The NBA has been hit hard by losses in revenue due to the Covid-19 pandemic that has struck the heart of sport among many businesses across the globe. The league was forced to halt the 2019/20 campaign before resuming behind closed doors for the playoffs in a bubble-secure location in DisneyWorld, Florida. Lets know about What Industries Will Capitalize on Future NBA Sponsorships?
Although the teams have enjoyed a steady flow of funds from the NBA and their broadcast deals since the restart of the 2020/21 season, the lack of supporters at venues has hit the pockets of franchises hard. The majority of the 30 franchises in normal circumstances would sell out their stadiums on a nightly basis. On average there are 20,000 spectators attending an NBA game per night. Not only have teams had to cope with the lack of revenue from ticket sales, but also the significant sums that are generated through merchandise and concession stand transactions.
The vaccination program in the United States has allowed fans to trickle back into selected venues in certain states, but it remains to be seen when arenas will be packed to the rafters once more. As a result, the NBA has moved to protect its business interests by easing regulations regarding sponsorship deals. In the past, NBA sides were prohibited from accepting sponsorships from certain companies. But NBA commissioner Adam Silver has now eased those restrictions to generate a new flow of revenue towards all 30 franchises.
One possible area for the NBA to expand into could be slot games. They are extremely popular online, and casinos have developed a number of themes to appeal to different audiences. These include sports-themed games as you can find on Casino Masters new online casino, which offers its own Basketball Star-themed slot game. So, there is a potential gap in the market to appeal to new customers from the NBA side. For example, the Los Angeles Lakers could have their own branded game, featuring players and unique quirks from franchise history.
In fact, one enterprising team has already secured a similar deal. The Memphis Grizzlies were the first franchise to capitalize by striking a deal with FanDuel to become their official betting and fantasy partner. This raises the possibility for other teams to follow in their footsteps and the prospect for casinos to become involved in the NBA represents intriguing opportunities.
The NBA has found an interesting pathway for new sponsorships to emerge, possibly taking their cue from soccer and its beneficial relationships with gambling companies. It is commonplace to see Premier League teams with shirt sponsorships with an online betting partner. That could well occur in the NBA in the future.
The Covid-19 pandemic has stretched finances at businesses all around the world, and the realm of sport has been no different. The NBA has displayed ingenuity to ensure that they remain profitable even without the presence of fans, and it could well define the future of the game commercially. We shall watch the Grizzlies among the other 29 franchises with great interest to see what potential partnerships come to light and how that can benefit the team.