From Sin City to Sports Capital: Las Vegas Emerges as the Next Big Sports Tech Market

Las Vegas boasts the fastest-growing professional sports market in the U.S., paving the way as the next sports tech hotspot.

In less than a decade, the city gained four major league sports teams, plus multiple minor league teams and the UFC headquarters. For this reason, sports technology and related companies take notice of Las Vegas’ vibrant and growing sports ecosystem.

Few sports exist today without the support of specialized technology. Sports Tech generally refers to any technology that helps optimize an athlete’s training, analyze the performance/game, or enhance the fan experience.

Wearables and fitness trackers are the most widely adopted form of sports tech. However, most of us are familiar with video instant replay systems, smart stadiums, interactive equipment, and real-time digital signage.

The global sports technology market was worth around $15.9 billion in 2022 and is expected to reach $79.2 billion by 2032. This creates a huge opportunity for the growth of the sports tech industry alongside Southern Nevada’s growing sports economy.

The Vegas Advantage

Given our region’s status as the Sports & Entertainment Capital of the World, we attract the attention of sports technology companies looking to expand or relocate.

Las Vegas Sports Teams

In Las Vegas, sports tech companies get access to 13 professional sports leagues, plus countless national and international sporting events. This creates endless opportunities to partner on research, testing, and promotion of products and services.

Additionally, elite athletes consider Las Vegas to be a popular destination for training in their off-season, creating year-round opportunities for collaboration.

Las Vegas Sports Venues

The city is also home to more than a dozen large event venues that host the nation’s biggest sporting events, including F1 and the Super Bowl. Las Vegas’ 17 sports facilities and arenas boast a combined capacity of 285,000 seats.

Eight additional facilities are in the works, including a proposed major league baseball stadium, which would add more than 120,000 new seats. In addition, six of those venues rank as top-grossing venues globally by Billboard 2023, including Allegiant Stadium and T-Mobile Arena.

Sports Tech Education Infrastructure in Southern Nevada

The region also offers a strong higher education infrastructure, with the University of Nevada Las Vegas laser-focused on workforce development and sports innovation. This is possible through the recently created Sports Innovation Institute, whose mission is to champion innovation, foster economic development, and elevate education, sports business and sport science.

Within the first few months, the Institute announced SEICon, the nation’s first sports, entertainment, and innovation conference, attracting participants from around the world.

In addition, the UFC Performance Institute claims the world’s first mixed martial arts center for innovation, research, and training. Where’s the location? Conveniently located next to UFC’s main headquarters.

While many of the sports tech companies we’ll target are already established, for any entrepreneurs with startup ambitions, we can boast that Las Vegas was ranked the best city in the country for pre-IPO startups in 2023.

The question for sports tech companies really is: Why wouldn’t you be looking at Las Vegas?

LVGEA’s Sports Tech Attraction Strategy

We’ll gladly assist any sports tech startups looking to make the move. At the same time, LVGEA focuses its recruiting efforts on companies with at least $10+ million in revenue. We also target companies that have been in business for at least three years.

As with our other target industries, we’ll emphasize connecting with companies located in high-cost markets like California, New York, Boston, and Chicago. Our team works proactively to identify and connect with growth-mode companies to discuss the benefits of doing business in Las Vegas.

We’ll also be attending industry conferences, most of which are held right here in Las Vegas, alongside our community and sports partners. As previously mentioned, next month, we’ll participate in SEI Con, a first-of-its-kind sports, entertainment, and innovation conference co-hosted by the UNLV Sports Innovation Institute. We’ll also connect with global sports tech business leaders at CES, the Intercollegiate Athletics Forum, and the Esports & Gaming Business Summit.

A Stellar Recruiting Class

Thanks to the region’s gaming and hospitality industry and the rapid growth of the sports economy, Las Vegas has a robust sports tech ecosystem already in place.

Caesars Sportsbook and BetMGM are hometown companies that offer online and mobile options for sports betters. DraftKings, a sports betting and fantasy sports app, recently opened a Las Vegas office to house its customer service, sports trading and IT teams. Likewise, online mobile video game platform Skillz recently moved its San Francisco headquarters to southwest Clark County.

The data analytics and compliance side of the industry is also represented in our region. Integrity Compliance 360 provides sports wagering monitoring and regulatory compliance, while Sportradar offers data analytics and sports reporting for sports tech companies and professional sports organizations. And Stadium Technology Group is a Las Vegas-based company developing risk management software for sportsbooks.

Clearly, Las Vegas’ sports economy is already extensive and growing exponentially. We’re looking for those companies who want to be a part of the excitement that comes with being located in the Sports Capital of the World.

If you know of a sports technology company looking to expand or that could be a great fit for Las Vegas, connect with LVGEA’s Business Development team.