New York is preparing for the official launch of sports wagering with the most appropriate regulation for the market. In the weeks leading to it, the conversation is heated, as visible at the Credit Suisse Annual Communications Conference that took place recently. Joe Ianniello, Chief Executive Officer of CBS Corporation, pointed out that the future offering has quite the potential, especially when it comes to advertising revenue.
Projections show that New Yorkers will be able to enjoy legal sports wagering by the end of this month. Gov. Andrew Cuomo made it clear that the offering could launch operation before the Legislature adjourns at the end of June. If the launch happens in time, this would mean that New York greenlighted sports wagering a year and one month after the US Supreme Court overruled the Professional and Amateur Sports Protection Act of 1992.
New York Launches Sports Wagering Soon
Opening the door for new opportunities and collaborations is what the field needs and CBS Corp. CEO agrees that this is the case. He made it clear that the budding field has the potential to generate millions of dollars down the road, as more and more players join the field. Making the most of the situation is going to be possible thanks to leading brands to the likes of CBS Sports HQ, CBSN, and ET Live.
As of now, seven states have already greenlighted legal wagering on sports events and gaming revenue generated is filling budget gaps. Mr. Ianniello said that the field offers many opportunities for advertisement and it is important that enthusiasts closely involved with it are willing to explore various products and they practically live in the online space.
SBC has stations in many states, two of which feature legal sports wagering and the surge of advertising revenue is significant. Prior to sports wagering becoming such a phenomenon across the US, SBC Corp. made sure that it is prepared with the appropriate channels, as well as SportsLine, the website featuring betting information and odds.
Media Enter the Sports Betting World
Even though the prospects appear to be as positive as they get, CBS Corp. is still working on attracting the most appropriate partners that will guarantee better positioning down the road. New Yorkers have to feel confident in the networks they receive their information from, a goal that has always been on CBS’s agenda. This is especially important now that Fox Corp. will collaborate with The Stars Group.
It could be recalled that the beginning of May saw the official announcement of the partnership between FOX Sports and the Toronto-based gaming giant exploring markets around the globe. Their partnership will bring to life FOX Bet, the new platform combining the gaming world and traditional media. Such a move was defined as groundbreaking within the borders of the US, as it merges two worlds.
This collaboration is projected to bring more development in states launching legal sports betting. In a recent statement, New York Gov. Cuomo confirmed that mobile sports wagering could also be available once the offering launches. This statement contradicted his previous position claiming that online sports betting will need a state constitutional amendment. Now it is a matter of time before the field witnesses more development.