In recent years, NFL teams have signed official betting deals with three sportsbooks. In exchange for access to official league data, the sportsbooks can market their relationship to fans and tie their brand to statistics. If the five-year agreement with the NFL goes as planned, the league could get nearly $1 billion in betting revenue from the deal. The NFL can opt out after three years. But in the meantime, the league is eager to get betting content into its broadcasts.
In 2018, U.S. sports betting was made legal. To bet on golf events, the sport needed a sports betting solution. So it hired a software development company to build an official betting product for the New Orleans Pelicans. The company built the first-of-its-kind official sportsbook platform that allows sportsbooks to accept bets during every lap of every race. This rebranded Chairman Lounge will be visible in the front row of courtside seats.
The PGA Tour is also bullish on in-play betting, a form of betting placed during an event instead of before it. It can be placed on player versus player matches and in-game action. For example, say a threesome is coming through the last three holes, and Jon Rahm has 250 yards to the pin on a par-5. The odds of Rahm winning are higher than those of the other golfers. But it’s important to note that the odds will vary widely by sports.