(Image: AAP/Dan Himbrechts)

There’s a new stream of sin-generated revenue splashing through town: sports betting. It’s a big business that’s already eating professional sport. Looks like it could eat media, too.

In Australia, News Corp is leading the pack with speculation that heir-apparent Lachlan Murdoch is eager to follow fellow billionaire's-son James Packer (and former US president Donald Trump) into gambling through an ownership and licensing stake in the $2 billion revenues of Tabcorp’s sports betting arm.

Add ownership to the ad dollars the betting industry already provides, mix in the traditional media reluctance to bite the hand that feeds it, and its odds-on that sports reporting will increasingly follow the (gambling) money. Odds-on, too, that old media will lend its lobbying clout to push for deregulation and tax cuts for the industry.