A general view of the stadium as the Denver Broncos line up for a field … [+] goal against the Oakland Raiders while the sun sets during the third quarter at Empower Field at Mile High on December 29, 2019 in Denver, Colorado. The Broncos defeated the Raiders 16-15. (Photo by Justin Edmonds/Getty Images)Getty Images
Despite years of vocal opposition to the practice of sports betting, the NFL took another giant step towards acceptance when it was announced Monday that the FanDuel Group has officially become the first sports betting partner of an NFL team following a multiyear agreement with the Denver Broncos.
Colorado legalized the practice of sports betting last November when state legislators passed Proposition DD, and projections from Odds.Com depict that The Centennial State could expect $222 million in total gaming revenue in 2020. The 10% tax levied on these earnings will gift the state coffers an extra $22 million.
The partnership comes fresh off the launch of FanDuel’s online sports betting application, which offers a mobile betting platform to the state’s residents thanks to partnerships with Twin River Worldwide Holdings Inc. And Golden Gates Casino Black Hawk.
While the NFL continues to forbid players and coaches from appearing in marketing materials for sports betting companies, it did agree to allow teams to make a brand the “official” sportsbook of the team. Stadium and practice facility naming rights remain off-limits.
In doing so, FanDuel has now been given access to use the team’s logos and likenesses in the betting space, and they will enjoy a wide variety of marketing assets and promotional material via the team’s media outlets and physical properties.
From signage in the stadium to radio and televised advertising opportunities, the FanDuel Group has essentially bought themselves a direct line of communication to one of the ripest betting marketplaces in the country directly through the jurisdiction’s most loyal fanbase.
Interestingly enough, The Denver Post reported that Broncos chief commercial officer Mac Freeman stated that the boundaries as to what forms of betting related information can be visually displayed within the stadium have not been set.
Early indications suggest that FanDuel looks to use the partnership for added leverage and branding with the emerging market. By having their name displayed alongside the state’s most popular franchise, the brand gives itself immediate credibility with the team’s fanbase and the state’s residents.
Terms of the deal do not mention brand exclusivity, meaning that the team is still able to develop deals and strategic partnerships with other brands in the sports betting space.
Being the first of its kind, and citing a desire to offer Broncos fans the best experience possible, the team opted to leave doors open to work with numerous brands to further explore varying strategies and approaches as they begin to navigate these new waters.
This isn’t the brand’s first dance with the NFL, as teams had previously been allowed to work with betting operators as long as the promotions were focused on their fantasy offerings. FanDuel and the Indianapolis Colts did just that last October, when the DFS product became the official fantasy partner of the team.
Odds.Com CEO, Bill Colleoni says Colorado revenue is expected to increase dramatically and is expected to exceed NJ in revenue.
“Our Colorado estimates are based on the first full year of normal sports. But. If you look at New Jersey’s handle, it nearly doubled year over year after the kinks were ironed out and more licensed brands began marketing. NJ benefits from bordering New York but it will soon offer licensing of its own. Colorado will have the benefit of geography over the long haul since it borders Arizona and Utah, a state that potentially may never legalize sports betting.”
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