Underdog Fantasy and Warner Bros. Might Consider Sports Betting Investments
As Bet365 continues to gain ground in certain states, Fanatics joins the fray, and Penn Entertainment's ESPN Bet gears up for a November launch, the sports betting industry is abuzz with the question of which companies might be the next to jump into this fiercely competitive market. At the moment, the whispers suggest that Underdog Fantasy and Warner Brothers Discovery could be two candidates weighing their options.
Warner Brothers Discovery, a New York-based mega-media conglomerate boasts an impressive portfolio of brands like Animal Planet, Cinemax, HBO, TBS, and TNT. With a vast reach across the U.S., particularly in the realm of live sports, these platforms could represent a lucrative entry point for the media giant. TBS, for instance, boasts over 90 million subscribed households and is heavily invested in MLB, NHL, NBA, and NCAA games, as well as wrestling. It's also the home to the popular "NBA on TNT" program, which would provide a prime opportunity for Warner Brothers Discovery to explore the sports betting market.
TBS also owns a selection of Spanish-language broadcasting entities, focusing on baseball, basketball, and soccer. With these sports seeing a surge in popularity and a rapidly diversifying audience, Warner Brothers Discovery could potentially bolster its sports betting market presence should it decide to take the plunge.
However, it's speculated that Warner Brothers Discovery might not make a move for some time yet, banking on Georgia passing sports betting legislation. This is especially relevant given that the company owns TBS and TNT studios, both of which are based in the Peach State. If Warner Brothers Discovery were to join the fray, it might form a partnership with a local Atlanta-based company, like Coca-Cola, to make an eye-catching entrance into the industry.
Reportedly, plans for a sportsbook could be unveiled as early as 2025 or 2026, according to unverified sources.
By contrast, Underdog Fantasy, a privately held company, might be entertaining a different set of reasons for considering sports betting. Started as an alternative to DraftKings and FanDuel in the daily fantasy sports (DFS) market, the platform has recently come under scrutiny for offering products considered by regulators to be too close to traditional sports wagering. As a result, Underdog and its counterparts are being blocked from offering services in specific states such as Michigan and New York, among others.
Instead of resisting the trend and maintaining its DFS niche, Underdog could be pondering a more direct transition into regulated sports betting, allowing it to tap into its existing research staff as sportsbook traders potentially helping to keep costs under control. Additionally, Underdog may opt to steer clear of high-tax states like New York, and instead focus on its strong foothold in lower-tax locations such as New Jersey, Connecticut, West Virginia, and Tennessee.
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Source: www.casino.org
