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(Sharecast News) - Global digital media giant XLMedia announced a significant strategic partnership with Capitol Broadcasting Company on Tuesday, which owns North Carolina-based news brand WRAL.
The AIM-traded firm said that as part of the agreement, XLMedia would become the exclusive provider of sports betting content for WRAL's online platform, which boasts more than four million unique monthly users.
It said the venture aligned with its overarching strategy to broaden its presence in the North American market, and strengthen its media partnership business (MPB).
By collaborating with WRAL, XLMedia would establish a foothold in North Carolina, and strategically position itself ahead of the state's expected online betting debut in 2024.
North Carolina's status as the ninth-most populated state in the US, combined with its large base of both professional and collegiate sports enthusiasts, offered a lucrative opportunity for sports betting content.
Through the alliance, WRAL was aiming to explore new avenues of revenue generation.
"We are very pleased to be able to build upon our MPB success by adding another prominent publisher in a key state with strong presence for both professional and college sports," said chief executive officer David King.
"This is an important revenue opportunity for both businesses.
"In line with our stated strategy, this agreement furthers our efforts to expand our North America footprint in select markets to capitalise on the US's growing sports betting market."
At 1243 BST, shares in XLMedia were up 6.38% at 12.5p.
Reporting by Josh White for Sharecast.com.
