Market research

STATSCORE’s Betting Industry Review 04/07/2022

F1 renews media rights deal with ESPN, Louisiana’s betting revenue grows thanks to traffic from neighbouring states, and MLB allows teams to sign sponsorship deals with CBD brands. Here’s STATSCORE’s new Review!

  1. F1 renews media rights deal with ESPN at a 1,500% price hike
  2. 16 players miss Wimbledon due to ban of athletes from Russia and Belarus
  3. Louisiana’s betting revenue grows thanks to traffic from neighbouring states
  4. MLB allows teams to sign sponsorship deals with CBD brands
  5. NHL sets salary cap at $82.5 million for 2022-23 season

F1 renews media rights deal with ESPN at a 1,500% price hike

Formula 1 will continue to be broadcast on ESPN under a deal lasting until the end o 2025.

According to Sports Business Journal, the broadcaster has agreed to pay around $75-90M per year for the rights. Currently, ESPN pays around $5M per year for the rights, having signed a 3-year/$15M deal in 2019.

The popularity of the sport keeps growing in the United States. F1 found a robust market for its media rights thanks to growing television viewership that has resulted in around 1 million viewers per race. Read more

16 players miss Wimbledon due to ban of athletes from Russia and Belarus

16 tennis players from the top 100s are missing out on the tournament due to the All England Club’s ban of athletes from Russia and Belarus.

For the men’s competition, the missing players are ranked first, eighth, 22nd, 40th and 43rd (four Russians and a Belarusian). For the women’s tournament, those are players ranked sixth, 13th, 20th, 21st, 30th, 35th, 47th, 69th, 78th, 83rd and 87th (eight Russians and three Belarusians). Read more 

Louisiana’s betting revenue grows thanks to traffic from neighbouring states

The state has brought in around $12.6 million in tax revenue from sports betting. It seems that a large part of that sum may be coming from the neighbouring states.

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Western parts of Louisiana have been reported to see high numbers of mobile sports bettors, which may be related to traffic coming from Texas, which has not legalised betting. Read more

MLB allows teams to sign sponsorship deals with CBD brands

Major League Baseball has informed its teams that they would be allowed to sell CBD sponsorships. CBD stands for cannabidiol, which is a chemical compound found naturally in cannabis plants.

CBD market is currently worth up to US$4.9bn and could rise to US$47bn in 2028, according to SBJ.

“We’ve been watching this category for a while and waiting for it to mature to the point where we can get comfortable with it,” MLB Chief Revenue Officer Noah Garden said. “Our fans are very much the kind of customers they are looking for, and we like being first. It’s a good opportunity for us and the clubs.” Read more

NHL sets salary cap at $82.5 million for 2022-23 season

The NHL and NHLPA have decided the salary cap for the 2022-23 season would reach $82.5 million, marking the first increase in three years.

That’s an increase of $1 million over the 2021-22 season. The salary-cap floor for next season has been set at $61 million.

The NHL’s salary cap was stagnant for the last three seasons due to the COVID-19 pandemic’s effects on league revenues. Read more

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