NBA sports betting has been legalized in the United States, and we’re already starting to see some interesting impacts on the sport of basketball, its players, and its fans. One of these impacts is on NBA sponsorships, where we’re seeing big brands like Nike strike deals with athletes that focus more on performance enhancement than traditional advertising like logo placement or television commercials. It remains to be seen if other leagues will follow suit in this new era of sports betting, but it’s certainly possible with companies like DraftKings working with the likes of Major League Baseball and the NHL to place bets on those sports as well.
What is sports betting?
Sports betting is a form of gambling, so let’s start by defining what that is. In its most basic terms, gambling means wagering money on an event with an uncertain outcome with the goal of winning additional money. In sports betting, gamblers are making wagers (aka bets) on which team will win an upcoming game or how many points a player might score during a game. One aspect that sets sports betting apart from other forms of gambling is that it involves multiple people: not just one individual against another individual in games like blackjack. Instead, sports bettors make their wagers against one another, and these collective bets create pools of money to be won. Learn how to bet on NBA here.
Sponsorship and sports betting
How can you integrate betting and? To start, we’ll need to look at why betting companies are ramping up their marketing efforts around pro sports leagues. Typically, these companies want in because they’re betting that getting in early will allow them to build a stronger connection with fans before more well-known (and traditional) sponsors do.
That said, there are still plenty of opportunities for established brands to get involved as well. For example, if an already-established brand is looking for ways to reach young male audiences—which is what most sports betting companies want—they might consider sponsoring teams whose fanbases skew younger and male. There’s also always room for non-betting brands who want to be associated with fun and exciting entertainment experiences. In other words: if you have a brand that wants to connect with younger men through cooler content like gaming or eSports—sports betting could be right for you!
Professional sports leagues have been slow to adapt their sponsorship strategies. However, recent statistics show that teams and leagues are quickly moving toward embracing sports betting sponsorships. The NCAA even partnered with MGM Resorts International. These developments reflect an increasing public acceptance of legal wagering and highlight how major brands will continue to stake their claim in lucrative revenue streams.
Additional Funds For Sports
The NFL’s decision to embrace corporate sponsorships has been a major success. Not only have the teams seen an increase in revenue, but these funds are being put towards worthwhile initiatives like youth development and improved services for fans – making it an important part of their strategy for continuing excellence on the field and off.
Helped to update basketball’s image
Basketball is trailblazing US sports with their historic partnership between the league and gambling partners. This year, they have further reinforced their status as a trendsetter in American sports by bringing an electrifying atmosphere to games through this sponsorship deal. With other major leagues like NFL still lagging behind, basketball’s newest venture has set it apart – updating its image while creating engaging opportunities for fans of all ages.
Made fans more aware of sports betting
With the influx of gambling companies’ sponsorship in this season’s NBA, more Americans are now being exposed to sports betting as a legal activity available within many states. As people become increasingly aware that both online and physical bets can be made legally on their favorite teams or players, they may begin exploring other forms of gaming entertainment – such as those provided by NJ online casino sites! From slots to blackjack and beyond, US citizens have access to an array of different digital casinos offering enjoyable experiences for all types players across where it is deemed legal.
Tight regulations within the game
The NBA is serious when it comes to avoiding corruption. In order to protect the integrity of the game, they’ve taken proactive steps this season with MGM’s sponsorship deal through education and monitoring programs, keeping close watch on any suspicious betting patterns or bets placed by players in games that involve them. Together these efforts aim to ensure a safe gaming experience for all involved.
Where can you bet?
Recent changes in gambling laws have given fans more options than ever to bet on their favorite sports teams, which is a large part of why we’re seeing a shift in sponsorship focus from player to team. In August 2018, Delaware became one of four states in America to legalize sports betting (along with Nevada, Oregon, and Montana. Moreover, it’s not just state-sponsored lotteries that are benefiting from these new rules; private companies like DraftKings and FanDuel also stand to gain a lot by offering legal sports betting in all 50 states. And while these companies may be poised to reap major benefits as they expand into new markets, it remains to be seen how they’ll impact existing sponsorships with professional leagues like Major League Baseball or the National Football League.
Outlook for the rest of the teams in Las Vegas
At least two other NBA teams will be transferring to Las Vegas within a few years, making it easier for new sponsors to sign deals with Vegas-based teams. The New York Knicks are rumored to be relocating in 2022, while ESPN expected a Seattle-based team to move and debut in 2020. In addition, there are three expansion teams already located in Las Vegas: LV Night Owls (ECHL), Sin City Prospects (FHL) and Vegas Golden Knights (NHL). Though not officially partnered with MGM Grand at this time, rumor has it that Golden Knights players will begin betting big when their new arena opens in late 2019.
It’s clear that betting is not going away. Estimates from Goldman Sachs and Cowen & Company show legal sports betting in America could reach $80 billion in bets per year within a decade. As such, sports leagues are quickly learning that they need to be involved with gambling for better or worse if they want to stay relevant. However, with pressure from Congress on leagues like MLB to ban gaming sponsorships altogether, there’s no telling how long gamblers will remain welcome at league events and venues. What do you think? Will government regulation turn back sports gambling as we know it? Or will leagues embrace it now while they can still capitalize? Let us know what you think!