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Pascrell, III: Esports to have “very good year” as US sports betting “monster” continues growth

Esports and fixed-odds horse racing are two verticals which are likely to emerge and have a “very good year” in 2021 as sports betting continues to grow in the US, according to Bill Pascrell, III.

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During the first lockdown in March, esports betting thrived in Europe, with Gambling Commission data from the biggest operators in the UK covering 80% of the online market, showing how the vertical’s gross gambling yield (GGY) rose from £50,223 ($68,245) in March 2019, to £4.6m in May 2020.

Esports is yet to take off in the US but Pascrell, III, partner at Princeton Public Affairs group. believes this will change in 2021. He also believes that fixed-odds horse racing will be a “bonanza” which should be accelerated by BetMakers’ acquisition of Sportech’s global tote.

Pascrell, III, told Gambling Insider: “I believe it’s only a matter of time before esports takes off in multiple jurisdictions, including New Jersey which hasn’t fully embraced it yet although legislation is propping up there. There’s about a dozen states where esports is starting to get some traction and I think we’ll have a good home for it next year.

“Fixed-odds horse racing is going to be a bonanza in 2021. Part of it is horse racing is kind of dying in the US with the old parimutuel tote system. It’s been struggling and year-on-year it’s been diminishing 2 or 3% and if something doesn’t change soon then horse racing is going to become a thing of the past.

“We believe, much like what’s happened in New Zealand, Australia, London and Germany, fixed-odds is going to help stabilise the tote without diminishing it and then it will grow to where you’ll be seeing bets where for every dollar bet, 70 cents will be on fixed-odds and 30 cents on the tote.

“Sports betting in the US is a monster. I think this time next year you’re going to see a more robust market which continues to grow and I’m incredibly optimistic about the online and sports betting industry going forward, both in mobile and retail.”

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