Since the Supreme Court made it legal for states to legalize sports betting, the news has been filled with success stories. However, most of these stories have been from state gambling operators and news media making bog money from sports betting. This time around, sports teams are making the news with the New Jersey Devils cashing in on Legal Sports Betting.
Hugh Weber, the team president of the New Jersey Devils said the team expects $5 million in sports betting deals. Furthermore, during yesterday’s interview, Weber mentioned that teams playing in a state with legalized sports gambling can be very advantageous. This is because a sports club can make money from sportsbook and casino sponsorship.
According to Weber, the $5 million will come from different sponsorship deals. In addition “Being the only (NHL) team in New Jersey gives us a huge advantage,” he added. Since the NJ Devils are the only NHL team in New Jersey, this has brought many revenue advantages to them. This is because instead of fighting for sponsors, companies are fighting to be their sponsors.
Turning Towards a brighter future
Before the legalization of sports betting became a reality, sports leagues were against legal sports betting. When legalization became imminent, they started fighting to get a percentage of the betting profits. However, this never came to pass as the idea was ludicrous.
Since then, sports teams in states with legal sports betting have been embracing the idea of sponsorship by a sportsbook. According to PricePerPlayer.com, several of their larger customers are also looking into sponsoring teams. In fact, several entrepreneurs looking to be bookies are also looking into team sponsorship as part of their business plan.
Team sponsorship is fairly normal overseas where sport gambling is legal and thriving. Most European teams have adopted the practice and even some Asian teams are also looking into it. In fact, Korea, has several team like the Lotte Giants (롯데 자이언츠) have also been exploring the possibilities.