Verizon bought Yahoo Sports three years ago in January of 2017, and an insider says the acquisition has been bumpy. This past November executive with Verizon announced that will be expanding Yahoo Sports. A source in the middle of negotiations says that Verizon plans to make Yahoo Sports a centerpiece for sports betting. When an app rolled out last year, only New Jersey players were able to place bets. The year 2020 is the year Verizon plans to expand its sports betting to the platform to all across the U.S. The word is that in the next month Verizon sports betting app will be available in five more states that have jumped on the multi-billion dollar industry. As more states get on board, Verizon plans to continue to expand it’s sports betting app on Yahoo Sports. A source said it’s an avenue for the company to capture a lot of the revenue being produced by the new industry.
Verizon Has Formed A Partnership With MGM Resorts Casinos & Hotels
Since Verizon acquired Yahoo Sports three year ago they have been testing various ways to monetize it. Verizon and MGM Grand Resorts & Casinos and GVC Holdings. All three giant companies have joined forces with sports betting platform ‘Roar Digital. Gaming experts predict that this partnership will be hard to beat number wise when it comes to sports betting. MGM Grand had already launched their own sports betting app last year called, ‘BetMGM.’ The new partnership will be renamed to, ‘Yahoo Sports powered by BetMGM.’ A spokesperson for Verizon said, ‘this joint venture will allow our customers to have more options daily./ The Yahoo sports betting app will also be able to tap into Yahoo’s fantasy sports operations. It’s a win win situation for Yahoo Sports, Verizon and MGM Grand Resorts. After the Supreme Court decision in 2018 overturned a ban on sports betting, New Jersey was the first state to get on board. The Garden State took the number one spot for sports betting away from Nevada. The ‘Silver State’ in the desert was the gambling capital of the world and had sports betting for decades.
Online Sports Betting Is Predicted To Be The Industry That Grabs Most Of The Revenue
As sports betting continues to sweep across the country, experts predict that those states that offer online betting will be the biggest winners. Not all states that have elected to welcome in sports betting have enacted online betting. In 2019 the first full year for sports betting in New Jersey, the online branch took in half a billion dollars alone. Since sports betting has been indoctrinated into gaming locations, online poker has taken a beating. FanDuel has been able to ink a deal with Meadowlands Racetrack in East Rutherford New Jersey in 2019. The partnership has proven to be a model for success in the new and exploding industry. Draftkings recently formed a partnership with Resorts Atlantic City. The two partnerships make up about 80% of the sports betting profits in New Jersey.