Bally Sports will become the FanDuel Sports Network on Monday.
FanDuel, a subsidiary of Flutter Entertainment, recently signed a deal with the Diamond Sports Group. The deal, announced on Friday, allows the premier gaming company to name Diamond’s 16 regional sports networks (RSNs). As a result, beginning on Oct. 21, Bally Sports will become FanDuel Sports Network. FanDuel will also get media placement opportunities across all live NBA, NHL, and MLB games aired on Diamond’s RSNs.
Bally Sports will become FanDuel Sports Network on October 21!@FanDuel x https://t.co/RSAv8Lw6oP pic.twitter.com/FO0EgqI2tm
— Bally Sports (@BallySports) October 18, 2024
“Partnering with Diamond provides us an opportunity to put the FanDuel brand at the intersection of the nation’s largest group of regional sports networks,” Mike Raffensperger, president of FanDuel’s Sports division, said in a company press release. “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.”
Diamond Sports RSNs have viewers across more than 30 states. Along with many college sports teams, the RSNs are the TV home to eight MLB teams, eight NHL teams, and 13 NBA teams.
In states where there is legal sports betting, the deal will give FanDuel enhanced brand recognition. For the rest of the states – like Texas – it might give FanDuel an early edge over its competitors should the states eventually adopt legalized sports betting. For Diamond, the deal may give it more leverage during its bankruptcy proceedings.
Regional sports networks hoping for a rebound
Diamond’s RSNs were originally known as Fox Sports Networks. When Disney acquired Fox, however, Disney was required to sell the networks. Disney already owned ESPN, and the Fox Sports Networks would have given it a monopoly in several markets.
Diamond Sports Group, a subsidiary of Sinclair Broadcasting bought the networks from Disney for $9.8 billion in 2019. The timing, however, was unfortunate. Less than a year into its ownership, the pandemic virtually shut down sports. In late 2020, Sinclair sold the networks naming rights to the Bally’s Corporation.
In March 2023, the Diamond Sports Group filed for Chapter 11 bankruptcy protection. Earlier this year, it severed ties with Bally’s but was able to freely use its name through the end of this year’s MLB season.
Although the financial terms of the deal have not been disclosed, court filings indicate that FanDuel will have the option to take a minority stake of up to 5% in Diamond Sports once the company exits bankruptcy. If it does, FanDuel will be in good company. Amazon took a minority stake in the local sports provider earlier this year.
