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To monetize the Yahoo Sports app, Verizon is partnering with Roar Digital, a joint venture between MGM Resorts (NYSE: MGM) and GVC Holdings, to funnel sports betting through the casino operator’s gambling platform, BetMGM. The new venture is called Yahoo Sportsbook powered by BetMGM. Verizon Media's Yahoo Sports is getting into the gambling business with the launch of a new section that lets fans see betting odds for various sports. But for now, only users in New Jersey will. Realizing this potential, Verizon Communications is planning to enter the multibillion-dollar market of sports betting. The New York-based phone giant has been brainstorming and meeting experts and consultants to assess the possibilities for a sports-focused online gambling venture if the laws in US change.
Exploring the legalization of sports gambling and its evolving impact on the gambling community following the landmark 2018 court ruling. S1 As the 2018 NFL season concludes.
Last November, Verizon Communications entered the sports betting world when it partnered with MGM Resorts International in New Jersey. The company, through Yahoo Sports, expects to expand its MGM relationship to at least five states in 2020.
The phone company plans hinge on sorting out the various state policies and platforms, Verizon Media Chief Executive Officer Guru Gowrappan told Bloomberg News at the CES electronics show in Las Vegas.
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Companies like DraftKings Inc. and FanDuel Inc. dominate the sports betting field, but with 16 million active users on Yahoo Sports and a BetMGM sportsbook in New Jersey, Gowrappan said there’s a foundation for a larger betting network.
“It’s an important priority for us, and a huge bet for us,” he said.
Verizon, which ranks as the largest U.S. wireless carrier, has relatively few side businesses, and has been focused almost completely on the rollout of 5G service. Gowrappan spent last year restructuring the media business, previously called Oath. He calls this year a building period.
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In August, Verizon sold blogging platform Tumblr as part of a broader strategy of moving away from user-generated content and social media. Gowrappan said additional asset sales are unlikely, but there could be opportunities in content or advertising.
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Verizon Media may also involve itself in the presidential campaign. The company has a site that consists of candidate profiles and 90-second elevator pitches from each candidates.
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“We’ve launched an election hub, which focuses on bringing all our content together, creating an election experience for consumers who are going to vote in 2020,” Gowrappan said.