On Tuesday, US time, NBA President Adam Shaw announced the news. According to reports, the two sides reached a contract for a period of three years with a total amount of at least $25 million.
After the two sides start cooperation, the relevant logo, name and data of the NBA will appear on MGM's gaming application.
This groundbreaking collaboration between NBA and MGM is in anticipation. Prior to this, NBA Chairman Xiao Hua has been promoting the legalization of sports betting. One of the most important reasons is that sports betting can bring huge income to the NBA.
The NBA believes that bookmakers should pay for the intellectual property fees associated with the alliance, and sources said that this is reflected in the contract with MGM.
What is still unknown is whether the NBA will have a fee for the NBA related event betting. Previously, the NBA had always wanted to be able to increase revenue by drawing 1% of all betting stakes. However, the idea of the NBA before was met with strong opposition from the US gaming industry.
In May of this year, the US Supreme Court ruled that the federal government's ban on sports betting was unconstitutional, which would change the entire sports betting industry in the United States. Previously, betting outside of Nevada was illegal.
As early as 2006, Nevada's sports gaming revenue was $2.6 billion. By 2016, revenues had climbed to $5 billion. Last year, Las Vegas’s gambling revenue was $6.2 billion. For the entire NBA, Nevada's basketball betting was close to $1.5 billion in 2017. Of course, this data does not separate the NBA from college basketball, but managers with sports betting say that the NBA contributed 40%. % to 50%.
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