Published on: October 18, 2024, 05:03h.
Last updated on: October 18, 2024, 05:04h.
Diamond Sports Group’s regional sports networks currently known as Bally’s Sports will soon be rebranded as FanDuel starting on October 21. This transition was officially announced by Flutter Entertainment, the parent company of Diamond and FanDuel.
Reports emerged that Diamond, in bankruptcy, sought to expedite the rebranding due to the impending expiration of its agreement with Bally’s. The move aims to enhance the connection with local fans and strengthen the direct-to-consumer offering for a growing digital audience.
This partnership reinforces opportunities to further strengthen the close connection our RSNs have with local fans, including enhancing our direct-to-consumer (DTC) offering for a growing digital audience,” said Diamond CEO David Preschlack in a statement. “In the meantime, having finalized agreements with the NBA, NHL and our key distributors, we remain focused on moving our business forward and driving value for our team partners and our stakeholders.
Beginning October 21, 16 RSNs currently under the Bally’s Sports umbrella will be rebranded as FanDuel Sports Network.
FanDuel Could Get Equity Interest in Diamond Sports
Financial details of the rebranding were not disclosed due to Diamond’s ongoing bankruptcy proceedings. However, FanDuel could potentially receive economic benefits through the RSN deal.
As part of the agreement, FanDuel gains resell rights to Diamond’s DTC offering and additional economic and equity elements. FanDuel is making a significant rights fee payment and could hold up to 5% equity in Diamond once it emerges from bankruptcy.
Unlike the previous deal with Bally’s, which paid $85 million over 10 years for branding rights, the FanDuel partnership offers broader reach and potential rewards for both parties.
“A large cohort of FanDuel customers are devoted RSN viewers and this agreement allows us to further cement the FanDuel brand with sports fans and provides a unique vehicle to reward our users,” said FanDuel President Mike Raffensperger in the press release.
Expanding Reach
The RSNs transitioning to FanDuel are strategically located in states where FanDuel has a strong presence in the online sports betting market, as well as in potential future markets for the operator.
The list of RSNs adopting the FanDuel name includes: FanDuel Sports Network Detroit, FanDuel Sports Network Florida, FanDuel Sports Network Great Lakes, FanDuel Sports Network Kansas City, FanDuel Sports Network Indiana, FanDuel Sports Network Midwest, FanDuel Sports Network North, FanDuel Sports Network Ohio, FanDuel Sports Network Oklahoma, FanDuel Sports Network SoCal, FanDuel Sports Network South, FanDuel Sports Network Southeast, FanDuel Sports Network Southwest, FanDuel Sports Network Sun, FanDuel Sports Network West, and FanDuel Sports Network Wisconsin.