CBS Seeing Significant Financial Benefits From Sports Betting Ads
Embattled CBS CEO Les Moonves told investors during a recent earnings call that one of its local stations in Philadelphia is already receiving ad revenue from sports gambling.
Similar results are expected at the networks flagship station in New York (WCBS), which broadcasts throughtout Northern and Central New Jersey where sports betting is now legal. Those living in New York City can access the new FanDuel branded sports book at the Meadowlands Race Track in under 45 minutes in many cases. Online gambling is still only available via a host of internationally licensed online sports wagering sites.
Moonves said, “We’re extremely excited. It’s a category that has unbelievable upside.”
Moonves cited the example of 2015’s flood of advertising from daily fantasy services DraftKings and FanDuel. Unlike with the daily fantasy contests where laws at the time were murky, sports betting is clearly legal in states like New Jersey that have amended their laws based on a recent Supreme Court ruling that abolished decades long prohibition.
Other markets that expect to benefit from legalized sports betting include Memphis and Biloxi. Mississippi is one of a handful of states that has legalized the activity. Memphis is just outside of Tunica, MS, though the state of Tennessee has yet to amend its own laws.
West Virginia could significantly benefit from sports wagering company ads as well. Each of its five casinos will be adding sports books over the next two months. It remains to be seen whether the Pittsburgh market will benefit from sports gambling ads. Pittsburgh is within a half hour from one of the West Virginia casinos.
"With these ads airing across the Tri-State area of New York City and elsewhere, viewers are conducting searches for various betting options including Week 1 NFL lines and futures," Gambling911.com's Payton O'Brien noted. "There has been a noticable uptick in such search inquiries across a vast number of media outlets catering to the industry," she added.
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