A new research by Nielsen suggest that legalized sports betting can increase revenues of major sports leagues. The report cited the National Football League (NFL) as one of the most probable teams to benefit from betting. The team can earn up to an estimated half a billion in revenue from gambling related activities.
Sports wagering is a thriving industry, expected to grow in the coming years. As a matter of fact, various movements for its legalization are in the works in several states. Nielsen’s research aimed at understanding on how betting can affect the sports industry.
Turns out, one of the biggest probable beneficiaries of legal regulated sports betting will be major leagues. According to the Nielsen report, major leagues can earn millions from wagering. In fact, one of its best examples is NFL, which can reportedly make up to an estimated $ 2.3 billion per year.
The team can earn through a combination of revenues from fan engagements and gaming related income. $1.753 billion can come from an increase in revenue from fan engagements. Aside from that, the team can rake in another $573 billion from gaming related revenue. They can get revenue from advertising, sponsorship and data access for gambling services.
Sports betting in the United States
The result of the research came from a recent survey conducted on 1,000 sports fans in the US. It is worth nothing, however, that sports betting is illegal in 46 states in the country. As of writing, sports wagering is legal in only four states — Nevada, Delaware, Montana and Oregon.
It’s most recent progress to legalization happened back in May. The Supreme Court struck down the 1992 federal law prohibiting the legalization of sports betting in most states. The decision to legalize sports betting is now in the hands of state governments.
Revenue-wise, sports wagering can be a lucrative industry where players, handicappers, bettors and sportsbooks alike can benefit from. However, until it is legalized in all states, enjoying its financial benefits for sports teams will have to wait.