With the sports industry pumping billions into Colorado’s gross domestic product last year, an event that sought to unpack “the business of sports” for Colorado’s business community gathered reps from the Colorado Rockies, the Denver Broncos and sports television to talk shop on Thursday.

Colorado Rockies President and COO Greg Feasel, Kroenke Sports and Entertainment COO Matt Hutchings and President of the Denver Broncos Damani Leech sat down for the Colorado Business Roundtable’s “View From the Top: The Business of Sports” panel.

The wide-ranging discussion broached myths about the industry, the ripple effects of sports betting, workforce challenges and the future of broadcast.

“One of the biggest misconceptions is we’re just this cash-raking-in machine and we just wake up everyday and open the door and money comes flying in. And that is not the case,” Leech said.

The revenue generated by people running the business arm of a sports organization is what supports the coaches and players and provides them with the resources to do their job, Leech said.

Hutchings echoed Leech, saying many think that “in sports you make a lot of money.” Fans are the customers, he said, and the business is not just about putting the right players on the field, but making sure fans have a good experience when they turn out to an event.

The perception that organizations can flip a light switch and increase revenue is another fallacy, Feasel said. And while winning is an undeniable boost to business, panelists said, winning isn’t a business model. Organizations have to plan for dry spells, too.

Susie Wargin, the Broncos sideline reporter for KOA radio, said lot of advertisers are also sports betting companies, teams have moved in to Las Vegas, there are more sports betting regulations and players have faced suspension for betting.

NFL policy prohibits players from betting on any NFL event. Among those suspended for betting , Broncos defensive lineman Eyioma Uwazurike indefinitely for betting on NFL games last year.

Wargin wanted to know how panelists thought changes in the sports betting arena would affect the industry.

Hutchings pointed to the confluence of technological advancements and fans’ increasing access to consuming sports as a key driver of sports betting.

“It’s a game changer,” he said, because it connects organizations with current and potential customer bases.

Sports betting is a good fan engagement tool, Leech said, because people want different options to engage with their favorite teams. Prior to legalized sports betting, people wondered about the legitimacy of games, he said. Today’s sports organizations heavily track who is betting and on what, he said, also calling legal betting good for the integrity of the game.

“I think it brings what was under the table above the table,” Leech said.

The panel also weighed in on what they consider some of the most pressing industry challenges and hurdles to growing the workforce.

Colorado laws that require posting positions and salaries pose challenges for businesses, Feasel and Hutchings said.

“That causes a huge ripple effect within our organization,” Hutchings said, adding when an open position is posted with a certain salary, current employees might ask why they are making less. The difference in pay can sometimes be attributed to differences in years of experience, Hutchings said. Explaining that to younger employees can lead to “a constant conversation,” he said.

Colorado lawmakers have sought to address gender pay gaps in the state, requiring businesses to provide equal pay to employees performing the same work since 2021, and passing legislation in May to bolster enforcement of the Equal Pay for Equal Work Act.

Hutchings also touched on the Comcast-Altitude TV carriage dispute, calling his company the “canary in the coal mine” for the past couple of years when it comes to sports TV.

Fans haven’t been able to watch the Avs and Nugs on Altitude TV because of the dispute, which has kept Altitude and its broadcast of the teams’ games off Comcast’s cable systems for the last four years.

“It’s a huge challenge, what’s happening across the United States,” he said when asked by Wargin to address the future trajectory of TV. “What it boils down to is the economics.”

KSE is trying to adapt to a changing industry, he said, adding that he understands broadcasters have a business to run.

Asked about the costs of accessing Colorado Avalanche and Nuggets games on platforms such as FuboTV, and whether its monthly rate ($69) is unattainable for some fans, Hutchings told The Denver Gazette that people have options with DirecTV, FuboTV and Charter Communications.

He is still unsure when a resolution will be reached in the almost-four-year dispute, Hutchings said.

“I don’t know if I have an answer for that other than just that we are all trying to find the best ways, as we talked about (during the panel discussion) to help our fans have access to their teams and be able to watch their teams. But I think that’s the nature of sports television. It has been for many years, and it is today,” he said. “There’s lots of opportunities to try and get access to your teams. Fubo is one of them, but from a price point, I can’t comment on that.”

Reporters Hannah Metzger and Kyle Fredrickson contributed to this report.