Official betting is a way to integrate sports betting with the game’s broadcast. The NFL, for example, has partnered with betting companies to incorporate gambling content into its broadcasts. In doing so, the NFL hopes to bring in around $270 million in revenue this year. Meanwhile, other sportsbooks can sign deals with NFL teams to provide betting data.
In order to create a successful partnership, it is essential for both parties to find common ground. While sports betting partnership announcements often focus on the basic details, there’s more to the process than meets the eye. For instance, the PGA Tour’s Scott Warfield says that, while betting handle at PGA Tour events is small in many states, this number is expected to rise dramatically over the next five to 10 years. As a result, the PGA Tour is going to need to be proactive in its approach to creating and managing sports betting content.
Official sports betting partnerships are becoming increasingly common and represent an opportunity for industry movers and shakers to work together. These are not just one-off deals, but rather large portfolios of long-term relationships. DraftKings, for example, has signed numerous deals and strengthened its presence in multiple states. With this in mind, the company is well-positioned to capitalize on the booming online sports betting market in the United States.
The NFL has taken a major step toward regulating sports betting by providing players with gambling-related training and using top-tier monitoring. This shift comes at a time when cord-cutting has disrupted the traditional sports betting business model. The league also wants to expand the role of sports betting and is interested in an advance deposit wagering platform.