Chernin Group buys three sports betting web sites

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Media and tech investor Peter Chernin’s Chernin Group has bought three web sites that host sports betting and sports gambling data, according to The Wall Street Journal.

The three sites, Sports Insights, FantasyLabs and SportsAction will be united to form the Action Network, a subscription-based platform to “give sports bettors access to data and analytical tools, along with articles, podcasts and videos that analyze sports from the perspective of a fan who has money on the line,” Chernin, the chairman and chief executive, said.

“The sports marketplace in general is in a time of enormous transition,” Chernin said. “We’re living in a world where people are getting scores almost immediately, getting highlights almost immediately.”

He said the new platform will be focusing on fantasy-sports and will reach those who “by definition are among the most passionate sports fans.

Chernin Group has already bought a controlling stake in Barstool Sports and invested substantially in The Athletic website.

Chernin, 66, is generally considered to be one of the most powerful media executives in the world. Sports wagering observers believe Chernin may be positioning the company for the expansion of sports wagering in the United States as the U.S. Supreme Court is considering the New Jersey “states’ rights” case that could enlarge sports betting nationwide. 

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