This year’s National Association of Collegiate Directors of Athletics (NACDA) conference was held a timely two days after the conclusion of the landmark House settlement, which now allows universities to pay their athletes directly. For three days, the conference floor was abuzz with discussions about the new $20.5 million salary cap, how universities will create revenue to pay athletes directly, and all the new products and services popping up to support this dynamic new era and the changing economics of college sports. The follow-up to every discussion led to questions of “I wonder where all of this is going,” and “What is the market going to look like six months or a year from now?”

It’s natural to speculate about an unknown future. Instead, those in college sports searching for answers should look to another nascent industry in American sports. This one seemingly opened overnight and offers many parallels to what the NIL category may evolve into. That category is sports betting. While it may seem heretical to speak of sports betting and college sports in the same sentence (even though in June 2025, the state of Louisiana passed a bill to increase its sports betting tax from 15% to 21.5%, with the difference going to fund Division I athletics in the state), the birth of these open markets have more similarities than you may think.

The Supreme Court’s repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018 opened the door for states to legalize sports betting with little........

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