A report by Yahoo revealed that an FBI probe into NCAA corruption identifies possible violations by basketball powerhouse schools including Kentucky, UNC, Kansas, Duke, Texas, and more than 15 others. Sports Attorney Jason Belzer, President at Game, broke down the implications of the allegations.
Several top NBA prospects and recently drafted players were linked to impermissible benefits, such as cash advances and entertainment and travel expenses. Names listed include Duke's Wendell Carter Jr., Michigan State's Miles Bridges, and Alabama's Collin Sexton. Belzer isn't surprised by the allegations. He believes that until players get a share of the revenue that the schools get, these transactions will continue to be a part of recruitment.
The average compensation for a college basketball or football player is around $250,000-$300,000, including items such as tuition and room and board, according to Belzer. The top players generate an estimated $3 million to $5 million for their schools, he added. Belzer said a compensation structure that could fix the problem would be one that allows players to accept certain amounts of compensation. The easiest way, he said, would be to put money into a trust fund for the athletes.
College athletes scored big in 2021 when they were finally allowed to begin earning money based off of their name, image, and likeness, known as NIL. But how can young athletes best manage their money so they can set themselves up for years of success? Nicole Pullen Ross, Head of Goldman Sachs Sports and Entertainment Solutions, joins Cheddar News' Closing Bell to discuss why financial management for college athletes is important, common pitfalls they could run into, and more.
On Saturday, New York will join neighboring New Jersey and Connecticut in authorizing mobile sports betting. Matt Kalish, president and co-founder of Draftkings North America, joined Cheddar to talk about the landmark change that is estimated to rake in $500 million in annual tax revenue on a potential billion-dollar market. Kalish also addressed the possibility that legalized sports betting in the Empire State could cannibalize his company's revenues in the bordering states. "It's pretty inconvenient, you know, to go across the border to make a bet. And people were doing it, but I think it really stifled a lot of the opportunity," he said. "So while there's some of that going on, I think really a tremendous amount, like a giant percent, of New York will be very incremental."
Desmond Howard, former NFL wide receiver and Modelo college football playoff ambassador, joins Cheddar News to talk about the Modelo sweepstakes honoring the 30th anniversary of his iconic punt return.
The New York Times has acquired sports outlet The Athletic in a $550 million deal. The acquisition brings the Times closer to its 10 million paid subscribers goal by 2025.
Austin Mock, College Football betting contributor for The Athletic, explains his strategy for selecting a winner in the national title game between Georgia and Alabama.
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Michael Jenkins gives his picks for the final week of the NFL regular season while Joe Osborne dishes out his insight for how to approach a week where some teams choose to sit out their star players. Meanwhile, Austin Mock explains his strategy for selecting a winner in the national title game between Georgia and Alabama.
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It's no secret tech giant Amazon has a mission of becoming a major player in sports media, and the company is poised to make progress on that goal in 2022. Amazon Prime Video will be the exclusive home to Thursday Night Football for the 2022-23 NFL season. In December, the New York Post reported that Amazon is in the beginning stages of developing studio sports programs, and hopes to soon have a full daily lineup of sports shows. Front Office Sports senior reporter A.J. Perez joined Cheddar News' Closing Bell to discuss.
The seven-time Pro Bowler Antonio Brown thrust himself into the spotlight again after an on-field meltdown against the New York jets that ended with him pulling off his jersey and exiting the field at MetLife Stadium, leading his Tampa Bay Buccaneers head coach Bruce Arians to say that Brown was "no longer a buc." Sports commentator and former quarterback Lester Ricard Jr. joined Cheddar's "Closing Bell" to discuss the troubled star's latest actions as well as his checkered past few years in and around the league. "About three or four years ago, Antonio Brown, his career was trending towards a Hall of Famer, one of the best wide receivers of all time," said Ricard Jr. "I don't know if he's self-imploding or whatever's going on with him." Ricard went on to speculate about a specific hit Brown may have taken years back he felt could have led to the current behavior.
Sports betting is going mainstream in the United States. Dozens of states have legalized it, California is set to do the same this year. Arizona, which legalized sports betting in September, set new national records for gambling in its first months. Daniel Graetzer, CEO of Maximbet, joins Cheddar News to discuss what's next for the booming industry.
