Sports have long been a source of entertainment, passion, and excitement for people all around the world. But beyond the thrill of competition and the glory of winning, sports can also be a lucrative endeavor. In this article, we’ll explore the top five most lucrative sports in the world based on factors such as prize money, sponsorship deals, and global audience.
1. FOOTBALL (SOCCER): Football is, without doubt, the most popular and watched sport, valued at US$3.2 Billion in 2022. The football industry keeps on turning over huge figures for its investors and participants. The English Premier League in the 2020/2021 season, when businesses were hit by Covid, still grew by 8% to generate €5.5 billion. Football no doubt is a lucrative sport as it has turned paupers into kings overnight.
2. BASKETBALL: Basketball is another money-spinning venture worth US$90 billion. The NBA alone generated a revenue of US$6.27 billion last season, with each franchise going home with a fat purse of US$209 million in revenue. According to Zip Recruiter, 90% of basketball players earn $80,000 annually. Stephen Curry of the PG Golden State Warriors leads the chart of highest earners in the NBA with whopping annual earnings of $48,070,014, and LeBron James of the SF Los Angeles Lakers is not far behind with $44,474,988.
3. AMERICAN FOOTBALL: Although not popular globally, the best American Football League, National Football League in the United States, in its recent season, generated $17.19 Billion. The reason behind this huge revenue is multibillion-dollar sponsorship deals and TV broadcasting deals. NFL’s highest earner, Lamar Jackson of the Baltimore Ravens, earns $52 million annually.
4. BOXING: Do you ever wonder why boxers put their life on the line, enduring blows to their face? The reason is not far-fetched as the purse attached to the top fight is quite huge. Floyd Mayweather, in 2017, earned $275 million in a night after knocking out Conor McGregor.
5. FORMULA ONE: Formula 1 is one of the most exclusive and expensive sports, with revenues of $2.1 billion in 2021. Of course, the cost of putting this massive show on the road and racing it on tracks around the world is enormous. Salaries for drivers who work hard and risk every day for the thrill of the sport are staggering. F1’s 2023 revenues are estimated at $1.38bn, which is shared among teams and other shareholders.
Sports don’t just entertain, it can be a highly lucrative industry for those who excel in their field. The five most lucrative sports in the world – soccer, basketball, American football, boxing, and Formula – offer a lot of money to its investors and other stakeholders.
CONCLUSION
Sports have become a significant part of today’s culture. They are not just a form of entertainment but also a multi-billion-dollar industry. Understanding the business side of sports can help us appreciate the value of our favorite games while providing insight into what drives its growth and profitability. By: Simon Ojelabi
