Although sports betting is illegal across 46 states in the U.S., the act of earning and losing money based on sports performances will never seem to truly dissipate in American society. It can be a fun way to truly learn about your favorite sports while potentially earning a few extra bucks for spending. NBA commissioner Adam Silver has recognized this and has begun accepting that legalization of gambling should become a necessity.
“Let me be clear: Any new approach must ensure the integrity of the game,” Silver said in his op-ed piece for the New York Times. “I oppose any course of action that would compromise these objectives… But I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated.”
Bringing sports betting into the light would require some assistance from different companies all around. Sportradar and Second Spectrum have decided to help the NBA with this issue by essentially leveling the playing field for all sports betters with useful data made available to them.
“Sportradar and data analytics firm Second Spectrum are said to be close to a six-year, $250 million contract with the NBA, according to people familiar with the negotiations,” Bloomberg’s Scott Soshnick reported in his article. “The contract covers an array of rights that includes selling official league data to betting houses, data analytics to teams and the development of a streaming product, said the people, who asked for anonymity because the agreement hasn’t been signed.”
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The data-distribution rights covered in the agreement will ensure data is collected and analyzed for users to rely on with their everyday betting. Each game in the NBA is different from the next, so having compiled research on how each team will match up against one another could be vital for the more dedicated sports betters.
The data providers have even brought in the best sports minds they know to help contribute to this data collection process. Prominent sports figures such as Mark Cuban, Ted Leonsis, and Michael Jordan have formed a “U.S. Advisory Board” to quickly develop commercially in the highly competitive US market.
With this new 6-year deal, Sportradar and Second Spectrum have become the official data partner for 3 out of the 4 major sports leagues (the others being NHL and NFL). Clearly, every sport across the nation experiences some form of gambling during the season, so capitalizing on this market is imperative. This market may be risky for sports fans with poor money management skills, but it opens the door for a new conversation to take place about the regulation of betting.