Dolphins owner Stephen Ross.

  • Stephen Ross has invested into Action Network.
  • Multiple sports teams have invested money in the media group.
  • Sports betting has not been formally legalized in Florida yet.

MIAMI – Miami Dolphins owner, Stephen Ross, has invested money into the Action Network media group.

Investing Into Action Network

Stephen Ross not only owns the Miami Dolphins, but he also owns RSE Ventures. RSE Ventures currently operates as an investing firm for startup companies. The company was spending around $17.5 million in fundraising for various startups. Although the details were not released, Action Network got a piece of that $17.5 million.

“As more and more states legalize sports betting, we believe that a new media company will emerge to service this sector, one that best integrates data and content. The Action Network has a unique blend of imaginative content creators and data miners. It’s a compelling combination that’s translating to impressive growth in subscriptions,” said Matt Higgins, CEO, and co-founder of RSE Ventures.

Action Network was launched back in 2017. The group intends for the website to be the number one stop for sports bettors. They have news, odds boards, and podcasts available on their website. The growing market for legal sports betting in the United States is what enticed RSE Ventures to invest in Action Network.

It’s not just the Miami Dolphins investing in Action Network. Owners of the Chicago Cubs, the Philadelphia 76ers, and the New Jersey Devils have all invested into the company. This allows Action Network to speak with various leaders in four different major sports.

Pushing For Legal Sports Betting

Many owners from the NFL used to oppose sports betting. Now that sports betting is spreading across the United States, owners have softened their positions. In 2018, the Miami Dolphins tweeted to tell voters to vote no on Amendment 3. The tweet has been since deleted but Amendment 3 was passed. This Amendment makes it so that any expansion of gambling in Florida must go through a statewide referendum to be approved.

This makes legalizing sports betting in Florida much harder to do. But that does not mean it is impossible. If Florida sports betting was to never happen, then RSE Ventures would have likely not invested into Action Network. After all, there are three bills that could legalize sports betting in Florida in 2020.

News tags: | | | | | | | |