Official betting deals are not new, but a growing number of sports leagues have joined forces with various companies to develop sports betting products. The NFL recently announced three sportsbooks as its official betting partners. In return, the partners will receive official league data, marketing opportunities, and exclusive experiential rewards. The five-year agreement will cost the league almost $1 billion, and is renewable after three years. In the meantime, it will be easier to place a bet in the NFL’s games and make use of official league data.
In 2018, sports betting became legal in the United States. To capitalize on this opportunity, NASCAR needed an official data product and betting solution for sportsbooks. Together with its partners, the two companies built the first-of-its-kind official betting product that enables sportsbooks to accept bets during every lap of every race. The official betting solution creates a highly engaging live experience for fans in regulated states. Hopefully, this partnership will help promote NASCAR in the future.
In the meantime, the NFL Players’ Association (NFL) are continuing to work to develop the best sports betting legislation possible. Their ideal legislation would contain substantive licensing requirements and protect consumers. It would also eliminate insider betting and place onus on sports betting operators to prevent it. To achieve this goal, the league needs support from the 32 owners of NFL teams. Each team qualifies for an online sports betting license and may open a retail location in.