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Broadcast live TV has been facing competition from video streaming sites, social media and mobile games. This has happened over the last couple of years since not many fans can be able to afford cable. The rates have continuously decreased while the cost rights are increasing. It seems like online players like Betway are gaining popularity while live broadcast TV isn’t facing that luck yet.
However, there is a bit of hope after the Supreme Court was able to legalize sports betting. The 26-year-old law was abolished giving other states in the US the gateway to joining Nevada in the gambling industry.
Four states have already legalized sports gambling. They include:- New Jersey, Delaware, West Virginia and Mississippi.
These legalization has breathed some new fresh air to live TV broadcasting. There is potential sports betting will revive sports live TV broadcasting.
History shows it that Sports betting has a great impact on how fans react to sports. Fans will obviously pay more and watch more as they wait for the results. This has resulted in more money being collected.
New Jersey has already started reaping the benefits of sports betting. Since it was legalized in June New Jersey has been able to collect $336 million in bets. The market in Nevada was the most profitable one with about $4 billion to $5billion per year. If by any chance all the states were able to make much money the economy would definitely blow up.
Half of the money which has been collected by New Jersey can be attributed to the NFL season. The NFL began in September and a lot of money was collected from the bets. The best part is that October will even be better since all the other major leagues will be starting. They include baseball and NBA.
The TV networks are already looking to partner up with leagues to tap into sports betting. For instance, big networks like ESPN have already signed a pricey deal with Major league Baseball. The contract was extended from 2014-2021. This was at an average price of $7.6 billion dollars which makes about $700 million dollars.
ESPN has gone ahead to introduce ESPN+ which is a streaming service that features a lot of live games. It runs for $4.99 per month. High profile events have gone ahead to make some revenue for them.
However, MLB has gone further to talk about other deals with networks such as Fox, NBC Sports Group and TBS.
Live TV is seen as a durable solution to keep fans hooked. Moreover, there are high chances that advertisers will try and throw major deals with them.
Sports gambling in Europe is very rampant. In the game, betting has allowed a lot of companies to generate revenue. For instance, Bet365 is the largest bookmaker in Britain. It was able to generate about $3 billion dollars in revenue by the end of the fiscal year.
We just have to wait and see if the same effect will be able to be achieved.