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ON AUGUST 3RD, the DraftKings stock price closed at $16.82, down significantly from its 52-week high of $64.58. People are gambling on sports, but the companies aren¡¯t benefiting ¡ª at least, not on Wall Street. So what gives?

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¡°Sports gambling is no longer taboo,¡± says Luke Beshar, VP of insights and analytics for Team Whistle, a New York-based sports and entertainment media company that targets the under-35 audience. ¡°In the past, it was reserved for Vegas, and there was a social stigma about it. Now, it¡¯s a way to engage and get skin in the game as people are watching the game.¡±
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And expect the relationships between gambling companies and professional sports to grow even closer in the coming years. At Wrigley Field in Chicago, DraftKings is building a sportsbook, and it won¡¯t be long before fans at Citizens Bank Park and Wells Fargo Center have gambling kiosks that allow them to place bets. As technology improves, the speed of in-game betting will increase, allowing bettors to sit at a game and wager on the outcome of the next pitch, shot or play. Media outlets are expanding their gambling coverage and relationships. Every major network has an expert, and betting lines and data are presented before and during game broadcasts, if not on stand-alone betting shows. In July, the Inquirer announced a partnership with Better Collective, a sports media group that will provide gambling content, data and stats through its subsidiary, the Action Network.