The NFL’s Winning Formula: Economic Highlights and Success Stories from 2023

With the 2024 NFL season right around the corner, now’s a good time to look back at the league’s economic successes last season. As the most-watched sports league in the US, the NFL continues to dominate all others, with viewers watching 974.7 billion minutes of NFL action over 284 televised games during the 2023 season. As one would expect, given its popularity, the NFL has become a global economic powerhouse. The league has focused on long-term growth to ensure it stays profitable even in downtimes. This strategy has been a success, with the league reaching the revenue milestones it sets year after year.

The league has no plans to take its foot off the gas, and commissioner Roger Goodell has said the NFL has a goal of reaching $25 billion in yearly revenue by 2027. The NFL has done all sorts of things to get closer to this goal, including implementing a mix of strategic partnerships, expanding in global markets, and securing lucrative media rights deals. In this article, we look at the factors behind the NFL’s economic success in 2023.

Team Success Stories

Although it’s been almost three decades since the Dallas Cowboys have won an NFL championship, it’s hard to talk about success stories without mentioning the team. The Cowboys are one of the NFL’s most successful brands, and the team proves year after year that economic success is about more than just performance on the field. With the new season kicking off on September 5th and online sports betting increasing in popularity, some fans might consider placing a wager on the Cowboys’ or other teams’ upcoming games. They can check the odds for the first match on Oddschecker, which aggregates and compares the betting odds for NFL games from various sportsbooks, making it easy for fans to make an informed decision before placing a bet.

While the Cowboys are popular and still a top brand, fans also have their eyes on the reigning Super Bowl Champs, the Kansas City Chiefs. After winning the first back-to-back Super Bowl Championship since the New England Patriots in 2004 and 2005, the Chiefs have seen their brand value surge. Their success on the field, plus high-profile players Patrick Mahomes and Travis Kelce on the roster, have boosted merchandise sales and strengthened the team’s brand.

Record-Breaking Revenue

As successful as the NFL has been in the past few years, the league is still managing to break records. In 2023, the league generated $13 billion in revenue, setting a new record, an increase of 8% over the previous year. One of the main reasons for the NFL’s success is its diverse revenue stream, with media rights deals making up a big part of the league’s profits. Major networks like NBC and ESPN are willing to pay top dollar to broadcast their games, and sponsorships with brands like Gatorade and Visa bring in even more money. 

There’s also a global market for NFL merchandise, including jerseys, caps, and other gear, which also adds to the league’s revenue stream. The league’s financial strategy includes a lucrative collective bargaining agreement that ensures both owners and players benefit from the money made, with each team getting around $400 million per season from the league’s central revenue pool.

Global Expansion and Market Growth

Say football to an American, and the first thing that comes to mind is the NFL; soccer isn’t even an afterthought. However, that’s not the case in the rest of the world, where what Americans call soccer is known as football and is the world’s most popular sport. The NFL doesn’t expect to change this, but it does hope to grab a piece of the worldwide sports pie, and that’s why global expansion is a big part of the league’s strategy.

The NFL is actively seeking to expand into new markets and has hosted international games in several cities around the world. The league has established a strong presence in London, holding games at Wembley Stadium and Tottenham Hotspur Stadium, and has expanded to Germany with plans to host a game in Madrid, Spain, at Santiago Bernabéu Stadium in 2025.