The NBA is continuing its push into the sports betting market. The league announced on Cheddar Friday that it inked a deal with UK-based bet365, bringing its total partnerships with sports betting operators to five.
"Their brand is huge internationally," Scott Kaufman-Ross, head of fantasy and gaming at the NBA, 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, 13 states have up-and-running legalized sports betting. Only four of those have true mobile betting. Five more states, plus Washington, DC, 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."
Cheddar News checks in on what to look out for on The Day Ahead. March Madness continues with the remaining Sweet 16 teams in the tournament while 'John Wick 4' makes its debut in theaters nationwide.
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