Professional Sports Teams Want Their Share Of The Sports Betting Pie: Professional sports teams are very cognizant of the newly burgeoning industry of sports betting. They have been trying to get their fair share of the gigantic sports betting pie since the Supreme Court overturned a ban on sports betting in 2018. Several various teams’ attempts to gain access to sports betting revenue have proven to be unsuccessful.
At first, teams claimed they were entitled to some sports betting profits in order to maintain the integrity of the games. That effort failed to bring them any results. Another creative attempt was the argument, that the teams and the games they play are intellectual property and owned by the teams.
Therefore, they are entitled to a percentage of profits sports betting providers make, That argument also fell short, and didn’t really go anywhere. Now the leagues have come up with another way to hopefully make money off of sports betting. The leagues are not saying that the sports data they have is valuable to sports betting providers.
Six Different U.S. Sports Betting Providers Are Using Official Team Data
Six of the largest U.S. Sports betting providers are using league data, made possible through a contract made last year. Scott Kaufman-Ross, the senior vice president of fantasy and gaming for the NBA, said it was the two sides agreeing to terms. Kaufman-Ross said, “last year it was here are the leagues with their hands out. Now we realize there’s a lot we can offer each other. More and more operators are starting to see the value in this.”
There are definitely rumblings among leagues and individual teams about extra costs now. In spite of the extra expenses now, the teams and leagues have determined that the cost is far less than the profits. The leagues think working with sports betting providers, is beneficial to them by using their date for in-game sports bets especially. In-game betting is easily the arm of sports betting that has been growing the fastest.
Leagues & Sports Betting Providers Say The Shared Data Creates A Level Playing Field
Having data about the number of yards a running back gained, could be the difference between and a lost and won bet. The information creates a more level playing field for teams, leagues. Sports betting providers and players. Chris Golier, the vice president of business development for the NFL also weighed in on the data issue. Golier said, “We’re collecting a lot of data, we are the only ones that can extract that kind of data and collect it. We’re putting chips in pucks, chips in shoulder pads.
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It’s a whole new manufacturing process, to have a piece of rubber with a chip in it, that can bounce off the wall. It’s going to be 2,000 data points a second. These things will turn into prop bets over time.” NASCAR has been in the trenches pouring millions of dollars into technology. The league feels they deserve to be paid for data they were responsible for developing.
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