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Fiona Simmons April 3, 2023 2 min read
NBA Players Get Permission to Invest in Weed, Sportsbook Companies
The NBA has been keeping a tight control over its athletes and expecting them to meet the highest ethical standards
This has not changed, but the NBA’s collective bargaining agreement (CBA) has been reportedly altered to allow players to invest in sportsbooks and cannabis production companies if they choose to.
NBA to Let Players Invest in Sportsbook and Cannabis Companies
This is a dramatic change from the previous CBA which explicitly prohibited athletes to take part in such organizations. The victory can be attributed to the National Basketball Players Association (NBPA), a trade body that has been actively advocating for the interests of players.
The original reporting was done by The Athletic which says that no specific details are available immediately, as the agreement has not been finalized. Before a new CBA may enter into effect, it will similarly need to be ratified by both players and owners. However, the changes in how players may structure their investment portfolios do not mean that they can break the existing ethical guidelines of the NBA.
Players are still prohibited to use opioids and drugs, as they are prohibited from placing wagers on the outcomes of events. Some though fear that players may run into even more trouble with fans, as many are beginning to blame players for underperforming and “costing them money” on a wager.
But the new CBA probably reflects a growing momentum within the player base to have the freedom to invest in something that hits close to home – sports betting may be one of those. Even though players would not be able to bet themselves, they would still probably be allowed to promote the betting companies they invest in.
Players May Choose to Launch Sportsbook All on Their Own
This is not exactly surprising, as many sports personalities have already been promoting various sportsbooks actively. In the meantime, some NBA players could be preparing to go ahead and launch their own sports betting companies – this would not be too crazy as an idea.
Kevin Duran, Giannis Antetokounmpo and others have already patents of names that they may use to launch their sports betting operations. But launching a betting operation in a hurry does not always pay off. Even Maxim, a popular lifestyle brand, struggled to maintain operational momentum.
Betr, a company promoted by Jack Paul, is also not doing so hot, even though its CEO Joey Levy assures us otherwise.