The NCAA Division I men’s basketball tournament tips off Tuesday, and it’s already shaping up to be a historic one — for sports betting, at least.

Legal sports betting in the U.S. for the tournament could reach — or perhaps surpass — $3 billion, according to at least two studies. A third group suggested it could reach $10 billion.

The Big Dance often draws more betting activity than the Super Bowl, per PlayUSA. But this year, it could notch three times the amount of Super Bowl bets — and break a betting record for U.S. sporting events.

• Because of the tournament’s popularity and condensed schedule, it’s always a top sports betting event, PlayUSA.com analyst Eric Ramsey said.
• This year, sports betting is legal in several more U.S. states than it was last year — including record-breaking New York — and most states have little, if any, restrictions on college sports betting.
• “This year will easily shatter the record for the most bet-on event set last year,” Ramsey said.

About 45 million people will likely participate, according to the American Gaming Association’s conducted with Morning Consult. They’ll place about 76% of bets outside bracket challenges — a significant uptick from last year. 

New Industry Partnerships

The gambling industry was always considered taboo in college sports. Now, it’s infiltrated NCAA sports in more ways than one. 

In addition to fans betting more on college sports, sports betting operators have partnered with high-profile athletic departments and athletes. Gambling watchdogs have stepped in, too.

The Denver Broncos are up for sale, and the latest party to express interest in buying the team is Rob Walton, son of late Walmart founder Sam Walton.

Walton has an estimated net worth of $65.2 billion — a significant number compared to the expected sale price of $3.5 billion to $4 billion. A price tag higher than $3.3 billion would reportedly be a record price for a sports franchise.

While Walton has the funds to buy the team on his own, other bidders are joining groups.

• A group including former Broncos quarterbacks Peyton Manning and John Elway have expressed interest.
• Media mogul Byron Allen is reportedly looking to put in a bid, which would make him the first Black majority owner of a franchise in the league.
• The same goes for the country’s richest Black man, Robert Smith, who has considered a bid. He’s estimated to be worth roughly $9 billion.

Basketball, Baseball, Betting, Broncos

Another interested party is Todd Boehly, part-owner of the Los Angeles Lakers, Sparks, Dodgers, and DraftKings. Boehly is also included in a consortium looking to buy Chelsea FC.

The NFL announced earlier this month that bids for the team are required to be fully capitalized, which would restrict buyers from raising money after an offer is made. The league also said it would allow $1 billion of acquisition debt.

Software company Salesforce is reportedly close to securing a bumper deal with Liberty Media’s Formula 1.

The season’s opening race takes place in Bahrain this weekend, and the pair is hoping to finalize the deal — expected to be $30 million annually for five years — before the race’s start. Salesforce would be included in Formula 1’s global sponsorship tier.

Formula 1 has brought in a flurry of sponsorships recently as the sport gains more popularity. 

• Earlier this month, F1 announced a deal with Chinese technology company Lenovo. Financial terms were not disclosed.
• In June, F1 unveiled crypto.com as a global partner in a five-year deal worth more than $100 million.
• In 2020, Saudi Aramco announced its own global partnership with Formula 1. 
• The U.S. will host the Miami Grand Prix for the first time this year, adding to its race in Austin, Texas.

Race to the Top

Formula 1’s fourth-quarter revenue increased 62.3% to $787 million, with viewership reaching 1.55 billion last season. Revenue for the full year hit $2.14 billion.

The Liberty Media division terminated its broadcasting contract with Match TV in Russia, adding to the list of sports properties severing ties to the country after its invasion of Ukraine.

777 Partners has acquired full ownership of Belgian top-flight soccer club Standard Liège, marking yet another investment in soccer for the Miami-based investment firm. 

The firm has purchased a controlling stake in Standard from club president and energy entrepreneur Bruno Venanzi for an undisclosed amount. Before the global pandemic, Standard generated between $49 million and $55 million in revenue per year, according to Bloomberg. 

777 Partners has more than $3 billion in assets under management, with several high-profile investments in international soccer.

• It owns a 15% stake in La Liga’s Sevilla FC, which is valued at $436.5 million.
• The firm purchased Genoa C.F.C. — Italy’s oldest soccer team — for $175 million.
• It has agreed to acquire a 70% stake in Brazilian soccer club Vasco de Gama for $138 million.

Venanzi’s sale to 777 Partners marks a historic moment in soccer, as Standard is now the first Belgian team to be completely under foreign ownership and the 10th Belgian club with investors from outside the country.

Committed to Sports 

Founded in 2015, 777 Partners has several sports-related investments outside of soccer clubs. In 2020, the firm invested $10 million in Fanatiz, a sports-focused OTT service, and acquired 1190 Sports, which manages sports media rights.

The firm owns a majority stake in the London Lions of the British Basketball League and is also an investor in ATA Football, a company devoted to elevating women’s soccer.