CBS Sports said Monday that William Hill, a sportsbook operator, will be the official sportsbook and provider of wager information for the network. Financial terms were not disclosed.
Why it matters: It's the latest media company to partner with a sportsbook to increase engagement with its content. Content partnerships for sportsbooks, on the other hand, help them acquire more customers.
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.
DraftKings on Monday announced that it will go public via a reverse merger with a blank-check acquisition company called Diamond Eagle, with a sports betting tech platform called SBTech also being rolled in.
Why it matters: Sports betting is now legal in 11 states, with dozens of others considering legislation.
Retired MLB pitcher Michael Schwimer has put together a team of data analysts and machine learning experts to take on the corrupt tout industry (sellers of sports betting picks).
Driving the news: Schwimer's company, Jambos Picks, has raised $23 million and recently launched its paid subscription service that will provide customers with pick recommendations.
It's been 15 months since the Supreme Court struck down the Professional and Amateur Sports Protection Act, which cleared the way for states to legalize sports betting.
Driving the news: In that time, the number of states with some form of legal sports betting has grown to 13 — and the NFL is slowly warming up to it. This season, the league has a full-fledged casino partner (Caesars) and an official data distributor (Sportradar) for the first time.
The NFL is embracing sports betting this season in ways that it never would before the Supreme Court legalized the activity across the nation in 2018.
Why it matters: Last September, the NFL called for Congress to step in and regulate legalized sports betting. This September, the NFL is opening its season with a full-fledged casino partner (Caesars) and an official data distributor (Sportradar) for the first time ever.
New Jersey took in more sports bets than Nevada last month, per AP.
By the numbers: New Jersey saw $318.9 million worth of bets; Nevada took in $317.4 million. "From those bets, New Jersey casinos and racetracks made $15.5 million in revenue, compared to $11.6 million in Nevada," per AP.
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.
Illinois passed a sports betting bill over the weekend that includes mobile betting, in-venue kiosks and, most notably, a mandate that operators use official league data for in-play and prop bets.
Details: Casinos, racetracks and other brick-and-mortar venues can offer mobile betting right away, while online-only operators like DraftKings and FanDuel must wait 18 months before entering the market. Large venues like Soldier Field and Wrigley Field would be able to apply for licenses to add on-site betting kiosks.
The legalization of sports betting has opened up new business opportunities for some of America's biggest media companies, forcing them to decide just how far they want to wade into the world of sports books.
Why it matters: Striking the right balance between leaning into betting — and not alienating casual fans or compromising journalistic principles — will force the establishment of new media boundaries.