Bettin’ on blue (and black)… After more than two decades, Mark Cuban is selling his majority stake in the Dallas Mavericks to Las Vegas casino magnate Miriam Adelson (the majority shareholder of Las Vegas Sands hotels and casinos). Cuban bought the Mavs in 2000 for $285M, and since then it’s become one of the NBA’s most successful franchises (the deal values it at $3.5B). FYI: Cuban will continue to run basketball operations for the team.
Dunk contest: From 2012 to ’21, NBA team values nearly 5X’d. The Phoenix Suns were valued at $4B in a sale last year, while the Charlotte Hornets scored a $3B price tag this year. The NBA’s upcoming media-rights deals could fetch $75B.
Time out: Cuban has now exited two franchises that’ve been a major part of his public identity (he’s also stepping away from “Shark Tank,” after next season). The billionaire has denied rumors that he’s eyeing a White House run.
Vegas raises its sports stake… While the Mavs aren’t moving to Sin City, the fact that a Vegas casino magnate’s buying them fits with a broader trend: America’s gambling hub is betting big on sports. Vegas is hosting the next Super Bowl, and the final games of the NBA’s first in-season tournament (not to mention the recent $500M F1 Vegas Grand Prix). A planned $1.5B baseball stadium along the Strip will likely soon house the MLB’s Athletics. And as Vegas gets more sporty, sports are getting more Vegas-y, with 37 states now legalizing sports betting.
All bets are on… As legalization expands, more players are entering the gambling arena (including family-friendly Disney, which launched ESPN Bet last month). Texas is one of the few states where sports gambling still isn’t legal, but both Adelson and Cuban have lobbied to bring gambling there — and Adelson’s purchase suggests at least some optimism.