Media companies eye sportsbook partnerships to juice engagement
Illustration: Aïda Amer/Axios
Almost all major media companies are teaming up with sportsbooks to juice their content offerings.
Why it matters: The partnerships allow media organizations to increase engagement while sportsbooks can acquire more customers.
- CBS Sports said Monday that William Hill, a UK-based sportsbook operator, will be the official sportsbook and provider of wager information for the network. Financial terms were not disclosed.
- Barstool Sports sold a 36% stake to gambling operator Penn National for $163 million last week. The investment valued Barstool at $450 million, a price that reflects Barstool's brand and hyper-loyal audience of young sports fans.
- ESPN said last year it's partnering with Caesars Entertainment to produce sports-betting content.
- Turner Sports and Bleacher Report announced a similar deal in February, building a branded Bleacher Report studio inside the Caesars Palace Sports Book in Las Vegas.
Yes, but: So far, Fox Corp. is the only major U.S. sports broadcaster to be starting its own sports wagering platform.
The bottom line: In an interview with Axios, William Hill U.S. CEO Joe Asher told Axios that the purpose of its CBS News partnership was to help lower the sportsbook's customer acquisition cost.