How Do We Know Sports Betting Is Exploding? PGA And Patents

On April 14th 2021, DraftKings and PGA Tour announced their plans to create a one-of-a-kind retail sportsbook at TPC Scottsdale. This follows recent revolutionary sports betting legislation in Arizona that allows for sports organizations to partner with betting operators to provide on-site retail betting facilities in their venues. This change, along with the rapidly-changing narrative surrounding sports betting as more states begin to legalize betting operations, is a huge success for the sports betting industry and brings promise for its future success in the U.S. On-site betting at sporting events will likely bring in millions of customers to betting platforms if more states follow suit and legalize these partnerships.

As for patent assets, DraftKings was late to the game when it came to filing with its earliest priority date being in March 2019. Since then the company has scored new patents protecting both its platform and fantasy sports operations. Off to a late start, DraftKings’ patent activity exploded following its first application, with 11 new applications in two years. IGT Interactive is placing bets on patents too, with a massive uptick in patent investment beginning in early 2020, mostly for in-game betting services. Patent Forecast® predicts an explosion of competitors in the Sports Betting space as the sector gains exposure. To preview the Sports Betting sector, email francis@patentforecast.com. Meanwhile, enjoy the Sports Analytics Patent Forecast® sector.