Last November, Verizon Communications entered the sports betting world when it partnered with MGM Resorts International in New Jersey. The company, through Yahoo Sports, expects to expand its MGM relationship to at least five states in 2020.
The phone company plans hinge on sorting out the various state policies and platforms, Verizon Media Chief Executive Officer Guru Gowrappan told Bloomberg News at the CES electronics show in Las Vegas.
Companies like DraftKings Inc. and FanDuel Inc. dominate the sports betting field, but with 16 million active users on Yahoo Sports and a BetMGM sportsbook in New Jersey, Gowrappan said there’s a foundation for a larger betting network.
“It’s an important priority for us, and a huge bet for us,” he said.
Verizon, which ranks as the largest U.S. wireless carrier, has relatively few side businesses, and has been focused almost completely on the rollout of 5G service. Gowrappan spent last year restructuring the media business, previously called Oath. He calls this year a building period.
In August, Verizon sold blogging platform Tumblr as part of a broader strategy of moving away from user-generated content and social media. Gowrappan said additional asset sales are unlikely, but there could be opportunities in content or advertising.
Verizon Media may also involve itself in the presidential campaign. The company has a site that consists of candidate profiles and 90-second elevator pitches from each candidates.
“We’ve launched an election hub, which focuses on bringing all our content together, creating an election experience for consumers who are going to vote in 2020,” Gowrappan said.
