Apollo Global Management, the private equity firm that acquired Yahoo from Verizon for $5 billion last year, is having preliminary discussions with sports-betting companies to merge their assets with Yahoo Sports, according to people familiar with the matter. One of the companies Yahoo has spoken with is Australia-based PointsBet Holdings, which has a market valuation of about $760 million.
Verizon Media’s Yahoo Sports is getting into the gambling business with the launch of a new section that lets fans see betting odds for various sports. But for now, only users in New Jersey will be able to place actual bets, through the separate BetMGM platform operated by MGM Resorts International.
Verizon Media’s Yahoo Sports has entered into an exclusive multi-year partnership with BetMGM to power sports betting for Yahoo Sports and create what it’s calling “collaborative content experiences and live events.” As part of the deal, which kicks off next month, MGM Resorts and Yahoo Sports will collaborate on exclusive live events, broadcast productions, and promotional marketing efforts.