Over the years, sports betting has become one of people’s biggest hobbies as a possible source of partial income. In the United States, the industry made over 10.9 billion dollars in revenue in 2023, the highest it has ever been. Marking almost six years since the Professional and Amateur Sports Protection Act (PASPA) was passed, the act legalized entire sports betting, leading to a massive rise and benefits for the industry. With sports betting being an international phenomenon, various companies are merging worldwide to create a more extensive, robust network for people to watch sporting events.
globalEDGE Blog - By Tag: business-of-sports-series
Publish Date:
The World Series is one of the biggest American sporting events of the year. The games brought in an average of 11.75 million viewers in the 2021 MLB World Series, with a high of 14.3 million viewers in the series’ final game. The viewership ratings made a remarkable recovery from the 2020 COVID-19 World Series, where only 9.7 million average viewers tuned in to watch the World Series. During the first game of the 2020 World Series, they were only able to bring in 9.1 million viewers, which is the lowest number of viewers ever for a World Series game. This was a significant decrease compared to 2019’s World Series, which brought in 23 million viewers for the seventh game. It was projected that Game 7 brought in 400 million dollars in total advertisement revenue. Despite the fluctuating viewers, the World Series is undoubtedly the center of attention for baseball fans, as well as for companies looking to show off their brand.
Publish Date:
In the business world, sports may be best recognized for the many benefits they offer to individual businesses such as sponsorships, brand building, venues for advertisement, and marketing opportunities. However, sports also have major impacts on economies all around the world. It’s no surprise that international sporting events like the World Cup and the Olympics greatly affect the economies of host countries. These economic effects can be positive or negative and can have implications not only on a regional level but a global level as well.
Publish Date:
Sponsorships are a huge part of both sports and business. Each depend on the other to gain the benefits sponsorships provide to each party. Businesses look forward to the increased publicity and sales, and athletes, teams, and sporting events count on sponsorships for funding. Still, for businesses, the monetary benefits of a sponsorship can be somewhat difficult to quantify. Yet, countless businesses still participate in sponsorship deals to increase publicity and get their name and logo out there as much as possible.
Publish Date:
The Olympic games are designed to be the final decider of the best athletes across the globe. Although hosting countries respect the competition, their main goal is completely different – provide as much stimulus as possible to their economy. London is in the midst of a massive advertising and building spree in preparation for the 2012 Olympics. In the process, Prime Minister David Cameron is busy promoting the tourism opportunities available in London and the London Chamber of Commerce and Industry (LCCI) is working to prepare local businesses for the expected influx of economic activity.
Publish Date:
The world of sports is closely intertwined with the world of business. Sports franchises and leagues function to create an economically-viable product for profit. Businesses in many industries utilize sports entertainment for its unmatched marketing opportunities. Global athletic events bring tourism, trade, and international attention to host cities and countries. Businesses could not function without sports and sports could not function without business. This week, the globalEDGE blog will take a closer look at business and economic impacts of sports around the world.