FanDuel nearing naming rights deal to replace Bally Sports: report
FanDuel launched as a daily fantasy sports service
FanDuel may be on a lot more televisions relatively soon.
The sports gambling giant is reportedly nearing a deal to replace Bally as Diamond Sports' naming brand for its regional sports networks.
Diamond declared bankruptcy last year with its parent, Sinclair, losing money since its $9.6 billion purchase from Disney in 2019. Diamond's networks broadcast 38 teams in MLB, the NBA and NHL.
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A FanDuel logo at a game between the Texas Rangers and the Detroit Tigers April 17, 2024, at Comerica Park in Detroit. (Joseph Weiser/Icon Sportswire via Getty Images / Getty Images)
According to Sportico, Diamond reportedly said in Tuesday's Chapter 11 hearing it had found a new partner. Bloomberg first reported FanDuel is the partner.
Diamond faced high fixed costs under its broadcast contracts that have become uneconomical for the company as viewers cancel cable subscriptions amid a shift to streaming.
A view of the step and repeat display during the FanDuel party at the Kentucky Derby at Old Forester's Paristown Hall May 3, 2024, in Louisville. (Jeff Schear/Getty Images for FanDuel / Getty Images)
PADRES’ TUCUPITA MARCANO HIT WITH LIFETIME BAN FOR BETTING ON MLB GAMES
FanDuel started out as a daily fantasy sports service but expanded to online gambling in recent years. FanDuel TV has since begun, and the online casino also owns a cable channel for horse racing.
The terms are still reportedly being finalized, but the multiyear deal is expected to involve FanDuel-related programming.
Bloomberg says FanDuel would sell Diamond's streaming service to fans and take an equity stake in the company.
The current deal between Diamond and Bally ends at the end of this MLB season.
A view of an electronic kiosk during the FanDuel Party at the Kentucky Derby at Old Forester's Paristown Hall May 3, 2024, in Louisville. (Jeff Schear/Getty Images for FanDuel / Getty Images)
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The NFL still has its games broadcast nationally by FOX, CBS, NBC and ESPN, while streaming service Amazon Prime Video joined in 2022 and Netflix will broadcast games this year.
The report comes after Shohei Ohtani was cleared of wrongdoing in his ex-interpreter's gambling scandal and as MLB issued a lifetime ban on Tucupita Marcano for gambling on baseball. The league also issued four year-long bans to other players.
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