February 1, 2022

Read in Browser [[link removed]]

POWERED BY

Grambling State University is set to announce a first-of-its-kind NIL deal providing income for all of its athletes. The HBCU reportedly has commitments from Urban Edge Network and Athylt to provide income.

Beijing Olympics Costs Reportedly 10 Times Higher Than Projected

Beijing 2022/Design: Alex Brooks

The Beijing Olympics could have been a logical ingredient in China’s recipe to grow [[link removed]] its sports industry to $773 billion by 2025, but according to a new report, the Winter Games may have provided a much greater financial burden than originally thought.

The 2022 Winter Olympics could cost China more than $38.5 billion, according [[link removed]] to Business Insider — 10 times higher than the nation’s previous estimate of $3.9 billion.

China reportedly didn’t count “dozens” of expenses, as many were classified as “capital improvements” rather than official costs.For example, a $9.2 billion bullet train was apparently not counted.The nation also allegedly neglected to include the costs of safety measures for its notoriously strict COVID-19 bubble, as well as environmental costs.

This estimate would easily top [[link removed]] that of several other Olympic Games. Tokyo paid about $13.6 billion for the 2020 Summer Games. London spent about $15 billion in 2012. Though it would still rank lower than the price tag for China’s Summer Games in 2008, which cost a whopping [[link removed]] $42 billion.

Additional Complications

The report comes, of course, on the heels of several other controversies that threaten the Games’ reputation in addition to its bottom line.

COVID-19 already contributed to fewer media and no fans — and now, cases are reportedly [[link removed]]rising. Several nations have organized diplomatic boycotts over China’s human rights violations. And fears of technology-based surveillance on Team USA [[link removed]] have grown.

Tom Brady Wins, Retirement or Not

Kim Klement-USA TODAY Sports/Design: Alex Brooks

Tom Brady may or may not be retiring following mixed reports on Saturday that his run as the GOAT could be ending. But even if Brady’s time is up on the field, he will walk away as the NFL’s all-time earnings leader.

The seven-time Super Bowl champion has reportedly made $293 million just from playing contracts during his 22 years in the NFL, according to Spotrac. Brady added another estimated [[link removed]] $160 million off the field.

Peyton Manning, the NFL’s previous all-time earnings leader, retired in 2015 with a projected $400 million in career earnings on and off the field. Brady, the No. 9 highest-paid athlete on Forbes’ annual list, made a record $45 million off the field just this season.

Brady has endorsement deals with Fanatics, FTX, Hertz, Under Armour, Subway, and others.

Brady’s Bunch

The three-time league MVP has a footprint in a variety of industries.

Brady co-founded nutrition company TB12 and NFT platform Autograph, which recently raised $170 million.The soon-to-be Hall of Famer also owns the media company 199 Productions and unveiled [[link removed]] his own apparel line — BRADY — earlier this year.

If Brady isn’t ready to hang up his jersey, he could earn $27.3 million in salary and bonuses next season, plus the leftover $15 million of his $20 million signing bonus [[link removed]]. He would also be guaranteed [[link removed]] his entire salary on Feb. 18.

If he does retire, the Tampa Bay Buccaneers could retrieve up to $16 million of the bonus total and his salary would be voided.

SPONSORED BY GEMINI

Explore the Metaverse Today

A new age of exploration is here. Gemini [[link removed]] will be your guide.

Gemini is a simple, elegant, and secure platform where you can build your crypto portfolio [[link removed]]. Whether you are an individual or an institution, Gemini can help you buy, sell, and store bitcoin and other crypto currencies easily.

Capitalize on the digital frontier, and get started [[link removed]] today.

FTX Raises $400M, Valued at $32B

FTX Arena/Design: Alex Brooks

Cryptocurrency exchange FTX raised $400 million in a Series C funding round, valuing the company, which has leaned heavily on sports and gaming partnerships, at $32 billion.

The round included SoftBank’s Vision Fund 2, Tiger Global, Temasek, Paradigm, and Lightspeed Venture Partners. FTX will use the fresh capital for mergers, acquisitions, the development of new products, and to invest in companies in gaming, NFTs, and the metaverse.

The latest round follows a $420.7 million raise last October, valuing the exchange at $25 billion. To date, FTX has raised $2 billion but has spent nearly $1 billion on acquisitions.

FTX has aligned with several sports and gaming businesses to expand its reach.

The exchange purchased the naming rights to FTX Arena, home of the Miami Heat, in a 19-year, $135 million deal.It teamed up with Solana Ventures and Lightspeed Venture Partners to launch a $100 million gaming fund called GameFi.Esports team TSM rebranded to TSM FTX after signing a $210 million partnership with the exchange.It secured naming rights to the field at California’s Memorial Stadium — home of the California Golden Bears — for $17.5 million. More Games to be Played

Earlier this month, FTX established a $2 billion fund to invest in crypto startups, with a focus on gaming and security companies. The exchange could [[link removed]] allocate all of the funds by 2023.

FTX Ventures is entirely funded by FTX and its 29-year-old founder Sam Bankman-Fried.

Entain to Make $133M Investment in Metaverse

Entain/Design: Alex Brooks

Sports betting and gaming company Entain announced a new $133 million innovation lab on Monday, Ennovate, which will focus on developing sports and entertainment experiences in the metaverse.

The lab is slated to launch in March in partnership with [[link removed]] Theta Labs, Verizon, and telecommunications company BT. Ennovate plans [[link removed]] to fund startups and develop applications for NFTs, VR, and AR.

Roughly $53.8 million of the total will be reserved for the United Kingdom, and products will be tested in VR arcades by consumers.

Global Operations

Entain owns U.K. online casino Ladbrokes and Austrian betting brand Bwin, with licenses to operate in at least 27 countries. In January, Entain and MGM Resorts International invested roughly $450 million in sports betting app BetMGM.

Entain and MGM share equal ownership of BetMGM.In October, DraftKings pulled [[link removed]] its $22.4 billion bid to acquire Entain reportedly due to complications introduced by MGM.In January 2021, MGM’s $11 billion bid [[link removed]] to acquire Entain was rejected.

Entain reportedly [[link removed]] plans to invest in its first esports betting business this year, and expects BetMGM to turn profitable in 2023.

The company raised the low end of its earnings guidance last month, citing “strong growth” in online markets.

SPONSORED BY PUBLIC.COM

Actionable Insights Where Sports Meets Industry

Looking to stay ahead of the ever-changing business landscape?

The Front Office Sports Insights platform [[link removed]] provides members with high leverage, data-driven, actionable content on opportunities where sports meets industry.

The best part? It’s free to college students, thanks to Public.com.

In addition to reports on promising opportunities, Insights members get access to primary data sources and an engaged community [[link removed]] of industry professionals.

FOS is looking to grow and foster a community of student leaders, thinkers, and trailblazers across the intersection of sports and business; the goal is to help students turn ideas and research into action and careers.

Think of Insights as everything you love about Front Office Sports – just one level deeper.

Want to learn more? Check out Insights College [[link removed]] today.

Conversation Starters Microsoft Edge is testing [[link removed]] a sports ticker on its browser. The Professional Darts Corporation will use Winmau dartboards exclusively [[link removed]] as part of a five-year partnership. The NCAA is working with Epic Risk Management to provide a program [[link removed]] on gambling harm and athlete protection. Loop Capital Markets has determined that the Super Bowl LVI matchup between the Cincinnati Bengals and the Los Angeles Rams could boost [[link removed]] TV sales for Best Buy. Today's Action

NHL

07:08 PM

Kraken (+215) at Bruins (-255)

Bet Now [[link removed]]

NBA

08:10 PM

Magic (+385) at Bulls (-525)

Bet Now [[link removed]]

NHL

07:08 PM

Sharks (+250) at Lightning (-300)

Bet Now [[link removed]]

*All times are EST unless otherwise noted.

*Odds/lines subject to change. T&Cs apply. See [[link removed]] for details.

Question Of The Day

Are you more likely to purchase products from a brand after seeing them advertise with FOS?

Yes [[link removed]] No [[link removed]]

Monday’s Answer

43% of respondents consider themselves an early adopter of products and services.

Written by Amanda Christovich [[link removed]], Abigail Gentrup [[link removed]], Justin Byers [[link removed]]

MORE FROM FOS:

The Leadoff [[link removed]] - Daily Business of Sports Podcast

Front Office Sports Insights [[link removed]] - The most promising opportunities where sports meets industry

*If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2357)(IL). Gambling problem? Call 1-800-GAMBLER (NJ/WV/PA/MI), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN). 21+. NJ/PA/WV/IN/IA/CO/IL/TN/MI/VA only. Odds and lines subject to change. Eligibility restrictions apply.” See [[link removed]] for details.

Copyright © 2022 Front Office Sports. All rights reserved.

80 Pine Street Suite 3202 New York, NY 10005

If this email was forwarded to you, you can subscribe here [[link removed]].

Advertise [[link removed]] / Update your preferences [link removed] / Unsubscribe [link removed]

An FOS Brand [[link removed]]