SportsGrid, the 24-hour sports betting television and streaming network, has retained bankers to shop the company after advertising revenue from sportsbook operators declined sharply over the past eighteen months. Multiple buyer conversations have been underway since June, according to three people familiar with the process.
The network launched in 2021 with distribution across 120 million cable households and a thesis that newly legal sports betting would spawn a permanent advertising category. Revenue peaked in late 2022 when operators including DraftKings, FanDuel, and BetMGM were spending aggressively to acquire customers in newly launched states. SportsGrid's model—live odds integration, same-game parlay tutorials, in-show betting segments—was designed to capture that spend. By mid-2024, sportsbook marketing budgets had contracted industry-wide. Customer acquisition costs in mature states like New Jersey and Pennsylvania are now 65% lower than in 2022, per Eilers & Krejcik Gaming data, and operators have shifted spend toward first-party content and in-app retention rather than third-party media buys.
The sale process reflects a broader reset across sports betting media. Companies that raised venture rounds in 2021 and 2022 betting on sustained operator ad spend are now confronting a market where DraftKings and FanDuel control 80% of handle in most states and have reduced reliance on affiliate traffic and paid media. Action Network, acquired by Better Collective in 2021 for $240 million, saw traffic decline 22% year-over-year in Q3 2024. The Score Media, sold to Penn Entertainment for $2 billion in 2021, was later written down by $1.6 billion after Penn pivoted to its ESPN Bet partnership. SportsGrid's bankers are pitching the asset to media roll-ups, private equity shops with sports portfolios, and two larger betting-focused publishers, according to one person briefed on outreach. No term sheet has been signed.
Valuation is complicated. SportsGrid's cable distribution deals with Comcast, Charter, and Cox give it nominal reach, but carriage fees are minimal and viewership data has not been disclosed. The network generates revenue from direct sportsbook advertising, affiliate commissions on sign-ups driven through on-air calls-to-action, and limited sponsorship. One buyer who reviewed materials in August said trailing twelve-month revenue was in the $12 million to $15 million range, down from an estimated $20 million in 2022. EBITDA is slightly negative after personnel and production costs. Comparable sales are scarce. Betting-adjacent publishers typically trade on traffic multiples, but SportsGrid's cable model does not map cleanly to digital metrics.
The timing is poor. Sportsbook consolidation continues—Fanatics acquired PointsBet's U.S. assets in 2023, Hard Rock bought out its partners, and Bally Bet shut down operations entirely. Operators that remain are building owned-and-operated content studios rather than funding external producers. DraftKings launched its own streaming shows in Q4 2023; FanDuel hired former ESPN talent for in-house video. The affiliate economics that powered Action Network and similar platforms have also compressed. Revenue-share deals that once paid 30% to 40% of net gaming revenue from referred customers now average closer to 20%, and some operators have shifted to flat CPA payments under $200 per qualified player.
Two scenarios are in play. A strategic buyer with adjacent distribution—a Sinclair Broadcast Group or Gray Television—could fold SportsGrid into existing sports programming at modest incremental cost. Alternatively, a private equity buyer could strip costs, renegotiate carriage, and attempt a longer hold betting on federal legalization in Texas or California to reignite operator spend. Neither path is obvious. One investment banker not involved in the process said the asset "prices like a content library with a pulse," meaning value sits in its production infrastructure and existing deals rather than growth trajectory.
Watch whether SportsGrid's backers—who include private investors and the network's founding team—accept a structured sale or wind down distribution and pivot to a licensing model. Carriage agreements with cable operators renew on rolling twelve-month terms, so any buyer will need to re-up deals by mid-2025. At least one sportsbook operator has been approached about an acqui-hire for on-air talent and production staff, according to a person familiar with that conversation. If no sale closes by March, expect staff reductions and a shift toward lower-cost digital-only output.
The question is not whether SportsGrid survives in its current form—it likely does not—but whether anyone values the infrastructure enough to pay for repositioning. The silence from publicly traded buyers so far is the answer taking shape.
The takeaway
SportsGrid's sale process tests whether betting media infrastructure retains value after operator ad spend collapsed **40%** since 2022.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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