An assessment of both the exposure potential and the realized effects that advertising displays in arenas receive through live and/or pre-recorded media coverage of sponsored events are reported in this study. Results of a content analysis of various sports events show significant exposure time (up to five total minutes during a 15-minute segment) for arena displays placed within the camera angles of broadcast coverage. Results from an experiment show significant differences among five sports events tested across various measures of advertising effects (e.g., recall, top-of-mind awareness). Results raise implications for both events sponsors and policymakers.