Disney is “Seriously Considering” getting into Sports Betting according to Bob Chapek. Since 2018 when the Supreme Court struck down a law banning sports betting, it has turned into a 48 Billion Dollar a year business with Companies raking in over 4 Billion dollars in profits. It is projected to be closer to 400 Billion by 2030, and the payout to companies upwards of 30 Billion. Looks like Disney-owned ESPN is looking to get a piece of that action.
In an earnings call on Wednesday CEO of the Walt Disney Company talked about the future of Sports Betting. “We do believe that sports betting is a very significant opportunity for the company, and it’s all driven by the consumer,” says Chapek. “It’s driven by the consumer, particularly the younger consumer that will replenish the sports fans over time and their desire to have gambling as part of their sports experience.” and he continued “seriously consider getting into gambling in a bigger way, and ESPN is a perfect platform for this.”
Related: Walt Disney Company Reports Fourth Quarter Earning for 2021
“Gambling does not have the cachet now that it had, say 10 or 20 years ago, and we have some concerns as a company about our ability to get in it without having a brand withdrawal,” said Chapek. “But I can tell you that given all the research that we’ve done recently, that that is not the case. It actually strengthens the brand of ESPN when you have a betting component, and it has no impact on the Disney brand. Therefore, to go after that demographic opportunity plus the, of course, not insignificant revenue implications, that is something that we’re keenly interested in and are pursuing aggressively.”
Just to clarify, this is Walt DIsney Company. This is not the Parks division. As stated above this in no way will reflect in the Parks. This is ESPN and a Corporate move. ESPN has already been dipping its toes into Legal Sports Betting. Especially with DISNEY signing a huge 10 year TV rights deal with the NFL, you can be assured this is the future. It is unknown if ESPN would handle the betting itself or work with outside companies, like Ceasar or 888 Holdings which just inked a deal with Sports Illustrated.
Related: Walt Disney Company launches Reimagine Tomorrow to promote diversity, equity, and inclusion
Sports Betting
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I bet Walt Disney would throw a fit if he were today. He probably would not stand for what Chapek is doing.