Sportsbooks are increasingly turning to official betting deals to boost their brand awareness and drive revenue. But what do they get from these deals? The NFL has signed a five-year deal with three sportsbooks. As part of the deal, the NFL will provide its official betting data to its partners, allowing them to promote their partnership with the league while tying their brand to its statistics. If the agreement works, the NFL will pay nearly $1 billion to the sportsbooks, but it can renegotiate the deal after three years.
A new partnership with the Cleveland Cavaliers will give the company access to the stadium, including a proposed sports betting lounge. Another partnership with the Cleveland Browns will see a sports betting lounge at FirstEnergy Stadium. In addition, PointsBet and the University of Colorado signed a five-year sponsorship agreement, making it the first time a sports betting operator has partnered with an NCAA Division I athletic program outside of Nevada.
Other states have taken much longer to legalize sports betting. In Illinois, it took a year and a half to legalize sports betting. Other states have taken much longer, ranging from six months to a year. In Iowa, the process took about three months from legalization to launch. SF 617 was signed by Governor Kim Reynolds in January 2019.