ShareThe US sports HighStakes betting industry has seen a surge in investment from major celebrities, including LeBron James, John Legend, and Jay-Z. These high-profile individuals have recognised the potential for explosive growth in the sports betting industry and are investing heavily.
Investment in Fantasy Life
Fantasy sports and betting media company Fantasy Life recently secured $2 million in venture capital from several Hollywood stars and athletes, including LeBron James and John Legend. The funding will be used to expand the company's product offerings, increase staff count, and support paid marketing campaignsLeBron James, an NBA legend and the highest-earning player in the sport's history, has a net worth of around $1 billion, according to Forbes, and earns more than $100 million per year. He has been investing in various businesses, including The Springhill Company, a media and entertainment company.
Jay-Z, a billionaire and hip-hop legend, has also been involved in the sports industry, having previously owned a stake in the NBA's Brooklyn Nets. He is also teaming up with Caesars Entertainment and SL Green to propose the development of a Caesars Palace casino in New York City's iconic Times Square.
Celebrities often treat sports betting as an investment, relying on professional consultants for risk analysis and safe investment points. Floyd Mayweather, another famous sports bettor, is known for placing multiple bets at different locations around Las Vegas, utilising his "Money Team" to find the best odds.
John Legend, a multi-award-winning artist and performer, has made several individual seed investments, amassing a net worth of $75 million.
US Sports Betting Market Experiences Explosive Growth
The sports betting market has experienced explosive growth in recent years, driven by a range of factors including state-level legalisation, innovation in user experience, and new business opportunities.According to a report by Grand View Research, Inc, the global sports betting market size is estimated to reach $182.12 billion by 2030. Another report by Vantage Market Research projects that the sports betting market will grow from $81.03 billion in 2022 to $167.50 billion by 2030, at a CAGR of 9.50% during the forecast period.
The global market has experienced a positive upswing due to the proliferation of sports events and leagues like the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League.
Additionally, the market is poised for further expansion during the projected period, thanks to growing disposable incomes and the escalating integration of AI and blockchain technologies. These technologies are set to enhance prediction algorithms within betting software, further fueling market growth.
