Sports Betting & PickUp: 2020 Retro and 2021 Outlook
Looking back at 2020 and forward into 2021 and beyond
2020 was a booming year for the sports betting industry
2020 was a pivotal year for sports in general, but specifically for wagering and fan engagement. Two years into the sports betting movement in this country, we started to see the formal relationships between sports media companies and sportsbooks evolve.
Some of the highlights of 2020 include the acquisition of Barstool Sports by Penn National, DraftKings going public with a stock price soaring from $12 to over $50, and NBC partnering with PointsBet in a deal that, if successful, ends in ownership.
To add to these tailwinds, 6 additional states and the District of Columbia passed legislation legalizing sports betting (bringing the total to 19 + DC) and many more introduced legislation to begin to help recoup some of the lost tax revenue they experienced this past year.
What PickUp accomplished last year
During 2020, our company, PickUp, continued to grow, developing our platform and working to establish our place in this booming market.
Closed a Seed Round, led by KB Partners, with participation from DRIVE by DraftKings and Connetic Ventures
Launched the PickUp Platform in July, enabling publishers to make their content engaging by embedding our technology
Increased our Publisher footprint by 500% over 5 months
Created & distributed thousands of props (sports focused questions), each unique to the content they were embedded in
In Q4, PickUp generated millions of impressions and had a 5.1% engagement rate
Established revenue driving, affiliate, user acquisition deals with DraftKings and PointsBet
Received state affiliate licenses in key major markets
Brought technology and content in house, including major hires from: The Athletic, Bleacher Report, Outbrain, and Sports Illustrated
2021 is going to be bigger and better
2021 will piggyback on the success that the industry saw in 2020, and due to some incremental factors—a shift away from the in-person fan experience, lost tax revenue, and the general adoption of sports betting as the future of fan engagement—I am sure that we will continue to see an increase in activity in this space.
More states will legalize mobile sports betting. Headlined by Governor Cuomo’s commitment to mobile sports wagering, New York will legalize sports betting, and that tipping point will trigger a whole group of states that were on the fence prior to this year.
We are already seeing M&A activity in the space headlined by Bally's and Caesar's taking majority stakes in daily fantasy sports companies. Holding companies like Flutter will take control of the market through acquisitions and technology investments. Finally, we'll see sports betting embedded into the fan experience in a formal way in the stadium and at home. The introduction of BetMGM sportsbook at Nationals Park will bring betting to live baseball and the acquisition of Vigtory by FuboTV will bring betting to OTT.
PickUp’s 2021 growth strategy
This is a pivotal year for PickUp as we start to centralize our distributed platform, expand our presence in local markets through a more accessible API, and introduce our marketplace to fans, allowing them to convert their sports picks into PickUp coins that will ultimately translate into tangible goods.
Below are some highlights on deck for PickUp over the coming months:
Launching our own media property, powered by our distributed technology. The site will syndicate our publishers while making all major headlines playable
Onboarding thousands of publishers onto our platform, incorporating social media personalities and podcasts
Licensed affiliate in all legal states (12-15 states projected) rolling out in new states with a hyperlocal advantage
Introducing a first of its kind marketplace for fans to convert their correct picks into tangible goods
Opening our API, introducing our database of content props to audiences across major media hubs as well as on live TV
This year will be full of learnings and opportunity. Our fundamental belief around building products with a fan first mentality will be brought to life.
I hope you join us for a ride and subscribe below.
Dan Healy, Co-Founder & CEO