Sportsbooks are taking advantage of the new legal landscape to increase their brand awareness. They advertise on national TV and sponsor events or sports teams, often contracting with celebrities to endorse their product.
Official betting is the process of wagering on a specific outcome with the help of official data from a sports league, association or organization. This is a new phenomenon that has emerged in recent years as the sports betting industry seeks to make money through licensing fees, monetization of data and other means.
Major League Baseball and the NBA have both lobbied for laws that would empower them to control the data flow used by US sportsbooks. This has supplanted the integrity fee as the leagues’ preferred mechanism for getting their piece of the US sports betting gold rush.
Despite the leagues’ years of opposition to gambling, they have begun to align with the industry as a whole, seeking partnerships to use official league data for live betting and prop wagering. This relationship has led to direct ties with retail sportsbooks in many states.
Media companies, meanwhile, have started to include sports odds and gambling information on their television shows. The move is a natural alignment between sportsbooks and media, which have both seen increased demand in recent years for a new form of entertainment.
Partnerships between NCAA member institutions are also growing as they seek to increase their share of the legal sports betting market. While these partnerships are still largely limited to college games, they can be expected to expand over time as universities and the public become more comfortable with regulated sports betting.