Walt Disney bought ESPN more than 25 years ago. As a result, the cable sports network is a constant source of profit for the parent company. However, the gains are shrinking in recent years as consumers migrate to streaming services. Thus, Disney ventures into sports betting to revitalize ESPN.
From a pinnacle of around 100 million supporters in 2011, ESPN had 77 million before the end of 2021, down 23 percent. S&P Global Market Intelligence appraises that figure will tumble to 72.5 million this year.
The downward trend prompted speculations that Disney might sell or spin-off ESPN. However, CEO Bob Chapek chose to keep the cable network. Also, it is looking to create new content based on sports betting.
Disney Ventures into Sports Betting
Sports wagering has boomed in the US since a 2018 Supreme Court choice finished Nevada’s hang available, making way for over 30 states to legitimize it up until this point. That has fueled the ascent of online sportsbooks – virtual spaces where players can put down wagers – and organizations giving information and different operators.
Goldman Sachs has projected that the US sports wagering business sector will reach $39 billion by 2033, from $900 million today.
Sports wagering could bring a new audience to ESPN as fans become more motivated to tune into games. At present, many people choose to watch clips and highlights instead of tuning in for the whole match.
Disney’s presence in wagering is unobtrusive. It procured a 6 percent stake in DraftKings, a fantasy sports and wagering company, in 2019 when it purchased 21st Century Fox. It likewise has an arrangement with Caesars casinos that gives it the selective right to provide sports wagering opportunities to ESPN.
DraftKings and Caesars are noticeable advertisers on ESPN and ESPN+, connecting to their web-based platforms. ESPN and ESPN+ have 21 million subscribers. Also, they feature several sports wagering content, including odds, predictions, and other stats.
You can become a successful bookie with the right tools and knowledge. For instance, managing your sportsbook players should be the top priority.
