Days after the Supreme Court’s unanimous ruling against the NCAA, the Division I Board of Directors is looking for a temporary fix with a short deadline. 

July 1 — the date six states’ NIL laws go into effect — is approaching and the governing body doesn’t have rules in place.

To avoid further problems (and lawsuits), the NCAA has reportedly decided to create an “interim waiver” of its existing NIL rules, allowing collegiate athletes to monetize their image in legalized states under a set of guidelines.

According to a internal NCAA document obtained by CBS Sports:

• Schools shall post “written policy governing NIL” on their websites.
• Payments from boosters “in exchange for athletic performance or attendance” are prohibited.
• If a school’s policy conflicts with any state’s NIL bills, rules against cheating during recruitment “cease to be applicable.”

Basically, the NCAA is leaving the rules up to individual states, making no national standard in the recruiting process. That could give some schools and conferences a huge advantage, too. 

The NCAA is weary of another lawsuit. Following the Alston ruling, Justice Brett Kavanaugh’s concurring opinion said that the NCAA’s “current compensation regime raises serious questions under the antitrust law.”

ESPN found that some athletes could earn as much as $1 million through social media, and athletes who compete in non-revenue sports could make between $1,000 and $3,000. The NCAA recorded $519 million in revenue last year.

The board is expected to approve the change by June 30, just one day before the July 1 start date, but it’s unclear how strict the NCAA’s guidance might be.

In less than a year, GOAT Group has more than doubled in value.

The resale market raised $195 million on a $3.7 billion valuation in a Series F round led by Park West Asset Management. That’s a 111% bump from the $1.75 billion valuation it received on its $100 million raise in September.

GOAT Group, which runs the GOAT online marketplace, has emerged as one of the winners of the sneaker craze. The market offers hard-to-find, second-hand sneakers and clothing, while also partnering with brands like Gucci as a retail platform. 

• GOAT claims $2 billion in sales on its platform over the last 12 months.
• Sneaker sales on GOAT have doubled over the last year; apparel sales have grown 500%.
• The platform boasts 30 million customers, 80% of which are millennials or Gen-Zers.

Unlike StockX, which also sells gaming gear and collectables, GOAT focuses on sneakers and apparel. StockX received a $3.8 billion valuation in April and is expected to go public as soon as this year.

Market analyst Cohen Equity Research estimated that the global sneaker resale market could grow to $30 billion by 2030, up from $6 billion in 2019.

GOAT said it would use the funds to expand its operations, particularly in Asia. It is building fulfillment centers in China, Japan, Singapore, and Chicago to bring its global total to 17.

888 Holdings, an internet gambling operator, has reached an agreement to obtain exclusive rights to the Sports Illustrated brand for online sports and casino wagering, according to Bloomberg.

Owned by the Authentic Brands Group, SI’s agreement with 888 lasts for up to 20 years and includes the opportunity to be included in brick-and-mortar locations. 

As part of the deal, Authentic Brands will have a 4.9% stake in 888’s U.S. business with the opportunity to increase it to 19.9%. 

Gibraltar-based 888 expects to launch the SI Sportsbook in Colorado during the second half of this year.

The exclusive rights partnership is the latest collaboration between media and gambling companies seeking to take advantage of a growing $3.2 billion U.S. sports betting market.  

• CBS Sports and William Hill agreed to a first-of-its-kind partnership in September that included wide-ranging digital content and tools for fantasy football. 
• NBC and PointsBet inked a five-year, $500 million sports betting partnership in August that makes the Australian sportsbook the exclusive provider of odds and trends for NBC.
• Penn National Gaming purchased a stake in Barstool Sports, valuing the company at $450 million. The casino operator received a 36% stake for $163 million. 

888 reported $272.5 million in revenue in Q1 2021, a 66% increase year-over-year. 

Now, the company has a new entry point into sports gambling — $195.2 million of Q1 revenue came from its casino business.