Fans are hungry for more content and companies are hungry for more consolidation
The popularity of sports betting could pave the way for more media consolidation as fans crave more betting apps and sports-related content to help them place their bets.
There has already been an increase in activities in this market recently. Last March, top sportsbook DraftKings purchased sports news and broadcasting company Vegas Stats Information Network. Two months later, the Danish sports betting media group Better Collective paid $240 million for The Action Network, which includes the Mark Cuban-backed FantasyLabs, Sports Insights and SportsAction. And DraftKings and FanDuel have both placed bids for the five-year-old site The Athletic, which is currently seeking a buyer at a valuation of more than $750 million. (This came after acquisition talks with The New York Times and Axios fell through in June after disagreements about the price.)