THE ASCENT OF WOMEN’S SPORTS BETTING two billion. A breakdown of the countries with the highest live audience figures includes some of the world’s biggest betting jurisdictions: the U.S., France, England, Italy, the Netherlands, Australia, Brazil and Germany, with Canada, the current Olympic gold medal holders and newly regulated iGaming market, expected to be in the mix for the next World Cup. We all know that the most popular sports events — those that attract the biggest viewing audiences — are also the ones that generate the greatest betting revenues. So, it comes as no surprise that the growing popularity and profile of women’s sports has also seen an increase in the number of people betting on women’s sports and the numbers of women betting. What is surprising to many; however, is the size of that number. In 2019, the American Gaming Association released initial figures suggesting that in the previous year, 32% of all sports bettors were women, basically every 1 in 3 bets placed was placed by a woman. A research survey by Sports Betting Dime in March 2020 went so far as to suggest that the number of female sports bettors was potentially as high as 43%. Pre-pandemic, the data suggested that not only were more women betting, they were also better at it than men, on the grounds that they had a less emotional, more clinical approach. A study undertaken by 888 Holdings in New Jersey in 2019 showed that women generally tend to do better than their male counterparts, with the overall return on investment for women being close to the 20% mark, compared to -4.6% for men. Women bettors between ages 25 and 44 had an overall ROI (return on investment) rate of over 120%, compared to a rate of just over 16% for men between 45 and 54. As these facts and figures were uncovered, many dismissed them as speculative and hype. However, more recent research suggests that these numbers are far frombeing fiction, but actually rooted in fact. A study last year by market research agency Hot Paper Lantern titled, “2021 State of the Sports Betting Industry” found that “onein-three (33%) bettors are women.” The study was quoted as saying, “Not only do women represent a third of themarket, when looking at bettors that make daily bets, men (18%) and women (17%) are effectively evenly split.” Amongst females, Gen Z and millennials (those under the age of 40) are the most active with 27% of Gen Zs and 28% of the millennials betting at least once a month. Research undertaken by Global Wireless Solutions in May 2022 is even more compelling. It shows that, in the U.S., women are signing up to sportsbooks at a faster rate than men, equating to a year-on-year growth of 115% for new female users, compared to a mere 63% for men. Even more astonishing — completely shattering the myth that sports betting is something only guys do — BetRivers, and its associated New Jersey brand SugarHouse, confirmed that it has more female users (54%) than male users (46%) and that 2021 saw an overwhelmingly higher number of sign-ups from women (600,000) than men (380,000) in the same period. It was noted that while there may be more female sign-ups than men, the frequency of usage is lower, with 71% of females using their sportsbook apps for only 1-5 weeks throughout the year, compared to 61% of males. This is something that was also picked-up on by Hot Paper Lantern’s finding. They noted that the retention roadmap for The reasons women bet are essentially the same as men. They love the sport. They follow the team. They have an opinion and are willing to risk money on it. They understand the market and can spot value. They see betting as an enhancement to the viewing experience. They do it socially with their friends. G P W A t i m e s . o r g 18
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