*By Michael Teich*
The NBA is continuing its push into the sports betting market. On Friday, the league announced on Cheddar that it inked a deal with UK-based Bet365, bringing its total partnerships with sports betting operators to five.
"Their brand is huge internationally," Kaufman-Ross told Cheddar. "They're one of the biggest players throughout Europe and other parts of the world."
The deal with Bet365 follows the same framework as its previous deals with MGM, FanDuel, FOX Bet, and William Hill. Each of these operators has the right to use official NBA data, utilize marks and logos to create a more authentic product, and will be promoted from NBA.com.
The NBA has been quick to embrace legalized sports betting after the U.S. Supreme Court struck down the federal ban in May 2018. It became the first major U.S. sports league to partner with a sportsbook operator after signing a deal with MGM in July 2018. The NBA monetizes these partnerships in a number of ways.
"In some of our deals, yes we get a royalty on the betting volume," Kaufman-Ross said. "In others, it's more like a flat fee, or a per state fee."
Currently, thirteen states have up-and-running legalized sports betting. Only four of those have true mobile betting. Five more states, plus Washington, D.C., have approved the practice, but sports betting in those regions is not yet operational. The U.S. has handled a total of $12.4 billion in sports bets since June of last year, and the legalization by more states will fuel growth even more, said Kaufman-Ross.
"There's a lot of growth that we think is going to come when new states come online and new states pass mobile betting. And I think what'll be really interesting is that what we've seen thus far, is once a state does pass a law with true mobile betting, it happens very quickly."
Major League Baseball plunged into its first work stoppage in a quarter-century when the sport’s collective bargaining agreement expired and owners immediately locked out players in a move that threatens spring training and opening day.
Cheddar has been covering the biggest news of the week with some of the biggest names in the biz. In case you missed it, we've pulled together some of the highlights that will keep you informed as we get ready for the week ahead.
Michigan’s attorney general says she drank too much booze before a big football game between Michigan and Michigan State.
The NFL and lawyers for thousands of retired NFL players have reached an agreement to end race-based adjustments in dementia testing in the $1 billion settlement of concussion claims.
Elite, teen basketball players are facing more choices than ever with the NBA's developmental league and the NCAA loosening its financial compensation rules. Cheddar's Michelle Castillo reports.
Cheddar's Chloe Aiello reports from the US Open in New York City as the tournament returns to a very different landscape for players and fans.
For the first time ever, the Special Olympics and students at the Parsons School of Design partnered to create tennis and track and field outfits for athletes. The line is called 'Be Brave' and it's goal is all about celebrating athletes with disabilities with outfits that allow them to perform their best. joining us now is Stacey Hengsterman, president and CEO of the Special Olympics New York and Nigel Barker, fashion photographer and Special Olympics Champion Ambassador joined us to talk about the collection.
Car racing remains a male-dominated sport but there’s hope for change with the Formula E all-electric vehicle competition, which has already featured three female drivers during its seven seasons.
Controversy has broken out at the Paralympic Games. Malaysian shot putter Muhammad Ziyad Zolkefli appeared to have won gold in the shot put in the F20 class.
Michael Chernow is known as a chef, TV host, and entrepreneur, but now he's taking a break from restaurants and stepping into the world of healthy breakfast. 'Kreatures of Habit' is a new lifestyle and wellness brand with the goal of helping people establish healthy habits. Michael was able to raise 2.2 million dollars to launch the company, which was originally set out to be a café concept, but transformed during the pandemic. Michael Chernow, celebrity chef, entrepreneur, and fitness expert joins us to talk about his new venture.
