Verizon Considering the Sports Betting Business

Verizon Communications Inc. is considering entering the multibillion-dollar market for sports betting, which could become legal in the U.S. before the year is out, according to people familiar with the matter.

The New York-based phone giant, which last year bought Yahoo and its popular fantasy sports business, has been meeting with experts and consultants to assess the potential for a sports-focused online gambling venture if the laws in the U.S. change, said the people, who asked not to be identified discussing private information. The U.S. Supreme Court is expected to issue a decision early this year in a case that challenges the current federal prohibition on sports betting.

“There are some changes coming that we pay attention to. We stay close to that to see how it would affect our asset and how we may chose to respond,” Verizon Chief Financial Officer Matt Ellis said in an interview Tuesday. “I’ve not looked at anything in detail. If someone has an idea around it, I’ll look at it like any other. But we are not getting ahead of ourselves there.”

More at Bloomberg

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