The NFL is the latest professional sports league to sign official betting deals. The league recently announced that three sportsbooks will become official betting partners. These new partners will have access to official league data and can use the data to promote their relationship with the league, tying their brands to statistics. If the five-year deal goes as planned, the NFL will receive nearly $1 billion in revenue. But the league can opt out after the first three years. So, which team will be the first to sign an official betting deal?
BetMGM Sportsbook is planning an aggressive expansion plan. The company has already opened a sportsbook at its Northfield racino. Caesars Sportsbook, meanwhile, is building an official betting lounge inside the Rocket Mortgage FieldHouse. While not all states have legalized sports betting, the company has partnered with the Cleveland Cavaliers and other teams to offer betting options. The expansion of official betting opportunities in the United States will allow sportsbooks to tap into a larger audience.
The NFL concluded that its ideal sports betting legislation would include substantive licensing requirements, create a transparent market, and protect consumers. Furthermore, the league would prohibit betting by insiders and put the onus on operators to prevent it. To make this proposal a reality, it needed the support of 32 team owners. Four groups of owners were involved in the decision-making process. The NFL’s proposal required support from the owners of all 32 NFL teams.