaluable insights into bettor sentiment and operator performance.

The study revealed that online sports betting and iGaming received an impressive overall customer satisfaction score of 76 out of 100 (a score above 70 is considered good), a strong debut above sectors such as social media (74) and subscription TV (70). The ACSI study found a competitive landscape where leading brands are successfully meeting user expectations, with a relatively tight spread among the top contenders.

The ACSI study further pinpointed the key drivers contributing to this overall satisfaction, offering valuable insights for operators looking to optimize their platforms. The survey suggests the high level of customer experience is driven by mobile app quality, reliability, privacy, and the ease of navigation of the apps. Efficiency and payment integrations are also noted as key factors for driving high customer satisfaction with online sports betting. The sports betting industry has attracted numerous entrepreneurs aiming to enhance product offerings, from B2B technology to new consumer-facing platforms. We've witnessed these innovations firsthand and expect their continued influx into the industry.

A Positive Outlook and Investment in Continuous Improvement

The ACSI 2025 Entertainment Study paints a largely positive picture for the online sports betting industry. The strong overall satisfaction score demonstrates that leading operators are effectively investing in, and delivering on, user expectations. Operators need to continue to focus on delivering seamless, reliable, and engaging mobile experiences, supported by efficient payment processes. We anticipate seeing this strategic focus manifest through reinvestment in product enhancements and the acquisition of both challenger and B2B brands that boost the customer experience.

Strategic Themes of Market Leader Investment:

• DraftKings: Continues to scale organically, focusing capex on product innovation and internal software development. Their moderate capex intensity (~1–2% of net revenue) reflects platform-centric growth coupled with heavy acquisition dealmaking. DraktKings also participates in Drive by Draftkings which serves as a venture capital fund and incubator with the goal of providing seed capital in the landscape of sports, real money gaming, and media.
• FanDuel / Flutter: Flutter offers general guidance on capital commitments, emphasizing its lower capex needs with a scalable platform and bolt-on M&A to enter new markets. Specific capex figures for FanDuel or its U.S. operations are not publicly detailed in Flutter’s most recent SEC filings.
• BetMGM: Investments come via parent contributions from MGM/Entain, and broader capital deployment is reflected within MGM’s overall property and equipment spend, indicating that its content, UI platforms, and integrations are being capitalized at the corporate level.

Sports Betting Industry After 7 Years

Our analysis of survey results, combined with insights from operators, regulators, and consumers, suggests that the U.S. sports betting ecosystem remains on a strong and steady upward trajectory, seven years after the repeal of PASPA. While criticism of the industry often focuses on potential harm or regulatory gaps, operators acknowledge these concerns and are increasingly proactive in addressing them through investing in responsible gaming initiatives, compliance enhancements, and customer support infrastructure. From the operators’ perspective, this period has been one of rapid maturation: evolving from a fragmented post-PASPA rollout into a competitive, multi-jurisdictional landscape marked by sophisticated platforms, strategic partnerships, and growing customer expectations. As is natural for any sector that has generated billions in economic activity within such a short timeframe, there remains significant room for improvement, particularly in areas like product differentiation, retention strategies, and omnichannel user experience.

At RubinBrown, we continue to support the expansion of sports betting through responsible, well-regulated frameworks that balance innovation with accountability. As competition intensifies, driven by emerging verticals, new technologies, and evolving consumer preferences, we anticipate that operators will respond with more refined offerings and user-centric enhancements. RubinBrown remains at the forefront of gaming research, as highlighted in our 2024 Gaming Stats. With nearly $23 billion in acquisitions and equity/debt financing in 2025 thus far, we see significant potential for continued deal flow in the near term. If this trajectory continues, we expect measurable gains in customer satisfaction and long-term market sustainability.
 

Published: 08/12/2025

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