However, a recent study found that some states had more favorable business environments for women-owned firms than others. California, Colorado, and New York were among those leading the way.

According to metrics like the percentage of women-owned small businesses, women-to-men pay ratios, female unemployment rates, the number of women-owned businesses per 10,000 residents in each state, and the number of women-owned businesses that generate $1 million or more in annual revenue, the study from boutique lending firm Clarify Capital ranked the best U.S. states for women-owned businesses.

According to their rankings, the top five states for women-owned businesses are as follows:

California
Colorado
New York
Florida
Vermont

California’s position at the top of this list is rather expected: It is where Silicon Valley is located. California has more women-owned firms than any other state with annual revenue of over $1 million. It also has the fifth-smallest gender pay gap out of all 50 states.

The pay disparity statistic is noteworthy. California has made a significant effort in recent years to close the gender pay gap in the state. In January, the state signed the Equal Pay Pledge. This aims to improve pay parity among the state’s government employees. According to data from the U.S. Census Bureau, women in the state currently make up about 88% of what males do in terms of pay. This is compared to 81% nationally.

According to a recent Citigroup analysis, narrowing the gender gap could add up to $2 trillion to the global GDP. It would also produce up to 433 million new jobs.

According to data from PitchBook, female entrepreneurs have received an average of $10.2 million per deal in recent years. This makes California one of the top states in the nation for funding female-founded firms. This is second only to Massachusetts’ $13 million average.  According to Pitchbook, only 2.1 percent of venture capital funding in the U.S. went to firms created by women in 2021.

According to Clarify Capital, Colorado is in second position, with a 52 percent increase in women-owned firms since 2002. The state also has the most female-owned enterprises per 10,000 inhabitants. Third place goes to New York, which has the second best women-to-men pay ratio (85%). It also has the third-highest proportion of women-owned enterprises with at least $1 million in annual revenue.

The states at the bottom of the list, on the other hand, have greater rates of female unemployment and pay ratios for women that are lower than the national average.

According to Clarify Capital, these are the worst states for women-owned businesses:

North Carolina
Mississippi
Alabama
Arkansas
Kentucky

West Virginia came in the bottom place. Partly due to the state ranking 50th in both the percentage of women-owned enterprises per 10,000 population and the female unemployment rate. Mississippi came in at number 49 overall. A particularly bad showing in terms of the gender pay gap: Women in the state earn just 77% of what males do, which is much less than the national average. The same is true in Alabama, which came in 48th overall and has a 75 percent women-to-men pay ratio, per the Census Bureau.

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More than half of the organizations questioned did not even consider any female applicants. This is according to a 2020 research from Development Dimensions International (DDI). According to a 2019 S&P Global report, businesses headed by women often have higher profitability than those run by men. So why aren’t women considered for CEOs more often than 50% of the time?

A company’s financial stability is often used to gauge its performance. However, there are important variables that contribute to its success that are never acknowledged. Incorporating more women into the C-suite would be advantageous for businesses for the following five reasons:

The majority of consumers are women.

75% of discretionary expenditure will be in the hands of women by 2028. This makes them the biggest influencers in the world as per a 2020 Nielsen study. According to the Bureau of Labor Statistics 2021 American Time Use Study, women spent 2.38 hours on average per week in 2020 buying consumer goods compared to men’s 1.47 hours per week. Many organizations are probably not achieving their full potential as a result of the gender gap at the C-level. Particularly those whose products are largely purchased by women.

Companies with women CEOs frequently provide superior results.

According to the S&P Global report noted earlier, companies with women CEOs and CFOs often outperform the market average in terms of stock price performance. Additionally, the stock prices of the companies led by female CEOs increased by 20% within 24 months of their appointment.

This demonstrates how the lack of women in prominent leadership roles directly lowers the value of Fortune 500 stocks.

On several important leadership attributes, women surpass men.

According to a 2019 Harvard Business Review study, women outperformed men in 17 out of 19 leadership qualities. These included taking the initiative, inspiring and motivating others, and resilience. All of which are excellent skills for any leader to possess.

Having the management and leadership qualities that women often possess can help retain great employees. It also helps build long-lasting professional partnerships in a variety of enterprises, roles, and industries.

Women-owned businesses frequently offer unique workplace benefits.

In a Harris Poll survey from 2018, 50% of participants said they preferred to work for a female-led business. 46 percent of those who felt this way were men. The causes? Women-led businesses are regarded as being more caring, mission-driven, and able to offer childcare. Having childcare choices can help many working parents achieve a better work-life balance. It can be the turning point for many women to reenter or leave the workforce.

Pay equity is a big issue at some businesses. However, without concentrating the wealth largely at the top, everyone can be fairly compensated at or above industry standards.

The creativity of a corporation is impacted by women executives.

The findings of a study conducted in April 2021 and published in the Harvard Business Review demonstrated that organizations become more open to change when women are in the C-suite. It can place more emphasis on expanded research and development and less on risky decisions. Overall, the researchers concluded that having women in senior roles was sufficient to change company culture. It emphasises knowledge-building as opposed to merely buying or purchasing.

How can you find the kind of female leadership you have to have? Consider hiring from inside by taking a look at those who have already demonstrated their dedication to the job you’re doing. From your current talent pool, develop your next CEO. There are also professional networks, word-of-mouth recommendations, networking with female-led businesses, and corporate boards if that is not a practical alternative. 

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“If you look at how we’ve been using our money in our client acquisition costs relative to the value of the consumer, we obsess about that” Howe stated in an interview with CNBC after New York State started mobile sports betting in January. “We want to make sure that we’re addressing the correct demographic and the biggest possible audience, but we’re doing that in a way that is financially reasonable.”

The CEO of the multinational gaming company Entain, Jette Nygaard-Andersen, is similarly outspoken. She is unhappy about what she views as excessive spending. This was regarding sums spent on advertising, marketing, and promotions in the American online gambling sector.

Nygaard-Andersen and Howe, two women gaming CEOs appointed last year have revolutionised the sportsbook and online gambling sectors. Both of which have always been dominated by men. From a corporate and cultural standpoint, both recognize the significance of their respective responsibilities in the wider context.

“I just don’t define myself as a female CEO,” Nygaard-Andersen said. She wants to alter the industry; both in terms of the work she does on the product side and most definitely in terms of how it’s viewed from a diversity and inclusion viewpoint.

She and Howe are also pressuring the industry to consider its financial practices.

The CEOs’ cost-related worries are valid, and they brought investors’ nagging concern to the fore. How much can you spend on client acquisition for gaming?

In an effort to win clients, sports betting organizations frequently provide customers with substantial promotions. These include sign-up bonuses or risk-free initial bets. However, those advertisements reduce earnings. In areas, like New York, businesses must pay taxes on these campaigns as gaming income rather than marketing expenses.

The main American rival of FanDuel, DraftKings, is under pressure to determine how to become profitable. Jason Robins is the company’s founder and CEO. In earnings calls, analysts urge Robins to discuss marketing budgets and customer acquisition costs. In August 2021, Caesars CEO Tom Reeg unveiled the Caesars Sportsbook app with an attention-grabbing $1 billion marketing expenditure. He went on to provide projections for a return on that investment by 2023; which is a common goal for profitability among American sports betting sites.

Nygaard-Andersen has advocated for several methods of customer pickup. She cites a tactic that makes use of the attractiveness of the leisurely features of gaming entertainment; such as free-to-play games. It’s paying off, according to Nygaard-Andersen, who recently spoke with CNBC.  Entain had double-digit growth in 2019 and a 25% increase in its global client database in 2018.

“That really aligns us with other businesses that are customer-focused disruptors with rapid growth, like Netflix and Google” she said. “And like them, we continually consider how we might say, evolve our product. How we might innovate on behalf of the clients, using our technology.”

According to MGM Resorts, Entain and MGM Resorts who jointly run BetMGM, have seized market leadership in the states where it conducts business for online gambling and casino games (more infos on casinosjungle.com). They are also vying for second place in sports betting.

Fresh possibilities

Entain recently announced that it will invest GBP100 million in an innovation lab called Ennovate. It aims to promote cutting-edge technology from all over the world and plans to collaborate with nonprofits to adapt those advancements for environmental or societal benefits. Ennovate will be part of Entain’s global innovation network.

Given the emphasis on using technology to entertain and even inspire clients, Nygaard-Andersen believes it is critical that the technology itself is devoid of biases in programming sets of data and the AI that runs the platforms. The underserved groups are the focus. It definitely applies to women and young girls.

When Nygaard-Andersen mentions Entain’s commitment in Girls Who Code, a group devoted to eliminating the gender gap in technology, she becomes animated. “You can start early if girls become interested in tech. Girls can become superstars the moment they realize this”, she added.

Howe is as passionate about extending opportunity as Nygaard-Andersen is. She expresses her excitement over FanDuel’s parent company, Flutter, publicly announcing an ambitious aim to have 40% of the firm’s executive roles filled by women by 2026.

“Women make up 50% of sports fans, right? But barely 15 or 20% of women partake in sports gambling,” Howe says.

Supporting female athletes, promoting women’s sports, and “targeting women gambling fans in a very authentic way” are priorities, according to her.

Howe also makes it a habit to support, guide, and connect with other women. Numerous women at the most recent MIT Sloan Sports Analytics Conference gave Howe credit for hiring, promoting, or linking them to high-level positions in sports.

One FanDuel worker reportedly said, “She’s not my boss so I don’t answer to her but she is THE BOSS.”

Howe reiterated her dedication to an inclusiveness strategy, which she thinks will benefit the business for many years to come. “It motivates me to be a better leader if I know I’m in a position I can give back to others”, she said. “I firmly believe that over time, it will help our business and our sector succeed.”

Supporting female athletes, promoting women’s sports, and “targeting women gambling fans in a very authentic way” are priorities, according to her.

Howe also makes it a habit to support, guide, and connect with other women. Numerous women at the most recent MIT Sloan Sports Analytics Conference gave Howe credit for hiring, promoting, or linking them to high-level positions in sports.

One FanDuel worker reportedly said, “She’s not my boss so I don’t answer to her but she is THE BOSS.”

Howe reiterated her dedication to an inclusiveness strategy, which she thinks will benefit the business for many years to come. “It motivates me to be a better leader, if I know I’m in a position I can give back to others”, she said. “I firmly believe that over time, it will help our business and our sector succeed.”

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