Verizon Considers Jumping into the Gambling World

Verizon Communications is mainly known for providing mobile service to millions of people. But they’re also considering a jump into the gambling world in the near future. The New York-based company purchased Yahoo and its fantasy sports division last year. More recently, Verizon officials have been meeting with consultants and experts on the potential of […]

Verizon Communications is mainly known for providing mobile service to millions of people. But they’re also considering a jump into the gambling world in the near future.

The New York-based company purchased Yahoo and its fantasy sports division last year. More recently, Verizon officials have been meeting with consultants and experts on the potential of a sports-focused online gambling venue in America.

US Sports Betting Laws Must be Changed First

The biggest roadblock to Verizon’s plans is the current US laws on online sports betting. According to a 2011 opinion by the US Department of Justice, sports wagering is the only form of internet gambling that’s implicitly banned.

This means that America will have to change their laws on sports betting before Verizon can begin seriously contemplating online gambling. The US Supreme Court is expected to soon issue a decision for those who are challenging the sports betting ban.

“There are some changes coming that we pay attention to. We stay close to that to see how it would affect our asset and how we may chose to respond,” said Verizon Chief Financial Officer Matt Ellis.

“I’ve not looked at anything in detail. If someone has an idea around it, I’ll look at it like any other. But we are not getting ahead of ourselves there.”

Verizon may Stay out of Gambling

Verizon is a massive company that doesn’t need gambling to excel. Therefore, they may ultimately decide to stay out of the internet gambling world.

But their purchase of Yahoo at least gives them a foothold in case they decide to enter this space. Yahoo’s fantasy sports operation currently draws tens of millions of fans who participate in daily fantasy sports.

According to Bloomberg, Yahoo could also look into acquiring an online sports betting company. They have streaming rights to NBA and NFL games, which would go well if they also offered live sports betting.

But again, the US will have to change their sports gambling laws before any of this can happen.

 

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