Sports Betting

Betting on Legalized Sports Gambling: The Millennial Challenge

(L.E.K. Consulting is a proud partner of Front Office Sports) Previously, L.E.K. Consulting considered the recent Supreme Court decision to abolish the long-held Professional and Amateur Sports Protection Act, in effect paving the way for legalized sports gambling throughout the U.S. While the move is likely to boost sports engagement in the main, reaching younger, less sports-oriented consumers may prove more challenging for sports industry stakeholders. That being said, opportunity still knocks. Though they account for more than one-fourth of […]

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Betting on Legalized Sports Gambling: Opportunities and Obstacles

(L.E.K. Consulting is a proud partner of Front Office Sports) Sports industry stakeholders acknowledge the potential to drive greater sports engagement through recently legalized betting in the U.S. The trick, of course, is understanding which strategies are most likely to resonate with consumers over the long haul. In this article, consider the appeal of legalized gambling to sports fans and how it could conceivably boost sports interest in general, and among finicky millennials in particular. Before becoming a multimillionaire in […]

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sports betting landscape

Bettman, Sports Betting Execs Say Landscape Still Developing

  • Since the PAPSA repeal in 2018, more than $11 billion has been wagered on sports. That could rise to $216 billion by 2025.
  • Currently, partnerships between sports entities and betting partners are establishing trust and legitimacy.
  • “There’s a lot of stuff we haven’t thought about," William Hill CEO Joe Asher.

The landscape of sports betting is still in the first period. That was the overwhelming sentiment this week at the American Gaming Association’s Global Gaming Expo in 2019. Drawing from a panel called “Executive Viewpoints” featuring NHL Commissioner Gary Bettman, FanDuel CEO Matthew King, William Hill U.S. CEO Joe Asher and Rush Street Gaming CEO Greg Carlin, it was clear the gambling and sports industries are still feeling each other out. A clear theme of the discussion was that all […]

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Shot Callers: Keith Wachtel, Chief Business Officer, NHL

The National Hockey League, like many of America’s professional sports leagues, is adapting to the growing legalization of sports betting in the United States. With teams in Las Vegas and New Jersey, the league is in a unique position to be on the forefront of this phenomenon. In the latest episode of Shot Callers, FOS Editor Ian Thomas chats with the NHL’s Keith Wachtel about the league’s approach to the sports betting space and the new opportunities it presents in […]

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Shot Callers: Scott Warfield, Managing Director of Gaming, NASCAR

With the legalization of sports betting across the United States continually growing, many professional leagues and teams are taking matters into their own hands. Auto racing giant NASCAR is no exception. FOS Editor Ian Thomas spoke with Scott Warfield of NASCAR about the company’s approach to the sports betting space, which has been several years in the making. Edited highlights appear below: On how NASCAR set up their current system and protocols to let fans bet on races (0:58) Warfield: […]

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Betting on the Kentucky Derby, Tax Law, and You

(*Citrin Cooperman is a proud partner of Front Office Sports) In 2018, $149.9 million was bet on the Kentucky Derby. Churchill Downs officials expect that number to increase even more at the 145th running of the race on Saturday. While it’s easy to forget, betters who win big this weekend don’t just get that money with no strings attached. In the U.S., gambling winnings are taxable as ordinary income irrespective of how much a person wins. Gambling winnings are legally […]

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