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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.

Go deeper: Media companies' newest wager: betting content

Go deeper

Updated 37 mins ago - Sports

Olympics dashboard

🎾: Naomi Osaka eliminated from Olympic tennis tournament

🏊‍♀️: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

✊🏿: Costa Rican gymnast pays tribute to Black Lives Matter in Olympic routine

🥇: Weightlifter Hidilyn Diaz wins the Philippines' first Olympic gold

🤖: The robot Olympics

🌡: Heat wave brings scorching temperatures to Tokyo Olympics

Go deeper: Full Axios coverage - Medal tracker

Updated 1 hour ago - Sports

Naomi Osaka eliminated from Olympic tennis tournament

Czech 42nd-ranked Marketa Vondrousova (L) shakes hands with Japan's Naomi Osaka after their Tokyo 2020 Olympic Games women's singles third round tennis match at the Ariake Tennis Park in Tokyo on Tuesday. Photo: Giuseppe Cacace/AFP via Getty Images

Naomi Osaka was eliminated from the Olympics after losing her Tokyo tennis tournament match 6-1, 6-4 in the third round to Czech Marketa Vondrousova on Tuesday.

Of note: Japan's Osaka is the women's world No. 2, while is Vondrousova ranked No.42.

Drought pushes 2 major U.S. lakes to historic lows

Kayakers at a boat launch ramp Page, Arizona, on July 3, which was made unusable by record low water levels at Lake Powell as the drought continues to worsen near. Photo: David McNew/Getty Images

Two significant U.S. lakes, one of which is a major reservoir, are experiencing historic lows amid a drought that scientists have linked to climate change.

What's happening: Lake Powell, the second largest reservoir in the U.S., has fallen 3,554 feet in elevation, leaving the crucial reservoir on the Colorado River, at 33% capacity — the lowest since it was filled over half a century ago, new U.S. Bureau of Reclamation data shows.