NFL Betting Is Getting Big Loosening Its Gambling Policies
The league’s strict policy against sports betting cancels Tony Romo’s fantasy football convention at a Nevada casino. The NFL betting, once a taboo industry, is getting big, loosening its gambling policies. It is when the league voted in May, allowing teams to sign sponsorship deals with gambling entities.
Denver Broncos is the first team to place its bets, capitalized on a merging of events. It includes Colorado’s new sports gambling law approves by voters. And the league’s lifting of its ban on sportsbook advertising as well.
NFL Loosening Its Gambling Policies Benefits Broncos with New Opportunities
Since the decision on NFL loosening its gambling policies, teams such as Broncos were able to benefit new sponsorship opportunities. It includes gambling companies that offer football betting. Although, during the pandemic, these opportunities were nearly non-existent.
Despite the situation, the Broncos signed a trip of gambling sponsors. These sponsorship deals include the one with FanDuel Group inclusive with stadium signage. The other agreement is with BetMGM, which features a sports betting lounge at Empower Field and sports betting app. Lastly is with Betfred USA Sports, launching a full sportsbook at Saratoga Casino Black Hawk.
However, according to most soccer betting picks forum, fans are unable to place wagers at a stadium betting lounge. Instead, they will have to place their bets through an app; and the stadium signage will not be showing up on broadcasts.
Gambling Partnerships Unable to Make-up for Lost Revenues
The gambling partnerships were unable to make up for the lost revenues during the pandemic crisis. It is the time where many teams to open the season without fans. Also, the Broncos, for example, will not benefit from any bets from their fans.
According to Mac Freeman, Broncos’ chief commercial officer, that the team will not be able to participate in the actual betting volumes or revenues generated. Their trio deal is a very classic sponsorship structure where they are paying a fee for assets that will use to leverage their brands.
NFL is all in on gambling in 2020 as per sportsbook directory listings sources, just six years after canceling Romo’s fantasy football camp in Las Vegas. The approach to licensed sports betting has evolved. It is due to the league and teams entertain a new fan engagement opportunity through commercial partnerships.
