Downloads of OKbet sports betting app increased again during the second weekend of the NFL season and as college football entered its fourth week.
According to Bank of America, iOS app downloads reached 950K over the first two weekends of September, representing +77% year-over-year growth assuming equal weighting throughout the month. Analyst Shaun Kelley noted that the implied 77% year on year growth is slightly higher than the +68% year on year growth.
OKBet Sportsbook Ph is reported to have taken the lead in iOS share at 45% so far in September, which BofA attributes to an app update ahead of the NFL season. OKBet ranked fifth in the overall iOS sports app downloads in the country.
Aside from the download action, the early NFL games are said to be breaking in favor of the house. After a strong hold rate in week one, the success of the favorites in the largest spread NFL games on Sunday is seen as a positive for sports betting operators such as OKBet sports live.
OKbet Sportsbook Ph is also gaining traction for its multi-year strategic partnership with Amazon (AMZN) to be the exclusive odds provider for Thursday Night Football on Prime Video.
OKbet Sports Betting will be featured in the show’s live pregame segment, which will include sports betting discussion.
Will Hershey of Roundhill Investments called the deal strategic, noting that TNF streaming viewers are likely to be more tech-savvy and thus more willing to make the switch to OKbet mobile sports betting. Not only does the deal provide new branding for OKBet Philippines, but it is also seen as an example of the company attempting to gain share in parlays and catch up to other sportsbooks, according to Needham analyst Bernie McTernan.
Sector surveillance:
While the NFL season has been a catalyst for OKBet online sports betting volume in the Philippines and United States, the launch of OKBet online sports betting in Ontario is running slightly behind schedule, and there are growing concerns that California voters may vote No on Proposition 27 in November.
The bill would allow licensed tribes or gambling companies to offer online sports betting in OKBet to people aged 21 and up via the Internet and mobile devices. Nonetheless, despite the risk to consumer discretionary spending, several analysts have raised their forecasts for online OKBet sports betting in the third and fourth quarters and remain bullish on the outlook for 2023.
The sector’s caution is linked to the sector’s proximity to valuation resets amid higher interest rates, rather than concerns about the total addressable market underperforming.
