About the Rollout
The main focus of this sports betting joint venture will be on the content and built-in interactive features across the many different CBS Sports platforms. Aimed at sports bettors and fans, it will include digital content, a new free to play parlay game, and a collection of educational tools meant to help with gambling such as prop and bet odds calculators. The intention of the tools is to prompt fans to make betting picks for fun, grasp a better understanding of sports betting as a whole, and then take these two facets and transition onto William Hill’s platform to make these bets for real.
The features and content that have been rolled out, come at a very timely moment for William Hill and CBS Sports. With nearly every major sport currently playing at the same time, along with more people being at home due to the COVID-19 pandemic, the possibilities for an increase in sports betting are at an all-time high. In fact, for the first week of NFL games this year, where the Denver Broncos will be playing, along with the NBA playoffs where the Denver Nuggets are in the second round, William Hill just launched their betting app in Colorado, boosting potential revenue even further. This is taken to another level of integration when considering that William Hill has exclusive rights to promote across all CBS Sports mediums, including the coveted CBS Sports Fantasy, which remains one of the world’s largest fantasy sports platforms. With the added exclusive promotion rights, both William Hill and CBS Sports are set to take an even larger section of the rapidly growing sports betting market, which seems to have no signs of slowing down in the coming years.
The Sports Betting Market
The sports betting industry has made massive gains in size and scope over the past few years with the advent of online betting as well as the legality of it in 14 different states, with many more considering legalization and regulation of it in the coming years. In 2019, the sports betting industry generated an impressive $833 million of revenue. While that number is already significant enough for CBS Sports and William Hill to be making such a large commitment, the projected revenue for the future is astronomical. In fact, the estimated revenue generated from sports betting alone by the year 2025 comes in between $7 billion and $8 billion, with the high end being closer to $15 billion if state-by-state legalization moves quicker. If this is expanded to a global market, sports betting is expected to grow at a rate of nearly 10% between the years of 2020 and 2027.
The sports betting market has never been bigger than it currently is right now, and this only seems to be the beginning. With the projected growth in the US alone, the market cap for this industry has yet to be discovered. Considering this market’s continuing growth, the rollout of a more interactive and streamlined system evolved from the partnership between CBS Sports and William Hill has been done with an eye for the future. This investment should certainly lead, at the very least, to more fan and sports bettor engagement when watching the games on television or when using the CBS Fantasy Sports platform, which continues to be a giant within the industry. The increase in engagement should, in turn, increase sports betting in states where sports betting is currently legal. As more states begin to legalize and regulate sports betting, this rollout will only have a greater investment return.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.