WTF: The NBA is working on a virtual sports-betting game called NBA Last 90 that lets you bet real money on fake games.
How it works: Bettors are dropped into the final 90 seconds of a “game” between two actual teams (Lakers vs. Celtics, etc.). The rest of the game is a combination of other highlights from past Lakes/Celtics games. This allows for an unlimited supply of games and betting 24/7/365.
Cash money: Fox is going to be the first network to take bets during games directly.
Quote from Jim Lanzone – CEO @ CBS Interactive:
“The floodgates are starting to open, not only for more gambling-focused content, but entirely new data products that appeal to people trying to gain an edge,”
Early estimates predict that sports betting will generate $3-$5B in additional revenue per year for media companies.