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What Should The Media Do With Big Money Bets?

“I don’t think the media is at fault for reporting big wagers. However, the media does have a responsibility to inform their readers/viewers.”

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The subject of “huge” bets has become a hot topic on gambling Twitter. As someone that writes about gambling, I understand both sides of the argument. From the media’s perspective, they need to produce content for a broad audience and generate clicks. Reporting on large wagers fits the bill for both of those items.

But, the flipside of that is the risk of leading new bettors to misguided perceptions about gambling. Many believe that the glamorization of these types of bets and parlays will lead gamblers to one fate – busting their bankroll

Empty Pockets. a Man in Stock Footage Video (100% Royalty-free) 1006986907  | Shutterstock

After seeing a ton of banter about the subject on Twitter last week, I wanted to go straight to the source. Ben Fawkes, who is the VP of Digital Media for VSiN, is someone who frequently posts about big bets as a part of his job. I also wanted to get the perspective of someone who is on the other side of the coin on this issue, so I reached out to Jack Andrews, or as people on Twitter refer to him, Captain Jack. Jack is a pro bettor and is known in the industry as a gambling watchdog.

I asked both gentlemen the same questions. Only fair, right?

The reporting of “big” bets has become a controversial topic lately. How do you feel about the subject?

Ben Fawkes: I think that as journalists, once we verify to the best of our ability that the bet is real, it’s our job to report newsworthy bets. For example, a $3 million parlay is news in our world, regardless of whether people like the actual bet or not.

Jack Andrews: I’m not opposed to the reporting of big bets. This is a natural zeitgeist that we see in every form of media coverage. People are fascinated by big bets and it’s natural to report them. That said, I do draw the line at when they encourage or highlight bad betting behavior. So while your standard NFL wager on a team to win a game might have a 4% house edge, a 3-team parlay on three futures wagers has a significantly higher cost. I’d hate to see people tail that bet blindly because they think someone else is “smart enough” to wager $3 million on it.

Some see the reporting of “huge” bets as a showcase for books to give one-sided publicity to square strategies. For example, many bring up that the 10-team parlay stories that have a very low chance of hitting might give new gamblers the wrong idea. Your thoughts?

BF: I definitely pass on promoting every single parlay that comes to me, for this reason. I think that some of them are fun to discuss, with the caveat that this isn’t a long-term money making strategy for the general public.

JA: Expanding on that, the encouragement for recreational bettors to treat sports wagering as a lottery ticket is a bad path to lead someone down. That’s what we’re seeing with these 10-team parlay winners. The fact that a pretty simple post I made about parlay math went viral (over 2 million “impressions” or views) shows two things. One, that people are fascinated by the general idea of big wagers. Two, that enough people didn’t understand the price being paid by the bettor and immediately sought to share it with everyone they know. Tired information doesn’t spread like that – new information does.

I think the next point of caution needs to be Same Game Parlays, which are becoming very popular in regulated markets. To the inexperienced bettor it looks like a pot of gold. Make a parlay bet on events happening in the same game that are correlated and win a big amount. What they don’t see is that the sportsbook accounts for correlation in their pricing, in fact they overcompensate and the house edge on these Same Game Parlays are even higher than a regular parlay!

Do you think the criticism that media members receive for reporting these bets is justified?

BF: (Laughs) I think that in a Twitter-driven world there is always going to be criticism. Ultimately, we’re putting out information and people can choose to use it as they see fit. If they want to ignore it, that’s also fine. If we put out how much money an NFL side is getting in a game, people could complain that it’s only at one book … or in one state. The sports betting market has become increasingly complex to cover.

JA: I don’t think the media is at fault for reporting big wagers. However, the media does have a responsibility to inform their readers/viewers. Now this doesn’t need to come in the form of a bold-type disclaimer with every tweet. However, infrequent references to the actual house edge and probability would go a long way. Also, trying to get some soft numbers from sportsbooks on how they did on parlays or the week’s NFL action would also be a way of balancing out the reporting. These sportsbooks aren’t losing money on booking these bets. Not at all.

What is your vetting process to make sure that the “big” money bets are real?

BF: I like to get a copy of the bet receipt if possible, but I’ve worked with many sportsbook directors for years and I trust them. If they tell me a bet is confirmed, I’ll go with it.

JA: Since most of these are done online, we don’t have betslips to post. However, getting screenshots from the source book and confirming the wager is necessary. That doesn’t need to be posted for all to see, but spending a few characters to confirm they have vetted the wager saves a lot of doubt from skeptics.

Going all in: 18 months after legalization, sports betting brings big bucks  to Mississippi - The Dispatch

So, there you have it. Would love to hear your thoughts on this subject matter, so please reply to me on Twitter @docksquad33.

BSM Writers

Jimmy Pitaro Deserves Some Credit For Monday Night

“Pitaro and ESPN’s executive team had to sign off on a broadcast in which Peyton and Eli were in separate remote locations, without a host to play traffic cop and guide continuity between plays. This all could have blown up in ESPN’s face.”

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Over the last several months, Jimmy Pitaro and ESPN got raked over the coals after the New York Times story on Rachel Nichols and Maria Taylor and the subsequent fallout that was effectively a mushroom cloud and the talk of the industry. Ultimately, the buck stops with the leader, but fairness should dictate that leaders also receive accolades for great accomplishments. After just one episode, we can confidently say that landing Peyton and Eli Manning for Monday Night Football qualifies in that regard.

Monday Night Football With Peyton and Eli Manning on ESPN 2, reviewed.
Courtesy: ESPN2

Every TV network executive would have walked from Alaska to Omaha to land Peyton Manning. Andrew Marchand has accurately referred to him as the “white whale of sports TV”; he was so sought after that CBS, who has arguably the best color commentator in all of sports in Tony Romo, tried to lure Manning to the booth before ultimately reaching a new deal with Romo. Any way you slice it, getting the Manning brothers for 10 episodes of Monday Night Football on ESPN2 was a major coup for Pitaro, ESPN, and Disney. 

Nonetheless, it was not without risk. Pitaro and ESPN’s executive team had to sign off on a broadcast in which Peyton and Eli were in separate remote locations, without a host to play traffic cop and guide continuity between plays. This all could have blown up in ESPN’s face. Imagine the chatter if the Manning broadcast was a dud, which it easily could have been given their format is unlike anything that has ever been tried before.

Instead, Peyton and Eli were a revelation. Peyton, with his combination of star-power, personality, and brain processing, is remarkably unique. During the fourth quarter of a close game between the Raiders and Ravens, he was somehow able to simultaneously interview Russell Wilson while immediately breaking down the film of all 22 players from key plays of a game he wasn’t even there for. Eli didn’t get as many words in, but when he did speak he had funny deadpan humor.

Full disclosure: I was traveling during the first half, which by many accounts was not as well executed as the second half, after they settled in.

There will undoubtedly be a number of attempts to replicate this announcing format, but it’s unlikely that any of them will work as well as this one, because none of them will have Peyton Manning. Remember how excruciating it was when TNT tried to do Players Only broadcasts for the NBA? Kevin Clark, speaking on The Ringer’s Press Box podcast with Bryan Curtis, called this a “Black Swan” event — it’ll never happen again because Peyton is one of one. 

Anyways, back to Pitaro and ESPN: They’ve certainly taken their lumps and that’s life when you lead an organization that is the bellwether of the industry, facing myriad challenges, some of which are structural (cord-cutting eating into hefty subscriber fees) and some of which are self-inflicted (if you’ve read this far you already know what many of those are and there’s no need to re-hash). 

Ryan Shirts

However, it bears mentioning that in addition to making the content compromises — and opening up the checkbook for millions of dollars — to land Peyton Manning, Pitaro and ESPN have had a lot of big wins over the last several years. They locked up a monopoly on SEC football rights (in a deal so substantial the conference lured Oklahoma and Texas to join), expanded their NFL deal to get into the Super Bowl rotation, bought up all the UFC rights (which, more than anything else, has propelled the growth of ESPN+ to 15 million subscribers), and brought back the NHL. Sure, all of these wins probably came as a result of bidding the most money, but I’m old enough to remember when ESPN was supposed to be on a death spiral. Reports of ESPN’s demise — at least in live rights; talk programming and journalism have not remained the priorities they once were — were premature. 

ESPN has been described as an ocean tanker, which turns very slowly. Jimmy Pitaro deserves some credit for his steering, in the macro, through some turbulent waters.

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BSM Writers

Did The Manningcast Work?

“The first show was great, but as is the case most of the time, there is room to grow.”

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Is it a variety show? Is it a podcast?  The first of 10 scheduled Manning MegaCasts, hosted by Peyton and Eli Manning, on ESPN2 proved it was a little bit all of the above. It was almost like Beavis and Butthead meets Statler and Waldorf. It was fun to watch the Manning brothers poke fun at each other and at the same time, criticize some of the action they saw on the field. 

The show debuted as an alternative to the regular Monday Night Football broadcast and was met with rave reviews. To me, there was some great, some not so great, and definitely some room to grow. 

Raiders – Ravens: Peyton, Eli Manning on 'MNF' best moments
Courtesy: ESPN2

I love the concept, providing an alternative for those that would rather be entertained than tune into a traditional broadcast. Now, as a play-by-play broadcaster, it makes me pause to think about what the future may hold. There will always be a spot for a traditional broadcast, especially with viewers that have a rooting interest in the game. I’m not sure that hardcore fans of the Ravens and Raiders were tuned in for more than a passing glance. Those folks want to see the game, not the fluff or interviews and the like, offered on the alternative broadcast. That fluff though is what will earn ESPN those fringe viewers that are curious and intrigued by what a “ManningCast” might have to offer them. 

Sitting down to watch the game, I wasn’t really sure what to expect. I know that Peyton has a personality that in some cases is larger than life. I was pleasantly surprised to see what Eli brought to the table as well.  The guys played off each other well, each taking a turn to take a shot at the other. I’ll get into some of the best of those barbs a little later. 

Peyton is comfortable in front of the camera and has no trouble talking. That was the issue I had early in the game. The elder Manning really dominated the conversation. There were no times in the first few minutes of the first quarter that I felt I could take a breath because so much was coming at me. They really didn’t allow the game to breathe at all. The constant conversation while entertaining at times just kept on coming. Peyton was talking fast and once in a while he was talking over Eli. 

It didn’t help that the Manning’s were in different studios. I wondered if there was a “delay” in their feeds and if that was the reason for talking over one another at times. The delay was quite evident when Seahawks quarterback Russell Wilson joined the brothers for the later stages of the game. Wilson seemingly couldn’t get a word in, because Peyton and Eli were talking over him. 

Peyton has that quality to be able to teach the game in a way that it’s understandable. Some of his commentary was a look behind the curtain at how he played and viewed the game. Knowing what to expect when coming to the line of scrimmage, understanding the coverages and realizing what teams are trying to do to disguise things. It was fascinating to hear the brothers go through play calls and how it is relayed from the coordinator to the quarterback and finally to the team. You aren’t going to get that on a traditional game broadcast. 

It was also impressive to hear the guys interview both former players, current players and Charles Barkley. It so often is the case that the current athletes are very guarded in what they say to a regular ole member of the media. That was not the case in the Manning Cast. From Travis Kelce not knowing who the Chiefs were playing next, to Russell Wilson calling out the NFL overtime rule.  Ray Lewis was a fascinating guest, providing some great stories and terrific insight into the game he once played at such a high level. Charles Barkley, well, he’s Charles Barkley. In other words, he was as fantastic as you’d expect. 

The guests added to the broadcast and made me realize that if this Manningcast actually had a host, it wouldn’t have worked as well. A broadcaster would have gotten in the way to me. Yeah, they could have used a professional at times. Maybe someone to get them into and out of the commercial breaks, because that was a little rough early in the game. But that’s the only a host could have fit in. 

The first show was great, but as is the case most of the time, there is room to grow. I really think the Manning Cast would be so much better if the guys were actually in the same room. The dynamic between them, which was already great, would be that much better. Imagine them demonstrating plays on each other. Both putting on helmets and doing what they probably did as kids in their basement, roughing each other up.

Ok, so they’re a little older now, but I seriously think having them in the same place would make things much smoother. With all the technology out there, eliminating that dreaded delay between the Manning’s and their guests would improve the telecast as well. 

Monday Night Football With Peyton and Eli Manning on ESPN 2, reviewed.
Courtesy: ESPN2

This alternative broadcast would be a great place to teach some casual fans all about the great game of football. Not sure why this came to my mind, but like the old days of the NHL, when “Peter Puck” an animated hockey puck would teach you the game. “Peter” was part of the NBC game of the week broadcast. An animated Peyton and Eli teaching those that need to know the finer points of the game, would be spectacular. 

I can’t wait to see how they improve from last week to this week and who the guests will be this time around. Hopefully, they iron out some of the small issues that plagued them in the first telecast and continue to improve. I realize that this show is unscripted and it’s supposed to be a little looser than a normal show might be, but there are some slight fixes as I’ve pointed out that will make it even better.

With all the success the Manningcast had, I can’t help but wonder how all of these accolades are being taken by the regular MNF booth. ESPN in effect has promoted and created competition for its own product. Perhaps the novelty will wear off? Maybe, but it almost seems like the Manning’s are being groomed for a possible move to the main booth. I’m not sure what the feeling is amongst all the parties, but it’s certainly a dynamic worth watching. 

Here are some of my favorite moments from Manningcast show number one, in no particular order:

  • Derek Carr with an overthrow on the Raiders first play from scrimmage, leading Peyton to say about the Raiders season, “Lookin’ at ah 6-11, 6-11 right now.”
  • Raiders’ fans were loud during an offensive series leading to a bad snap and a few false start penalties, leading to this exchange: 

“They aren’t used to it”, said Eli Manning. Then Peyton responded, “Drink your beer, quiet down and let [Derek] Carr play quarterback.” 

  • Peyton putting on a football helmet to demonstrate the calls at the line for the Ravens. The helmet was way too small. “Helmet doesn’t fit”, Peyton said. “Shocking that a helmet doesn’t fit you”, Eli commented. “They didn’t have a XXL helmet for that forehead.”  
  • With Charles Barkley as a guest, Peyton asked him what position Michael Jordan would play if he were in the NFL, “Tight End”. Then Barkley was asked about Larry Bird playing a position, “there’s no place for no slow 6’10” guys in the NFL”, said Barkley.  

Eli: “Punter”

Charles: “that’s about it…”

  • Also, with Barkley on the show…

Peyton: “Hey Charles, you ever get booed at home? Never happened to you, right?” 

Barkley: “I played in Philadelphia, Pennsylvania. That was a regularity.” “You were lucky, Peyton. Everybody liked you. Eli knows what it’s like to get booed at home.”

Eli: “He had that stadium trained. The fans would get fined if they talked when the Colts were on offense. If a guy was trying to order a beer, everyone would tell him to quiet down until the defense was on the field.”

Eli’s fire alarm goes off in the middle of the show. 

Peyton: “Eli what’d you do?”

  • With Ray Lewis on the show, the trio recalled a game where the Giants played the Ravens in Eli’s rookie season as the starting QB. The younger Manning leading the team to the line of scrimmage, calling out the defense…

Eli: “Hey #52 (Lewis) is the Mike (linebacker)”

Lewis: “No, I’m not the mike. He’s the Mike!”

Eli: “Yeah Ray’s right, the other guy’s the Mike”

It was also revealed in that game in 2004, Eli had a quarterback rating of 0.0 and of course Peyton pointed out, “the same GPA Belushi had in ‘Animal House.’”

  • Chiefs tight end Travis Kelce on the Manningcast

Kelce: “[Watching this game] I’m not trying to get too technical because I think we’re playing the Chargers this week. Oh wait, maybe we’re playing Baltimore. I don’t even know — I’m getting lost in the season already.” 

  • Peyton about 5 minutes later: “Hey, Travis, just so you know, you do play the Ravens next week, so make sure you don’t fly to Los Angeles to play the Chargers.”

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BSM Writers

What Is The Next Advertising Money Cannon?

“In states where betting is legal, stations are having to squeeze live reads and segment sponsorships in wherever they can. Everyone is trying to make sure they aren’t leaving money on the table.”

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If I could tell you that I know beyond a shadow of a doubt that I know there is another advertising revenue stream out there that can repeat what sportsbooks did for sports radio AND that I know exactly what it is, I could handpick my next employer and name my price.

A Supreme Court decision to make sports gambling a state issue and not a federal one completely changed the advertising landscape. In states where betting is legal, stations are having to squeeze live reads and segment sponsorships in wherever they can. Everyone is trying to make sure they aren’t leaving money on the table.

“There is no question about the significant impact sports betting has had on revenue, both from the station side as well as for our on-air personalities who have become brand ambassadors,” Dennis Gwiazdon, VP and Market Manager of Cromwell Broadcasting’s Nashville cluster told me.

Stations in states that are yet to legalize gambling can see the boom and know it is coming eventually. What about states where gambling is already legal? What about states like Alabama or Utah, which are routinely viewed as two that could realistically never legalize sports betting? Is there a boom on the horizon for them?

I spoke with managers in three different markets. I wanted to know where they saw reason for optimism. The answers were interesting.

Earlier this month, John Ourand of Sports Business Journal took a look at the deal FOX signed with crypto.com. The site is the title sponsor of the network’s College Football Extra. Ourand theorizes that could open the door for crypto companies eventually spending money on sports television the way sportsbooks do.

What is the outlook for radio? Jeff Tyler, iHeartMedia’s area president in Wisconsin, is intrigued by the idea, but he isn’t telling his sellers to go rushing out to make deals.

“There are a lot of variables around crypto,” he told me via email. “So as a company we have a plan to work within this category but not put the company at risk or do anything that could negatively affect our listeners and partners.”

Jeff Tyler (@JeffTyler) | Twitter

Ken Brady, the sales manager at 1010XL in Jacksonville, knows that cryptocurrency has a buzz around it right now. He is not sure what the appetite for it is in terms of an ad market or what the industry’s appetite is for radio advertising.

“There is little chatter about cryptocurrency in our market or with partners,” he says. “This is something we need to understand and explore better.”

I asked all three men if there was a sector where they saw potential. Tyler had an interesting answer. He sees potential in eSports. He thinks teams and companies could benefit from connecting with stations with a dedicated listener base.

“Our brands could help them grow their fan base and activate them to attend more events in person and online.”

Gwiazdon has his eye on another vice. Just like gambling came out of the shadows and now functions under government regulation, it is only a matter of time he thinks before marijuana does the same.

“What immediately comes to mind is the legalization of marijuana at the state and, eventually, federal level,” he says. “There’s so much money in that industry – as evidenced where it has already become legal – that it could easily equal or surpass what’s happening with sports betting right now.”

What is interesting is that amongst this trio, Gwiazdon is the only one that lives in a state where there is absolutely no legal marijuana. What he sees as a potential boom for Tennessee is already legal in both Wisconsin and Florida, albeit exclusively for medical purposes.

A lot of sellers have big plans for pot and cannabis products where they are legal. Very few of them know all the answers though. That is why the RAB has a marijuana FAQ section on its website and advertising agencies specializing in marijuana have sprung up.

For 1010XL, the boom never really materialized according to Ken Brady.

100+ "Ken Brady" profiles | LinkedIn

“We have had little success with this category, the players who have come in seem to be interested in demos outside our strengths or have been flakey with no real appetite for a solid campaign that will work.”

Businesses built by someone following their passion for marijuana are flaky? Well, color me shocked!

Jeff Tyler told me iHeart is looking at this on a market by market basis. Wisconsin has made medical marijuana legal. Tyler can’t have his sellers approaching businesses the way sellers in neighboring states like Illinois or Michigan, where it has fully been decriminalized can.

“Until it’s fully legalized the advertiser revenue is very limited,” he said. “We have a team that leads this vertical for iHeartMedia and have states like Colorado that already have fully legalized marijuana so we have a solid plan and guidelines to follow with these advertisers. CBD is a small category with some hit spots in some markets.”

There may never be another category like sports betting. The money cannon that industry was ready to fire was unpresedented. You can’t bank on it happening again.

I asked Dennis Gwiazdon if it was possible that the radio industry will have to play a very proactive role in creating the next boom. He told me that may be the best way to think about it. What he is sure of is that no idea can be dismissed as the industry looks to find another stream of revenue that has the potential of the sportsbooks.

“We definitely have to get smarter at how we generate revenue. Relying on the old, tried and true ways won’t hold up forever. The good news is our business model is already undergoing a sea of change in terms of how we scale our radio/digital/entertainment assets for wider distribution and access. But some of us are further down the road than others. The audio industry is still the ultimate personal experience. How we continue to maximize – and monetize – our relationships with fans is the key to our survival.”

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