The Optimal Sports Section: Weekly Analysis, News of Note, CALY Standing Out; Performance Updates & Games of the Week

By David Katzman and David Schick and Jonathan Feeney and Jack Hermann Published on February 25, 2026 PDF

The Optimal Sports Ecosystem Index revenue tracker’s 8-week trend ran up +3.8% y/y, the strongest run rate since October, primarily due to increased spending in our Fandom cohort. Participation cohort spend trend is weak but improving, Betting cohort spend trend is soft and weakening. See charts below.
Online traction is improving for apparel brands and sports retailers; spending trends are mixed.
Our analysis of attention economy traction, card spending trends, and brand sentiment all suggest CALY standing out.
We are hosting a client meeting (virtual) on the Sports Betting Ecosystem on 3/20 with Danny Funt, author of Everybody Loses: The Tumultuous Rise of American Sports Gambling, a bestseller in Sports on Amazon. Danny has written for The Wall Street Journal, The New Yorker, The Washington Post, and others. Register Here

Headlines of the Week

Headline: NCAA’s president backs expansion of March Madness from 68 teams to 76.
- Takeaway: Expanding March Madness, already one of the most popular sporting events of the year, would further increase viewership and broadcasting revenues.
- Link: NCAA president Charlie Baker backs March Madness expansion | Yardbarker
Headline: The WNBA has informed the players’ union that a deal must be in place by March 10th for the season to start on time.
- Takeaway: As women’s sports continue to rapidly increase in popularity, a delay to the start of the season could have a large impact on both the players and the WNBA itself, as well as the league’s broadcasting partners and ticket sales.
- Link: WNBA says March 10 deadline needed for new CBA to avoid delaying May 8 season start, AP source says
Headline: Avram Glazer, co-owner of Manchester United and owner of the Tampa Bay Buccaneers, has reportedly submitted a $1.8 billion bid for Indian Premier League (cricket) team Royal Challengers Bengaluru.
- Takeaway: Bids to purchase the IPL team are yet another example of global sports team valuations continuing to climb.
- Link: Avram Glazer said to weigh bid for IPL team Royal Challengers Bengaluru

Games of the Week:

NFL Scouting Combine (Begins February 27th). The Super Bowl is over but the road to the NFL draft is just beginning as the NFL Combine will help teams finalize their draft boards.

WWE Elimination Chamber (February 28th @ 7:00 PM EST). Beyond the usual excitement of a WWE Elimination Chamber event, CM Punk wrestling in his home city of Chicago is always one of the most electric experiences in the WWE as he defends the World Heavyweight Championship against Finn Balor.
#2 Arizona faces #4 Iowa State (Monday March 2nd @ 9:00 PM EST). With honorable mentions to St. Johns vs. UConn, Michigan St. vs. Purdue, Michigan vs. Illinois, & Duke vs. UVA, this battle of top 5 teams could have strong tournament seeding implications as March quickly approaches

Stat Spotlight: Measuring Connor Hellebuyck’s Off-the-Charts Performance vs. Canada

There have been 90 instances in NHL playoff history (among goalies who debuted in 1955-1956 or later) of goalies allowing 1 or fewer goals and stopping 41 or more shots, including Dominik Hasek’s absurd 0 goals allowed 70 save performance against NJD in 1994 and Patrick Roy’s nearly equally absurd 0 goals allowed 63 save performance against FLA in 1996. Only 39 of these instances have occurred since 2010, including 9 in which no goals were allowed. Of course, Hellebuyck’s performance came in the gold medal match of the Olympics against one of the greatest teams to ever take the ice.

41+ Save, <2 GA NHL Playoff Performances Since 2010

Source: Optimal Advisory Analysis, NHL

Optimal Sports Ecosystem & Sectors Analysis

Optimal Sports Ecosystem Revenue Trackers

Source: Optimal Advisory Analysis, Bloomberg Second Measure

Optimal Sports Ecosystem Index Revenue Tracker

Source: Optimal Advisory Analysis, Bloomberg Second Measure

Optimal Sports Betting & Data Index Revenue Tracker

Source: Optimal Advisory Analysis, Bloomberg Second Measure

Optimal Sports Fandom Index Revenue Tracker

Source: Optimal Advisory Analysis, Bloomberg Second Measure

Optimal Sports Participation Index Revenue Tracker

Source: Optimal Advisory Analysis, Bloomberg Second Measure

Online Traffic vs. Card Spending Growth

Source: Optimal Advisory Analysis, Bloomberg Second Measure, Similarweb

Top Twitter & News Sentiment Monthly Gainers and Declines

Source: Optimal Advisory Analysis, Bloomberg

Twitter Sentiment vs. News Sentiment Monthly Change

Source: Optimal Advisory Analysis, Bloomberg

Optimal Sports Highlight – Favorable Trends at CALY

CALY is in the top right in both of the above scatterplots, signaling improving y/y trends in online traffic and card spending, as well as positive m/m trends in Twitter and News Sentiment. CALY’s trends have been positive since the announcement that the company had decided to sell most of Topgolf back in November. Meanwhile, golf as an overall sport has seen meaningful increases in interest and participation.

Online Traffic to Golf Websites is both Improving and Accelerating

Source: Optimal Advisory Analysis, Similarweb

We also highlight golf as a sport with increasing youth participation, signaling that companies in this space have longer-term tailwinds as well.

Youth Golf Participation Growth

Source: Optimal Advisory analysis, Sports & Fitness Industry Association, National Golf Foundation, The National Federation of State High School Associations

Additionally, Optimal’s CALY Gen Z Attention Economy traction has been positive y/y since August and has exceeded 30% growth each month since November. This signals rapid growth with the brand itself among Gen Z consumers in step with increased interest in golf as a whole.

CALY Gen Z Attention Economy Monitor

Source: Optimal Advisory Analysis, Similarweb

Separately, CALY’s share price has historically moved in tandem with Optimal’s News & Social Sentiment Analysis. Optimal’s Analysis reached its highest level since late 2023 in January.

CALY News & Social Sentiment Analysis

Source: Optimal Advisory Analysis, Bloomberg

Equity Performance

Index & Sector Performance

Source: Optimal Advisory Analysis, Bloomberg, prices at market close 2/25/2026

Valuation Snapshots

Optimal Sports Betting & Data Index Components Valuation Snapshot

Source: Optimal Advisory Analysis, Bloomberg

Optimal Sports Fandom Index Components Valuation Snapshot

Source: Optimal Advisory Analysis, Bloomberg

Optimal Sports Participation Index Components Valuation Snapshot

Source: Optimal Advisory Analysis, Bloomberg

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