As sports betting emerges from the shadows and steps into the light, it's seeping into every aspect of fandom.

The state of play: How fans watch games, where fans watch games, how media covers those games — it's all being transformed quite rapidly.

MLB and the Action Network, a sports betting data and analysis site, have entered into a multi-platform content partnership, Axios has learned.

Why it matters: As sports betting continues to expand and evolve, leagues are looking for ways to provide unique content for their fans, and no sport has as many betting opportunities as baseball, with its 162-game slate.

FanDuel and The Associated Press have reached an agreement to make FanDuel the exclusive provider of sports odds across AP’s global sports report, executives tell Axios.

Why it matters: While traditional advertising is an effective customer acquisition tool, FanDuel Chief Marketing Officer Mike Raffensperger says "I think the thing where we move the needle is partnerships with media companies."

Medina Spirit, the horse whose Kentucky Derby win is in jeopardy after he failed a drug test, was being treated with an anti-fungal ointment for dermatitis that contained the steroid found in the test, trainer Bob Baffert acknowledged Tuesday.

The big picture: Baffert noted that it's not yet definitively known whether the ointment is behind the positive drug test but said that it "could explain the results" and that the investigation is ongoing.

The sports betting content frenzy is heating up, as operators continue looking for ways to own content — a far more efficient long-term vehicle for acquiring customers than traditional paid marketing.

Driving the news: Two weeks after acquiring sports betting network VSiN (Vegas Stats & Information Network) for ~$100 million, DraftKings has hired its first-ever chief media officer, Axios' Sara Fischer reports.

For nearly a century, investing was driven exclusively by ticker symbols. Now, there's more room for passion-aligned investing — and sports is at the forefront of that movement.

The state of play: Sports fans have always followed the players and teams they love. Now, there are more ways than ever to actually invest in them.

Casinos are investing millions on sports betting content to lure bettors to their online and in-person sportsbooks.

Why it matters: It’s a mini gold rush for some sports media companies that were struggling in the pandemic.

Casinos, internet gambling, sports betting and fantasy sports are all colliding with new, high-stakes partnerships, AP reports.

Why it matters: This expansion is leading Wall Street analysts to predict fast-growing revenue in the U.S. over the next five to 10 years. Morgan Stanley sees a $15 billion sports betting and internet gambling market by 2025.

After watching New Jersey turn into America's new sports betting capital this fall, New York Gov. Andrew Cuomo is ready to embrace mobile betting as a way to generate much-needed revenue for the state amid the pandemic.

Driving the news: In a statement to the New York Daily News, Cuomo said he will make mobile sports betting a central part of his policy proposals to be laid out in next week's State of the State address.

As the U.S. sports betting market matures, a robust media landscape is forming alongside it, with companies aiming to educate and entertain bettors.

The state of play: One of the early entrants is Vegas Stats & Information Network (VSiN), which launched in January 2017. VSiN has three studios in Las Vegas (South Point, Mandalay Bay, Circa), one in Atlantic City (Borgata) and one outside Chicago (Rivers).