iHeartMedia wants more of the fast-growing action in sports betting, so it has signed a “strategic relationship” with DraftKings.
It says the agreement makes DraftKings “the official odds supplier for iHeartMedia’s broadcast, digital, podcast and social platforms.”
Sports gambling is a hot commodity for big companies with radio roots just now. Audacy and Cumulus for example have been active in the sector.
iHeart and DraftKings cited all sorts of possible joint projects, including DraftKings co-creating and distributing long-form content.
“The two can also collaborate around a wide range of possible content development opportunities, tapping into iHeart’s 270 million+ monthly consumer base on its broadcast platform alone,” according to the announcement.
Further opportunities include integrations in iHeart live sports coverage and “possible experiential opportunities for listeners and fans.”
This seems like a natural fit, given the scale of iHeart’s sports audio network, which includes broadcast products as well as the large iHeartPodcast Sports Network.
Among other things DraftKings will be able to use iHeartMedia’s SmartAudio advertising products.
“The data integration would enable fact-based audience planning and targeting optimizations across iHeartMedia’s broadcast and digital platform,” they said in the announcement.
Both companies are publicly traded on Nasdaq. The announcement was made by Greg Ashlock, CEO of iHeartMedia’s Multiplatform Group, and Matt Kalish, co-founder and president of DraftKings North America.
Kalish and friends Jason Robins and Paul Liberman started DraftKings in Liberman’s apartment in Massachusetts, launching a daily fantasy sports platform in 2012. Last year it combined with Diamond Eagle Acquisition Co. and gambling technology firm SBTech, going public in April 2020. It now calls itself a “vertically integrated pure-play sports betting and online gaming company.”
Kalish was quoted saying, “Analytically tapping into iHeart’s coveted listenership while powering authentic betting content is a landmark moment for both organizations and precursor to new possibilities in media innovation.”