CBS acting CEO sees sports betting as cash cow

Big national brands quietly have been preparing to secure a piece of the sports betting market for years.

Whether it’s Fox, ESPN/ABC, NBC, Yahoo! Sports or CBS, it’s impossible to be a giant national player in sports media in 2019 without having a strategy built around catering to sports bettors.

Still, it’s jarring to hear a CEO of one of these major companies talk about it so explicitly.

That’s just what CBS acting CEO Joe Ianniello did during an investor conference Wednesday.

“We are leaning into (sports betting) with our brands. It’s already generating millions of dollars in advertising revenue for us,” Ianniello said, according to The Hollywood Reporter.

“It has got to be legalized in more than seven states, I think, to be (a) big (opportunity), but it clearly appears to be on its way.”

CBS owns Sportsline.com, and has started working in more gambling content on platforms like CBS Sports HQ.

It’s developments like this that should be exciting to those who’d like to see gambling normalized within the U.S. culture. It’s one thing for a smattering of states to legalize it, but it’s another for a CEO of one of the most respected media companies in the country to talk about it as one of the company’s core strategies.

There has been a groundswell of momentum around taking sports gambling out of the shadows in the United States, and it appears that major corporations will only add more credibility and dollar signs to the market in coming years.

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