Legalized sports betting is sweeping through the United States with lightning-fast speed.
Since the 2018 Supreme Court decision that lifted a ban on sports betting, the industry has taken off like a rocket. Stephen Ross,79, the owner of the NFL’s Miami Dolphins since 2009, is an investor in ‘Action Network’ which is a sports betting startup company. The deal was made through Ross’ ‘RES Ventures’, the investment cost the billionaire $17.5 million dollars. The maneuver by Ross and RES was supposed to be conducted on the down-low.’ However, Bloomberg News got wind of the deal and reported it. According to a source, all of RES’s investments are clearly stated on it’s website. For some reason ‘Action Network’ is not listed on the ‘RES’ website.
Other Sports Team Owners Have Also Are Investing In Sports Betting
The current CEO of ‘RES’ Matt HIggins said, “As more and more states legalize sports betting. we believe that a new media company will emerge to service this sector. This new type of media company will be devoted to integrating data and content. The Action Network has a unique blend of imaginative content creators and data miners. It’s a compelling combination that’s translating to impressive growth in subscriptions.” The owners of the Chicago Cubs, Philadelphia 76ers and the New Jersey Devils are also investors in the ‘Action Network.’ The CEO of ‘Action Network,’ Patrick Keane worked closely with senior officials at RES to cement their deal. Keane said, “For the ‘Action Network,’ it’s affirming to our strategy to have all four of the major sports teams as investors. To be able to call on the counsel of these kinds of owners is super helpful to our company.”
NFL Owners Are Coming Around After Once Opposing Sports Betting
NFL owners are experiencing a very noticeable change of heart when it comes to sports betting. In the past, NFL owners were very vocal opponents of legalized sports betting. They cited one reason being they were fearful that legalized sports betting could jeopardize the integrity of games. That they feared could impact their close to $2 billion dollar industry. After the 2018 Supreme Court decision paved the way for legalized sports betting, NFL owners and others revisited the issue.
Since sports betting has been implemented, it has done so without any outstanding issues and proven to be extremely lucrative. A move that surprised many, so the NFL partnering with a casino, the first time in NFL history. In the last year, the NFL formed a partnership with ‘Sportsradar AG’ and other sports betting providers. These are extremely profitable partnerships for both sides. A major sports betting provider, Sportsradar, has been in a partnership with the NFL since 2015. The owners of the Dallas Cowboys and the New York Jets have also done deals with other sports betting providers in the last year. New England Patriot owner Bob Kraft was an early investor in DraftKings.