*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."
Magic Johnson just closed a new deal with CBD company Uncle Bud's. The NBA legend talks benefits of CBD and joining the team at Uncle Bud's.
Chief Business Officer Ezra Kucharz talked with Cheddar about the opportunities that DraftKings' status as official betting operator with the PGA Tour affords both golf fans and the gambling and fantasy sports company itself.
Two major league games scheduled for Monday night have been postponed as the Miami Marlins deal with a coronavirus outbreak that stranded them in Philadelphia.
The Seattle Kraken becomes the NHL's newest hockey team. Co-Owner, Jay Deutsch, talks deciding on the team name and what it means to become part of such a large organization in the NHL.
Following successes like 'The Last Dance' & 'Tom vs Time,' Religion of Sports has raised $10 million as the company looks to expand its presence in sports media. CEO, Ameeth Sankran, talks making a lasting imprint by telling important sports focused stories.
The NHL’s newest team finally has its name: the Seattle Kraken. The expansion franchise unveiled its nickname Thursday, ending 19 months of speculation.
Mayor Muriel Bowser weighs in on the Washington Redskins name change after the organization faced opposition from sponsors and advertisers.
The Washington Redskins will change their team nickname following mounting pressure from sponsors and advertisers. CEO of the Aspire Group, Anthony Tall, talks hurdles the team will face both from fans and the financial burden of re-branding changes.
NBA photographer Andy Bernstein talks season return and plans to document players' reaction to calls for social and racial change amid the coronavirus pandemic.
Oura CEO, Harpreet Singh, talks development of a wearable ring that detects symptoms of COVID-19 and partnership with the NBA as the league heads to Orlando to restart game play.
