00:00These days you can win or lose money by betting on something as simple as a coin toss.
00:05And that's just a small example of the risk and reward of sports betting.
00:10I'm Miranda Williams, a sports business reporter at Bloomberg News,
00:13and I'm taking you inside the world's biggest, flashiest, and most expensive sporting events to answer one question.
00:20How did sports become this big of a business?
00:25Today we're going to explore a new corner of the sports industry.
00:28A corner that divides opinions like nothing else.
00:30Some call it exciting, fun, and exhilarating, while others think it's dark, risky, and dangerous.
00:35Let's talk gambling.
00:38The Super Bowl is the most bet on sporting events in the world.
00:42The American Gaming Association reported 67.8 million Americans bet on the Super Bowl.
00:47Insane, I know, but just wait.
00:49Now guess how much those people bet?
00:52Not millions, billions.
00:5423 billion to be exact.
00:57Now let's put that into perspective.
00:59The NFL's total revenue last season was 23 billion.
01:02Sports betting has given fans a new way to engage with the game.
01:06We've all seen the viral videos.
01:07Someone hits a wild parlay and wins hundreds and sometimes thousands of dollars.
01:12When you're winning, it feels electric.
01:14But when you're losing, it's brutal.
01:18The truth is, the larger ramifications of sports leagues partnering with gambling companies remains to be seen.
01:23But one thing is clear.
01:25More and more money is being bet on sports each year.
01:28The advantage to being partners with these is that you get a lot of insights.
01:32There is a sharing back and forth about whatever irregular business practices or gambling practices are.
01:38There's also a darker side.
01:40Dozens of athletes across the NFL, NBA, MLB, and other pro leagues have reported an increase in death threats.
01:46And betting scandals have begun to touch athletes themselves.
01:49Still, league commissioners have been blunt.
01:52Embracing legalized gambling is now part of modern sports.
01:56And their argument, if you ignore it, illegal gambling will fill the void.
01:59The illegal market is much, much larger when you don't have a legal market.
02:03States that regulate sports betting have a much smaller illegal market than the states that have no legalized sports betting.
02:11Sports betting partnerships have unlocked a massive new revenue stream for leagues and offered a new way for fans to
02:17engage with the sports they love.
02:18But the ripple effects on athletes, fan behavior, and broader sports culture may ultimately carry a cost that outweighs the
02:25money in the worst way possible.
02:27The availability of betting on your phone, just with a couple of touches, right, means that there's greater risk, more
02:33people participating.
02:34And so we have to be incredibly thoughtful about it.
02:36Sports betting has changed the live viewing experience as well.
02:39At the Super Bowl, the stakes aren't just on the field anymore.
02:42They're on your phone.
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