Research Brief: State Legislative Update on U.S. Sports Betting & Online Gaming October 2020
September became the crossroads never seen before in sports. Between the NBA and the NHL that were in their playoffs, the start of a limited college football season, MLB rounding out its abbreviated regular season, the start of the NFL, along with NASCAR, the U.S. Open in both golf and tennis, and the Kentucky Derby, it was quite an opportunity for sports bettors and operators. Numerous states continue to see record setting levels of revenue. Due in part to the unbalanced schedule as well as the continued increase in those states that now have active sports betting, record volumes overall are being wagered legally in the U.S. since the repeal of PASPA (Professional and Amateur Sports Protection Act).
The past month also saw significant agreements and deals between operators, media companies, and teams. The two biggest deals of the month involved NBC Universal and ESPN. In a blockbuster $500 million deal between NBC Universal and PointsBet, the two companies are moving down the field with sports betting that will become part of the viewing experience. Meanwhile, ESPN confirmed its sports betting partner in Caesars Entertainment and William Hill. DraftKings continues on as its fantasy sports partner. The Caesars Entertainment-William Hill partnership brings further light to the recently announced acquisition by Caesars of William Hill that is schedule be completed pending regulatory approval in the second half of 2021.
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