Name: ETF內幕：賭博業的蓬勃發展，散戶能是以致富嗎？ | 路透社 (Inside ETFs: Can investors hit the jackpot off the gambling boom? | REUTERS)
Uploaded: 2026-01-27T17:06:34.000Z
Duration: 5 min 17 s

體育博彩市場正在爆炸性增長。

但你的投資組合能贏得頭獎嗎？

This is inside ETFs, and we're talking about sports betting.

這裡是在談論ETF，我們今天要聊的是體育博彩。

Since the supreme court unlocked the US gambling market in 2018, sports betting has exploded.

自從最高法院在2018年解鎖美國博彩市場以來，體育博彩就爆炸性增長。

Americans wagered a staggering $150 billion last year.

美國人去年下注了驚人的1500億美元。

But for investors, the real game is about betting on the businesses that take a cut of the action.

但對投資者來說，真正的遊戲是下注那些想分一杯羹的企業。

Yet with regulation and fierce competition in play, can your portfolio still cash in?

然而，在監管和激烈競爭的影響下，你的投資組合還能獲利嗎？

Let's ask D.F. maza, CEO of Rointhill Investments.

我們來問問Rointhill Investments的執行長D.F. Maza。

So, Dave, bank of America is warning that the growth of sports gambling could push consumers into defaults.

那麼，Dave，美國銀行警告說，體育博彩的增長可能會讓消費者陷入違約。

Is this sector more fragile than investors realize, especially with affordability already under pressure?

這個領域是不是比投資者想像的還要脆弱，尤其是在負擔能力已經受到壓力之下？

Look, I think there are certainly macroeconomic forces at play when it comes to the amount of discretionary income that users and consumers would be able to allocate toward the sports betting market.

嗯，我認為在用戶和消費者能夠分配到體育博彩市場的可支配收入方面，確實存在宏觀經濟因素在起作用。

But what we've seen actually, even through ups and downs in the economy, whether it's the COVID period, the acceleration on a Covid period, is that the actual sports betting market has expanded.

但實際上，即使在經濟的起伏中，無論是COVID時期還是COVID時期的加速發展，我們看到的是體育博彩市場 actually 擴大了。

The US Market itself is sort of now already meaningfully sized.

美國市場本身已經有相當大的規模了。

National sports Betting revenue hit 13.71 billion in 2024, which is actually up 25% from 2023.

2024年全國體育博彩收入達到137.1億美元，比2023年增長了25%。

And multiple states alone crossed over $1 billion in annual revenue.

而且光是好幾個州就已經跨過了每年10億美元的收入門檻。

So I think there's longer term momentum in the sports betting space, regardless of sort of the economic forces at play.

所以我認為，不管經濟因素如何，體育博彩領域都有長期的發展動能。

Let's look at some of these gambling stocks.

They sold off last week amid fears that prediction market startups are stealing the share.

上週，由於擔心預測市場新創公司正在搶佔市佔，這些股票出現了下跌。

Are prediction markets a real threat to traditional sports books?

預測市場對傳統體育博彩公司來說是真正的威脅嗎？

that's probably the biggest risk and in the biggest also opportunity for the sports betting market.

這可能是體育博彩市場最大的風險，也是最大的機會。

So, you know, we talked a bit about the macro a moment ago, but

所以，你知道，我們剛才聊了一些總體經濟的狀況，但是

the growth in prediction markets has been really parabolic in many ways.

預測市場的增長在很多方面都呈現拋物線式的增長。

And there's really pent up demand for users and betters to be able to sort of engage in real time activity.

而且用戶和下注者確實有強烈的需求，希望能夠即時參與活動。

But we're already seeing sportsbooks either partner with prediction markets or begin to integrate them into their offerings.

但我們已經看到體育博彩公司正在與預測市場合作，或是開始將其整合到他們的產品中。

So I don't view this as necessarily an existential threat.

所以我並不認為這是一個生存威脅。

I actually think both areas can grow together.

我其實認為這兩個領域可以一起成長。

But we are in a bit of a digestion period.

Digestion period, excuse me, where investors are trying to ascertain exactly what impacts prediction markets will have on traditional sports betting.

消化期，抱歉，投資者正在試圖確定預測市場將對傳統體育博彩產生什麼樣的影響。

Meanwhile, legal operators reportedly captured 74% of U.S. online gambling revenue last year.

同時，據報導，合法營運商去年佔據了美國線上博彩收入的 74%。

So are licensed companies fighting an uphill battle on profitability?

那麼，領有執照的公司在獲利上是否正在打一場艱難的仗？

There's a ton of competition in the space, which is one of the reasons why we believe a diversified approach can actually make sense rather than just taking a single operator bet.

這個領域的競爭非常激烈，這也是為什麼我們認為多元化的策略比只押注單一營運商更有意義。

So it really is, this is really intended to capture sort of the full wave of operations because we're sports betting, we tend to think of just the household names, your Flutter, your draftkings, Etane, Churchill Downs.

所以實際上，這確實是為了捕捉整個營運浪潮，因為我們談論體育博彩時，通常只會想到那些家喻戶曉的名字，像是 Flutter、DraftKings、Entain、Churchill Downs。

But there's actually a lot of picks and shovel exposure that you might actually want in igaming for example.

但其實有很多「挖礦工具」的曝險，例如你在 iGaming 領域可能想要的。

Well, regulatory risk is always in focus as well for the sector, including a proposal in Arizona to raise gaming taxes as high as 45%.

嗯，監管風險也一直是這個產業關注的焦點，包括亞利桑那州一項將博彩稅提高到 45% 的提案。

So how much of a headwind is higher taxation for your etf?

那麼，較高的稅收對你的 ETF 造成多大的逆風？

I think the idea around taxation for the space has sort of has been growing.

我認為關於這個領域稅收的想法一直在增長。

We see additional states as they see the revenue and the interest in sports betting, they want to have a piece of the action.

我們看到越來越多的州，當他們看到體育博彩帶來的收入和興趣時，他們也想分一杯羹。

And we have certainly seen when states have come out with sort of tax proposals, near term headwinds on some of the companies.

我們確實看到有些州提出了稅收提案，對一些公司造成短期逆風。

But I think with the growth in the space and also the diversified exposure that these companies are doing with actually building partnerships directly with leagues, whether it's the NFL, NBA, what have you, that actually is something that I think is going to help with potential for taxation.

但我認為，隨著這個領域的增長，以及這些公司透過與 NFL、NBA 等聯盟建立直接合作夥伴關係所做的多元化曝險，這實際上會幫助應對潛在的稅收問題。

It's set to open three major casinos, marking another milestone in US Casino expansion.

紐約市即將開設三個大型賭場，這標誌著美國賭場擴張的又一個里程碑。

But does brick and mortar growth threaten the momentum of betting ups?

但實體賭場的增長是否會威脅到線上投注的動能？

I think there's always going to be an opportunity for people who want in person experiences kind of traditional gambling.

我認為對於那些想要親身體驗傳統博彩的人來說，總會有機會的。

But the sports betting market is just much broader.

但體育博彩市場的範圍要廣得多。

It's something that people can really connect to.

這是人們真正能產生連結的事物。

And when we see sort of these large events happening, whether it's Finals, whether it's something like the super bowl, which is coming up in a couple of weeks, that's actually when we see sports betting take center stage away from traditional gambling.

當我們看到像總冠軍賽、或是像幾週後即將到來的超級盃這樣的大型賽事時，這其實是體育博彩搶走傳統博彩風采的時刻。

So finally to flutter recently cut revenue guidance by around $390 million, citing unfavorable NFL parlay results.

所以 Flutter 最近將營收指引下調了約 3.9 億美元，理由是 NFL 串關賽事結果不理想。

So is there a risk that bettors are getting smarter and beating the apps?

所以，會不會有玩家越來越聰明、打敗這些 App 的風險呢？

Well that's, that's actually a really interesting point.

嗯，這確實是個非常有趣的觀點。

We have seen seen this example flutter through your point most recently, most notably.

我們最近確實看到了 Flutter 的這個例子，最明顯的。

But I do think again these companies employ a tremendous amount of resources to try to always ensure that they have the edge.

但我認為，這些公司投入了大量的資源，試圖確保自己永遠佔有優勢。

And again, one of the reasons why I think there's longer term momentum of interest in the space, maybe in some ways you could say it's it's a good thing that actually betters are getting smarter because then that can really up the game of the companies and operators involved in the space.

而且，我認為這個領域的長期發展動能之所以存在，部分原因在於，或許可以說玩家變得更聰明其實是件好事，因為這樣可以真正提升該領域的公司和營運商的水準。

That was Dave Mazza from Roundhill Investments.

以上是 Roundhill Investments 的 Dave Mazza。

Don't forget you can watch More videos on Reuters.com.

別忘了，你可以在 Reuters.com 上觀看更多影片。