Official betting is the latest way that sports leagues have found to monetize their properties. Whether it’s a major league team, a governing body or a tournament, sportsbooks and media partners are collaborating to provide a unique betting experience for fans.
As official betting solutions continue to pop up, it’s important to know what to expect from them. Some partnerships involve more than meets the eye. There are a number of mutually beneficial components to each partnership, which could include:
One of the most exciting deals is with DraftKings. The two companies have agreed to a wide range of deals that will include the ability to generate in-game odds. This could lead to some exciting promotions during a game.
Another example is with the PGA TOUR. The tour has partnered with Genius Sports and IMG ARENA to license live scoring data. Additionally, a robust integrity program has been instituted.
NASCAR, too, has created a unique product that’s a first for its sport. It allows sportsbooks to take bets on every lap of every race.
Several state markets have started taking bets and some are already seeing success. Those markets include: BetMGM, Penn National and WynnBET.
MLB has not yet found a partner to become an Official Sports Betting Partner. However, they are actively seeking one. That could change in the near future.
The UFC has a conduct policy that restricts coaches and athletes from betting on fights. In addition, the organization has sent a memo to its fighters that they are not allowed to have a spouse or children bet on their fights.