US media tycoon Peter Chernin has acquired three market leaders in sports betting and fantasy sports data, in a move that highlights the sector’s potential in the US.
Sports Insights, FantasyLabs and SportsAction will be united to form the Action Network, a subscription-based platform to “give sports bettors access to data and analytical tools, along with articles, podcasts and videos that analyse sports from the perspective of a fan who has money on the line,” said Chernin, the chairman and chief executive of Chernin Group.
ESPN veteran Chad Millman, whose career there spanned nearly two decades, has been hired to head Action Network.
FantasyLabs is a provider of data and tools to test daily fantasy sports theories to help build team lineups. Sports Insights is a betting enterprise that tracks real-time scores and gives betting line analysis, while SportsAction is an app featuring live scores, betting odds and gambling advice.
Action Network is to be a data analytics company that will sell “premium sports analysis that will cater to the $170bn-plus underserved sports wagering and fantasy markets,” the company said in a statement.
“The sports marketplace in general is in a time of enormous transition,” Chernin said. “We’re living in a world where people are getting scores almost immediately, getting highlights almost immediately.”
Mark Cuban, the owner of the NBA's Dallas Mavericks and an investor in FantasyLabs, said: “My investment in FantasyLabs was a bet on the future of how people consume sports – with something at stake.
“The company’s acquisition by the Chernin Group and the creation of the Action Network reaffirm that this market is underserved.”
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