Sports Betting Becomes a Major Business for Major Leagues and Venues

sports betting

Sports betting has become a major business for many sports leagues and venues. It increases audience engagement and advertising revenue. As a result, leagues have formed partnerships with sportsbooks and gaming entities. The NFL, for instance, recently authorized team-sportsbook partnerships. The Denver Broncos recently signed a contract with Betfred and FanDuel to provide wagering services to fans. Other major leagues are also looking to enter into partnerships with sports betting businesses.

While most traditional sports bets are based on individual team records, sports books will also offer wagers based on point spreads. The point spread represents the difference in points between the favored and unfavored teams. When betting on a point spread, the favored team must win by more points than the underdog team’s total score to cover the spread. In general, odds for a point spread are 11 to 10 percent. For example, a bet of $11 on the Dallas Cowboys to win by seven points is worth $21. The bottom team, of course, is always the home team.

Some states are considering legalizing sports betting. Texas has previously discussed legalizing sports betting, but the state legislature meets only every other year. The first attempt to legalize sports betting in Texas is likely to take place in 2021. Meanwhile, Kentucky has been discussing legalizing sports betting for a few years, but conservative groups have stifled the process.