Why it matters: DraftKings is a major player in the sportsbook market, and its new campaign is an attempt to further solidify its position. The question is: Will other players see those same efficiencies? Sportsbook competitors like FanDuel and BetMGM continue to heavily market their services, offering promotions and bonuses to attract bettors.Nearly 50% of the US population resides in states where sports betting is legalized. The company is achieving greater efficiency in its marketing spend as it scales, leaning into national advertising efforts.What's working:DraftKings is capitalizing on the increasing popularity and legalization of sports betting across the US. US sports bettors are expected to wager $136.6 billion in 2023, with projections of a nearly 70% increase to $218.8 billion by 2025.That figure should grow to 36.9 million by 2025, representing 18% of US adult internet users and 23% of live sports viewers. Approximately 25 million US adults have placed at least one legal bet online.By 2025, 23% of US live sports viewers are expected to engage in sports betting, according to our forecast.Some of that is performance-related, while some is tied to its total addressable market. The opportunity:DraftKings has bounced back from 2022 lows its stock has risen approximately 156.29% year to date. Penn anticipates that ESPN Bet could control as much as 20% of the market by 2027. Another competitor is ESPN Bet, which is expected to debut in November following Penn Entertainment's $2 billion deal to rebrand its Barstool Sportsbook app. The new competition includes Fanatics, which launched its sportsbook in January and recently acquired the US assets of PointsBet.

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