Thanksgiving Week Sports Betting to Hit Record $4.5B as Football Dominates
Americans are expected to wager $4.5 billion on sports during Thanksgiving Week (Nov. 25 - Dec. 1), according to Macquarie analyst Chad Beynon. This represents an 11% increase from last year, with football betting leading the charge.
NFL player with football on field
A record 38 states plus Washington, DC now allow sports betting, contributing to an estimated 15% surge in betting volumes compared to last year. The NFL schedule features three Thanksgiving Day games, a Black Friday matchup between the Kansas City Chiefs and Las Vegas Raiders, and the regular Sunday lineup. College football adds to the action with games throughout the week.
While industry leaders Flutter Entertainment and DraftKings maintain their dominant market position, smaller operators like Bally's, Caesars Sportsbook, and Rush Street Interactive are expected to see significant year-over-year growth in hold rates during Thanksgiving Week.
Chiefs player with football during Ravens game
Thanksgiving games are particularly attractive to bettors, with primetime games accounting for 37% of bets and 10% of handle in week 12 of the NFL season. BetMGM has recently experienced above-average hold rates of over 11%, while DraftKings and Caesars Sportsbook are gaining market share in New York.
Macquarie maintains "outperform" ratings on Caesars Entertainment, DraftKings, Penn Entertainment (ESPN Bet), and Rush Street Interactive, citing strong growth potential in online gaming. The sector is projected to see 23% growth in Q4 gross gaming revenue and 18% year-over-year growth in 2025.
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