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Spread Of Sports Betting Intensifies Amid States' Fiscal Shortfalls

Many U.S. states are “looking to sports betting to shore up their finances” as they face "budget shortfalls which are only getting worse during the COVID pandemic,” according to CNBC’s Andrew Ross Sorkin. CNBC’s Scott Wapner: “It should be legal everywhere, especially given the circumstances. ... What an easy way to draw revenue if you’re a state that’s struggling right now. What’s the big deal?” Penn National Gaming CEO Jay Snowden: “There are still over 20 states that have not legalized sports betting, and that is a new pool of tax dollars to go pursue. Online casino is only in six states, so those are really the conversations right now. … These are large pools of dollars to tax that are incremental, as opposed to looking to raise taxes for existing businesses, which I don't think is good at the end of the day.”

BARSTOOL UPDATE: Snowden noted Penn National is “launching our Barstool sportsbook online applications next month in Pennsylvania in time for the NFL football season.” PNG announced its deal with Barstool in January, and Snowden said, “It’s been quite a roller coaster of a year." After the pandemic hit, "all the properties were shut down, share price drops to $4 or $5." Snowden: "We’ve reopened our properties, we’ve been working on that app development.” Snowden said even with no live sports, Barstool remains a "sports brand” that is “more relevant than ever” (“Squawk Box,” CNBC, 8/7).

SBJ Morning Buzzcast: March 18, 2024

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On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

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SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

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