Newspapers Relying On Sports Betting To Stay Afloat

13 04 2010
http://taylormadetirade.files.wordpress.com/2009/09/sports-betting1.jpg

At least that's what news site Philly.com is banking on (Image via Taylormadetirade.com)

Philly.com, the online home of The Philadelphia Inquirer and Philadelphia Daily News, is turning to sports betting for an extra source of income.

The Philly-focused news site just teamed up with FanDuel.com to create an online betting service called Instant Fantasy Game.

The service (which is legal) allows readers to put up wagers on fantasy games.   According to paidContent, in Instant Fantasy Game, readers pick an opponent, set a wager, and then draft their fantasy team.  Games only last one day and whoever wins gets a cash prize of up to $90.

Yoni Greenbaum, the VP of product development at Philly.com, told CNET that Philly.com partnered with FanDuel.com to satisfy two major goals: “content differentiation and revenue.”

Though a bit outside the box, Instant Fantasy Game could be the type of money-maker Philly.com desperately needs.

More than 30 million fans a year play fantasy sports on sites like ESPN, and if Philly.com is able to attract these users to its site, it could translate to huge dollar signs for parent company, Philadelphia Newspapers.

The media company was forced to file for bankruptcy last year, as readership and ad revenue continued to decline industry-wide.

Philly.com is banking on services such as legal sports betting to attract readers, but will it work?

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