New York Yankees Join Forces with FanDuel
The New York Yankees are one of the leading American sports teams. If you ask anyone outside of the United States to name a sports team, the New York Yankees are sure to be high on the list of responses. Based in the New York City borough of the Bronx, the Yankees participate in Major League Baseball and have won 27 World Series championships, making them one of the most successful American sports teams. Therefore, when it was announced FanDuel were entering into partnership with the New York Yankees as the ball club’s official sports betting partner, it was big news.
This move was only made possible due to the legalization of New York sports betting. Prior to the legalization of sports betting in New York, the type of partnership between FanDuel and the New York Yankees would not have been possible. The changes in legislation mean American sports teams can now take advantage of new sponsorship deals and they do not come much bigger than the Yankees and FanDuel.
As we entered April 2022, the total sports betting handle for New York state was more than $5.6 billion, an incredible figure. This not only has benefits for the sports teams and betting companies, who are clearly making a lot of money from the legalization of sports betting but also for the state taxes. As of April 2022, the total amount of New York state tax generated from sports betting was close to $200 million. So, there are clearly benefits to sports teams, betting companies, and the state.
Mike Raffensperger, CMO of FanDuel Group spoke about the deal with New York Yankees and said, “There is no more globally recognized sports brand than the New York Yankees, and as a New York-based company we’re delighted to remain partners with our hometown team,” before continuing, “One of our company values is to be absurdly fan-focused and there is no fanbase more passionate about their team than Yankees fans which makes this a natural fit.”
Michael J. Tusiani, New York Yankees Senior Vice President, Partnerships also spoke about the deal and said, “We are very excited to be continuing our relationship with FanDuel — our partner since 2020. We hope that FanDuel’s Yankee Stadium presence and customer engagement will continue to strengthen its brand as a sports betting operator within the tri-state area.”
So, both parties clearly feel they are going to benefit from the partnership. Looking at the deal from the FanDuel point of view, the brand is going to be visible at games played at the Yankee Stadium. That includes signage in right field of the stadium and rotational advertising boardings for televised games. FanDuel also have permission to use the Yankees logos on their website and mobile app plus FanDuel have access to premium VIP hospitality at Yankees home games.
The partnership with the Yankees is clearly working for FanDuel. In addition to reporting more growth than any other gambling brand in New York over the past few months, Gamble USA also noted FanDuel have been outperforming their competitors, including DraftKings and BetMGM.
As for as the Yankees are concerned, they will receive money for the deal with FanDuel. The exact amount has not been released to the public but being one of the most iconic sporting brands on the planet, means the Yankees can attract huge sums in sponsorship deals. They are sure to be making their fair share from the partnership with FanDuel and it will at least be on a par with the partnership between the New York Mets and Caesars Entertainment.
Sports teams and betting brands have been joining forces across the United States and the partnership between the New York Yankees and FanDuel is hugely beneficially to both parties. It clearly costs a lot of money to have the Yankees logo on your website but with the continuing growth in New York state, it appears to be worth every dime for FanDuel.
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