Basketball is one of the most popular sports in the world. The business involves lots of deals, agreements for teams, and sponsorships. The latter helps basketball clubs grow in plenty of ways and sponsors alike.
Thanks to these partnerships, this sport’s events generate lots of money. For instance, the National Basketball Association or NBA has generated a swooping $10 billion in revenue in 2021 If it wasn’t for the sponsors, this number wouldn’t be as high. Read on to find out the most significant sponsorships in the world of basketball that helped this sport to grow.
Betting Companies
Gambling businesses, often support sports leagues and athletes. It’s quite common to see pro players as brand ambassadors for casino and sportsbook sites. There are smaller platforms that don’t necessarily rely on this marketing approach. A gambling site called Casino Classic earned a good name because of an extensive list of games and bonuses. However, others are looking to reinforce their reputation through expensive sponsorship.
Plenty of betting sites act as sponsors to basketball teams and events, among other sports, and thus prove their reputability. Online casino sites are getting more and more involved in sports such as basketball because sports fans enjoy betting in their free time. Seeing that their favorite teams are sponsored by wagering companies, punters are more likely to look them up on the internet. That helps operators to grow their customer base. When bettors see their team is sponsored by a particular brand, they will feel inclined to choose that operator.
The sponsorship deals between betting firms and clubs are expected to remain constant or increase. With time, the online gambling industry will keep expanding and helping clubs to make progress.
Nike
This clothing brand made a partnership deal with the NBA seven years ago. However, their deal was not effective until 2017-18. At that point, these sponsorship deals went as high as $1 billion, which was really massive. Thus, the American multinational corporation outbid their rivals, Adidas, who had previously been the official partner of the National Basketball League.
The deal implies the sports outfit which includes jerseys, sneakers, and other gear or attire, much like other jersey sponsorship agreements. Further, sports lovers will be seeing Nike’s logo on all the clothing, which wasn’t the case when Adidas and Reebook were the NBA sponsors.
According to the terms of the agreement, the sponsorship will continue through 2026 In all likelihood, the collaboration will continue even after the agreement expires. There is another big deal between this company and Michael Jordan, one of the most iconic basketball players of all time. This is one of the biggest deals given the reputation of Jordan Sneakers. To be specific the former NBA superstar has earned more than $100 million through this collaboration with Nike.
2K Sports
Launched by Take-Two Interactive in 2005, 2K Sports has for some time been the official Gaming Partner of the National Basketball Association. The partnership between NBA League and 2K has been so beneficial for both sides that they decided to extend their contract by a further seven years.
Their partnership has ultimately led to the creation of a video simulation known as the ‘NBA 2K’ League. The video game is a series of basketball-based simulation video games released in 2017 Since its launch, many basketball lovers have put their skills to the test by engaging in this game. This immersive game enables them to purchase new players and diversify their team, coach a team, build a collection, and there are other exciting features.
In addition, players can explore the NBA 2K League on many gambling sites as it is available in an eSport section with its own team. In fact, this deal served to expand the fan base for both NBA and eSports in general. Thanks to video games many become inspired to take up basketball, or other sports that they play as a video game. Gaming tournaments are now more popular than ever, and sports games naturally excel in this category. Moreover, gambling companies heavily support both of these industries.
American Express
Since 1995, this American multinational corporation has sponsored NBA leagues. A year ago, it agreed to a contract extension without changes in the initial deal – American Express remains the official card for both the men’s and women’s leagues. At the moment, it sponsors teams such as Los Angeles Lakers, Boston Celtics, Chicago Bulls, Brooklyn Nets, and Miami Heat as its official card.
Further, Amex cardholders can buy NBA’s 2K22 titles in 2K stores. The ‘Jersey Assurance’ program that the company started at the beginning of the contract still remains in effect. Thus, customers can replace purchased NBA or WNBA jerseys no older than a year. Alternatively, they can sell them.
Conclusion
To sum up, Nike, American Express, 2K Sports, and a variety of betting companies have lucrative deals with basketball clubs. Both parties benefit from this partnership. All these brands hope to enlarge their customer base. As they are some of the biggest money-spinners, they have sufficient money for funding clubs. Thus, teams can progress with time, improve the game, and show their full potential. Additionally, these deals expand career opportunities for professional players. Many athletes serve as brand ambassadors for both clothing and gambling businesses.
