Since the repealing of PASPA, the progress of US sports betting in the country has been significant and although it’s far from complete, it’s already proving a profitable source for broadcasters in the States.
Issuing a corporate update, CBS outlined that in Philadelphia it has reaped the benefits of adverts related to betting products, revenue that it anticipates will be replicated by its New York operations, something that CBS Chief Executive Officer Leslie Moonves emphasised makes him “extremely excited”.
That being said, the impact wasn’t unexpected for the broadcaster as it’s not dissimilar to that of the revenue hike that occurred in 2015, as a result of fantasy sports operators dramatically expanding their marketing presence in the US.
In the same way that the broadcaster has benefited from embracing sponsorship possibilities offered by betting companies, the opportunity is elevated for major sports franchises, something that’s evident in English football where the presence of gambling companies is well documented.
Whilst many of the major sports leagues in the States have been reluctant to embrace sports betting, last week the NBA took the significant step of forming an official partnership with MGM, making MGM Resorts the official gaming partner of the NBA and WNBA.
Commenting on that deal NBA commissioner Adam Silver emphasised: “As the landscape for sports betting in the US continues to evolve at a rapid pace, MGM Resorts is a proven gaming leader for us to work with on this groundbreaking partnership.”
Furthermore, the partnership won’t limit the opportunities of other basketball franchises looking to partner with betting operators as the deal between the NBA and MGM isn’t exclusive.