One of the biggest trends in sports today is the fast-evolving market for sports betting. Legal and highly regulated in 38 states, sports betting is a topic Minnesota lawmakers continue to consider for our state. Regardless of whether sports betting becomes legal in Minnesota or not, we know audiences across the region have an interest in the topic, which is driving our development of a new sports betting hub for gaming enthusiasts on Startribune.com.
Since this is a new endeavor for us, I would like to share more with you about our rationale.
Amidst an ever-shifting media landscape, we're thinking differently and are looking for new ways to meet our readers and future readers where their interests lie. Like businesses across all industries, we continue to actively seek ways to diversify our revenue streams. Sports betting is an industry that's growing fast, and we believe there are revenue opportunities in this space which can better position us to fund the high-quality local journalism our teams work hard to create for readers every day.
It is through these lenses – audience and revenue – that we venture into the realm of sports betting content through a partnership with XLMedia. This partnership introduces premium sports betting commercial content on Startribune.com; content that will be displayed separately from our editorial sports coverage and clearly marked "commercial content."
A dedicated hub for gaming enthusiasts
The dedicated sports betting space is being created, produced and displayed by XLMedia. It will live on Startribune.com, separately from the news staff's sports coverage and will be clearly labeled as "commercial content." With a focus on sports and gaming, XLMedia provides content that not only resonates with information seekers but also drives greater engagement. And as the Star Tribune aims to equip our audience with the necessary information to make informed decisions, it will also include informational elements on topics like budget setting, terminology, responsible gambling and the evolving landscape of sports betting in Minnesota.
Beyond our state lines
Sports betting commercial content is already becoming synonymous with sports and entertainment media nationwide. Partnerships with XLMedia and others in the gaming industry are becoming increasingly common, with several major media organizations entering the space of providing premium sports betting content and promotions. Furthermore, this partnership positions the Star Tribune to serve our audiences both in-state and beyond. Many Minnesotans travel to states where betting is legal, and the broader audience in states where sports betting is already regulated can take advantage of the content and promotions tailored to their region.
A bet on our future audience
This strategic move is not merely a gamble but a calculated risk that anticipates the evolving interests of our future audience, while providing a revenue boost to fund the high-quality journalism that is crucial for our state. As the media landscape continues to evolve, the Star Tribune is positioning itself for a future aimed at enhancing the user experience while safeguarding the journalistic integrity that is pivotal to our identity.