Horizon Media has issued a new report on emerging opportunities around sports betting sponsorships that reveals challenges and upsides.
Brands need to understand that just because they sponsor sports doesn’t mean they should necessarily sponsor sports betting, cautions Horizon.
Currently only 6% of sports bettors bet at least once a week. Two in 10 (21%) have placed a bet within the past year.
Still, 60% of total sports viewers think sports betting represents a new and innovative form of sponsorship.
According to the report, sports betting isn’t just gambling--it creates opportunities to bring a new dimension and expand the meaning of "the game experience."
However not all industries and brands will benefit equally from sponsorship of sports betting. The agency's brand impact score incorporated a brand’s audience perception, brand fit and growth potential across 10 industry categories and 29 major brands that are major sports league sponsors.
Beer and athletic brands, for instance, score highest at 136 and 118 index scores, respectively.
However, categories that rely on a higher level of trust between brand and consumer, may potentially damage brand perception and respect with sports betting sponsorships.
Horizon's research reveals that in the automotive insurance category, for instance, brands are 27% are less likely to get a positive impact from sports betting sponsorships.
Overall, only 19% of sports viewers feel negative sponsorship of sports betting.