Football icon, Tom Brady, is set to abandon his commercial relationship with BetMGM, a leading sports betting company.
This decision emerges as Brady’s investment in the Raiders nears approval by the National Football League (NFL).
Tom Brady must sever BetMGM ties if Raiders ownership stake approved https://t.co/vLxtvvKsRJ pic.twitter.com/kFFRTA0UCB
— Awful Announcing (@awfulannouncing) February 21, 2024
Last year, Brady signaled his intention to diversify into team ownership by acquiring a minority stake in the Raiders, a popular NFL club.
This move, while generally viewed as positive, has not been without controversy. The NFL remains hesitant to approve the deal due to concerns about the fairness of the agreement.
Concerns about the nature of Brady’s deal have temporarily delayed the approval process. High on the list of the NFL’s considerations are issues related to promoting fair competition and maintaining the integrity of the sport.
In the interim period before gaining final approval to officially become a co-owner of the Raiders, Brady has capitalized on endorsing and promoting gambling activities.
This includes his deal with BetMGM, a lucrative arrangement that may well have to end sooner rather than later.
The NFL explicitly prohibits its workforce from endorsing or being associated with any form of gambling activities.
This stricture holds the potential to impact Brady’s arrangement with BetMGM, leading to a prospective parting of ways once his stake in the Raiders is officially approved.
Per the NFL, this prohibition extends to any affiliations linking an individual’s name, likeness, or image with gambling, sports betting included.
However, things might not be so black and white for Brady. As a potential owner of the Raiders, Brady can own up to a 5% stake in any sports book operating company such as BetMGM, a considerable leeway that all NFL owners enjoy.
Meanwhile, how much equity NFL stakeholders own in sports book companies remains undisclosed by the league, forming part of the tacit rules that preserve fairness and impartiality within the sport.
