You may know Basketball as one of the most significant sports events globally. To some people, it is a cash cow where there are many deals, sponsorships, and agreements for teams. The massive fan base behind this game, which has produced some of the biggest names in history, is also expensive. The NBA, for example, was reported to have generated over $8 billion in revenue in 2018.
The professional sports leagues have a tendency to look for sports betting partners, thus attracting more and more new viewers, and official NBA deals are proof to that. NBA sponsorship is the biggest contributor to its substantial financial statement. You can find top advertising agencies vying to partner with a team, and become its presenting partner. The benefits are immense, since more than a billion people tune in to this sport’s events yearly, virtually and in person. The best online casino reviews platforms now provide the analysis of themed games for their players, and recognise them as favorites. Global brands bring out their cheques and spend big, from player endorsements to jersey patches or even naming rights.
The NBA league and the sports betting industry only recently began to partner. This is surprising, considering the considerable overlap between their audiences. One of the top online sports betting brands, BetMGM commenced a partnership with the National Basketball Association (NBA). The deal makes MGM Resorts, the operator, and Caesars the official sports betting partners for both the NBA and the Women’s National Basketball Association (WNBA).
It also allows BetMGM to get rights to a direct live feed for all events and logos. The live feeds also include data to help BetMGM create valuable sports betting software, including its current in-betting service for customers. Many reporters said the agreement was worth a minimum of $25 million and lasted for three years. Although MGM does not offer online casinos games, they may soon provide basketball-themed online slots, so fans who also wager at gambling sites can take advantage and fuel their passion with the bonuses offered.
American Express has officially sponsored NBA leagues since 1995 and only recently agreed to a contract extension in 2021. The initial deal, which made them the official card for the men’s and women’s leagues, will continue to stay the same. Furthermore, American Express cardholders can purchase NBA’s 2K22 titles in 2K stores. This allows them to enjoy premium access to the 2K video game series. The “Jersey Assurance” programme, which the New-York based financial institution started at the beginning of the contract, was also continued. Here, customers can replace or sell their NBA or WNBA jerseys up to a year from when they were purchased. Some of the conditions their cardholders can sell are if their favorite players change teams by free agent, trade, or swap team numbers.The deal between both institutions was stalled between 2005 and 2010.
The bank currently sponsors Los Angeles Lakers, Brooklyn Nets, Boston Celtics, Chicago Bulls, and Miami Heat as its official card.
2K Sports, founded in 2005 by Take-Two Interactive, has been the NBA league’s official Gaming Partner. The partnership between the two led to the rise of a video simulation called “NBA 2K”.
It is available as a series for players and fans and was launched in 2017. It’s called the NBA 2K League, where players can enjoy different features, including buying players, coaching a team, and building a collection. Due to the massive success of the deal, they further agreed to extend the sponsorship deal by a further seven years, with a financial implication of over $1.1 billion. In addition, the NBA 2K League is also available as an eSport event with its own team.
Nike became the official partner of the NBA in 2015, although it was effective from the 2017-2018 season. As a sponsor, the sports outfit company outbid their rivals, Adidas, to become the sponsor for all on-court apparel in the season. At the time, the financial agreements were rumored to be about $1 billion, a massive rise from the previous deal with Adidas.
The deal includes the clothing brand providing outfits for jerseys, warm-up clothes, and shooting tees. According to the terms, it will last for eight years, and there are hopes that it may be renewed. Nike’s logo will appear on all the clothing, which is a first, unlike previous deals between Adidas and Reebok.
In addition, Nike signed a lucrative deal with former NBA and Chicago Bulls star Michael Jordan. They currently partner with him on his Jordan Sneakers shoe brand, which has earned the legend over $100 million, making it the biggest sneaker deal ever. It’s not the first deal between brands, as the NBA signed marketing rights with Nike in 1992. Part of it included a TV ad “Want it All” that targeted fans in America and Europe. Adidas had announced that it would no longer continue with the NBA, saying it would invest in new products and players instead. This ended a partnership that stretched over 11 years and started in 2006.
Caesars Sportsbook is also another reputable sports betting operator and counts among NBA sponsors. The announcement was made that they had an agreement to promote their sports betting book and mobile app during Philadelphia 76ers home games. This agreement also made the sports betting platform the sponsor of the Cleveland Cavaliers. Caesars has some of the best online casino reviews available for the users, and this may reflect in its partnership with the league. It started displaying the logos of the team at its land-based places. This deal also made Caesars the official casino partner for the NBA side. Caesars will also be allowed to have notable events at all Devils’ home events to promote its NBA sports betting division.
There are expected to be more sponsorship and endorsement deals shortly. New exciting and skillful players are springing up, with a higher audience. With technological improvements, fans can watch live sports events directly on their mobile devices. Advertising brands are taking advantage and including sponsorship deals to create an avenue to entice fans and audiences with creative ads on social media.
Main Image Credit: