The deal comes as spending on sports betting marketing continues to balloon as more states legalize betting. According to Zion Market Research, the sports betting market is estimated to be valued at $131.1 billion. It's expected to be worth $179.3 billion by 2026.
Heavy-hitting sports betting platforms have also seen their market capitalizations grow over the years. DraftKings, one of the largest and most recognizable sports betting platforms, with at least eight million users, has a market capitalization of $38.75 billion, according to Marketwatch. In the fourth quarter of 2020, DraftKings said it had 1.5 million monthly unique payers, beating estimates by 70,000 according to Factset.
To keep growing, sports betting brands must continue to draw casual sports betters, in addition to hard-core gamblers. Adomni and Sportradar positioned the deal as giving brands more ways to get compelling content in front of potential betters.
“In today’s modern advertising marketplace, advertisers are increasingly looking at new and better ways to reach their target audience with relevant, attention-grabbing content. We are excited to partner with Sportradar, the leading global sports data and technology company, to make digital out-of-home ad content more engaging and actionable,” Adomni CEO Jonathan Gudai said.
Some sports betting sites including WynnBet, which is owned by Wynn Resorts, already have begun using the new offering. WynnBet tailored ads based on team schedules, audience movement patterns, betting trends, and eventually, putting betting odds on the ad content itself.
“The ability to incorporate the odds that Sportradar is providing to WynnBet in our social ad channels and programmatic display ads as well as our out of home creative, gives us a nice mix of high-level branding and call-to-action performance which makes the creative more relevant," Kris Cichoski, head of paid media for WynnBet, said in a press release. “This is a game-changer.”
Consumer behaviors are constantly changing, and says that the company wants to use all aspects of data and technology to deliver a more immersive and engaging experience.
“Digital out-of-home advertising is a powerful medium for dynamic ads, which is why it’s a key piece of our ads business and offering," Arne Rees, U.S. CEO of Sportradar, said in a press release.
Sportradar's partnership with Adomni comes on the heels of lots of growth at Sportradar. Last month, the Switzerland-based company made its public debut on the NASDAQ. NBA legend and Charlotte Hornets owner Michael Jordan was appointed to its board of directors as a special advisor and moved to increase his stake in the company.
Sports team owners Mark Cuban and Ted Leonsis also have stakes in the company.