BetMGM is collaborating with Cheddar News to debut a sports wagering business show. The digital-first news network will launch the show, to be titled Cheddar Bets, that will give fans deeper insights into sports betting and the financial markets. As a result of this partnership, Cheddar News is now officially BetMGM’s official exclusive sports betting partner.
Cheddar News tracks trends in the world of tech, science, and fin-tech in general that targets the always online news consumer. With BetMGM’s help, Cheddar News will also start exploring the world of sports betting and how this world ties in with the financial markets. If you are a sports betting fan, then you already know that several sports betting companies have listed their stock on the NASDAQ.
This brand new show seeks to educate sports betting fans and those that would like to invest in the world of sports betting providing them insights and financial advice. With this partnership, Cheddar Bet will broadcast from a custom-built studio in BetMGM studios New York and will explore the sporting events and their impact on the financial market and Wall Street.
This year, BetMGM has forecast that its revenue will rise by more than 400 percent to reach $1 billion, which reflects the rapid growth that the brand has experienced in the last year. Before the year comes to a close, BetMGM is hoping to avail its services in more than 20 states, which will mean that it will have covered at least 40% of the adult population.
BetMGM is currently available in 12 states. Having invested at least $450m this year, which is double the amount that the group has invested in BetMGM since it launched in 2018, the future has never looked brighter for BetMGM.
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Casino operators and sportsbooks throwing money at media houses and content creation
In the end, this collaboration will unite the worlds of tech and sports betting so that the 2 collaborating brands can extend their reach across the country. It is easy to see why sportsbooks and casino operators are joining forces with media houses like Cheddar News. By collaborating and investing heavily in the media, operators are hoping to lure more online and in-person sports betting fans in their numbers.
Indeed, ever since the Supreme Court legalized sports betting, it has been a gold rush for media companies that were otherwise struggling. Amid the pandemic, however, content has emerged as the strongest tool for customer acquisition. So much so that Wynn Resorts even invested in sports content, investing a hefty $3.5 million to create a dedicated studio in its Las Vegas resort in collaboration with well-known sports company Blue Wire.
This Wynn Resorts deal was created to lure customers or potential sports punters to the online betting arm of the Resort, known as WynnBet. Blue Wire will be responsible for creating long-form content as well as conversational podcasts. VSIN has a similar agreement with various sportsbooks.
Last year, BetMGM partnered up with VSIN to debut a specialist sports betting program known as Betting Across America. This program saw BetMGM odd makers and VSIN hosts discuss the most recent odds and lines movements at sportsbooks throughout the country. VSIN has been broadcasting the program live from the BetMGM sportsbook studios in all states that enjoy regulated sports betting in the country.
Months later, DraftKings swapped in and purchased VSIN, which provides DraftKings, which is currently the 2nd most popular sportsbooks in the country, additional sources of content for the brand. This trend of sports betting and gambling companies partnering up with media houses, content creation companies, and broadcast partners will persist as the market becomes more crowded and more competitive.
Bally’s Corp already has an existing partnership with Sinclair Broadcast Group to create authentic and credible content that resonates with sports bettors at all levels whether they are experienced or beginners. In addition to providing these media houses and content creators brand equity, the partnerships also deliver much-needed information to people looking to become more knowledgeable about sports betting.
With sports operators hungering for new customers, they are looking for new ways to bolster the value that they provide while building new relationships with customers. Such partnerships are helping to reshape the future of the entire sports marketing industry with a lot more sportsbooks factoring in publishers as part of their overall investment.
The sports betting industry appeals to publishers for an array of reasons because it is extremely easy to monetize. For instance, sports betting offers these content creators and publishers affiliate commerce opportunities. Media companies that boast their own branded sportsbooks such as Yahoo Sports and Fox Bet are also using their content integrations heavily to keep their supporters hooked and interested.
Sports betting is going to be big in 2021
As 2021 comes to an end fast, the world of sports betting is about to enjoy one of its best years yet. Regulated sports betting is already available in more than half the states and more are expected to legalize their markets this year. It is easy to see why people are investing in sports betting; as one of the fastest-growing markets in the world, how can they ignore it?
As a result, young investors are turning their attention more to sports betting investments, especially as it relates to esports. The increased acceptance and increased visibility of sports betting today has certainly helped to position it as one of the most lucrative industries for young people to invest in.
Final Thoughts
The rise of sports betting is being widely embraced by traditional media. As such, partnerships between the media houses and sports betting companies are expected to become the norm rather than the exception. As more and more states legalize sports betting, sportsbooks are doing everything in their power to stand out from their competitors.
As of January last year, 14 states enjoyed legal sports betting. By the end of the year, that number had climbed to 20. This year, several other states are expected to usher in legal sports betting including New York, South Dakota, Louisiana, Connecticut, and Maryland.
