Verizon Considering Entering The Real Money Sports Betting Market
The possibility of sports betting being legalized throughout the U.S. has got many potential parties looking to get in on the action early. According to reports the latest mega company mulling an entry into the multibillion dollar sports betting market is Verizon Communications. The New- York based communication giant has already purchased Yahoo last year along with their fantasy sports business. They are reportedly already in consultation phase with consultants to evaluate the potential for a real any gambling venture if and when the current federal laws change.
Chief Financial Officer of Verizon Matt Ellis commented on the reports and said,” There are some changes coming that we pay attention to. We stay close to that to see how it would affect our asset and how we may choose to respond. I’ve not looked at anything in detail. If someone has an idea around it, I’ll look at it like any other. But we are not getting ahead of ourselves there.”
While remaining uncommitted Verizon is looking to expand their current business with potential growth markets which real money gambling certainly can fill the bill. With over 100 million subscribers as well as 1.3 billion users from Yahoo, and tens of millions using Yahoo’s Fantasy sports product they are in a prime position to enter the gambling market.
The size of a regulated U.S. sports gambling market could be as much as $15.8 billion in revenues according to a study by Eilers & Krejcik Gaming. It is estimated that currently over $245 billion is wagered on black market annually.