Sportsbooks brace for record NFL betting as DraftKings, BetMGM see surge

DraftKings and BetMGM are expecting record betting volumes as the NFL season kicks off, with sportsbook executives reporting robust customer activity despite economic uncertainty.

DraftKings CEO Jason Robins said betting activity was surging ahead of the NFL season opener. “The numbers just keep going up right into kickoff, and it’ll continue through Sunday,” he told CNBC at the Bank of America Gaming and Lodging Conference. “We’re seeing big numbers, record numbers, and we’re really excited about what we’re going to see through the start of the season.”

The American Gaming Association (AGA) projects legal U.S. sports betting will rise 8.5% to $30 billion this season.

BetMGM, jointly owned by MGM Resorts and Entain, also reported momentum, with CEO Adam Greenblatt telling CNBC that last week marked the sportsbook’s best ever for revenue, with preseason volume up 30%. “We’re seeing no softness. We’re seeing no reduction in average bet size. We’re seeing no reduction in how many active sessions per week, per month, that players are engaging with BetMGM,” he said.

Greenblatt added that 60% of sports bettors also wager on online casino games, or iGaming, which deliver higher profit margins. “I’m delighted to say that our sector seems to be behaving in a contrarian manner,” he said.

Both operators have posted stronger-than-expected financial results this year. DraftKings beat Wall Street forecasts in its second quarter, while BetMGM has raised earnings guidance twice. Executives said customer acquisition costs are falling as more states legalize sports wagering.

At the same time, prediction markets are emerging as a competitor and potential opportunity. These allow users to trade event contracts with odds that shift like stock prices and are regulated by the Commodity Futures Trading Commission (CFTC).

Front Office Sports reported in July, that DraftKings is in talks to acquire Railbird, a CFTC-approved exchange. Robins declined to comment on the report but said, “We’re regulated in a lot of states, and some states have taken a very adversarial position, so we have to obviously be careful and engage the regulator.”

FanDuel has partnered with the Chicago Mercantile Exchange on financial events contracts, while Underdog, Robinhood, Kalshi and Polymarket are also offering sports trades.

Still, some industry leaders remain wary. “Our view is that invites the federal government into a space it’s never been, and it’s not a place we’d like to see this marketplace go. Full stop,” MGM Resorts CEO Bill Hornbuckle said.

The NFL has also barred employees from participating in prediction markets, citing integrity risks from potential price distortions and manipulation.