Risk and Reward: Sportsbooks Reap Profits from Women’s Sports Betting—But at What Price?

PHOENIX – Sportswriter Jim Turvey was surprised to overhear a lively discussion about Chicago Sky forward Angel Reese and Indiana Fever guard Caitlin Clark during a family dinner. These two WNBA rookies had captured public attention following their intense rivalry in the NCAA women’s basketball tournament, culminating in a championship face-off that amassed a staggering 12.3 million viewers.

“It’s truly broken through to everyone and anyone,” Turvey remarked. “Unless you’re living under a rock, you know about women’s sports and women’s basketball in particular.” The implications of this surge in awareness extend beyond fan engagement; television networks and sportsbooks are reaping substantial financial returns from the growing interest.

FanDuel reported receiving record-breaking wagers during the NCAA Women’s Basketball Tournament rematch between LSU and Iowa in April. Furthermore, Caesars Sportsbook noted a staggering 516% increase in betting activity on WNBA’s opening night. BetMGM similarly observed a 175% rise in bets tied to future predictions, such as MVP selections.

“At the top, they list sports like MLB and soccer, and then Caitlin Clark,” Turvey explained, pointing out how women’s basketball is gaining significant visibility within the sports betting landscape.

As teams and betting platforms collaborate, efforts to enhance engagement and provide timely betting content on women’s sports leagues are intensifying. For instance, Bally Bet, a licensed Arizona sportsbook, became the first operator to partner with a WNBA team, the Mercury, in a groundbreaking 15-year deal that includes promotional material and behind-the-scenes content.

Christopher Boan from the Gambling.com group highlighted a significant demand for betting content related to the WNBA. He speculated that the league could potentially surpass the MLB as the highest-grossing summer sport for wagers, especially with viewership numbers that have tripled from the previous season.

In response to the rising interest, Turvey and fellow sports journalists launched the podcast Bet She Wins, focusing on sports betting within women’s athletics. Their inaugural episode, released in May 2024, analyzed their top betting strategies around Clark and other WNBA stars. This initiative reflects a broader trend, as FanDuel became the league’s official sportsbook partner, followed by DraftKings, which also announced a collaboration aimed at enhancing sports betting accessibility for fans.

The financial figures back this trend. Bally Bet reported $800,000 in March profits compared to $247,000 from the previous year in mobile event wagering. This pattern of growth is apparent across the board, with Arizona’s Department of Gaming indicating that approximately $759 million was wagered in March alone.

Despite the positive growth in engagement and interest surrounding women’s sports, not all reactions have been favorable. Before a match on June 29, Mercury guard Kahleah Copper publicly requested fans to refrain from including her in their betting parlays, highlighting concerns about online harassment stemming from sports betting interests.

NCAA president Charlie Baker has voiced support for banning prop bets to protect college athletes from potential harassment, citing that 15-25 percent of online harassment incidents are related to betting. As viewership for women’s sports continues to climb, so does the need for safeguarding players from adverse effects associated with gambling.

This rapid expansion into sports betting has also prompted concerns regarding gambling addiction. Arizona’s Division of Problem Gambling has noted a rise in helpline requests, signaling a potential increase in gambling-related issues as more people, particularly young adults aged 25-34, engage with sports betting platforms.

While awareness of gambling problems is increasing, professionals like Robert Daughenbaugh from Rio Salado College warn that these issues often go unnoticed, leading to severe consequences for affected individuals. A study revealed that one in five problem gamblers grapple with suicidal thoughts—an alarming statistic that underscores the need for increased awareness and support.

Despite its potential to boost the visibility and interest in women’s sports, experts emphasize the necessity of education on responsible gambling practices. Turvey and his podcast co-hosts consistently advocate for responsible betting, underscoring the importance of creating a safe environment for the players and fans alike. “I do think that as long as those issues are addressed, sports betting can indeed drive interest in sports,” Turvey concluded.