THE Chernin Group, a media investment firm, has announced the launch of a new digital platform for fantasy and sports betting markets in America.
Known as The Action Network, the digital platform proves America is continuing to take steps in the direction of a regulated sports betting industry.
The Action Network believes the $170 billion industries are ‘underserved’ and wants to capture the market by combining sports insight and analysis with multi-media content for American sports fans.
The network consists of SportsAction, a real-time sports app, FantasyLabs, a daily fantasy sports (DFS) data company, and Sports Insights, abetting/sports insights service. The Chernin Group recently acquired the three services which make up the Action Group.
DFS is currently legal in 39 American states, while sports betting is only legal in four states. However, the Supreme Court recently agreed to hear New Jersey’s case against the Professional and Amateur Sports Protection Act (PASPA) 1992, which prevents individual states from legalising the popular pastime.
Many reports have indicated that sports betting will be legal in more than 32 states within the next five years if NJ wins the appeal, giving The Action Network a big head start.
The Chernin Group plans to create a stellar management team and heavily promote the Action Network brand, with the main aim to offer a subscription and editorial service for sports and DFS fans.
Former ESPN editor, Chad Millman, has also been appointed the Action’s Head of Media for the sports division.
The company, run by Hollywood media produce, Peter Chernin, shocked media analysts in 2016 when it purchased sports service Barstool Sports for $10 million.
Whether or not sports betting is legalised, The Chernin Group wants the Action Network to become the number one source for all sports fans – even if they are just watching it on TV.
But the latest reports are indicating the Action Network is well-positioned for any upcoming regulatory changes.
32 American states to have legal sports betting
A new report has found that 32 states will legalise sports betting within five years, should PASPA be repealed. The report by Eilers & Krejcik Gaming also estimates that the industry could be worth more than $6 billion.
The report states that 14 states will likely offer sports betting within the first two years of the repeal, and a further 18 states would follow.
PASPA currently bans all American states from legalising sports betting, except for Nevada, Delaware, Oregon and Montana, which managed to pass laws to allow different forms of sports betting before the government enforced the legislation.
Eilers & Krejcik states that Colorado, Connecticut, Delaware, Indiana, Massachusetts, Michigan, Mississippi, Montana, New Jersey, Ohio, Nevada, Pennsylvania, Virginia, and West Virginia would be the first states to regulate betting on sporting events like the Major Baseball League (MLB).
While Arizona, California, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Missouri, New York, North Carolina, North Dakota, Oklahoma, Vermont, Washington, and Wyoming would follow their lead.
The report concluded that if all 50 states legalised sports betting, the industry would be worth $7.1 to $15.8 billion.
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