NBA players may soon be more involved in sports betting activities

NBA Players Soon to Endorse Sports Betting Companies Laws & Regulations

NBA Players Soon Permitted to Endorse Sports Betting Companies

By Lisa Spencer Senior Editor Updated: 20 May 2023

Lisa Spencer Senior Editor

As a Senior Editor at Betting.US, Lisa Spencer is a valuable member of our expert team. With a Master’s degree in Applied Mathematics, Lisa is adept in gambling theory and analyzing odds. She contributes by writing online sportsbook reviews and finding competitive markets to help our readers make an informed choice.

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For many years, NBA players have not been permitted to endorse sportsbooks, and nor have they been allowed to invest in companies of this type. But this has all now changed, and players in the league will soon be allowed to do both.

These changes to the laws were first announced in a tweet from Shams Charania, a senior NBA insider for The Athletic and Stadium. He stated:

Game changer: The league’s new collective bargaining agreement will give players the ability to invest in NBA and WNBA teams, as well as promote and/or invest in sports betting and cannabis companies.

This change to the rules will be implemented at the start of the 2023/24 NBA season, according to the Collective Bargaining Agreement.

NBA Joins MLB in Sports Betting Stance

The recent change to the rules means that the NBA now joins the MLB in allowing players to endorse betting companies. Charlie Blackmon of the Colorado Rockies was the first active MLB player to endorse a sportsbook last year. This was with MaximBet – a company that has now pulled out of the US sports betting market.

Since then, several NHL stars have also received sponsorship from betting companies, including John Tavares, Auston Matthews, and Connor McDavid. But these three players all ply their trade in Canada and are therefore subject to different rules and regulations.

There are already two NBA players primed to take advantage of the new rules. Kevin Durant of the Phoenix Suns and Trae Young of the Atlanta Hawks have actually already jumped in, before the rules were made. They are both investors in the Underdog brand, which is looking to expand away from fantasy sports and enter the legal sports betting market.

Underdog has already managed to gain a provisional betting license in Ohio, plus it has a temporary two-year license in Colorado. Despite these licenses, there’s no firm timetable for the company to begin taking bets.

NBA Players Now Have Same Rights as Franchise Owners

While NBA players have so far been banned from owning an interest in sports betting companies, owners have been permitted to strike deals with betting brands for many years.

This has led to some significant investments from owners, including Tilman Fertitta of the Houston Rockets receiving $700 million of shares in DraftKings when the company bought the Golden Nugget casino brand from him. Dallas Mavericks owner Mark Cuban has also invested in Underdog, which as previously mentioned, is looking to enter the world of sports betting.

Controversy Around Betting’s Impact on Sport

Despite the loosening of the rules, there is still some controversy surrounding betting’s impact on the world of sports. Several figures, including Adrian Wojnarowski, have suggested that betting has led to an increase in aggression from fans. This is something the NBA commissioner has disagreed with.

There was also recently an incident involving Bradley Beal of the Washington Wizards. He is now under police investigation after getting involved in an altercation with a fan. The fan apparently blamed Beal for losing a bet.