• Loading stock data...
Saturday, October 5, 2024
The Best Employers in Sports survey is now open! Take the survey

How Sports Helped Verizon Media Pivot

  • Verizon has expanded its betting services.
  • The online sports betting market is expected to grow to $9.2 billion by 2025.
Photo: BetMGM/Design: Alex Brooks

Things are looking up for Verizon Media Group, and sports betting has a lot to do with it.

In Q4 2020, the unit reported $2.3 billion in revenue, up 11.4% year-over-year. It was the first growth quarter for Verizon Media since it acquired Yahoo in 2017 — two years after buying a dying AOL.

The Yahoo and AOL acquisitions together cost Verizon Media $9 billion, and led to a $4.6 billion write-off in 2018 after both properties had notoriously underperformed. But now, Yahoo Sports is beginning to show its value.

Former Alibaba executive Guru Gowrappan took over Verizon Media in 2018 with hopes of reviving the unit. One of Gowrappan’s first successes was Yahoo Sports’ partnership with BetMGM, a joint venture between MGM Resorts and British gambling company Entain.

The partnership allows Yahoo users to bet on sports in eight states where BetMGM operates, within a connected ecosystem. It’s been live since 2019, and results have been tremendous for a Verizon Media looking to rebuild.

  • Yahoo Sports sent over 1 million people to BetMGM’s registration portal in 2020, per Sportico.
  • The average Yahoo Sports bettor places wagers on BetMGM at a rate that would amount to $6,000 in bets each year, according to Digiday.

BetMGM isn’t the only entity that believes in Verizon.

In February, it was revealed that, last quarter, Warren Buffett’s Berkshire Hathaway invested $8.6 billion in the telecom giant’s stock.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Running back Kalel Mullings (20) celebrates a touchdown against USC with teammates during the second half at Michigan Stadium in Ann Arbor on Saturday, Sept. 21, 2024.

House v. NCAA Lawyers Amend Settlement to Address Concerns About Boosters and NIL

Judge Claudia Wilken had concerns about the definition of the word “booster.”
Mar 5, 2024; Houston, Texas, USA; Houston Rockets owner Tilman Fertitta smiles during the third quarter against the San Antonio Spurs at Toyota Center.

Tilman Fertitta Is Finally Trying to Bring WNBA Back to Houston

Houston is the biggest U.S. market to not have a WNBA team.
A member of the Miami Dolphins training staff attends to quarterback Tua Tagovailoa

What Walking Away Would Mean for Tua Tagovailoa’s Contract

The quarterback is facing calls to retire after another concussion Thursday night.
podcast thumbnail mobile
Front Office Sports Today

The FOS Interview: NBA Champion Matt Barnes

0:00

Featured Today

MLB Gets the Shohei Ohtani Postseason Treatment. The Value Is Immense

The Japanese superstar finally makes his playoff debut Saturday.
The Cal mascot, Oski
October 2, 2024

How the Calgorithm Turned College Football Twitter Into Real Life

“College GameDay” makes its first trip to Berkeley on Saturday.
Apr 8, 2022; Philadelphia, Pennsylvania, USA; The cleats of Philadelphia Phillies right fielder Bryce Harper (3) as he runs the bases against the Oakland Athletics during the seventh inning at Citizens Bank Park.
October 1, 2024

MLB Players Are Clamoring for Swag. Outfitting Them Is Big Business

Sliding mitts, cleats, and belts are fun, flashy, and lucrative.
Sep 25, 2024; Los Angeles, California, USA; San Diego Padres right fielder Fernando Tatis Jr. (23) celebrates after hitting a solo home run in the fifth inning against the Los Angeles Dodgers at Dodger Stadium.
September 30, 2024

The Padres’ Future Is on the Line This Postseason

The MLB playoffs could determine the team’s path forward.
A Jacksonville Jaguars logo

Imprisoned Ex-Jaguars Employee Sues FanDuel for $250 Million

Amit Patel stole tens of millions of dollars from the NFL team.
May 9, 2024; Columbus, OH, USA; Sports are shown on TVs behind the bar as guests enjoy the grand opening of DraftKings Sports & Social in the Short North. Though there are no on-site betting windows, eligible customers can place bets through the DraftKings app.
September 4, 2024

DraftKings Hit With $19K Fine For Unwinnable Connecticut Slot Game

The slot machine produced no wins in 20,000 turns.
September 16, 2024

MLB Players Union Sues DraftKings, FanDuel

The union says the sites don’t have the rights to use player images.
Sponsored

Trend Report: Chiefs-Chargers, Tobacco Road Rivalry, Nebraska Sellout Streak

According to data from TickPick, some games this week will prove to be wallet-busters, climbing into the four figures.
August 29, 2024

ESPN Bet Remains Optimistic Heading Into Pivotal Year 2 

ESPN Bet is still lagging behind major competitors in the online sports betting market.
DraftKings
August 29, 2024

DraftKings Acquires Simplebet After Shedding Other Businesses

The sports gambling giant has had a hard time matching FanDuel’s momentum.
August 28, 2024

NFLPA Sues DraftKings for $65 Million Over NFT Deal

The NFLPA says DraftKings owes roughly $65 million for breaching their contract.
opinion
August 24, 2024

DraftKings and FanDuel Still Can’t Escape Each Other

How U.S. online sports betting became a duopoly.