Ben Gilbert

Great.

There's like 30 or 40 million people a year in the United States that play fantasy football, thus making it the way that the centerpiece of conversation with their closest friends and families and coworkers, which means you have to watch football in order to have those conversations with the people that are closest to you in your life.

And of course, then there's sports betting, which is now becoming legalized in lots of states, but has been a force for a long time.

Of course, you could bet legally in Las Vegas, but obviously tons of people have bookies that can just place bets for them no matter where they lived.

And I'm shocked, shocked to find gambling going on in this establishment.

And when you've got money riding on a game, you are absolutely going to tune in.

I looked it up just to put a number on this.

The current estimates are that 46 million Americans or 18% of betting age U.S.

adults bet on the NFL this year.

And that number continues to grow.

Yeah.

Wow.

People bet on the NFL more than any other sport in the U.S.

Variety reports 81% of sports bettors bet on NFL games versus just over 50% for the NBA and 44% for Major League Baseball.

Interestingly, the NFL doesn't generate meaningful revenue from betting yet, though I am sure they will in the future.

Hey-oh.

Hey-oh.

So I guess it's worth pausing to understand the shape of the NFL's business today and how the revenue breaks down.

So on average, about two-thirds of any given team's revenue comes from shared national revenue that we talked about.

The remaining one-third comes from the local revenue.