The sports betting market is experiencing significant growth worldwide, driven by changing customer preferences, emerging trends, and local special circumstances. In the United States, online sports betting has grown from roughly $400 million in 2018 to more than $13 billion in 2024. For Brendan Rogers, founder of DiceBreaker Books, an online sports betting platform, this expansion is a structural shift in how financial risk is packaged and consumed.
"With legalization spreading across states and sportsbooks becoming part of mainstream sports coverage, participation has accelerated at a pace few anticipated," Rogers says. "We have scaled access to betting, but we have not scaled financial literacy alongside it."
Rogers explains that the way performance is presented across the industry plays a central role in this imbalance. From aggregators to pick selling platforms and private betting communities, he notes that gross profit has become the dominant measure used to signal credibility. In his view, this creates a surface-level interpretation of success that lacks the depth required for meaningful evaluation. "A large profit figure carries weight because it is easy to understand," he says. "But it does not explain the quality of the decisions behind it."
He points to the way high earners are positioned within the market, often through headline figures that highlight total winnings. Rogers emphasizes that without context, these figures offer limited insight into performance. "If you want to understand whether a strategy has merit, you have to examine how capital is deployed," he says. "Outcome alone is an incomplete measure."
Drawing on nearly two decades in accounting and finance, Rogers frames this issue through the lens of established financial standards. He notes that in traditional markets, performance is assessed through metrics that account for both return and capital exposure. He emphasizes that this framework exists to ensure comparability and transparency.
"Every serious financial discipline relies on efficiency as the benchmark," he says. "That is how you separate sustainable performance from isolated outcomes."
According to Rogers, the equivalent benchmark in sports betting is return on investment percentage. He describes ROI as the most precise way to evaluate whether a model is generating value relative to the capital it requires. "ROI, as well as P/E (price to earnings), captures the relationship between risk and return in two numbers," he explains. "It is the clearest expression of whether a process is effective."
Despite its relevance, Rogers notes that ROI is rarely emphasized across the broader betting ecosystem. He attributes this to the incentives that shape how platforms operate. "Metrics that are simple and attention-grabbing tend to drive more engagement than those that require deeper analysis. Visibility is built on numbers that resonate quickly," he says. "Precision requires a different level of scrutiny."
In Rogers' view, this dynamic has influenced how bettors interpret performance and make decisions. He explains that when results are framed without context, it becomes difficult for participants to assess the underlying quality of a strategy. He adds that if the information presented lacks depth, the conclusions drawn from it will follow the same pattern.
For him, this perspective informed the development of DiceBreaker Books, which he designed to align with financial principles rather than traditional betting narratives. He explains that the platform was built to provide a consistent and measurable framework for evaluating performance.
"Within DiceBreaker Books, ROI is the central benchmark. Every position and outcome is evaluated using this metric, creating a consistent way to assess long-term value. When performance is standardized, it becomes easier to identify what contributes to long-term value," he says.
He also highlights the importance of tracking performance over time. "Measuring ROI consistently creates a feedback loop that helps refine and improve strategies. Consistency in measurement leads to consistency in understanding," he says. "That is what allows a model to be refined and improved."
For Rogers, the broader issue centers on how individuals engage with the information available to them. He encourages bettors to approach performance data with a more analytical perspective, focusing on metrics that reflect both risk and return. He says, "The quality of your decisions is tied to the quality of the information you rely on. Understanding how capital is allocated, how returns are generated, and how performance is measured provides a stronger foundation for participation. Clarity comes from knowing what to look for. Once that is established, the rest follows."
As sports betting continues to integrate into mainstream culture, Rogers believes that the distinction between surface-level indicators and meaningful performance will become increasingly important. He suggests that those who adopt a structured approach to evaluation will be better equipped to navigate the market.
In his view, the future of sports betting will be defined by the ability to interpret results with precision. He says, "Access creates opportunity. Understanding determines how that opportunity is used. Every number tells a story."
