Joe Pompliano

Major League Baseball (MLB) was facing an existential crisis.

Youth attention spans had dropped 70% since the introduction of the iPhone, and baseball went from being America's most popular sport to its 3rd most popular sport — behind football, basketball, and soon-to-be soccer.

So MLB executives analyzed the data.

They discovered that MLB games had drastically increased in length, and fans wanted shorter games, more action, and a better ballpark experience.

Average Length Of MLB Game
1975: 2 hours and 25 minutes
2021: 3 hours and 10 minutes

So Major League Baseball took a controversial stance.

They implemented several new rule changes, including a pitch clock, larger bases, shift banning, and more.

And the diehard baseball fans HATED this.

They said it ruined America's pastime and would only accelerate MLB's decline.

But the early numbers are in, and they look GOOD.

MLB games are now 30 minutes shorter on average. And there is more action, too, with batting average, stolen bases, and runs per game all up year-over-year.

Pace of Play
2022: 3:07
2023: 2:37

Batting Average
2022: .230
2023: .250

Runs per game
2022: 8.0
2023: 9.4

Stolen Base Success Rate
2022: 74%
2023: 80%

And this has a direct impact on fan engagement.

For example, attendance is up for 20 out of 30 teams, and MLB says this past Saturday was the league's most well-attended Saturday in 8 years, with eight different games bringing in crowds of 40,000+ fans.

So shoutout to Major League Baseball (MLB) for analyzing the data and having the courage to make drastic changes.

The numbers are undeniable 👏

Ps. Follow me (Joe Pompliano) for more sports business breakdowns!

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This year's beach volleyball court might be the most aesthetically pleasing Olympic venue of all time 🤯

The WNBA has released a report saying...

• Attendance is up 156% from last year, and more than half of all WNBA games this year have been sellouts.

• About 400,000 fans have attended WNBA games this season, filling WNBA arenas to 94% capacity.

• This year's televised games (ABC, ESPN, etc.) are averaging 1.32 million viewers, nearly triple last season's average of 462,000.

• WNBA Countdown is averaging 741,000 viewers, a 211% increase from last year's full season average.

• The WNBA's online merchandise store has already set a single-season sales record (with 4+ months left in the season), and sales are up 756% compared to last year.

• The WNBA's social channels garnered 157 million video views through the first week of the season, an all-time high and up 380% compared to last year.

• The WNBA set an all-time high for League Pass subscriptions last month with a 355% increase vs. last season.

So, in simple terms, business is booming 📈

P.S. Follow me (Joe Pompliano) for more sports business content!

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Scottie Scheffler has won The Memorial Tournament, taking home the $4 million first-place prize.\n\nThat means Scheffler has officially set a new single-season PGA Tour earnings record for the third straight year.\n\n2022: $14 million\n2023: $21 million\n2024: $24 million\n\nEven crazier, there are still 3+ months left in the season.\n\nThis guy is on an entirely different planet right now.\n\n#sports #linkedinsports #sportsbiz

Yasir Al-Rumayyan has a ridiculous resume:

• Governor of Saudi's $900B investment fund
• Chairman of oil giant Saudi Aramco
• Board member at Uber & SoftBank
• Right-hand man to Crown Prince MBS

Now, Al-Rumayyan has become one of the most powerful men in sports, with Saudi Arabia allowing him to spend over $10 billion on leagues and teams in an effort to divert the country's economy away from oil and towards tourism.

Today's video breaks it all down.

This is super interesting, even if you don't care about sports.

WATCH: https://lnkd.in/e5qQ9rUv

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BREAKING: Apple TV has signed a 5-year deal with Formula 1 for its exclusive media rights in the US.

Here's what you need to know 👇

1. Apple TV is replacing ESPN as F1's exclusive broadcast partner in the United States. ESPN was paying $90 million, while Apple TV will now pay $140 million per year.

2. F1's US rights have skyrocketed over the last 7 years. F1 initially let ESPN broadcast its races for free in 2018. That then turned into a $5 million deal, then $75 million to $90 million, and now $140 million annually.

3. F1 TV will continue in the US. You will need an Apple TV account to access F1 TV, but if you already subscribe to both services, you will save money (because your Apple TV subscription will now work for both).

4. Apple TV will have broadcast all sessions — practice, qualifying, sprint races, etc. — every grand prix weekend.

5. Apple is still determining who will be on the broadcast and production team.

6. The production on Apple TV will be high-quality, as Apple doesn't compress its video as much as others (and is usually willing to try new things, like unique camera angles, etc.).

7. All F1 content on Apple TV will be available in English and Spanish, taking advantage of the ~42 million people who speak Spanish in the US.

8. F1 is hoping Apple's large customer base in the US will offset the audience loss that traditionally comes with switching from cable to streaming (i.e., a paywall).

Similar to the company's partnership with MLS, Apple will send push notifications to iPhone users, integrate F1 content into its news app, and allow users to follow each race live via a dedicated widget on the iPhone home screen.

9. Apple says the success of the new F1 movie (with Brad Pitt) created a strong relationship with the sports leadership team, ultimately helping get the deal done.

The F1 movie was an Apple Original film and has surpassed $628 million at the global box office, making it the highest-grossing sports movie ever.

10. Apple will put some of the races in front of its paywall, allowing users to watch certain F1 content inside the Apple TV app without a subscription.

Ultimately, this deal makes a lot more sense for Apple TV than it would have for ESPN. The inability to sell commercials during races limited how much higher ESPN could have gone with its rights fee, but that problem goes away on a streaming service like Apple TV.

And while $140 million annually might seem high, it's important to remember that some brands pay $100 million per year just to sponsor individual Formula 1 teams.

Apple TV will make some of the money back by adding new subscribers and reducing churn through a more diversified offering. But F1's premium audience is the perfect marketing platform for Apple, and there are also a ton of other benefits when it comes to hospitality, etc.

P.S. If you enjoyed this recap, join 135,000 others who read my 3x weekly newsletter breaking down the business and money behind sports: huddleup.substack.com

Apple is reportedly considering a $2 billion PER YEAR offer for the exclusive global broadcasting rights of Formula 1.

There are some challenges — many of F1's current TV deals run for another 5+ years — but I also think this would be a home run for Apple.

Here's why 👇

1. The Lionel Messi-MLS deal shows the power of sports content.

MLS Season Pass gained more subscribers in Lionel Messi's first month than in the previous nine months combined, including 110,000 new sign-ups on the day of Messi’s debut alone.

But more importantly, 20% of those people also subscribed to Apple TV+, leading to the platform’s best month ever with 833,500 new US customers in July.

2. Formula 1's audience is perfect for Apple — huge, young, and global.

The NFL, NBA, MLB, NHL, Premier League, La Liga, Bundesliga, Ligue 1, and Serie A are all big — but none of them are truly global like Formula 1.

This is important because Apple is a global company, too, with 500+ stores in 26 countries and billions of dollars in revenue from the United States, United Kingdom, Japan, China, India, Germany, France, and others.

F1's audience is also much younger than other sports leagues.

Average Fan Age By League
MLB: 57 years old
NFL: 50 years old
NHL: 49 years old
NBA: 42 years old
Formula 1: 32 years old

This is an ideal audience for a company like Apple.

3. Apple can leverage F1's valuable intellectual property.

Apple is already working on two F1 projects: a Lewis Hamilton documentary and an F1 movie starring Brad Pitt with Joseph Kosinski of Top Gun directing.

We also all know how popular F1: Drive to Survive is on Netflix, and there are countless other projects that could be valuable to Apple.

4. This partnership could be huge for F1, too.

A $2B bid is double what F1 currently makes in annual broadcast fees and it would represent 77% of the business's $2.573 billion in revenue last year.

But more importantly, it would give F1 more control.

Since Liberty Media purchased F1 for $4.4 billion in 2017, they have made an effort to take more control over their product.

Take Las Vegas, for instance. F1 signed a 10-year deal to race down the Las Vegas strip and have already committed $500 million to the operation.

But instead of allowing someone else to come in and promote the race (think ticket sales, sponsorships, etc.), this is the first race where Liberty Media will do it themselves.

F1 also recently acquired the company that runs trackside hospitality at their races for $313 million — and a partnership with Apple would provide them with even more control.

So we’ll see what happens.

Part of me thinks this is silly because moving from open-end broadcasting deals to a closed-end streaming deal is the quickest way to stunt growth.

But part of me also likes the idea because, if you’re already an F1 fan, having all the content in one central place is an increasingly important luxury.

** Follow me (Joe Pompliano) for more sports business breakdowns!

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The Clippers new $2 billion arena will host its first regular season NBA game tonight.

The Intuit dome is instantly one of the world's most technologically advanced arenas, and owner Steve Ballmer spared no expense when it comes to the fans.

Here's what you need to know 👇

1. Knicks owner James Dolan filed a lawsuit to stop the arena's construction because he thought it would impact concerts at The Forum, which he owns.

So, rather than arguing about it in court, Steve Ballmer bought The Forum for $400 million, and the problem disappeared.

2. The Clippers signed a 23-year, $500 million naming rights deal with Intuit before the arena even opened.

3. The arena has 1,160 toilets—that's three times more than the average NBA arena, and it means that there is one toilet for every 15 seats.

4. All concession stands have the same menu to minimize decision-making, and fans will do contactless checkout via grab-and-go (like Amazon Go stores) to get fans back into their seats as soon as possible.

5. The Clippers spent millions to upgrade the city's traffic control system. This will allow the city to manage traffic signals around the arena from a central command center, making it easier for fans to enter and leave the arena on game day without hitting traffic.

6. The Intuit Dome has already secured several big events, like the 2026 NBA All-Star Game and the 2028 LA Olympics (basketball).

7. The Clippers built student-section-style seating on one end of the floor. It has 51 rows of uninterrupted seating from floor to ceiling with no suites or tiers. Fans aren't allowed to cheer for the other team or wear opponent apparel, and season tickets are $32/game.

8. The Clippers visited more than 100 venues around the world (Wimbledon, Tottenham, etc.) to get inspiration for the Intuit Dome.

9. The double-sided, 360-degree scoreboard is the size of an acre and will display advanced stats and analytics throughout the game.

10. Arena seats are heated, have USB ports to charge phones, and have massage settings. There are also controllers built into the seats so fans can answer trivia questions for prizes during TV timeouts.

It'll be interesting to see how fans enjoy the experience, but this feels like a look into the future of sports venues.

P.S. If you enjoy learning about the business and money behind sports, join 125,000+ others who read my 3x weekly newsletter: https://lnkd.in/dF2E-Qc2

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The FBI just dropped a bombshell on the NBA.

In one of the most sweeping gambling crackdowns in history, federal agents arrested 30 mafia members — along with three NBA coaches and players — for their role in fixing games and rigging high-stakes poker matches.

According to the FBI, former Charlotte Hornets guard Terry Rozier told members of the Italian mafia that he would leave a game early due to injury. The mafia then placed over $200,000 on his unders, cashing out big when Rozier left the game after just 9 minutes. They even counted their winnings at Rozier's house!

But that’s just the beginning.

The FBI’s four-year investigation uncovered everything from X-ray poker tables and custom contact lenses to threats against players with gambling debts.

Chauncey Billups, Damon Jones, and other former players and coaches are now facing charges in two separate FBI investigations — “Operation Nothing But Bet” and “Operation Royal Flush” — involving millions in illegal profits.

It’s a wild story that feels ripped straight out of a movie.

But the real lesson runs much deeper.

Since PASPA was repealed in 2018, gambling has become inseparable from professional sports. Every league, team, and media partner has a financial stake in getting fans to bet. And now, we’re watching the dark side of that system unfold...in real time.

This isn’t just about a few bad actors. It’s about what happens when the business of sports becomes the business of betting.

Today's newsletter breaks down all the details, including both FBI indictments, how the schemes worked, and what it means for the future of sports.

READ: https://lnkd.in/e5vmBrWR

#sports #sportsbiz #linkedinsports

Tiger Woods has announced that he is leaving Nike.

• 27-year partnership
• $500 million in payments
• Billions in sales generated

One of the most lucrative endorsement deals in sports history is officially over.

** Follow me (Joe Pompliano) for more sports business updates!

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The NFL's collaboration with Disney's Toy Story was really well done.

The NFL has a computer chip in each player's shoulder pads to track movement, and then they combine that with Hawkeye optical tracking (like tennis) to animate the game in real time.

The kids love it — and you introduce a new demographic to the sport.

Great work 👏

As part of its recent $3 billion fundraising round, the PGA Tour will start issuing equity payouts to its top players today, according to The Telegraph.

Top projected payouts
• Tiger Woods: $100 million
• Rory McIlroy: $50 million
• Jordan Spieth: $30 million
• Justin Thomas: $30 million

These equity payments will vest over eight years, with 50% coming by year four, another 25% in year six, and the remaining 25% in year eight.

The payments are small compared to what LIV has handed out—Tyrrell Hatton has a $60M+ deal with LIV—but they represent an essential step for the PGA Tour.

These payments will help the PGA Tour retain talent by locking up big-name players with multi-year equity vesting agreements (like a startup would).

There will be little to no liquidity in the secondary market, so players can't take the payment, sell shares, and then jump to LIV later on for a larger check.

And it could even expedite the PGA-LIV merger.

For example, many people have said it wouldn't be fair for LIV golfers to collect a huge check and then be allowed to join the PGA Tour again with no consequences, especially because some big-name PGA Tour players turned down nine-figure contracts with LIV Golf.

But this makes it more fair, opening the door for LIV golfers to potentially rejoin the PGA Tour, with the idea that they could keep their LIV golf money because they won't be getting upside in the PGA Tour's new for-profit entity.

There is still a long way to go to make that happen.

But this is unlike anything else we have seen in professional sports.

Follow me (Joe Pompliano) for more sports business content!

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At least one NFL team has figured out how to turn a “loss” into a multimillion-dollar win.

When the Jacksonville Jaguars agreed to play annual games in London back in 2012, every other team thought they were crazy. Teams didn’t want to give up a home game because it meant giving up revenue.

But Shad Khan saw it differently.

Fast forward to today, and the Jaguars now generate $35–$50 million every time they play in London — keeping every dollar from ticket sales, suites, merchandise, and concessions. No other NFL team has a deal like it.

While most teams lose money by playing internationally, Jacksonville built an entirely new revenue stream (and helped the NFL unlock a billion-dollar global business in the process).

So for today’s newsletter, I break down:
• How the Jaguars negotiated this unique deal
• The real costs and logistics behind NFL international travel
• Why the league’s global ambitions could change team finances forever

Read the full breakdown here: https://lnkd.in/gupywf8s

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The Minnesota Timberwolves recently spent $1.5 million on...lighting?

After taking over the team this summer, Alex Rodriguez and Marc Lore decided to spend $1.5 million on a new lighting setup inside the Target Center.

The Musco Sports Lighting system features 336 LED lights, with 260 focused specifically on the court, and advanced dimming features that create a "theater-style atmosphere" on the court.

Just look at the difference between 2024 and 2025.

The Lakers were the first team to do this in 2006 when Dr. Jerry Buss wanted to replicate the Forum's stage lighting setup in the Staples Center, but plenty of teams have copied it since, including the Knicks at Madison Square Garden.

This not only improves the experience inside the arena for fans, but it's also better for those watching on TV — the court is the only thing that matters.

But more importantly, it's a massive win for Alex Rodriguez and Marc Lore.

The $1.5 million is a small part of the team's annual budget, and it immediately shows fans that the team cares about improving the gameday experience.

P.S. Follow me (Joe Pompliano) for more sports business content!

(Photo credit: BrooksRadio/X)

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The combination of Shohei Ohtani and Canada's first World Series in 32 years is having a massive impact on ratings.

World Series Games 1 & 2 averaged:
• 12.5 million viewers in the US
• 10.7 million viewers in Japan
• 7.2 million viewers in Canada

That's 30 million viewers from just three countries.

P.S. Follow me (Joe Pompliano) for more sports business content!

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The Kansas City Royals just found a way to "buy" 1.5 wins per season for less than $5 million.

They aren't signing high-priced free agents or beefing up their analytics department. They're moving their outfield fence in by 10 feet.

Here's the math:

Kauffman Stadium currently has the 2nd-largest playing field in MLB. It ranks 26th for home runs.

So the Royals had a NASA award-winning computer scientist model exactly how stadium geometry affects offense.

His findings:
→ Shorter fences = 43 additional home runs per season
→ That translates to 1.5 extra wins per year
→ In free agency, 1.5 WAR costs $12-15 million

The Royals are getting that value for a $3-5M construction project.

But here's what most people are missing:

The renovation also adds 230 premium seats worth ~$1.17M in annual revenue.

That's a payback period of less than 4 years.

And with their stadium lease expiring in 2030, the Royals essentially get a risk-free 5-year window to test the dimensions for their next ballpark.

This is Moneyball for stadium design — using analytics to engineer wins through infrastructure instead of payroll.

If it works, expect every small-market team to copy it.

READ THE FULL BREAKDOWN: https://lnkd.in/ex2iCJXq

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YouTube TV just blacked out ESPN, ABC, and 20+ Disney-owned networks… right in the middle of college football’s biggest weekend.

At 11:30 PM ET on October 30 — just 30 minutes before their contract expired — YouTube TV pulled the plug on Disney’s channels, leaving nearly 10 million subscribers without access to ESPN, ABC, and the SEC Network.

This couldn’t have come at a worse time.

ABC is averaging 7.1 million viewers per game, its best college football season in 16 years. This blackout cost Disney millions in advertising revenue and left fans locked out of marquee matchups like Georgia vs. Florida and Oklahoma vs. Tennessee.

So what’s really happening here?

Many assume ESPN is forcing fans toward its new streaming app. But that’s not the real story.

This fight exposes the core tension in the modern TV business:

Streaming companies and cable networks are paying record prices for the same sports rights — while subscribers are footing the bill.

YouTube TV’s price has jumped from $35/month in 2017 to $83/month today, and these disputes will only get worse as more players chase the same live-sports inventory.

We’ve essentially recreated cable, just in app form.

So for today's newsletter, I broke down exactly why this blackout matters, how it ties to the NFL’s new equity stake in ESPN, and what it means for the future of live sports.

Read the full breakdown here: https://lnkd.in/eZEtnpxy

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Stan Kroenke is now the largest private landowner in the United States.

He owns 2.7 million acres — twice the size of Delaware.

Kroenke also owns a collection of sports teams, including the Los Angeles Rams (NFL), Arsenal FC (EPL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Colorado Rapids (MLS), and Colorado Mammoth (NLL).

But here's what most people don't realize:

Kroenke didn't build his $20 billion sports empire just by buying teams. He built it by treating sports teams like Walmart stores.

Kroenke's playbook is simple: → Buy land in high-growth areas → Use a sports team as the "anchor tenant" → Build commercial development around it → Monetize the entire ecosystem (rents, naming rights, adjacent real estate).

Kroenke used the same strategy with Walmart to build a multi-billion-dollar real estate company, except this time, the traffic engine is a 70,000-seat stadium.

His SoFi Stadium complex in LA is the masterpiece:

• $625M naming rights deal (largest in sports history)
• NFL league office as a tenant (i.e., higher rents)
• Taylor Swift, Super Bowl, and 2028 Olympics on the calendar
• 300 acres of mixed-use development

From 2015-2020, Kroenke's net worth sat around $7-10 billion.

After SoFi opened? $21.3 billion.

So for today's newsletter, I published a 3,000-word deep dive breaking down exactly how Kroenke built his empire, including the controversial Walmart connection most people don't know about and a peek behind the curtain at the real estate strategy every other sports team is now trying to copy.

READ MORE: https://lnkd.in/etbDMXXH

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Red Bull Racing dominates Formula 1...but its profit margin is smaller than Haas.

Despite Max Verstappen winning his fourth consecutive Drivers’ Championship last season, the Red Bull F1 team recorded a net profit of just $2.27 million.

To put that in perspective:
Mercedes: $161 million in net profit
McLaren: $72.6 million
Haas: $8.7 million

So how does one of the most successful Formula 1 teams in modern history make less money than one of the smallest?

Well, after spending days digging through hundreds of pages of financial filings, I found that Red Bull Racing doesn’t operate like a normal F1 team at all.

Today’s breakdown uncovers:
• Red Bull’s real annual revenue and profit margins
• How its technology arm quietly generates hundreds of millions
• Why Christian Horner's $100 million buyout could sink next year’s results

If you’ve read my deep dives into Mercedes and McLaren, this one might be the most revealing yet.

READ MORE: https://lnkd.in/eVxDns-H

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The $2.3 billion Las Vegas Sphere lost $500 million in its first year, yet the company's stock is still up 100% in six months.

Most people think the Las Vegas Sphere is a financial disaster.

Here's what's actually happening:

The company just announced a second U.S. venue — but with a completely different strategy.

Vegas Sphere: 17,600 seats, $2.3 billion
New D.C. Sphere: 6,000 seats, $1 billion

Why the pivot?

The original Sphere was too expensive to replicate. London's mayor even blocked a second venue, costing Sphere Entertainment $116.5M in write-offs.

But a smaller venue strategy could change everything:

→ Only ~12 cities can support a $2.3B Sphere
→ 100+ cities could support a $1B version
→ Content like Wizard of Oz ($100M to make, $260M+ in sales) can now play across a network

On an adjusted basis, the Las Vegas Sphere already turned profitable this year.

Now the company is shifting from building $2 billion megaprojects to licensing a scalable entertainment platform.

Fewer seats. Less risk. Bigger returns.

READ THE FULL BREAKDOWN: https://lnkd.in/ezwTNzC5

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I just read the NFL's entire 154-page Super Bowl bid submission document (and the details are wild).

Here's what host cities must provide — for free:
→ The stadium for 54 days (30 before, 24 after)
→ 35,000 parking spaces within 1 mile
→ 3 championship golf courses
→ 2 bowling alleys
→ 750 buses, 500 limos, 10,000 rental cars
→ 300+ free hotel rooms (including presidential suites)

The NFL also keeps 100% of ticket sales, receives 70+ free luxury suites inside the stadium, and pays ZERO sales tax on the revenue it generates.

But that's really just the beginning...

Today's newsletter breaks down all the details.

READ: https://lnkd.in/e__FhtFz

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My interview with Mercedes team principal Toto Wolff is now live!

During the Motorsport Network conference in New York City last week, I sat down with the Mercedes Formula 1 team principal for a 30-minute conversation.

We discuss:
• His 2026 driver lineup
• Building a $2.7 million hypercar
• The new F1 movie with Brad Pitt
• Why he initially turned down Drive to Survive
• The team's record $161 million in profit last year

And much more....

WATCH: https://lnkd.in/ezKJe72T

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Apple just paid $750 million for Formula 1’s U.S. rights — but is that a bad deal for F1?

Formula 1 has signed a five-year deal with Apple TV worth $150 million per year, making Apple the exclusive U.S. broadcaster of every F1 race starting in 2026.

Formula 1's U.S. rights have skyrocketed over the last 7 years. F1 initially let ESPN broadcast its races for free in 2018. That then turned into a $5 million deal, then $75 million to $90 million, and now $150 million annually.

But there's just one problem: the math doesn’t really add up for Formula 1.

Once you factor in the $50 million F1 already makes from F1 TV subscriptions, the new Apple deal represents only a $10 million annual increase over ESPN.

That’s barely a 2% compounded annual growth rate over the 5-year term.

While Apple gets to expand its sports footprint and promote Formula 1 across iPhones and iPads, the fast-growing sport risks losing the very thing that made it popular in America — accessibility.

So for today's newsletter, I break down all the details, including how F1's U.S. rights went from $0 to $150M, why investors aren't impressed with the deal, and what this means for the future of sports on streaming platforms.

READ: https://lnkd.in/g43hajBh

#sports #sportsbiz #linkedinsports

BREAKING: The Washington Commanders have released the first renderings for their new stadium.

The Commanders are working with HKS, a global design firm that served as the lead architect for SoFi Stadium in Los Angeles and U.S. Bank Stadium in Minneapolis.

If you want a breakdown of the stadium's economics, I did a deep dive into the team’s 30-page term sheet with D.C.’s local government.

Highlights include no taxes, $1 annual rent, and free luxury suites for the mayor.

READ: https://lnkd.in/eNEd_jPf

Sportsbooks make almost all their money from just 2-3% of customers.

These "whales" lose so much that they account for more than 50% of a sportsbook's annual revenue and profit.

But this isn't an accident. It's by design.

I spent weeks speaking with professional bettors, sportsbook traders, risk managers, and VIP hosts to understand how it actually works.

Here's what I found:

From the moment you open an account, algorithms are profiling you.

They track everything:
→ Device type (PC vs. mobile)
→ When you place bets (early week vs. game time)
→ What you bet on (underdogs vs. favorites)
→ How often you check the app
→ Whether you cash out or reverse withdrawals

The goal? Identify winners and losers as fast as possible.

Winners get "stake factored" — quietly limited to $5-$25 bets until they leave.

Losers get bombarded with push notifications, parlays, VIP hosts, and "personalized" offers designed to keep them betting.

And with just 1% of gamblers generating 36% of the industry's revenue, the largest sports betting companies are now spending hundreds of millions of dollars annually on R&D to make their algorithms even more accurate.

Today's newsletter breaks down the details.

READ: https://lnkd.in/e2QBkC9D

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The Savannah Bananas just released a 2025 business update (and the details are wild).

Here's what you need to know:

1. The Bananas played 113 games across college, minor league, MLB, and NFL stadiums

• 2.2 million tickets sold
• 91% ticket redemption rate

If you multiply the cheapest ticket ($35) by the total tickets sold (2.2M), that's $77 million in ticket sales.

The real number is likely even higher.

2. New merchandise sales record

• 787,000 fans bought merch (80% in-person)
• 1.96 million total items sold (2.5 items per person)

The Bananas recently built a 100,000-square-foot warehouse for merchandise, leading to a 47% increase in order fulfillment during the 2025 holiday season.

3. It was a MASSIVE year on social media

• 12.6 million new followers gained
• Over 35 million total followers on all platforms
• 18 million broadcast views on YouTube

National TV broadcasts (ESPN, etc.) averaged 571,000 viewers, with a high of 837,000 on July 4th.

4. Broadcast Investments

• The Bananas invested $13 million in live show production (new control room, camera equipment, etc.)

5. Players and People

• 700+ year-round and seasonal employees
• Over $15 million spent on travel last year
• 150-200 team members travel each weekend
• 12,000 potential employees on a waitlist

The average Banana Ball player now makes more than $100,000 per year.

6. 2026 ticket sales

• Over 4.2 million fans joined the ticket lottery list
• 3.4 million tickets have been sold for 2026
• Premium membership club reached 40,000 members

The Bananas are also launching a secondary ticketing platform — tickets can only be sold at face value, with no fees. The price you see is the price you pay.

But while all of these numbers are extremely impressive, one detail stood out above all else.

In 2025, the Bananas experienced a system issue that negatively affected 40,000 fans (equivalent to 100,000 tickets).

But rather than making these fans deal with the inconvenience, the Bananas offered everyone free tickets, costing them $6 million in lost sales.

That's incredible 👏

P.S. If you enjoy learning about the business and money behind sports, join 135,000 others who read my 3x weekly newsletter: https://lnkd.in/dF2E-Qc2

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The Trump administration is taking over three public golf courses in Washington, D.C., by terminating a 50-year lease agreement with a nonprofit.

The administration argues that the nonprofit, National Links Trust, has not made the required capital improvements on time and owes $8.8 million in unpaid rent.

But after reviewing the 28-page lease agreement and National Links Trust's annual financial filings, the details tell a different story.

The Trump administration isn’t retaking control of D.C.’s public golf courses to make them nicer and more affordable.

They are doing it to create an upscale venue that can host a Ryder Cup, replacing the promise of affordable golf in the nation's capital with prices most taxpayers can't even afford.

READ MORE: https://lnkd.in/esjxMquS

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Brooks Koepka is back on the PGA Tour, but this is not a simple “welcome home” story.

Three weeks after announcing he was leaving LIV Golf, Koepka is reinstated with terms that read like a corporate settlement:

He has to make a $5 million donation to an agreed-upon charity.

He is locked out of the PGA Tour’s Player Equity Program for five years, with the tour estimating this could cost Koepka between $50 million and $80 million.

No FedEx Cup bonus in 2026 and no sponsor exemptions for signature events. He has to earn his way back into the big events.

But here's the part most people will miss: this wasn’t negotiated in a weekend.

The PGA Tour built this blueprint two years ago when it raised $3 billion and created an eight-year equity vesting schedule that functions like golden handcuffs for loyalists and a penalty box for defectors.

Now, the PGA Tour has formalized it with a “Returning Member Program” that is intentionally narrow, deadline-driven, and designed for only a select few players.

READ MORE: https://lnkd.in/egZ2aEyU

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Strava is one of the world's fastest-growing companies.

• 150 million registered users
• $500 million in annual recurring revenue
• Recently raised money at a $2.2 billion valuation
• Profitable and planning to go public via an IPO in 2026

While the London and New York City marathons continue to see record application growth post-pandemic, Strava has utilized a freemium model to convert millions of new users into paying subscribers.

So for today’s newsletter, I break down the business behind Strava’s potential IPO. We discuss the company’s founding story, its unique business model, its revenue streams, and its biggest opportunities and threats long-term.

READ: https://lnkd.in/epNmaGBM

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College sports teams are starting to monetize like professional sports teams.

With the recent House v. NCAA settlement allowing schools to share up to $20.5 million annually with student athletes, every program across the country is now looking for ways to increase revenue.

Some programs have started generating half a million dollars per game from alcohol sales, while others are signing $50 million stadium naming rights deals or letting the Savannah Bananas use their stadium for $250,000 in one night.

So for today's newsletter, we break down all the unique ways that college football programs are increasing revenue — from 100,000+ concert attendees at Michigan's Big House to seven-figure corporate jersey patch sponsors.

This is something everyone should care about because whether you work in sports or just watch as a fan, the game day experience is quickly changing.

READ: https://lnkd.in/eSTwpWxb

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College football has never been bigger...or more expensive.

The 2025 season is on pace to be the most-watched in history.

ABC, Fox, ESPN, and CBS have already sold billions in ad inventory, and the sport's best commentators are now being paid NFL-level salaries.

But behind the scenes, athletic directors are scrambling.

Despite Penn State being just one win away from the national championship game last season, the school just fired head coach James Franklin, paying him $50 million not to coach.

And Franklin isn't alone. The Florida Gators owe Billy Napier $21 million, and Oklahoma State just sent Mike Gundy off with $15 million after 21 years.

In total, schools have already spent $115 million on coaching buyouts this year. That’s on track to smash the previous record of $118 million in 2023.

But the better question is, what’s driving this?

A perfect storm of NIL payments, $10–20 million coaching staff salaries, and a 12-team playoff format has completely redefined what counts as success.

Athletic departments that used to make millions in football profits are now struggling to break even. Even Alabama — college football’s gold standard — has seen its football profits drop from $52 million in 2022 to just $26 million last year, resulting in a $28 million loss for the school's broader athletic department.

So for today's newsletter, I break down the economics, including why every college football coach is now on the hot seat.

READ: https://lnkd.in/eZkEY-iE

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