Major Media Companies Are Jumping Into Sports Betting
Major Media Putting Money Into Sports Betting
Major media players like Fox Corp, Disney and Turner Sports Networks are making their dive into sports betting.
Each company has the potential to change the entire landscape of the industry, due to their size and financial worth, as more states adopt betting.
What Is Turner Sports Doing to Enter the Sports Betting Industry?
The centerpiece of Turner’s sports division, Bleacher Report is leading the way for the company’s entrance into sports betting.
The information company has partnered with Caesars to provide betting information for Bleacher Report.
BR will build studio space in Caesars properties for online shows and webcasts.
The website and the gaming company will also share sponsorships and integrate with odds and branding.
How has ESPN-Parent Company Disney Began Their Sports Betting Business?
Disney surprised everyone with the recent news they own a stake in DraftKings that was acquired after their buyout of Fox.
No one is quite sure what the company will do with that stake as CEO Bob Iger told shareholders recently that Disney would not enter the sports betting operator industry.
ESPN has started a similar partnership with Caesars, calling for the sports network to feature the company’s betting odds on their telecasts while also building a studio at the LINQ Hotel & Casino.
Will a Revamped Fox Corp. Rule Them All?
The Fox Corporation, owners to the Fox Sports Networks, has made the first splash into sports betting with the creation of FOX Bet, their own wagering mobile application.
Fox has streamlined their holdings, first selling their movie division and DraftKings stake to Disney for over $70 billion.
Then, the company’s 21 regional sports networks were sold to Sinclair in a deal rumored to be around $10.6 million.
After the massive sell off, Fox pivoted to buying a 5% stake in the Stars Group, a Toronto betting company with ties to online betting in the United States.
The move to sports betting is fueled by the synergy between the company’s sports networks and the integration of the FOX Bet app.
Fox expects to seamlessly allow access to the betting app in states where wagering is legal while you watch a game on a Fox-branded network.
At a recent investors meeting, Fox Sports chief executive, Eric Shanks told shareholders that their moving into sports wagering “aggressively, but also responsibly.”
Fox’s sudden heel turn into becoming a major player in the sports betting game could have dramatic impact on other sports outlets.
Shanks told the rapt audience that they expect the online gambling to reach $9 billion in market value by 2025.
To prove his point, Shanks showed slides detailing how in 2018 that 88 of the top 100 most-viewed shows were sports events in the United States.
Fox felt now was the time to jump into the sports betting pool because research showed how popular a mobile app branded by the company could be on the open market.
More than a quarter of Americans felt that they would think about using a Fox Sports app for their betting.
“That’s a figure that’s 50 percent higher than the largest daily fantasy sports operators and larger than any casino brand,” he said.
Until other companies create their own app, Fox will assume the throne of the company to beat in the sports betting while live watching your favorite game market.