Alpha Entertainment, the parent company of the XFL, has filed for bankruptcy before completing the league’s first season. This is largely related to play being stopped because of the coronavirus. The XFL had incredibly bad timing, trying to start a league and develop a following amid a health pandemic.
The owner, Vince McMahon, filed for bankruptcy after suspending the 2020 season and laying off all of the company’s employees. The XFL is going to be put up for sale as the owners attempt to pay off their debts.
In a statement to fans, the XFL said, “Accordingly, we have filed a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code. This is a heartbreaking time for many, including our passionate fans, players and staff, and we are thankful to them, our television partners, and the many Americans who rallied to the XFL for the love of football.”
XFL’s Take on Sports Betting
The XFL was taking a new stance on embracing betting that no other professional sports league has. It is disappointing that fans didn’t get to see this, as well as other in-game changes though for at least a full season.
The XFL was creative with ideas such as three-point conversions, changing the kickoffs, creating a shorter play clock, and much more. One of those changes was embracing sports betting and even mentioning lines in the broadcast.
League President Jeffrey Pollock said gambling was “absolutely fundamental” to the XFL’s foundation.
“A core business strategy, and really a core fan-engagement strategy for us, is to embrace the spread,” he said during the season, leaning on hyperbole to add: “Betting and sports gaming are as essential to the football experience in 2020 as the helmet, the jersey, and the ball.”
They wanted to be extremely sports-betting friendly. The XFL even partnered with an online sportsbook and hired a research firm to create lines. Pollock said he didn’t see a lot of cons with embracing gambling. He acknowledged what the fans wanted, and that was to have this league lean into the world of sports betting.
The Results
It’s hard to say that this strategy was successful or not. With the start of the coronavirus affecting the league, there are only a few takeaways to think about.
The wagering taking place for the XFL didn’t come close to the amount of the NFL; however, it didn’t do bad. A total of $10,000 was placed on the spread of the opening game between the Dragons and the Defenders. This amount was more than any college basketball game that Saturday, and some NBA games.
“I think there’s an interest, but it’s just not something I think people have confidence to bet on yet, on the public side of things,” Caesars senior oddsmaker Alan Berg said.
If these teams were around for a few years, players and coaches got to be known, who knows what could’ve happened. The XFL might’ve been on the cutting edge of what leagues should do in regards to sports betting.
