As the Philadelphia 76ers and New Jersey Devils recently signed a multiyear contract with online casino firm Party Poker- the two teams are respectively involved in the professional U.S. basketball and hockey major leagues, there are now many considerations on the American baseball teams’ capability to get a sponsorship deal. The agreement with the subsidiary of the Gibraltar-based company intervened almost twelve months after New Jersey approved online gambling, which is intended to generate an annual $7 million turnover at least. The states of Delaware and Nevada also legalized online gambling last year.
Is this type of agreement legitimate? According to Mr. Scott O’Neil, CEO of the National Basketball Association’s 76ers, it is. “We are at the lookout for innovative opportunities with companies willing to take both chances and risks”, did he say lately. The agreement that the Philadelphia 76ers and New Jersey Devils just signed could be worth $10 million, which is an incredible amount of money even though such marketing deals can sometimes be dangerous. In that specific case, the increase of sports betting has been opposed by most athletic leagues so far. And the rules of the NFL and MLS do prohibit teams from signing online gambling agreements. So, are there any chances to witness future partnerships between baseball teams and online casinos?
Well, one of the most renowned Major League Baseball spokesmen, Mr. Pat Courtney, reckons that such deals could be acceptable on a case-by-case basis even if he adds that he “wasn’t acquainted with the fact that such agreements already existed”. This is odd considering that more than 28 US sports teams have gambling sponsorships at the moment while 20 others have already signed lottery deals.
As for the CEO of the Mohegan Tribal Gaming Authority, Mitchell Etess, he believes that the 76ers and Devils’ recent sponsorships are just the beginning. Indeed, the baseball’s New York Yankees had sponsored agreements with his institution in the past, which makes him think that new opportunities will soon emerge: “The gambling industry may provide sports teams with fantastic sponsorships. But there are always risks that such deals finally decline”, he warns.
Yet, somehow, agreements with online gambling firms could be quite lucrative for the U.S. baseball teams. Deals could definitely help them revive their portfolio and generate more revenues through advertising and TV spots. Most of agreements generally include social media and digital asset creation by the way, which can be once again profitable to the teams competing within the MLB. After all, the Yankees are a good example of how bankable can be online casino sponsorships. After all, isn’t the New York team currently worth $2.3 billion, which is more than any other U.S. sports team? By way of comparison, the Los Angeles Dodgers are worth $1.6 billion and the Boston Red Sox are estimated to value $1.3 billion. According to several sources, the average Major League Baseball team would actually worth $744 million, which is really not bad. For more information on this topic, please go to The Casino City.