The NFL just keeps getting more sports betting-friendly, with an assist from Caesars.
The Athletic reported the two sides are close to a 20-year naming deal for the Superdome, worth $10 million annually. That’s a total value of $200 million.
The NFL is embracing sports betting?
The Saints said in a statement that nothing official had been signed. However, the deal would be the latest sign of the growing relationship between the NFL and gambling.
The league is currently looking for $100 million for the rights to collect and distribute its live data to betting operators. It is also working with TV networks to incorporate legalized sports gambling into its newly signed TV deals.
Why New Orleans?
Caesars is reportedly going to double what the old Superdome sponsor, Mercedes Benz, was paying.
Caesars is also in the process of refurbishing the Harrah’s casino in New Orleans. That could prove a popular destination for gameday gamblers.
Are stadium sponsorships smart?
Andy Clerkson, a partner at marketing and communications firm Red Knot, said the deal economics looked fair given the potential of the US sports betting market.
“Chunky team sponsorship deals always feel like an ego play for the top execs,” Clerkson said. “However, naming rights can be a different story. TV-visible signage and brand recognition is always the key. With Caesars in a battle for sports betting customers, $10 million sounds like a good buy.”
He noted the Superdome was slated to host a Super Bowl in the next decade as well.
Caesars sports betting push
HBK is arguing that Hills misled shareholders about the potential for a higher bid from other suitors. That case will be heard in court.
However, investors don’t appear too worried yet. The William Hill share price is stable at the 272p ($3.72) offer price, suggesting investors are confident the deal will go ahead.