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Sports bettors flocked to ESPN Bet after its mid-November launch. Taking 10% to 20% market share by 2027 no longer seemed like such a stretch — even in a crowded, competitive space. ESPN Bet's share of the online sports betting market has dipped in recent months. The gamble may be riskier than analysts thought, and it will be an outright disaster if ESPN Bet doesn't perform better than Barstool Sportsbook. Related storiesIn the first quarter, Penn's interactive segment headlined by ESPN Bet lost nearly $200 million on an adjusted basis.
Persons: , Sports bettors, Penn, ESPN Bet doesn't, Shaun Kelley, hasn't, Kelley, BofA, ESPN Bet wouldn't, Bob Iger —, what's, Jay Snowden, We're, Snowden, That's, It's, that's Organizations: Service, ESPN, Penn Entertainment, Sports, ESPN Bet, Business, Bank of America, ESPN Bet's, Penn, Disney
Read previewVenture-capital firm Sharp Alpha Advisors has closed a new $25 million fund to invest in early-stage sports, gambling, and entertainment startups. "And we think that at the intersection of sports, gaming, and entertainment is where this type of engagement is most reliably found." AdvertisementSharp Alpha's new fund intends to invest $1 to $2 million in target ventures — an increase from the average $250,000 offered by its initial fund, Danzig said. Danzig said C15 is a great example of the type of companies Sharp Alpha is looking to invest in. Though the process was difficult, Danzig said he is "very fortunate to have our investors from fund one excitedly and enthusiastically re-upping into fund two."
Persons: , Lloyd Danzig, Danzig, Freevee, Sharp Organizations: Service, Sharp Alpha Advisors, Media, Business, Pluto, Sharp Alpha
Read previewThe expansion of legal gambling in the US has kickstarted the growth of gambling influencers who play and promote sports betting, slots, and other casino games online. On Wednesday at the SBC North America Summit in New Jersey, the three gambling influencers broke down how they make money from their content and the challenges of promoting gambling online. AdvertisementUnlike some other content niches, restrictions on gambling content can limit the ways influencers earn and how much they can make. Platforms like YouTube and Twitch restrict gambling on certain sites, while others, including Instagram and TikTok, limit how gambling content is distributed. The pros and cons of affiliate deals for gambling influencersDuffy said he likes doing affiliate deals because he can be a positive influence in the industry.
Persons: , Josh Duffy, Kelly Koffler, Jon Della Terza, influencers, Duffy, influencers Duffy, Koffler Organizations: Service, YouTube, Business, SBC North America Summit Locations: New Jersey
The Dublin-based parent company of FanDuel launched a secondary listing of its shares on the New York Stock Exchange on Jan. 29. Shareholders have since voted to making the NYSE the primary listing for the stock rather than London, and that change is slated to take effect May 31. UBS analyst Ben Shelley said in a May 9 note to clients that the primary listing change could help close those gaps. Flutter is not the only company in recent years to shift its primary listing to the U.S., and the track records of those companies could be a positive sign for Flutter. UBS pointed to building materials companies CRH — which transitioned its primary listing to the NYSE in September 2023 — and Ferguson — which made the switch in May 2022 — as examples.
Persons: FanDuel, Ben Shelley, , Ferguson, Shelley, Paddy Power Organizations: UBS, The, New York Stock Exchange, NYSE, Penn Entertainment, MGM Resorts International, DraftKings, MGM International Locations: U.S, The Dublin, London
A bettor could score a payout of $1.7 million if the Oklahoma City Thunder win the NBA title. The original $100 bet was a parlay ticket that also included championships for the Texas Rangers and Kansas City Chiefs, both of which have happened. The parlay ticket was purchased via DraftKings and cost Shelton just $100. Now he stands to win $1.7 million, representing a potential return of 1,690,900% if the bet pans out. There is an entire separate industry dedicated to playing matchmaking between high-rolling sports bettors and opportunities with high initial buy-ins, like Shelton's parlay ticket.
Persons: Wayne Shelton, , Shelton, let's, it's, DraftKings Organizations: Oklahoma City Thunder, NBA, Texas Rangers, Kansas City Chiefs, Service, ESPN, MLB, NFL Super, Thunder, Oklahoma City, New Orleans Pelicans, Western Conference, Dallas Mavericks Locations: DraftKings
Here are the biggest calls on Wall Street on Monday: Morgan Stanley initiates EHang Holdings as overweight Morgan Stanley said it's bullish on shares of the Asia autonomous aerial vehicle company. Morgan Stanley downgrades Victoria's Secret to underweight from equal weight Morgan Stanley said it sees "underappreciated downside" for the lingerie company. Citi downgrades Peloton to neutral from buy Citi said in its downgrade of the stock that it has "limited visibility." Morgan Stanley upgrades U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of U.S. Steel that it likes the company's "transformational investments." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's sticking with its overweight rating on Apple after analyzing the company's quarterly 10-Q report.
Persons: Morgan Stanley, it's, Baird, Morgan Stanley downgrades, Wells, Bausch, Lomb, Apple, Johnson, MLCO, Moffett, Melius, inferencing, JPMorgan Organizations: EHang Holdings, EH, Deutsche Bank, Disney, Deutsche, Micron, Citi, Comerica, CMA, Steel, U.S . Steel, Apple, Services, UBS, JCI, Barclays, Resorts, Nvidia, Broadcom, AMD, Microsoft, JPMorgan, Group, Bank of America, Santander Brasil, of America Locations: Asia, U.S
dave and busters sports betting plan scrutiny correction
  + stars: | 2024-05-03 | by ( ) www.cnbc.com   time to read: 1 min
This article has been updated to reflect the correct day Illinois State Rep. Daniel Didech's bill was filed.
Persons: Daniel Didech's Organizations: Illinois State
“I noticed all my memories were really gambling related,” Malek explains to CNN Sport. So right where the AGA and the National Council for Problem Gambling is located – the nation’s capital – they abolished all public funds for problem gambling,” adds Whyte. Ramon Zelaya, the moderator of Reddit’s problem gambling forum, concurs. “I think the pace of innovation right now, particularly as it relates to fan engagement and betting, and in play betting and live betting will continue to increase,” said Maloney. Reportedly there were two specific games in which DraftKings Sportsbook flagged prop bets involving Porter in its daily betting insights.
Persons: CNN —, Saul Malek, he’d, , ” Malek, I’d, Malek, , Michael Reaves, Getty, Dominick Reuter, Joe Maloney, ” Maloney, ” Keith Whyte, Maloney, “ We’re, Al Bello, Whyte, “ We’ve, LeBron James ’, DraftKings, you’re, Greg Olsen, Jared C, Tilton, Adam Silver, Silver, Ramon Zelaya, ” Zelaya, “ I’ve, Sportradar, expained, Candice Ward, Reuters Maloney, Jontay Porter, Porter, “ It’s, Brian Sevald Organizations: CNN, CNN Sport, Gamblers Anonymous, Saturday’s Kentucky Derby, Kentucky Derby, Supreme, District of Columbia, Super, American Gaming, Monmouth, Getty, , Republicans, National Council, Belmont Park, ESPN, NCAA, NFL, NASCAR Hall of Fame, NBA, Reuters, Sporting, Toronto Raptors Locations: Saturday’s, Churchill, Nevada, Monmouth, Oceanport , New Jersey, AFP, America, New York, Belmont, District, , North Carolina
Sports-media startup SoBet is building a sports-betting community around content creators. Its platform, which launched in June 2022, distributes exclusive short-form videos and other content from sports creators popular on social platforms like Instagram and TikTok. The company announced on May 1 that it closed a $3.7 million seed round led by Third Kind Venture Capital to help grow the platform. "We've built a platform that looks and feels a lot like a social-media platform that houses exclusive content in the form of short-form writeups, short-form videos, etc. — all posted by sports-betting creators in the space."
Persons: Cooper Lycan, Lycan, that's, SoBet Organizations: Third Kind Venture, Business, Action, BI
Draftkings CEO Jason Robins talks Q1 results with Jim CramerDraftkings Chairman and CEO Jason Robins joins 'Mad Money' host Jim Cramer to look back at Q1, talk the expansion of legalized sports betting, gambling scandals in pro sports and more.
Persons: Jason Robins, Jim Cramer
Dave and Buster’s (PLAY), the popular restaurant and entertainment chain, is getting into the betting business. But unlike companies like DraftKings, FanDuel and Caesars, Dave and Buster’s wants to get involved in another kind of gambling, the $6 billion social betting sector. Dave and Buster’s currently operates about 222 venues across North America and boasts nearly 50 million unique visitors a year. That means Dave and Buster’s could start up its new program in as quickly as a week, the company said. .But some fans of Dave and Buster’s remain skeptical.
Persons: Dave, Buster’s, , Dylan Robbins, Lucra, , ’ ” Dave Organizations: New, New York CNN, Caesars, Entertainment, CNN Locations: New York, FanDuel, North America
A general view of the atmosphere during The SDI Takeover @ Dave & Buster's in Los Angeles on June 23, 2022Arcade giant Dave & Buster's is taking its games to a new level by offering social wagering on its app. Customers can soon make a friendly $5 wager on a Hot Shots basketball game, a bet on a Skee-Ball competition or on another arcade game. Dave & Buster's, started in 1982, now has more than 222 venues in North America, offering everything from bowling to laser tag, plus virtual reality. The company says it has five million loyalty members and 30 million unique visitors to its locations each year. "We're thrilled to work with Lucra to bring this exciting new gaming platform to our customers,"said Simon Murray, senior vice president of entertainment and attractions at Dave & Buster's.
Persons: Buster's, We're, Lucra, Simon Murray, Dylan Robbins, Michael Madding, Robbins, Madding, Goldman Sachs, Marc Lasry, John Isner, Julie, Zach Ertz Organizations: SDI, Stanford Graduate School, Business, Raptor, SeventySix, Dupr, @ & ' Locations: Los Angeles, North America
Business Insider is compiling its first list of rising stars in the US sports-betting industry. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWe're seeking nominations for our inaugural list of rising stars in the US sports-betting industry, and we want to hear from you. We're looking for early-to-mid-career staffers focused on the US market at operators, industry suppliers, or media companies in sports betting. Related storiesPlease submit your nominations here or through the form below by Monday, May 13, 2024, at 6 p.m.
Persons: , we've, DraftKings, Jason Robins, Amy Howe, we're Organizations: Service Locations: North America
Nvidia Eddie George picked chipmaker darling Nvidia for its long-term prospects. Oracle shares are up roughly 9% this year. Apple George selected Apple for his second pick. Faced with waning demand and rising competitive pressures, Apple stock has shed nearly 12% this year, making it a weak link among the "Magnificent Seven" tech cohort. The company's legacy of sustainable excellence has also paved the way for cutting-edge technology like Apple Pay and the Apple Watch.
Persons: gunning, Breanna Stewart, Stewart, Mark Zuckerberg, Nvidia Eddie George, George, Jensen Huang, Charlotte Flair, Flair, Oz Pearlman, bitcoin, Pearlman, It's, Caterpillar's, Ekeler, Schulman, Carter, Microsoft Jillian Michaels, Giancarlo Chersich, Michaels, Nancy Pelosi's, Oracle Joey Chestnut, Larry Ellison, Wall, DraftKings, Karen Finerman, Apple George, Apple, DraftKings Eddie George, Apple Charlotte Flair, IBM Oz Pearlman, Carvana Austin, Intel Nev Schulman, Crocs Jillian Michaels, Google Joey, Starbucks Kenny, Smith Organizations: Meta, Nvidia, Tennessee Titans, Tennessee State University, Computer WWE, Computer, Micro, IBM, bitcoin, Caterpillar, Washington, Microsoft, Oracle, FactSet, CNBC, Apple, Apple Watch, Intel, JPMorgan Druski, Nike, Google, Starbucks, Warner Bros, Delta Air Locations: American, Nashville
Greenlight Capital's David Einhorn continued to pick up new stocks in the first quarter, including Penn Entertainment , as the longtime value investor struggles to find opportunities in the volatile market. He established the stake at an average cost of $22.69 per share, but the stock has fallen to $17.44 as of Wednesday. Still, Einhorn said sports betting, if executed right, could take the shares much higher. "Were the market to credit PENN with merely 15% of DraftKings' value, that segment alone would be worth $20 per share." Q4 buyer's strike Einhorn had stopped building new stock positions at one point in the fourth quarter, saying he was on a "buyer's strike" due to worries about intensifying geopolitical risks.
Persons: Greenlight Capital's David Einhorn, Einhorn, PENN, he's, Greenlight, — CNBC's Leslie Picker Organizations: Penn Entertainment, CNBC, Barstool Sports, Cornell grad, Greenlight Capital, HP, Roivant Sciences, Liberty Global
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Since then, private-equity firms have poured $54.6 billion into sports, according to PitchBook data. And the field of potential investors is growing with Goldman Sachs helping rich clients invest in teams, which can drive up prices. AdvertisementLeagues also restrict PE investments, with some caps on the number of teams a firm can own stakes in or the ownership share a fund can hold. Scroll down to read about the private equity firms, listed alphabetically, that have been making the biggest moves in sports in recent years.
Persons: , Josh Harris, Rob Walton, Carlyle, Ben, Blackstone, Goldman Sachs, Harris, Blackstone Group's David Blitzer, Lauren Leichtman, Arthur Levine, Sportico, RedBird, Gerry Cardinale, There's Organizations: Service, MLB, NBA, Business, Washington, Denver Broncos, Amazon, Sports, Ben Fund, Bluestone Equity Partners, GMF, Apollo Global Management, Blackstone Group's, Levine, Capital Partners, San Diego Wave, NFL Locations: downturns
Bill Bradley, the basketball Hall of Famer and former United States senator known as a staunch opponent of legalized sports betting, was speaking about the topic back in January. But he might as well have been predicting the future. “Well there hasn’t been a scandal, yet,” he said, discussing how professional sports has become ever more entwined with the gambling industry in recent years. The league said Mr. Porter wagered money on his own team to lose, pretended to be hurt for betting purposes and shared confidential information with gamblers. competition for our fans, our teams and everyone associated with our sport,” Adam Silver, the league’s commissioner, said in announcing Porter’s punishment.
Persons: Bill Bradley, , Jontay Porter, Porter wagered, Adam Silver Organizations: of Famer, United, National Basketball Association, Toronto Raptors Locations: United States
Toronto Raptors player Jontay Porter has been banned for life from the NBA for gambling violations. The NBA said Porter leaked health information to a known sports bettor, among other violations. The NBA said in a statement that it opened an investigation into Raptors forward Jontay Porter after a game last month that attracted heavy interest from sports bettors. Related storiesSeparately, the NBA said that between January and March of this year, Porter bet on at least 13 games totaling $54,094 by using an associate's online betting account. Advertisement"Three of the bets were multi-game parlay bets that included one Raptors game," the NBA said, "in which Porter bet that the Raptors would lose."
Persons: Jontay Porter, Porter, , Porter didn't, Adam Silver, Shohei Ohtani Organizations: Toronto Raptors, NBA, Service, Raptors, American Gaming Association, Dodgers
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDanny Moses on sports betting scandals in pro sports: 'The NBA has a big problem'Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Danny Moses, Brian Sullivan, Organizations: NBA, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJontay Porter: NBA bans Toronto Raptors forward for life over gambling scandalCNBC's Contessa Brewer joins 'Power Lunch' to report on NBA player Jontay Porter being banned for sports betting.
Persons: Jontay Porter, Contessa Brewer Organizations: Toronto Raptors
The Toronto Raptors' Jontay Porter received a lifetime ban from the NBA over a betting scandal. If you think that's a crisis for the NBA, think again: The NBA is happy to make an example of Porter. AdvertisementHow dumb do you have to be to throw away an NBA career in a betting scandal? Or, if you don't like that framing, try this: How much trouble do you have to be in — financial or otherwise — to throw away an NBA career in a betting scandal? I can't fathom what led the Toronto Raptors' Jontay Porter to allegedly 1) conspire with bettors about a game he was playing in and 2) bet on NBA games, including betting against his own team.
Persons: Jontay Porter, Porter, Organizations: Toronto Raptors, NBA, Service
The firm initiated coverage on the stock with a buy rating and $60 price target, implying 37.2% upside from where shares closed on Monday. Analyst Mark Lipacis has a target price of $1,160 on shares, suggesting around 35% upside from where shares closed on Monday. However, it kept its $9 price target, which implies upside of just 7.7% over the next 12 months. The stock price now better considers some of our midterm concerns," worte analyst Joseph Spak. Analyst Frank Lee also raised his price target to $225 from $180, implying shares rallying nearly 38% from Monday's close.
Persons: Rivian, Goldman, DraftKings, Goldman Sachs, Ben Miller, Miller, — Hakyung Kim, Joe Ritchie, Ritchie, Nvidia isn't, it's, Mark Lipacis, Lipacis, Hakyung Kim, hasn't, Nicole DeBlase, DeBlase, Joseph Spak, we'd, Fred Imbert, Frank Lee, Lee, Nvidia's GB200 Organizations: CNBC, UBS, HSBC, AMD, US Online Gaming, GE, GE Vernova, General Electric, Nvidia, ISI, Honeywell, Deutsche Bank, Deutsche, Rivian Automotive Locations: NVDA, Monday's
For young men in particular, it's an enticing, if a bit troubling, prospect. For some young men, a level of nihilism about the economy leads to an impetus to take some risks. Along with the rise of new customers, problem-gambling behavior is increasing, especially among young men. The New Jersey report identified a significant prevalence of high-risk stock trading among young men. According to the National Council on Problem Gambling, some 2.5 million Americans have a severe gambling problem, and another 5 million to 8 million have a problem it considers mild or moderate.
Persons: You've, Donald Trump's, Crypto, they're, they've, Timothy Fong, we've, Fong, it's, Kahlil Philander, haven't, Philander, Davids, Goliaths, Warren Buffett, Berkshire Hathaway, Emily Stewart Organizations: GameStop, AMC, NCAA, Pew Research, UCLA, Washington State University, National Council, sportsbooks, Business Locations: America, United States, Berkshire, New Jersey, Atlantic, Jersey, Plenty
In today's big story, we're looking at a critical tech review that caused a bit of a stir on social media . AdvertisementIn a 25-minute video , Brownlee details all the issues he encountered using the AI device. Earlier this year, a negative video of Fisker's Ocean SUV by Brownlee also made waves on social media . Mario Tama/Getty Images; Chelsea Jia Feng/BICritical reviews in the age of innovation raise some interesting questions. Last week's drop among tech stocks shouldn't scare away investors , according to Wedbush.
Persons: , Michael Pollan, Roy Rochlin, Marques Brownlee, Brownlee, X, Mario Tama, Chelsea Jia Feng, It's, Insider's Peter Kafka, Peter, Katie Notopolous, Goldman, David Solomon, Kevin Winter, Eric Newcomer, Rebecca Zisser, Caitlin Clark, Morgan Stanley, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, YouTube, Apple, Apple Vision, Humane, America, JPMorgan, National Bureau, Statistics, Amazon Prime, Street Journal, Justice Department, Ticketmaster, United Airlines, Bank of America, The Locations: San Francisco, New York, Tokyo, London, Dublin
"We downgrade HON to Hold as we only see 10% upside to our new, lower $215 price target." Goldman Sachs initiates GE Vernova as buy Goldman said it's bullish on the company's electrification opportunity. " Goldman Sachs initiates DraftKings as buy Goldman said the sports betting company is a "revenue compounder." "We initiate coverage on Genius Sports Ltd. (GENI) with a Buy rating and a 12-month price target of $7.50 (40% upside)." Argus upgrades Goldman Sachs to buy from neutral Argus upgraded Goldman Sachs following its earnings report on Monday.
Persons: Evercore, Reddit, JPMorgan, Tesla, Goldman Sachs, Goldman, it's bullish, Wells, Needham, Morgan Stanley, it's, AUNA, William Blair, Cantor Fitzgerald, Klaviyo, Cantor, SYNNEX, Baird, Guggenheim Organizations: Evercore, Nvidia, UBS, Deutsche Bank downgrades Honeywell, Deutsche, Bank of America, of America, JPMorgan, Citi, Coty Citi, COTY, GE Vernova, Genius Sports Ltd, HSBC, Devices, AMD, KR, Apple, Barclays, Tyson, TSN, Emerging Athletic Brands, Crown Holdings, Argus, Goldman, Netflix, Guggenheim, NASDAQ, Deutsche Bank, General Motors, GM
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