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NASCAR revs up sports betting with Penn National Gaming deal – Yahoo Finance

NASCAR revs up sports betting with Penn National Gaming deal – Yahoo Finance
08 Feb
6:13

With $13 billion wagered on sports gambling in 2019, Penn National Gaming continued its press into the sports arena Friday with a three-year deal to become NASCAR’s first authorized sports betting provider.

Craig Neeb, executive vice president of innovation for NASCAR, said the agreement will “strengthen our effort to increase fan engagement with a platform perfect for in-play experience.” Part of that engagement includes a new, free-to-play, mobile game called NASCAR Finish Line, which will offer users the chance to win a $50,000 jackpot for every NASCAR race. Penn National will be the presenting sponsor of the game.

Only a week ago, Penn National paid an estimated $163 million for a 36 percent stake in sports media outlet Barstool Sports, which offers a good amount of content tailored to sports bettors.

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The non-exclusive deal gives Penn National the rights to use NASCAR marks at its 18 retail sportsbooks and on the sports betting app it will launch come August — which will also carry the Barstool Sports brand. The app will use NASCAR’s official data feed to offer in-race betting.

Penn National is no stranger to partnerships with NASCAR. Since 2012, its Hollywood Casino operation in Kansas City, Kansas, has been the sponsor of the NASCAR Sprint Cup race – the Hollywood Casino 400 – at the Kansas Speedway. The two companies as part of its sports book/app deal agreed to extend the sponsorship through 2026.

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The NASCAR-Penn National marriage is the latest in a wave of pair-ups between gambling companies and professional sports organizations. Other deals include:

The NBA named sportsbook operator William Hill a league-authorized betting operator last October following similar agreements with MGM Resorts, The Stars Group and FanDuel.

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The NFL signed Caesar’s Entertainment —  the owner of Caesar’s Palace — to be a league sponsor. The legendary casino operator received exclusive rights to use NFL logos in both the United States and the United Kingdom but only “tackles” casino gambling and does not include sports betting or daily fantasy contests.

The NHL has deals with William Hill (“official sports betting partner”), a partnership with MGM Resorts (“an official gaming partner and resort destination”) and has teamed with  FanDuel as its official daily fantasy partner.

Major League Baseball last fall announced a new multiyear deal with FOX Bet that made the mobile sports betting product its “authorized gaming operator” in the U.S. MLB also has MGM as a league sponsor, which included the gaming leader to utilize official league data for its sports gaming operations.

The reason behind these deals is simple: Money. According to a recent report, the global sports betting market was valued at around $104.3 billion in 2017 and is expected to reach approximately $155 billion by 2024.

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FOX Bet is an online and mobile sports betting product developed through a first-of-its kind national media and sports wagering partnership in the United States between The Stars Group Inc. and FOX Sports, which like FOX Business is a unit of Fox Corporation.

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Source: https://finance.yahoo.com/news/nascar-revs-sports-betting-penn-225038405.html

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