Sports betting platform FanDuel has entered a year-long sponsorship agreement with podcast network The Ringer, which was acquired by Spotify for more than $196 million last year.
The sponsorship, which will run through February 2022, makes FanDuel the exclusive sports betting, sportsbook and fantasy sports partner of The Ringer, the podcast media company founded by Bill Simmons.
While terms of the deal were not disclosed, the sponsorship is more than three time’s the brand’s previous advertising investment with The Ringer, Julie Clark, global head of advertising revenue innovation at Spotify said. FanDuel spent an estimated $200 million on marketing in the second half of last year as it aimed to grow its user base during the NFL season.
The Ringer will collaborate with FanDuel's content studio to create podcasts, social media posts, newsletters, video and assets for The Ringer's website. Content includes special listener leagues and contests that Bill Simmons, Joe House and other hosts from The Ringer will participate in.
FanDuel, which is the largest online gambling operator in the U.S. with 40% of the sports betting market and 20% of the gaming market, is looking to expand its digital integrations and create engagement around its growing platform, Mike Raffensperger, CMO of FanDuel said.
“We have already acquired more new sports betting customers than we had in all of 2020 combined,” he said. “The momentum behind our business is very meaningful.”
FanDuel is gaining steam as sports betting becomes legal across the U.S., after the Supreme Court struck down a federal ban on sports betting in 2018. Betting is now legal in more than two dozen states. The industry has the potential to hit $55 billion in the U.S., compared to the $150 billion estimated spend on illegal sports gambling.
FanDuel recently announced it is the official sports betting partner of the NFL with similar partnerships with the NBA, NHL and MLB.