Boxing streaming platform DAZN is now going all in on sports betting by launching its own sportsbook – DAZN BET.
The self-styled ‘Netflix of sports’ has struggled for profitability since its inception in early 2016, losing around £3billion in 2019 and 2020 alone.
Now the company, which is the premier boxing platform in the U.S., is clearly keen to cash in on the explosion in legal sports wagering across the pond.
The net result is we can all expect to see live DAZN BET odds on our screens during major fights pretty soon.
DAZN CEO on betting move
DAZN Group CEO Shay Segev hailed the launch of DAZN BET by saying: “The convergence of sports media and betting is the future. This historic partnership brings together the leading sports media company and a technology partner who is committed to developing innovative experiences for fans.
“It underscores DAZN’s commitment to revitalising the sports viewing experience by offering a broader spectrum of digital entertainment for fans.”
DAZN has already spent fortunes on acquiring sports rights on a global basis, but its boxing splurge in the U.S. might be the biggest outlay of all.
DAZN spends big on boxing
Remember it spent $365million in 2018 signing P4P king ‘Canelo’ Alvarez to an 11-fight deal back in 2018. That was short-lived but Canelo will be back on DAZN in May vs Dmitry Bivol – which also sees the launch of DAZN PPV.
DAZN also has a global partnership with Eddie Hearn and Matchroom Boxing – adding the UK to its existing deal in the rest of the world last year.
It remains to be seen whether the move will usher in an era of profitability for DAZN – we are now almost four years on from sports betting being legalised in the U.S. and the market is incredibly competitive.
The positives for DAZN though are that it already has a big user base and a ton of first-party data, meaning the cost of acquisition for customers will be much lower than for other new players in the market.
DAZN is also global remember, so this is not just a U.S. play. It will be interesting to see which markets the company decides to go into.