Jun 19, 2019 - Sports

How on-site sportsbooks could transform stadiums

Illustration: Aïda Amer/Axios

In recent weeks, Illinois and New York have introduced bills that would allow in-person sports betting at sports stadiums and arenas — and the Chicago Cubs are considering opening a sportsbook inside and outside of Wrigley Field.

Why it matters: Sports venues are among the most underutilized pieces of real estate on Earth. NBA teams play 41 home games per year, NFL teams play just eight, and when you go to those games, it's not like they let you hang out. Here you have this immaculate structure and they're ushering you out the door.

  • Once in-stadium betting arrives, it could transform the game-day experience, giving fans a place to congregate before and after the game as opposed to, say, the bar across the street.
  • Even those without tickets would likely be drawn to the on-site sports book, which would presumably be accessible from outside and could spawn additional investment in the surrounding area (restaurants, shopping).

Be smart: The teams would outsource the actual bookmaking, as that would be considered a conflict of interest. So they'd basically be operating sports betting lounges. Think TVs, couches and kiosks.

The bottom line: "Imagine Madison Square Garden — in the heart of midtown Manhattan and located atop the busiest railroad station in the Western Hemisphere — repurposed as the world's largest sportsbook," writes The Athletic's Daniel Wallach.

  • "The economic impact of such an arrangement could be a game-changer for states."

Go deeper ... Media companies' newest wager: Their commitment to sports betting

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Stadiums are the new department stores

Illustration: Aïda Amer/Axios

Professional sports stadiums and arenas used to be built as standalone venues (think: in the middle of a parking lot). But in a push to expand beyond game day, teams are increasingly building them as anchors for larger real estate projects.

Why it matters: As the areas surrounding modern stadiums evolve from a handful of restaurants, bars and shops into entire "districts" with things like condos, hotels, offices, event spaces and fitness centers, sports teams have unlocked a new revenue stream: land.

Go deeperArrowJan 7, 2020

26 million Americans will bet on Super Bowl LIV

Prop bets at Bally's Atlantic City Hotel and Casino. Photo: Wayne Parry/AP

With sports betting now legal in 14 states, the American Gaming Association estimates $6.8 billion will be bet legally and illegally on Sunday's Super Bowl between the S.F. 49ers and Kansas City Chiefs, AP's Wayne Parry reports.

The state of play: 26 million Americans plan to make a bet, up 15% from last year, per the AGA.

Go deeperArrowJan 31, 2020 - Sports

Kansas City Chiefs hold narrow lead in Super Bowl betting odds

The Chiefs' Patrick Mahomes celebrates a touchdown pass during yesterday's 35-24 victory over the Tennessee Titans in the AFC Championship. Photo: Charlie Neibergall/AP

Early Super Bowl LIV odds have the Kansas City Chiefs as 1.5-point favorites over the San Francisco 49ers.

The state of play : Quarterbacks Patrick Mahomes (KC) vs. Jimmy Garoppolo (SF) — opened last night as a pick 'em at many Las Vegas sports books, AP reports.

Go deeperArrowJan 20, 2020