Verizon Considers Entry Into Regulated Sports Betting Market: Report

Cellphone service carrier Verizon is weighing its options on whether to venture into the world of sports betting, per a report from Bloomberg.

Thanks to an overall strategy of becoming a more diversified media giant, the company could find a way into regulated sports betting thanks to existing business holdings and relationships. Verizon owns Yahoo, a leader in season-long fantasy sports. The company also has a streaming deal with the National Basketball Association.

The U.S. Supreme Court is currently considering whether to strike down a decades-old federal law that effectively banned sports betting outside of Nevada.

The American Gaming Association has estimated that some $150 billion is bet on sports each year in the U.S., with only a small fraction occurring in Silver State sports books.

The market reportedly is attractive to Verizon, despite currently being dominated by gaming companies. The company could potentially go the route of acquiring an online gambling platform.

Per the report, Verizon’s existing live sports deals could pave the way some form of in-game betting on the contests. The report on Verizon’s interest in sports betting came in the wake of the company saying it plans new investment in the U.S. thanks to President Trump’s tax cuts.

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