Luxury Briefing: Sports betting is a big opportunity for luxury brands — with big risks

6 months ago 38

This week, a look at the opportunity for luxury brands to advertise and partner with the fast-growing — and controversial — world of sports betting, including the benefits and risks. We also take a look at LVMH’s recent acquisition strategy across watches and CEO Bernard Arnault’s new minority stakeholder status in Richemont.

In 2018, the Supreme Court struck down a longstanding federal law disallowing sports betting in the U.S. Six years later, platforms like DraftKings, FanDuel and ESPN Bet have quickly turned sports betting into a huge part of sports culture, with more than $120 billion worth of bets placed last year. FanDuel alone has tripled its profits over the last year.

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