00:00 Speaker A

Sports book operators under pressure as Illinois introduces a tax hike on wagers. Lawmakers pass the budget that includes a tax of 25 cents per wager on the first 20 million online sports bets. After that, the tax rate increases to 50 cents per wager. For more on what this does mean for sports betting, let’s get to Citizens Senior Equity Research analyst, that would be Jordan Bender. Jordan, it is always great to see you on the show. So, these names were under some pressure today, Jordan. I’m looking at DraftKings was down about 6%, Flutter finished down nearly 3%. If I’m an investor, Jordan, I have capital committed to these two names. How worried should I be? What what is it going to mean for their bottom lines?

01:46 Jordan Bender

Hey Josh, good to see you as always. You know, we left Friday at work and not expecting really anything coming over the weekend. And less than 24 hours later, DraftKings and Flutter, they got hit with some pretty big taxing increases out of Illinois. You know, the reaction today from investors and you can see it in the stock, the stocks here as well, is this was just really out of the blue. This wasn’t expected. And that’s a little bit of the scary part is we’ve seen tax increases as part of this industry. And that’s expected, and it’s all kind of done on a flat tax. The flat tax just comes up. This was done more on a graduated tax basis. And this is the second year in a row, which has caught investors off guard. Um, you know, the scary issue here is the line of sight behind some of the tax increases are starting to get shorter and shorter. Illinois, this happened in less than 24 hours. It wasn’t on anyone’s radar. Um, these companies will have to work through how do they adjust the business models. But, you know, we’re market upper form on both of those names. We’re bullish on the industry. We think there’s ways to actually offset some of these tax impacts, which for DraftKings, we estimate will be about 80 million a year and Flutter will be about 85 million a year on an annualized basis.

04:23 Speaker A

Those ways to offset it, Jordan, those levers you think they could pull, walk us through it.

04:48 Jordan Bender

So, historically, what we’ve seen is you take costs out of the cost structure. You uh sales and marketing comes down. Some of the technology costs might come down. I think this time around, given this is Illinois, it’s the second year in a row this has happened. The effective tax rate now is over 50%. And these companies are getting to the point where on, you know, on a Illinois P&L or even a New York P&L, they’re not making all that much money anymore, just given how high the taxes are. So, on the surface, there’s ways to offset this. Um, you make people bet more, you make people bet more parlays or longer leg parlays. And the last interesting point here, which I’ve had a lot of discussions with investors here today is, you know, we see this with like the ride handling apps with Uber and Lyft where they’ll actually show you the actual surcharge or impact for every ride on your receipt. Um, you know, investors have been kind of throwing that idea out there today of, you know, putting on your bet slip Illinois implemented 25 cents for every wager. And then beyond that, there’s actually a 50 cent step up as well. But just showing the end consumer this is what the state has done. Um, you know, the messaging so far today and yesterday from DraftKings and some of these sports betting operators is they’re more willing this time to just pass it off to the to the consumer and not necessarily take the hit themselves. So, a little bit change of tone this time over historical tax rate increases. But you know, we kind of talked about the gross impact for DraftKings and for Flutter. We don’t think you’ll come anywhere close to that, and I think the consumer is going to take a lot of the brunt here of that.

Image: SURJ Sports Investment

The SURJ Sports Investment (Saudi Arabia) and the Spanish seven-a-side football league – Kings League –recently announced a partnership to launch Kings League MENA, a regionally anchored version of the revolutionary seven-a-side football league founded by football legend and entrepreneur Gerard Piqué.

‘SURJ SPORTS INVESTMENT’ stated that the new joint venture will launch later this year and will bring an innovative and digital-first sporting experience to the MENA Region with Saudi Arabia confirmed as the league’s inaugural host.

The SURJ Sports Investments is a Public Investment Fund (PIF) company specializing in sports investments. It aims to enable the growth of the sports sector in Saudi Arabia and the Middle East and North Africa (MENA) Region. At the SURJ Sports Investment they believe in the transformative power of sports. As a PIF company they make strategic, long-term investments to drive the growth of the global sports industry, enhance fan experiences, nurture MENA talent, and foster innovation. Their mission is to create opportunities that align with Saudi Vision 2030, strengthening the Saudi sports ecosystem, increasing sports participation, and delivering both socio-economic impact and financial returns.

The Kings League is a Spanish seven-a-side football league established in 2022 by the former player Gerard Piqué (Spanish former footballer). The league features rules that differ from traditional football regulations such as a tie-breaker penalty shootout, unlimited substitutions and the implementation of secret weapons to add an element of dynamism and entertainment to the games.

Riyadh (Saudi Arabia)-based the Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$925 billion. It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia.

The Saudi Vision 2030 is a Government program launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially and culturally in line with the vision of the Saudi Crown Prince and Prime Minister Mohammed bin Salman. It was first announced on April 25^th, 2016 by the Saudi Government.

‘SURJ SPORTS INVESTMENT’ further stated that developed in partnership between the SURJ Sports Investment and the Kings League the MENA league – set to become the seventh league in the Kings League’s global portfolio – will feature a unique mix of regional football talent, digital-native content and stunning live events redefining how the fans experience the game.

Details on the team identities, the celebrity team owners and the competition’s format will be unveiled as the league builds toward its inaugural kickoff. The venture includes plans to engage the local talent through open tryouts, draft mechanisms and community activations helping to foster a new pipeline of football and content creation talent across the Arab world.

The above announcement is a major milestone in the evolution of sports entertainment across the region. With a format that fuses competitive football, gamified rules and the celebrity streamer team owners the Kings League MENA is designed to captivate young audiences and set a new benchmark for fan engagement in global sport. With 80 percent of the Kings League’s 30 million global social media followers under the age of 34 – and nearly 70 percent of Saudi Arabia’s population under 30 – the league is tailored to match the digital behaviors and entertainment preferences of the region’s youth.

Maintained Danny Townsend, head honcho, SURJ Sports Investment, “The Kings League MENA is unlike anything the region has seen. We’re bringing an entirely new model to market – one that celebrates football’s competitive spirit while embracing the energy of the digital creators, the fans and the youth culture. This venture reflects SURJ’s broader mandate to invest in sports intellectual property (IP) and the enablement platforms that deliver long-term returns, grow the ecosystem and connect with the next generation of fans across the region.”

Commented Djamel Agaoua, Chief Executive Officer (CEO), Kings League, “We’re thrilled to take the Kings League into MENA through this exciting partnership with the SURJ. Saudi Arabia is the perfect launch pad for a league that’s bold, fan-first and digitally native. Together, we’re building a platform that fuses entertainment, sport and digital culture – one that’s tailor-made for this region’s energy and ambition.”

The Kings League has reimagined football for the digital era and for the next generation of fans. Since the explosive success of the original Spanish league in 2023 it has expanded to major football markets around the world adding leagues in Mexico, Brazil, France, Italy, and Germany.

The iconic stadiums including the Spotify Camp Nou (90k spectators) in Barcelona (Spain) and the Juventus Stadium in Turin (Italy) (40k spectators) have sold out for the Kings League Finals. The growing global ecosystem of leagues is augmented by two spectacular annual international tournaments, the Kings World Cup Clubs (an international seven-a-side football tournament featuring teams from the various leagues from the Kings League plus wildcards from the other future international versions) and the Kings World Cup Nations (an international seven-a-side football tournament based on the Kings League format). The best teams of each Kings League qualify for the Kings World Cup Clubs. The best players of each country play for their national team in the Kings World Cup Nations.

The Kings League works with the world-leading streamers, content creators and football legends to drive engagement and will bring the same winning model to MENA. The LaLiga team FC Barcelona (Spain) superstars Lamine Yamal (Spanish footballer who plays as a winger for the FC Barcelona) and Jules Koundé (French footballer who plays as a center-back for the FC Barcelona), Brazil legends Ricardo Kaká (Brazilian former footballer) and Neymar Jr (Brazilian footballer), Argentina icon Kun Agüero (Argentine former footballer), the former Germany captain Bastian Schweinsteiger (German former footballer), and the LaLiga team Real Madrid CF players Aurélien Tchouaméni (French footballer) and Eduardo Camavinga are among the team and league Presidents in the Kings League ecosystem. The content creator superstars in the ecosystem include the American icon Jake Paul (American professional boxer and influencer), Saudi Arabia’s SHoNgxBoNg (a prominent Saudi Arabian content creator and streamer) and the Spanish streaming giant Ibai Llanos (Spanish Internet celebrity, streamer and esports commentator).

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The “Volumetric Video Market – Global Outlook & Forecast 2025-2030” report has been added to ResearchAndMarkets.com’s offering.

The Volumetric Video Market was valued at USD 2.55 Billion in 2024, and is projected to reach USD 10.29 Billion by 2030, rising at a CAGR of 26.18%.

Volumetric video represents a paradigm shift in digital content, enabling three-dimensional capture of people, objects, and environments. Unlike traditional videos, it allows users to interact with content from 360-degree perspectives, offering deeply immersive, lifelike experiences. The demand for such realism is being accelerated by consumers’ growing appetite for interactive media and spatial computing.

Despite the high cost and lack of standardization in 3D content creation, the volumetric video market is gaining strong momentum due to several pivotal developments:

• Technological Advancements: Innovations in 3D capture, including high-definition cameras, LiDAR sensors, and multi-view photogrammetry – are enhancing video quality and reducing production complexity.

• Powerful Infrastructure: The rising availability of high-performance GPUs, edge computing, and cloud-based storage solutions is solving the massive data demands of volumetric content.

• Strategic Investments: In 2024, Gracia AI invested USD 1.2 million into next-gen volumetric video tools tailored for spatial computing, highlighting growing investor confidence.

Furthermore, major tech companies such as Meta, Microsoft, and Apple among others are gradually investing in AR/VR technologies which shows the growing need for immersive experiences in digital space. In 2023, Apple also introduced its Vision Pro headset during the Worldwide Developers Conference (WWDC) which was released globally in 2024 and includes multiple cameras to enable mixed reality, eye and hand tracking for interaction. Thus, the expanding innovations in AR and VR technology are significantly contributing to the volumetric video market growth.

VOLUMETRIC VIDEO MARKET TRENDS & DRIVERS

Sports & Entertainment Industry

Live sports streaming has transformed how audiences consume sports content. Platforms like ESPN+, DAZN, and Amazon Prime have capitalized on this trend, showcasing significant user engagement. For instance, DAZN became Europe’s leading digital sports broadcaster in 2023, with a subscriber base of 15 million. This trend is amplifying the demand within the volumetric video market.

Generative AI Enhancements

Generative AI is significantly increasing the realism of volumetric videos, enhancing their lifelike quality. By refining 3D capabilities and improving video resolution, AI technology is minimizing manual postproduction efforts, allowing for faster and cost-effective content creation.

Advancements in 3D Capture & Displays

Developments in affordable 3D cameras and sensors are propelling market growth across sectors like entertainment, education, and healthcare. Companies are investing in technologies such as LiDAR and multi-camera systems to enhance 3D capture efficiency. Gracia AI, for instance, employs Gaussian splatting techniques for enhanced viewing experiences on devices like Meta Quest headsets.

Gaming & E-Sports Revolution

The gaming industry is leveraging volumetric video for character animation and immersive world-building. Arcturus’s 2024 update to its HoloSuite software exemplifies this, enabling real-time volumetric video integration in gaming environments.

VOLUMETRIC VIDEO MARKET GEOGRAPHICAL ANALYSIS

North America holds the largest share of the global volumetric video market, accounting for over 35% in 2024. The growth is inspired by the growing adoption of immersive media by brands across the region in advertising to create interactive and 3D advertisements. This is especially prominent in the retail sector, where consumers can engage with virtual product demonstrations via holographic displays or AR experiences on their smartphones.

Furthermore, Europe is the second-largest volumetric video market and is expected to grow at a CAGR of over 25% during the forecast period. The film industry particularly in the UK and Germany is incorporating volumetric content into high-end TV series and movies. Studios are using volumetric capture to create immersive special effects and 3D environments. The UK film industry is increasingly adopting 3D video technology for both feature films and virtual reality projects. For instance, in 2024, WPP plc, a UK-based advertising company introduced an AI-powered production studio which is developed with the help of NVIDIA Omniverse to create 3D products throughout the production lifecycle.

APAC is projected to witness the fastest CAGR in the global volumetric video market during the forecast period. Countries, such as China, Japan, and Australia are investing in the establishment of volumetric content studios to support the local entertainment and advertising sectors. For instance, in 2023, NantStudios developed the largest permanent LED volume at Docklands Studios in Melbourne, Australia. Moreover, governments in countries, such as China and Japan are actively supporting the development of immersive technologies, including 3D video, through funding and technology initiatives.

Moreover, the market in Latin America, and Middle East & Africa, has a low market share but has a huge impact on the volumetric video market because of the rising adoption of this technology across the gaming sector. Brazil is one of the largest gaming markets in the world which is continuously adopting 3D technology to encourage user engagement, thereby supporting the volumetric video market growth.

VOLUMETRIC VIDEO MARKET VENDOR ANALYSIS

The global volumetric video market is categorized by the presence of numerous established and emerging players such as Microsoft, Intel, Google, Sony, 8i, and 4Dviews, among others. These companies are investing in R&D and strategic advancements to enhance their volumetric video capabilities and expand their product offerings. With the rising adoption of immersive technologies across industries such as entertainment, sports, and advertising, the competition among players in the global volumetric video market is increasing. Key factors driving competition include video quality, real-time rendering capabilities, content personalization, cost-effectiveness, and compatibility with AR or VR applications.

The competition in the global volumetric video market is expected to intensify with rising investments in R&D, product diversification, and mergers and acquisitions. Market players are also expanding their global reach, particularly in emerging markets such as APAC and Latin America, where there is a growing demand for innovative video solutions. Companies with robust financial and technological resources have an advantage in introducing advanced solutions, potentially overtaking competitors that lack the capital to invest in cutting-edge developments.

Global Volumetric Video Market Latest News & Developments

• In 2024 Meta launched a redesigned video player on Facebook that combines Reels, longer movies, and Live content into a single widescreen, entertaining experience.

• In 2024 Foundry introduced Modo 17.0 with a significant performance update and up to 50 times quicker rendering.

• In 2024 OTOY, Roddenberry Entertainment, and Paramount Game Studios announced a major expansion of the archive for Apple Vision Pro.

• In 2024, Djinn Technologies, a UK-based company developing advanced volumetric and spatial camera sensor and scanning technologies, acquired EF EVE, a provider of consumer-friendly volumetric and spatial capture software.

• In 2024, Arcturus released several updates for its HoloSuite platform for volumetric video editing and XR content creation. With the new blend tool, HoloSuite users can connect volumetric video clips and blend them seamlessly.

Key Company Profiles

• Microsoft Corporation

• Intel

• 8i

• Unity Technologies

Other Prominent Vendors

• Meta

• Sony Corporation

• 4Dviews

• IO Industries

• Canon Inc

• Nephelie Technologies Limited

• Evercoast

• ARCTURUS

• Mantis Vision

• Gracia AI, Inc

• AIXR

• RealView Imaging

• Volograms Limited

• Raytrix

• Nikon

• MRMC

• Voxon

Key Attributes:

Key Topics Covered:

Market Opportunities & Trends

• Improvements in 3D Capture & Display Technologies

• Revolutionizing Gaming & E-Sports

• Expansion in E-Commerce & Virtual Shopping

Market Growth Enablers

• Rising Demand in Live Sports & Entertainment Industry

• Advancing Volumetric Video Realism with Generative AI

• Increasing Adoption in Advertisement Industry

Market Restraints

• High Maintenance Cost

• Lack of Standardization for 3D Content Creation

• High Storage Requirements

Segmentation by Component Type

• Hardware

• Software

• Services

Segmentation by Display Type

• AR/VR HDMs

• Volumetric Displays

• Projectors

• Other Displays

Segmentation by Applications

• Media & Advertisement

• Sports & Events

• Gaming

• Education & Training

• Other Applications

Segmentation by Geography

• North America

• Europe
  • Germany

  • The U.K.

  • France

  • Italy

  • Spain

  • Sweden

• APAC
  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Indonesia

• Latin America
  • Brazil

  • Mexico

  • Argentina

  • Chile

• Middle East & Africa
  • UAE

  • Saudi Arabia

  • South Africa

  • Turkey

For more information about this report visit https://www.researchandmarkets.com/r/3m5nhj

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250602779367/en/

iFIT is moving fast in 2025: rolling out AI Coach globally, adding premium partnerships and expanding into new fitness categories like Pilates and golf

Connected fitness leader iFIT is rolling out its iFIT AI Coach (beta) to users in 19 countries, offering real-time, personalized training plans that adapt to users’ goals, routines and performance data.

The expansion will reach users in Australia, Austria, Belgium, Canada, Finland, France, Germany, Ireland, Italy, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland and the U.K.

iFIT, which boasts over six million members, calls AI Coach a powerful tool for change, reporting that members who use it complete 2.4 times more workouts and are nearly 20% more likely to stick to their fitness goals compared to those who don’t. The new tool helps users define their fitness goals, then builds custom workout plans, schedules sessions, sends reminders and delivers motivation to keep them on track.

The AI Coach chat experience will be accessible via the iFIT mobile app, with recommended workouts also appearing on-screen on select NordicTrack and ProForm equipment. Language support will be customized for each region.

“Expanding iFIT AI Coach beyond the U.S. reflects our mission to make intelligent, interactive fitness more accessible around the globe,” said iFIT chief international officer Bart Mueller. “This rollout empowers more users to take control of their health with support that’s customized, convenient and rooted in world-class technology.”

See Also

Not even halfway through the year, iFIT has already announced several major updates. The Utah-based fitness brand recently partnered with cardio gaming content provider Ergatta to bring gamified, virtual racing experiences to its NordicTrack and ProForm treadmills and rowers. Additionally, iFIT and NordicTrack teamed up with the Tour de France to launch the world’s first officially licensed indoor bike with exclusive Tour de France-inspired content.

More recently, iFIT acquired Reform RX, a high-end reformer brand known for its commercial and at-home equipmentmodeled after a Formula 1 race car. The company is also venturing into golf fitness through a new partnership with Arcis Golf, which operates 70 private, resort and public courses across the U.S. Golf enthusiasts can expect game-enhancing content on iFIT-enabled equipment and mobile devices, including golf-specific workouts and performance training. 

Meet the wealthiest women changing the game—11 billionaires who control major pro franchises and are collectively worth $85 billion, led by the Mavericks’ Miriam Adelson.

Chaos in the public markets over the past year has taken a bite out of Miriam Adelson’s fortune, dropping her net worth 3%. But the 79-year-old widow of former Las Vegas Sands CEO Sheldon Adelson can always count on her sports team.

The Dallas Mavericks—the NBA franchise Miriam Adelson bought for $3.5 billion in 2023—are now worth $4.7 billion, according to Forbes estimates. And even in a down year for her Sands stock, Adelson is in no danger of relinquishing her crown as the richest female team owner in sports, with her estimated net worth of $29.4 billion heading up a list of 11 women collectively worth $85 billion.

In fact, Adelson is worth more than the next three women in the ranking combined: Brooklyn Nets and New York Liberty co-owner Clara Wu Tsai, who shares an $11.4 billion fortune with her husband, Alibaba cofounder Joe Tsai; Cleveland Browns and Columbus Crew co-owner Dee Haslam, worth $8.5 billion with her husband, former Pilot Flying J CEO Jimmy Haslam; and New Orleans Saints and Pelicans owner Gayle Benson, worth $7.1 billion.

Among the more than 3,000 billionaires on Forbes’ real-time billionaire ranking, roughly 400 are women. But only 11 are the control owner of a franchise in a major professional sports league. (Minority owners were excluded from this ranking, as were billionaires who are part of a team’s ownership group but don’t actually lead the club, such as New York Yankees co-owners Jennifer Steinbrenner Swindal and Jessica Steinbrenner.)

That small pool is growing, however, as increased interest in women’s sports fuels a boom in popularity, sponsor interest and, ultimately, team values, enticing a new class of owner. Health care technology billionaire Michele Kang, No. 11 in the richest female owner ranking at $1.2 billion, says she knew nothing about soccer in 2020 when she first joined the cap table of the National Women’s Soccer League’s Washington Spirit, and now she owns three prominent women’s clubs. Private equity mogul Lauren Leichtman (No. 10, $1.3 billion) followed Kang into NWSL ownership with her purchase of the San Diego Wave last year, and former Utah Jazz owner Gail Miller (No. 8, $4.6 billion) is back in the sports world after completing a $600 million deal in April for the NWSL’s Utah Royals and MLS’s Real Salt Lake.

Of the 11 billionaire women in control of a sports team, seven can attribute their fortunes to inheritance or their spouses while four are self-made. Outside of Adelson and Tennessee Titans owner Amy Adams Strunk, who held steady, all saw their net worths increase year-over-year, with Leichtman and Kang first joining Forbes’ billionaire list this year.

The NFL is the most represented league among the female owners, with four teams. The NBA and the NWSL are close behind with three representatives each, followed by MLS and European women’s soccer with two. England’s Premier League, MLB, the NHL and the WNBA each have one.

Here are the 11 richest female sports team owners, with their net worths estimated as of May 2.

Net Worth: $29.4 billion*

One-Year Change: -3%

Team: Dallas Mavericks

Source of Wealth: Casinos

The 79-year-old Adelson’s tenure in charge of the Mavericks has gotten off to a bumpy start after the team, which is led on a day-to-day basis by her son-in-law, Patrick Dumont, traded superstar guard Luka Doncic to the Los Angeles Lakers in February. Redemption is in the air, however. Despite odds of just 1.8%, the Mavericks won this year’s NBA draft lottery and are now in a position to draft Duke University phenom Cooper Flagg.

Net Worth: $11.4 billion*

One-Year Change: +33%

Teams: Brooklyn Nets, New York Liberty

Source of Wealth: E-commerce

The 59-year-old Wu Tsai and her husband, Joe, took control of the NBA’s Brooklyn Nets and the Barclays Center in 2019—the same year they bought the struggling New York Liberty from the Madison Square Garden Company. With Wu Tsai serving on the WNBA’s board of governors, the Liberty have become one of the league’s crown jewels, claiming their first championship in 2024 and recently selling off a minority stake at a reported $450 million valuation.

Net Worth: $8.5 billion*

One-Year Change: +5%

Teams: Cleveland Browns, Columbus Crew

Source of Wealth: Gas stations, retail

The 70-year-old Haslam owes her fortune to truck stop chain Pilot Flying J, which her husband’s father founded in 1958 and which was sold to Berkshire Hathaway for $13.6 billion across three deals in 2017, 2023 and 2024. In addition to control stakes in the NFL’s Cleveland Browns and MLS’s Columbus Crew that the Haslams bought in 2012 and 2019, respectively, they picked up a 25% piece of the NBA’s Milwaukee Bucks from Marc Lasry two years ago.

Net Worth: $7.1 billion

One-Year Change: +16%

Teams: New Orleans Saints, New Orleans Pelicans

Source of Wealth: Sports

After New Orleans Saints and Pelicans owner Tom Benson died in 2018, his widow, Gayle Benson, inherited the teams, ultimately fending off a multiyear legal challenge from his daughter and grandchildren. With no heirs of her own, the 78-year-old Benson doesn’t plan on keeping her stakes in the family. In 2021, she announced that both franchises would be sold after her death, with the proceeds donated to charities in the New Orleans area.

Net Worth: $6.9 billion*

One-Year Change: +50%

Teams: Detroit Red Wings, Detroit Tigers

Source of Wealth: Restaurants

The 92-year-old Ilitch and her husband, Mike, who died in 2017, started Little Caesars Pizza in 1958 and bought the NHL’s Detroit Red Wings in 1982 for $8 million. In the years since, only the Pittsburgh Penguins and the Edmonton Oilers have won more Stanley Cups than the Red Wings’ four. Mike and Marian Ilitch added MLB’s Detroit Tigers to their empire in 1992, and their son, Chris, leads the day-to-day operations of both franchises today.

Net Worth: $6.7 billion*

One-Year Change: +16%

Teams: San Francisco 49ers, Leeds United

Source of Wealth: Sports

The San Francisco 49ers have been in the 74-year-old York’s family for nearly 50 years. Her father, Edward Debartolo Sr., who died in 1994, bought the NFL franchise for $13 million in 1977. York took control from her brother in 2000, and she later tabbed her son, Jed York, as CEO. The family has also expanded its interests to English soccer, using the 49ers’ investment arm to gradually take control of Leeds United, which earned its way back to the Premier League last month.

Net Worth: $6.2 billion*

One-Year Change: +10%

Team: Houston Texans

Source of Wealth: Energy, sports

McNair’s husband, Bob, sold power generator company Cogen Technologies to Enron for $1.5 billion in 1999 and rolled those proceeds into a $700 million expansion fee that brought the NFL’s 32nd franchise to Houston for the 2002 season. When he died in 2018, Janice, now 88, inherited the Texans, and she passed operational control to her son, Cal, six years later.

Net Worth: $4.6 billion*

One-Year Change: +4%

Teams: Real Salt Lake, Utah Royals

Source of Wealth: Car dealerships

With her husband, Larry, who died in 2009, Miller turned a single Toyota dealership into the eighth-biggest auto dealer group in the U.S., selling the business to Asbury Automotive for $3.2 billion in 2021. The Millers were also the longtime owners of the Utah Jazz, buying the NBA club in 1986 for $22 million and selling it to Qualtrics billionaire Ryan Smith for $1.66 billion in 2020. This year, Gail Miller, 81, completed a deal to take control of the NWSL’s Utah Royals and MLS’s Real Salt Lake, and she and her family are leading a group of investors aiming to bring an MLB team to Salt Lake City.

Net Worth: $2 billion

One-Year Change: 0%

Team: Tennessee Titans

Source of Wealth: Sports

Adams Strunk’s father, the legendary Bud Adams, founded the Houston Oilers in 1960 as a charter member of the American Football League, a decade before its official merger with the NFL. Adams relocated the franchise to Nashville and rebranded it as the Tennessee Titans in 1997, but his death in 2013 touched off a family legal battle. The 69-year-old Adams Strunk took control two years later and is now building the team a $2.1 billion stadium that is expected to open in 2027, with more than $1.2 billion in public funding.

Net Worth: $1.3 billion

One-Year Change: N/A

Team: San Diego Wave

Source of Wealth: Private equity

Leichtman married Arthur Levine in 1979, and five years later, they cofounded Levine Leichtman Capital Partners, a private equity firm that now has $11 billion in assets. She entered the sports business in 2024, buying the NWSL’s San Diego Wave from supermarket billionaire Ron Burkle at a weighted valuation of $113 million. Forbes estimates the Wave are now worth $165 million, and the 75-year-old Leichtman recently brought on former U.S. women’s national team and Wave superstar Alex Morgan as a minority investor in the franchise.

Net Worth: $1.2 billion

One-Year Change: N/A

Teams: Washington Spirit, OL Lyonnes, London City Lionesses

Source of Wealth: Health care technology

Kang kicked off the NWSL’s valuation boom when she bought a majority stake in the Washington Spirit in 2022 for $35 million, then considered an astronomical price for a women’s team. Now, the 65-year-old founder and former CEO of health care IT company Cognosante owns two other clubs as well: OL Lyonnes of France’s Première Ligue and the London City Lionesses, recently promoted to England’s Women’s Super League. Her empire may expand again soon, with Kang eyeing a South American club.

METHODOLOGY

For the ranking of the richest female sports owners, Forbes considered control owners of franchises from seven North American sports leagues (MLB, MLS, the NBA, the NFL, the NHL, the NWSL and the WNBA), the “big five” European men’s soccer leagues (England’s Premier League, France’s Ligue 1, Germany’s Bundesliga, Italy’s Serie A and Spain’s La Liga) and the top women’s soccer leagues in the same five European nations (England’s Women’s Super League, France’s Première Ligue, Germany’s Frauen-Bundesliga, Italy’s Serie A Femminile and Spain’s Liga F). Minority owners of teams were not included unless they qualified under a control stake with a different franchise.

Net worths are calculated as of May 2, 2025. In the cases of seven members of the list—Miriam Adelson, Clara Wu Tsai, Dee Haslam, Marian Ilitch, Denise York, Janice McNair and Gail Miller, as denoted by an asterisk—the net worth calculation includes family members’ assets. No one-year change is listed for Lauren Leichtman and Michele Kang, who first joined Forbes’ billionaire list this year.

More From Forbes

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A CLEAR CALLING

Min-Han, in contrast, has charted a more clinical yet equally ambitious course. His work focuses on non‑invasive diagnostics and precision oncology, developing technologies to detect and treat diseases, particularly cancers. “As a cancer doctor and geneticist, it’s heartbreaking to see patients when their cancer is already advanced, as there’s often little we can do,” he says. Cancer is a leading cause of death worldwide, with the World Health Organization reporting an estimated 10 million lives lost to it in 2020 alone—roughly one in six deaths. “And that’s 10 million too many,” Min‑Han states.

This is the driving force behind Lucence’s work to improve patient outcomes through earlier cancer detection and personalised therapy. The company does this through liquid biopsies—simple blood tests that provide a less-invasive alternative to traditional biopsies, which often involve surgery or radiation-based imaging.

Lucence achieved a major breakthrough in February 2023, becoming the first Asian-headquartered company to receive coverage for its flagship LiquidHallmark test under Medicare, the US government-funded healthcare programme. The Singapore-developed test provides insights that can inform treatment decisions and track tumour changes over time for 15 different cancers, including lung, breast and colon cancer. “Doctors can choose treatments that specifically target the unique genetic changes driving the cancer’s growth. By matching the right therapy to the individual’s tumour, patients can receive more effective care with fewer side effects, improving their overall quality of life,” Min‑Han explains.

In May that same year, Lucence launched LucenceInsight, a groundbreaking early cancer detection tool that analyses a single blood sample to screen for indicators of over 50 types of cancer. “By detecting cancer before symptoms arise, it enables earlier treatment, potentially leading to better outcomes,” says Min-Han. The test is currently available in clinics and screening centres across Singapore and Hong Kong.

Earlier this year, Lucence announced a strategic collaboration with Mayo Clinic Laboratories, a leader in diagnostics that operates primarily in the US and has an international presence, to expand access to cutting‑edge cancer testing services globally. Alongside its laboratories in Singapore and Palo Alto in California, Lucence’s innovative LiquidHallmark liquid biopsy technology is now accessible worldwide through Mayo Clinic Laboratories and its healthcare partners, enhancing the global landscape of oncology diagnostics for better decision‑making and patient outcomes.

“With the US healthcare sector exceeding US$4 trillion annually, and Medicare covering more than 65 million lives, this move grants us access to a vast patient pool and positions us within a key innovation hub. The [estimated] 1.9 million [new] cancer diagnoses in the US [in 2022] highlights the market’s potential,” says Min‑Han. “This expansion validates our technology and fosters collaborations with leading institutions. Globally, we aim to revolutionise cancer care by democratising diagnostics, potentially impacting the [millions of ] annual cancer deaths worldwide.”

Having made significant inroads into the US—the world’s largest healthcare market and a hub for leading pharmaceutical companies—Lucence has come a long way since its beginnings in 2016 as a spin-off company for Singapore’s Agency for Science, Technology and Research, where Min-Han led a research laboratory for six years. “Building the technology was just the beginning,” he says. “Changing the world around it is a life’s mission.”

One of the key challenges ahead lies in navigating the complex regulatory landscapes of different countries while scaling operations to meet growing demand. To tackle this, Min-Han draws on the steadfast support of his younger brother, Min-Liang, whose keen business insight and investment support have been instrumental to Lucence’s growth.

“As an investor in Lucence, I strongly believe in its mission to revolutionise cancer detection and improve patient outcomes,” says Min‑Liang, who regularly connects with the team, offering guidance and support on business strategy, fundraising efforts and technological advancements. He shares that his own journey with Razer—and deep understanding of the power of technology in transforming industries—has taught him “the importance of fostering innovation and understanding customer needs to create a brand that resonates with a global target audience”.

“Being Min‑Han’s brother,” he goes on to say, “adds another layer to my commitment to Lucence. Witnessing his dedication to this critical cause first‑hand fuels my passion to see the vision come to life. I actively participate in discussions, provide emotional support and celebrate milestones alongside him.”

The Tan brothers’ approach to innovation is deeply influenced by their upbringing, which emphasised discipline, critical thinking and a thirst for knowledge. These values were instilled in them from an early age by their parents, who prioritised education and encouraged curiosity. “Our parents emphasised two principles: work hard and be useful to others,” Min-Han shares. “They did their best to expose me to science, arts and sports, and succeeded in instilling an enduring interest in hiking. I did well in school—topping the national exams at age 12—but often found it more interesting to pursue abstract questions around science and history. I like solving difficult questions, particularly when information is sparse and even conflicting.”

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