XLMedia strikes new media deal ahead of North Carolina sports betting launch
The agreement is in line with the affiliate’s strategic objective to expand its business throughout North America and to secure more Media Partnership Business (MPB) deals.
North Carolina is set to launch online sports betting in 2024. The state is the ninth most populous state in the US and home to several professional and collegiate sports franchises.
XLMedia said the deal would allow flagship site WRAL.com to tap into new revenue streams by drawing on the affiliate’s expertise in monetising highly engaged audiences.
“In line with our stated strategy, this agreement furthers our efforts to expand our North America footprint in select markets to capitalise on the US’s growing sports betting market,” he added.
Chris Weatherly, VP of digital for Capitol Broadcasting Company, said WRAL was excited to partner with XLMedia.
“We know the anticipation and demand around this content will be at an all-time high entering 2024, and being able to partner with XLMedia gives us a big advantage,” he added.
Despite a strategic focus on the US, XLMedia last month reported a 34% decline in H1 revenue to $29.4m.
In North American sports betting, revenue also took a significant hit as it came in 46.4% lower year-on-year at $16.2m.