NBA Names DraftKings as Authorized Sports Betting Partner
The NBA named DraftKings one of its official betting partners on Monday.
The multi-year deal allows the Boston-based company rights to the league’s official betting data as well as NBA logos, according to a report on the league’s website.
“We are excited to team with DraftKings, who has established itself as one of the leaders in the sports betting landscape in the U.S. and has a passionate NBA following,” Scott Kaufman-Ross, the league’s senior vice president, said in a statement, as reported by CNBC.com.
NBA Continues Forward-Thinking Approach
In announcing the deal with DraftKings, the NBA has again displayed the forward-thinking approach it has used since the U.S. Supreme Court overturned the decades-long federal ban on sports betting.
The NBA’s agreement with DraftKings is just the latest in a long line of deals the NBA has entered into with sports betting companies.
In October, the NBA named Tabcorp its authorized betting partner in Australia. That announcement came just a few weeks after the league did the same thing with William Hill in the U.S. market.
The NBA became the first major North American sports league to sign a deal with a gambling company in July 2018 when it named MGM Resorts an official gaming partner.
DraftKings’ biggest rival in both the sportsbook and Daily Fantasy Sports space, FanDuel, got in on the action at the end of last year when the NBA and the company announced the expansion of their preexisting DFS agreement to also include sports betting.
BetStars, which has since rebranded in New Jersey as Fox Bet, has also been one of the NBA’s official betting partners since December 2018.
Authorized Partners Usually Have More Options
Companies like DraftKings enter these types of agreements with sports leagues because the access to official league data allow them to offer more betting options.
In May, the NBA banned unauthorized U.S. sportsbooks from accessing official league data. The move came just days before the start of the NBA Finals between the Toronto Raptors and Golden State Warriors.
That limited the number of bets non-authorized sportsbooks could offer, especially in regards to offering live betting options. With as much as 70% or more of betting action coming from live betting options across the board in sports where its offered, there’s no doubt the league has the upper hand in terms of negotiating with sports betting companies for use of official league data.
DraftKings’ Second Deal in Recent Months
DraftKings’ deal with the NBA is the company’s second major deal over recent months with a major U.S. sports league.
In September, DraftKings landed a partnership with the NFL to become the league’s official daily fantasy sports partner. While the NFL has yet to jump into the U.S. sports betting market the way the NBA has, the DraftKings deal seems to indicate the league is slowly moving toward that end.
More important to DraftKings, the deals with the NFL and now the NBA display the company’s intention to remain in the upper tier of U.S. sports betting operations amid increasing competition.
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