New CBA Agreement Allows NBA Players To Promote Sportsbooks And Invest In Cannabis
The new and revolutionary CBA (collective bargaining agreement) of the NBA is said to have allowed the players to promote and invest in sports betting companies (sportsbooks), as well as in companies that produce cannabis.
This news comes after Shams Sharina, partner at sports betting giant brand FanDuel and person in the know at The Athletic, revealed details on Saturday concerning the new agreement.
Moreover, the NBPA (National Basketball Player Association) confirmed the news and stated that the NBA league has reached a preliminary deal with the NBPA regarding the new CBA deal, without revealing any further details.
However, what we do know at this moment is that the upcoming CBA groundwork must be authorized by both the players and the owners before the NBA players can legally be allowed to invest in and promote such ventures.
Specific details will be made available once a term sheet is finalized.NBPA
The previous, and now almost-expired CBA was put into force on the 1st of July 2017, just before the 2018 ruling of the Supreme Court regarding the PASPA (Professional and Amateur Sports Protection Act).
As soon as PASPA ceased to exist, NBA and all major US leagues openly started to sign partnership deals with betting and gaming companies. And despite the ongoing CBA didn’t ban NBA players from investing in betting companies, none of the current players have been linked with such ventures.
However, this could drastically change, as the upcoming CBA is said to give NBA players the same investment rights as their respective owners. Especially since many owners, such as Mark Cuban for example, are already investors in major betting brands such as Sportradar and DraftKings.
Interestingly enough, along with the Mavericks’ owner Mark Cuban, NBA players Kevin Durant (Phoenix Suns) and Trae Young (Atlanta Hawks), are investors in the company Underdog Fantasy.
Although Underdog Fantasy is still not considered an authentic sportsbook company yet, many see this as the stepping point toward much bigger and similar investment venues that will include real betting operators.