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Key Points In Licenses for Sports Betting Rights
The legalization of sports betting and the licensure of such rights to new tech market players is redefining sports media and sports law. As a result, contract negotiations are becoming increasingly complex and requiring parties to consider an evolving set of nuanced issues.
This trend — which began to emerge following the U.S. Supreme Court's decision in Murphy v. National Collegiate Athletic Association, 138 S. Ct. 1461 (2018), to strike down the Professional and Amateur Sports Protection Act of 1992 and open the floodgates to allow states to legalize sports betting — reached epic proportions in recent months. The past several alone have brought an unprecedented boom in sports media industry transactions, including:
- The Fox Sports regional television networks have rebranded as Bally Sports in a 10-year, $85 million deal.
- ESPN is experimenting with gambling-focused studio shows.
- DraftKings purchased the Vegas Stats & Information Network for $50 million.
- Caesars Entertainment closed multiple deals with professional teams, such as the MLB Arizona Diamondbacks. to open sports books in ballparks and stadiums across the country.
- Genius Sports, who licenses all of the NFL's sports betting data rights, completed a $1.5 billion public offering and was listed on the New York Stock Exchange.
Based on my experience since 1995 at the center of the convergence of technology within the sports and entertainment industries, commencing with the Internet and dot-com boom, I can say there's not much I haven't seen — and without a doubt, I have never witnessed this degree of activity and change within the industry in such a short time frame.
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