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☆ Why the NFL went all in on sports gambling
▼ + stars: | 2024-02-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

On Sunday, the NFL will hold its first Super Bowl in Las Vegas, a city built on gambling. Even in 2003, gambling was as much a part of the NFL as tailgating, helmets and shoulder pads. Yet the change in the league’s relationship with sports gambling couldn’t be more obvious as it prepares for its first Super Bowl in Sin City. That direct spending is only part of the way the NFL has learned to profit from legalized gambling. The column came four years before the Supreme Court opened the door for legal sports gambling.

Persons: ”, Victor Matheson, ” Matheson, Jeff Miller, Bud, Miller, “, Andrew Zimbalist, ” Zimbalist, Adam Silver, it’s, Zimbalist, ” CNN’s Alicia Wallace Organizations: New, New York CNN, National Football League, Super, Las Vegas Convention, Visitors Authority, NFL, College of, Gambling, Sports, Super Bowl, Caesars Entertainment, American Gaming Association, Smith College, New York Times, NBA, of Columbia Locations: New York, Las Vegas, Sin City, Nevada, ”, California, Texas

Add in the potential attendance of the world’s most famous pop star, and there’ll be no blank spaces on the proverbial check Las Vegas could cash by the weekend’s end. “It helps the spectacle of the Super Bowl in general and I think that means that it benefits everyone,” he says. At least one analyst, however, quibbles with just how large the economic impact will be in reality. There is, however, concern “about displacing one type of visitor” for another because of how busy Las Vegas is many weekends already, Matheson says. “Do Super Bowl fans gamble at the blackjack table in the same way?” Matheson wonders, referring to the typical Las Vegas gambling visitor.

Persons: Taylor Swift, there’ll, ”, Curtis Dubay, Clark, Wells, Swift, Travis Kelce, Dubay, They’re, ” Victor Matheson, ” There’s, Matheson, “, ” Matheson Organizations: Vegas, U.S . Chamber of Commerce, Kansas City Chiefs, San Francisco 49ers, Sunday, city’s Convention, Visitors Authority, Chiefs, NFL, Apex Marketing Group, Front Office, College of, Super, Kansas, Allegiant Locations: Sin City, Las Vegas, Vegas, Nevada, Wells Fargo, Tokyo, Glendale , Arizona, Asia, Kansas City

☆ It’s not just the Super Bowl. Catching a game is becoming unaffordable
▼ + stars: | 2024-02-04 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

In 2023, the average NFL ticket climbed 8.6% to $120, according to Team Marketing Report, a sports market research company. Allegiant Stadium in Las Vegas, home of the Super Bowl, is the third smallest NFL stadium. The closing of the upper deck in Oakland helped the Athletics raise ticket prices during the early 2000s, for example. Five of the most recent seven NFL stadiums have seating for 71,000 or less. Relatively small, that ranks it 27th out of 30 NFL stadiums in capacity.

Persons: ”, Victor Matheson, Lionel Messi’s, Todd Kirkland, ” Matheson, Kirby Lee, Dennis Coates Organizations: New, New York CNN, Super, NFL, College of, Nebraska, Lionel Messi’s MLS, Atlanta Braves, Bureau of Labor Statistics, BLS, Ticketmaster, New York Yankees, USA, Reuters, Athletics, Oakland, Las, University of Maryland, Minnesota Twins, Florida Marlins, NFL’s Raiders, Kansas City Chiefs, San Francisco 49ers Locations: New York, Las Vegas, Oakland, Baltimore County

☆ 'Funflation' drives sporting event ticket prices up a whopping 25%
▼ + stars: | 2023-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

'A gigantic bounce back'Admission prices for sporting events jumped 25.1% in October 2023 from the same month a year prior, according to the Bureau of Labor Statistics' consumer price index data. There's also an alignment of attention-grabbing sporting events taking place this fall. Sports ticket prices were 14.2% higher in October than in November 2019, a smaller gain than the entire index's 19.6% increase, a CNBC analysis of CPI data shows. "We're seeing a gigantic bounce back in prices," Matheson said. StubHub said ticket prices across the top 10 sporting events were 15% higher in 2022 than they were in 2023.

Persons: John Brown, Bryan M, Bennett, Dan Hornberger, That's, Victor Matheson, Matheson, There's, Lionel Messi's, Taylor Swift, StubHub, Rodney Paul, Paul Organizations: Buffalo Bills, New England Patriots, Highmark, Getty, National Football, Philadelphia Eagles, Bureau of Labor Statistics, College of, Inter Miami, Sports, CNBC, NFL, Major League Baseball, National Hockey League, NBA, Syracuse University Locations: Orchard Park , New York, Las Vegas

FIFA allocated the 2030 World Cup to Spain, Portugal and Morocco last week but also said Uruguay, Argentina and Paraguay would host three matches to mark the tournament's centenary. Victor Matheson, sports economist at College of the Holy Cross in Massachusetts, said the 2030 World Cup proposal was "extremely well done" on FIFA's part. BEER BACK ON TAPThe World Cup in Qatar also had to contend with strict controls on alcohol. Two days before the tournament kicked off, Budweiser, the official beer of the World Cup, had taps at stadiums turned off by Qatari officials. "Like it or not, that's what ends up happening and everyone in the end remembers how great Lionel Messi was and how Argentina won the World Cup," he said.

Persons: Bob Dorfman, It's, Victor Matheson, Matheson, Vijay Setlur, Dorfman, Lionel Messi, Rohith Nair, Aadi Nair, Ahmed Eljechtimi, Toby Davis Organizations: FIFA, Pinnacle Advertising, Reuters, College of, Qatar, Budweiser, Nations, Schulich School of Business, Argentina, Thomson Locations: Spain, Portugal, Morocco, Uruguay, Argentina, Paraguay, North Africa, Europe, Massachusetts, Qatar, Arab, Casablanca, Bengaluru

☆ Why these five states don’t sell lottery tickets
▼ + stars: | 2022-11-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Since 1964, when New Hampshire became the first to offer a state lottery, 44 states have started their own or joined multi-state jackpots. More than 200,000 retail stores and other outlets in the United States sell lottery tickets. That’s because when one state adds a lottery, people often flood across state lines to buy tickets. Recently, states that have adopted lotteries have emphasized that sales from tickets will go to social programs. The people likeliest to buy tickets are often the same ones who most rely on these government programs, he said.

☆ Why is the Powerball prize at a record? Thank Fed Chairman Jerome Powell
▼ + stars: | 2022-11-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

The current annuity prize is beating the record set in January 2016 when three winners split a prize advertised at $1.586 billion. Each took their share of the cash value, which added up to $983.5 million, $200 million more than cash prize in Saturday’s “record” drawing. That advertised then-record annuity prize was 61% greater than the cash prize. This time, the estimated annuity prize is 104% greater than the cash prize. If it was the same ratio as in 2016, Saturday’s annuity prize would be only $1.26 billion.

☆ The Fed's interest rate hikes helped make this weekend's $1.6 billion Powerball prize the largest lottery jackpot in US history
▼ + stars: | 2022-11-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

This weekend's $1.6 billion Powerball prize is the largest lottery jackpot in US history. The Federal Reserve's interest rate hikes are a key reason the headline prize is so high. In comparison, the lump sum prize for Saturday's lottery would only be approximately 49% of the $1.6 billion. So in some ways, the Fed is one reason Saturday's headline Powerball jackpot is the highest ever. This week, it surpassed the $1.54 billion Mega Millions jackpot in 2018 and the $1.59 billion Powerball jackpot in 2016.

☆ $1 billion lottery jackpots are more common than ever—and it’s actually making them harder to win
▼ + stars: | 2022-11-02 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

It's the fifth time a U.S. lottery prize has reached 10 digits since 2016, when the first billion-dollar prize jackpot was announced. Make that lottery harder to win and you can almost guarantee higher jackpots on a regular basis, incentivizing even more people to buy lottery tickets. Powerball's organizers have gradually made their lottery harder to win for decades, says Victor Matheson, an economics professor at the College of the Holy Cross who studies lotteries. Before then, your odds of winning a Powerball lottery were around 1 in 175 million, Matheson says. "They've been running Powerball or its predecessor for [34 years], and they've gradually been making it harder and harder to win," Matheson tells CNBC Make It.

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