The NFL makes most of its money through media licensing deals

The NFL is the most valuable sports league in the world

NFL teams are worth a total of $228B. Each team holds an average value of over $7.6B, almost as much as the NBA and MLB combined. The Dallas Cowboys, valued at $12.5B, are the most valuable sports franchise on Earth.

NFL explained

The NFL is the premier professional American football league, founded in 1920 in Canton, Ohio. It consists of 32 teams playing an 18-week regular season from September to January, culminating in the Super Bowl championship in February. The NFL has grown into the world's most valuable sports league, generating nearly $20B in revenue in 2023, and with teams valued at $163B combined. Learn its history here.

The NFL is so successful because it is perfectly suited for television

The predictable weekly cadence of football games ritualizes the experience of watching together, and their relative scarcity makes every game meaningful. With the stop-and-go play of the sport, there are predictable, repeating stoppages to allow broadcasters to sell lots of advertising inventory. The league sits in the sweet spot compared to MLB (many games) and NBA and soccer (continuous play with fewer ads). This Acquired episode distills fascinating insights into the NFL's business and history.

College football generates over $11B annually—but many programs run at a loss

Despite total revenues surpassing $11.5B in 2024, college football’s high operating costs—$14.5B in the same year—mean only a handful of top programs turn large profits, while most run at a loss.

In 2024, the league signed a 11-year deal with Disney, Amazon, and NBC Universal

The $2.2B deal was widely applauded in the media, but the Players Association questioned how the NBA arrived at the valuation and why the deal gives players less than 10% of total revenue compared to the NBA’s 50%.

How much does sports betting generate?

According to 2025 data, sports betting generated $2.7B in state tax revenue. That number has increased every year since the government began collecting data in 2021.

The general public cannot buy Super Bowl tickets at face value

The NFL controls every Super Bowl ticket, distributing none through a general public sale; after allotments to teams, players, sponsors, and the league, only about 11,600 tickets—roughly 16%—are available to fans at face value, mostly via team lotteries.

Dot-com companies paid $44M for Super Bowl ads in 2000

During the 2000 Super Bowl game, 17 dot-com companies paid $44M total for ads. Just the next year, only three dot-com companies ran ads in the game. The significant drop reflects just how hard the crash hit dot-com companies and how unsustainable the businesses were.

Over time, the World Cup became a commercial powerhouse

The 1954 World Cup featured the first live black-and-white televised broadcast of the event, and, in 1970, FIFA introduced color broadcasts in primetime. Increasing revenues pushed private networks to aggressively bid for broadcast rights. Today, the event is a commercial powerhouse, with the 2026 World Cup projected to generate around $4B in TV rights revenue.

The decline in value of the NFL running back

Running backs long held the role of superstar on NFL teams, carrying their team down by down to the endzone. Their salaries reflected that importance as well. But in the last 30 years, front offices and fans have taken more to the quarterback instead, who receives much higher salaries. This podcast episode breaks down the economics of the turn in the game's focus from rushing to passing.

As of 2024, server products and cloud services make up 40% of Microsoft's revenue

These products generated $97.7B in the 2023-24 fiscal year, followed by office products and cloud services, which accounted for $54.9B during the same period. The fastest-growing revenue source was gaming at 39%, driven by sales of Xbox and first-party software.

Hosting the NFL Draft comes with hidden public safety costs

The economic upside of hosting the Draft—Detroit reported $214 million in impact in 2024—depends on months of behind-the-scenes work. Coordinating law enforcement, emergency medical services, and traffic control entails real public costs that rarely make the headlines.

NFL stadiums are designed to maximize profit, not number of seats

Most stadiums are actually getting smaller as the cost of land rises. Owners have sought to increase returns by designing prestige suits and clubs (rather than just more general admission) and laying out the stadium to maximize customer purchases.

New rules introduced in 2021 let college athletes profit from their name, image, and likeness (NIL)

The NCAA’s 2021 policy shift allowed athletes to earn money through endorsements, sponsorships, and personal branding—transforming the college sports landscape and changing the dynamic of what it means to be a student-athlete.

An estimated 49 million people played fantasy football in 2022

The number, estimated by the Fantasy Sports and Gaming Association, has grown exponentially since the start of the century. While fantasy sports in general are popular, football is the most popular, with an estimated 79% of fantasy participants playing fantasy football.

Netflix is the dominant streaming service

As of 2025, Netflix had amassed more than 300 million subscribers globally and saw quarterly revenue over $11B.

Among most mainstream sports broadcasts, sports betting ads appear most often in women's basketball and hockey

A random selection of 50 different sports broadcasts tracked one sports betting reference every four minutes. In one of the randomly selected hockey games, the longest stretch of no gambling reference lasted about five minutes towards the end of the game.

The majority of Meta's revenue comes from advertising

Since introducing Facebook Ads in 2007, ads have become the main way Meta makes money and keeps the social media platforms free for users. Meta's targeted ad program allows businesses to set a maximum advertising budget and be charged only for the actual number of impressions an ad receives. In 2025, $196.175B of Meta's $200.966B annual revenue came from advertising.

Inside one credit union’s big NFL bet

Herndon, Virginia-based Northwest Federal Credit Union is working to bring credit unions into the spotlight. The relatively small institution just made a big splash when it struck an $8M-per-year naming rights deal with the Washington Commanders. Northwest is now the official credit union partner for the team and has turned FedEx Field into Northwest Stadium. Banking nerds and sports fans alike are paying close attention. Read this article to learn more.

Credit card companies make money through interest, annual fees, and more

They also profit from interchange fees, the fee the retailer has to pay the credit card network in order to facilitate a transaction. The fee is typically between 1% and 3% of the transaction amount.

Charting where federal revenue comes from

About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs. See breakdown in charts here.

Explaining the rise in adult sports leagues

Community sports leagues shifted from publicly supported entities to privatized ones in the 1990s, as tech advances streamlined registration processes. Millennial interest drove significant growth in social sports leagues for adults, growing much faster than other kinds of sports. A few industry leaders have benefited from this shift.

Top creators get paid millions of dollars per post

From the Kardashians to the world’s top soccer players, a handful of celebrities average hundreds of thousands, if not millions of dollars, per sponsored post. But brands aren’t willing to shell out that money for a high follower count alone. Creators must have high engagement rates on their content, too.

Why does the stock market matter?

Open any newspaper, turn on your local TV news station, or listen to a daily business radio segment, and you’re bound to hear about how the stock market is performing. Netflix created a 17-minute (free) explainer that dives deep into the nitty-gritty of how we got here.

Following the NFL's concussion settlement, numerous victims were denied payouts

In 2015, the NFL finalized a landmark settlement with former players alleging concussions suffered in games were causing brain diseases. The settlement promised to pay every former player who developed dementia or diseases linked to concussions. This Washington Post investigation interviewed former players who filed claims under the agreement, but said they were rejected based on definitions in the settlement.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

11 people died from firework injuries in the US in 2024.

44% of Americans say they pray at least once a day—discover how your state's religiosity stacks up against the rest of the country.

Power lines are dotted with large, brightly colored balls to improve the visibility of these thin wires to helicopters and small planes and help prevent potential crashes.

How fusion—which releases energy when two lighter atoms combine to form a heavier atom—differs from fission

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Watch how viruses like Ebola can spill over from animals to humans—and vice-versa.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

The syncytiotrophoblast is the outer layer of the placenta and the largest human cell, spanning an area about twice that of a king-sized bedsheet.

A small portion of The Winstons' 'Amen, Brother,' an obscure '60s gospel record, is the basis for thousands of hip-hop tracks, making it one of the most sampled records ever that's informally known as 'the Amen break.'