The new landscape of sports betting is quickly changing the business strategies of sports broadcasters. The industry has historically been stigmatized and viewed as difficult to break into. With so many new competitors, sports broadcasters must adjust their marketing strategies accordingly to ensure a successful future.
Legalized sports betting is rapidly expanding throughout the U.S. Although it is still illegal outside of Nevada, sports leagues in the country have begun embracing it as a commercial boon and a way to connect with fans. New business partnerships are announced weekly, and teams are exploring ways to tailor game-day experiences for bettors.
The emergence of sports betting has spurred new investments in media and advertising. New mega deals have been struck between broadcast networks and the gambling industry. DraftKings recently acquired sports-gambling network VSIN. It also hired a chief media officer and partnered with other gambling businesses in the industry to increase customer acquisition. Meanwhile, Sports Illustrated has licensed its brand name to a sportsbook.
Social media marketing is another effective way to promote online sportsbooks. It allows affiliate partners to promote a sportsbook’s products and services in exchange for a commission. This strategy is inexpensive and results-driven.