FanDuel has issued its first NFL sponsorship deal with the Denver Broncos, as of Monday.
Empower Field at Mile High in Colorado will have FanDuel signage, and FanDuel will be advertised on the team’s radio, television, and digital platforms. With the sponsorship deal, FanDuel is also able to use Broncos branding on its website and apps.
The NFL updated relevant rules in May, allowing NFL teams to do deals with sportsbooks instead of only casino companies or fantasy operators. This kind of deal has never been done before, but only exemplifies FanDuel’s ambitions for legal sports betting in the state’s future.
Although the deal is ground-breaking, it is not exclusive and will allow the team to sign deals with other sportsbooks as well. Considering they are the first NFL team to partner with a sportsbook, there are many unknowns as to how the new market will fare.
The multi-year deal would enable the Broncos to seek new opportunities with other sportsbooks to see which is the best mutual fit. Broncos chief commercial officer, Mac Freeman, claims FanDuel’s reputation and ideals are very much in line with the Broncos’ innovative ways of thinking, especially when it comes to the way they interact with their fans.
FanDuel’s launch in May was met with praise by Colorado users. Freeman believes adding the Broncos, the state’s premier sports team, to the sportsbook would benefit not only FanDuels and the Broncos, but their fans also.
Denver Just the Beginning
In November of 2019, Colorado passed Proposition DD that legalized sports betting in the state. Following research studies conducted by the NFL, they formally announced that teams could choose to make sponsorship deals with sportsbooks.
The NFL has informed teams of the specifications of these sponsorships, including how they cannot sell naming rights to sportsbook companies regarding stadiums or practice facilities. Active players and coaches are not allowed to appear in any form of advertising for the sportsbook; only team branding will be deemed appropriate.
This is only the beginning for sportsbooks in the NFL, considering the many changes in recent weeks in the sports betting industry. It is still unknown whether or not the NFL will allow odds to be displayed in stadiums. They have pledged to allow betting lounges in stadiums.
Mike Raffensperger, FanDuel Group CMO, claims with the NFL season coming up, they are eager to explore new avenues of sports betting with the Broncos. They hope to engage fans through unique experiences in and out of the stadium.
FanDuel has already decided to offer Colorado customers Broncos +30 on the point spread for Week 1 of the NFL season. Other special offers and odds boosts have also been promised by the sportsbook.
In just their first month after launching in Colorado, FanDuel wagered $25.5 million despite the pandemic. It is likely that although this is the first deal of its kind, it will not be the last.