Bloomberg News has reported that US telecoms giant Verizon, is monitoring closely the potential opening of the US sports betting market, as the company seeks to diversify its assets.
The Fortune500 mobile carrier is reported to have had a number of meetings with industry consultants, assessing the current US gambling landscape, for the potential launch of a ‘sports-centric’ online gambling enterprise.
The US Supreme Court is currently reviewing New Jersey’s appeal of 1992’s ‘Professional and Amateur Sports Protection Act (PASPA)’. New Jersey officials seek to overturn PASPA provisions deeming the bill as unconstitutional as it impedes states to self-govern on gambling services.
Should the Supreme Court side with New Jersey, the gateway to US regulated sports betting will be finally opened for land-based and digital enterprises.
Valued at $100 billion, Verizon the largest US mobile telecoms operator seeks to add media and entertainment assets for its growing portfolio. In 2017 the company undertook a $4.5 billion acquisition of Yahoo, expanding its digital footprint.
Furthermore, the US mobile carrier has recently secured the exclusive streaming rights to NFL and NBA matches through its devices.
Bloomberg details that Verizon executives see a high customer crossover between sports betting and its new Yahoo and NFL/NBA streaming services.
Entering 2018, tech and media analysts predict that Verizon and other legacy US technology firms will continue to expand through M&A, amid the growing investor pressure to compete against Silicon Valley tech giants Facebook, Amazon, Google and Apple.