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Sports teams often sign long-term contracts with major global brands. These agreements typically require mutual interest from both parties and specific agreed-upon terms. When sports teams sign these contracts, their jerseys often display logos from the contracted brands. Sports betting companies contact sports teams at specific times in order to encourage them to end their contracts. This is because sporting affiliates provide both parties with significant benefits; fans often bet at casinos that sponsor their favorite teams. Sports team sponsorships involve a lot of costs, and many people use these venues after they¡¯re completed.
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New Jersey is on the verge of extending its law permitting internet gambling for another 10 years, and during Thursday's opening session of the casino conference, the state's Democratic governor, Phil Murphy, promised he would sign the bill it if passed.
Local Sports Betting Ad Spend: For local advertising, BIA forecasts ad spend for sports betting to reach $1.8 billion in 2022, a sizable jump of 80% from 2021. By 2024, BIA projects local ad spend for the category to total $2.9 billion. BIA¡¯s Nicole Ovadia, says, ¡°With New York and other larger markets making online sports betting legal this year, that has led to a significant increase in ad spending. BIA is also forecasting this vertical to grow significantly between now and 2024 when it will hit nearly $3 billion. This jump is dependent on California voting to legalize online gambling in 2023 and going live in 2024.¡±
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