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Executives at ESPN and Penn Entertainment hope that's true of ESPN Bet, which will soon debut in the Big Apple as football season heats up. The company hopes its massive platform and popular talent will attract new users to ESPN Bet. A far lower spend rate than its peers drove the service's market share below 4% in the first quarter of 2024, BofA estimated. In those states, ESPN Bet's share is generally between 3% and 6%. AdvertisementThat gives ESPN's namesake betting app a big advantage, but it's unclear whether that will be enough in the ruthless sports betting market.
Persons: , Frank Sinatra, Mike Morrison, ESPN's, Penn, Chris Grove, Penn didn't, Grove, Dan Wasiolek, Wasiolek, Bet365, ESPN Bet shouldn't Organizations: Service, New, ESPN, Penn Entertainment, ESPN Bet, Apple, Business, Industry, NFL, Krejcik, Penn, Bank of America, Morningstar, Sports Locations: New York, Pennsylvania
The Olympic Rings being placed in front of the Eiffel Tower in celebration of the French capital won the hosting right for the 2024 Summer Olympics. Sopa Images | Lightrocket | Getty ImagesSportsbooks and daily fantasy operators are preparing for a Summer Olympics bump. The gaming industry expects an increase in wagering from the previous Summer Games in Tokyo, particularly for sports like men's and women's basketball, soccer and tennis. Even so, the expected rise in Olympics gambling underscores just how much the market has boomed in recent years. The Tokyo Olympics came just a few years after the Supreme Court ruling that paved the way for legal betting across the U.S.
Persons: Max Bichsel, it's, Jordan Bender, DraftKings, Bender, Peacock, Robert Gauthier Organizations: Rings, Eiffel, Getty, U.S, North America, Gambling.com, NFL, NBA, Citizens, Tokyo, American Gaming Association, NHL, Olympics, Winter, NBC, Basketball, Saitama Super, Los Angeles Times Locations: Paris, Tokyo, North, U.S, Beijing, Japan, USA, France
The complaint refers to the player as “Player 1,” though after a review of court documents, CNN has determined the player is former Toronto Raptors big man Jontay Porter, who two months ago was banned for life from the NBA. As alleged, the defendant and his co-conspirators, as well as an NBA player, participated in a brazen, illegal betting scheme that had a corrupting influence on two games and numerous bets,” US Attorney Breon Peace said. Porter was banned by the NBA in mid-April, with the league saying an investigation found Porter had violated betting rules. NBA said it investigated unusual betting patterns around PorterThe NBA announced in March it had opened an investigation into anomalies involving bets pertaining to Porter after unusual betting patterns around the player emerged. Porter had “violated league rules by disclosing confidential information to sports bettors, limiting his own participation in one or more games for betting purposes, and betting on NBA games,” NBA officials said.
Persons: Long Phi Pham, Pham, Jontay Porter, Pham –, Australia –, Michael Soshnick, Porter, Breon Peace, , rico ”, Adam Silver, ” Silver Organizations: CNN, NBA, Toronto Raptors, of, rico, FBI Locations: Brooklyn, New York, Australia, Eastern, of New York
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . After a landmark SCOTUS decision let states legalize sports-betting in 2018, the sector has become flush with cash, as countless leagues and team owners have struck deals. FanDuel inked a pact with Major League Baseball (MLB) to become its official betting partner last year, for instance. This story is available exclusively to Business Insider subscribers.
Persons: , SCOTUS, FanDuel Organizations: MLB, NBA, ESPN, Service, Major League Baseball, DraftKing, Business
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
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
“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
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
That would mark a milestone for the company, which launched Disney+ on Nov. 12, 2019. It would be the first time Disney showed it can make money from Disney+, Hulu and ESPN+. Disney will need to sustain and grow streaming profit to justify Iger's five-year-old strategy to go "all in" on the segment. Disney has already offered ESPN+, a sports streaming service that has some but not all of ESPN's content. Trian Partners' Nelson Peltz, who failed to join Disney's board Wednesday after securing just 31% of the vote, publicly questioned what he has called Disney's "woke" content strategy.
Persons: Bob Iger, Sun Valley , Idaho David A, Iger, Disney, they've, Cowen, Doug Creutz, Needham, Laura Martin, Gabby Jones, David Greenbaum, Sean Bailey, Alan Bergman, Indiana Jones, Nelson Peltz, Peltz, shouldn't, Bob Chapek, He'll, Bergman, Jimmy Pitaro, Josh D'Amaro, Dana Walden, They've, Cowen's, you've, That's, it's, — CNBC's Sarah Whitten, Needman's Martin Organizations: Disney, Allen & Company Sun Valley Conference, Grogan, CNBC Disney, Disney Disney, Hulu, ESPN, Co, Warner Bros . Discovery, Fox, CNBC, Athletic, Bloomberg, Getty, Marvel, Star Wars, Searchlight, Walt Disney Motion, Disney Entertainment, Century Fox, Sony, Disney's Marvel Studios, Trian Partners, Financial Times, Resorts, Iger Locations: Sun Valley , Idaho, Brooklyn , New York, Iger, Parks, Disney
Read previewWhen states across the US started legalizing sports gambling in 2018, Jimmy, a New York-based sports bettor in his 30s, was ready. Since January 2022, Jimmy and his cousin have bet nearly $1 million through FanDuel and netted roughly $35,000 in winnings, according to a document viewed by Business Insider. Don't bet more than you're willing to loseJimmy said establishing a bankroll and unit size are important steps for new bettors. The unit size is the percent of the bankroll — Jimmy said ideally it's 1% — that gamblers dedicate to the typical bet. Despite his success with sports betting, Jimmy said he and his cousin both have part-time jobs.
Persons: , Jimmy, FanDuel, Jimmy hasn't, they've, they'd, it's, bettor, parlays, shouldn't, Timothy Fong, Don't, he's, we'll Organizations: Service, Business, American Gaming Association, Sports, NCAA, NBA, WNBA, UCLA, Studies, National Council, Virgin Islands Locations: New York, Young, Canada, Virgin
Noah, a 19-year-old who goes to college in Illinois, uses sports betting to keep up with his friends from high school. The expansion of legal sports betting in the US has fueled a widespread culture of gambling on college campuses, as savvy students find betting alternatives and workarounds for age limits and state restrictions. Many sports-loving college students like Marcus and Noah casually use fantasy gaming, sweepstakes, and betting to make and maintain friendships. BI spoke with seven college students and three researchers to learn more about what sports betting looks like on campuses. A culture of sports betting sustains friendshipsSince the expansion of legalization, sports betting and gaming have exploded on college campuses largely through word of mouth.
Persons: Marcus didn't, Marcus, Fliff, isn't, it's, — Marcus, they'd, Marcus isn't, Noah, Andrew, they've, Dr, Timothy Fong, Fong, Miles, Chris, hasn't, wasn't, he'd, that's, FanDuel, Jason Miyares, Fliff's, Cash, bettors, I'm, there's, It's, Jeffrey Derevensky, McGill, haven't, Derevensky Organizations: NFL, Business, Sports, ESPN Bet, Super, Sunday, Caesars, ESPN, Iowa State Locations: Virginia, Cancún, Mexico, Illinois, Venmo, Minnesota, California, New York , Florida , Maine, Michigan, Maryland, Florida, New York, Iowa
BetMGM CEO Adam Greenblatt knows Fanatics and ESPN Bet are looking to eat his lunch. However, it has lost some ground, hovering around 15% market share in the third quarter compared to about 20% a year earlier. And a new crop of competitors including Fanatics and Penn Entertainment's ESPN Bet are vying for its position. "Everyone's kind of fighting for that third and fourth spot," Macquarie gambling analyst Chad Beynon told Business Insider in September. Online casino gaming, also known as igaming, is legal in only a handful of US states and has expanded slower than legal sports betting.
Persons: Adam Greenblatt, BetMGM, Penn, Macquarie, Chad Beynon, Greenblatt, We've, we're, Entain, we've, we'll, " Greenblatt, it's Organizations: ESPN Bet, Krejcik, MGM Resorts, Business, BI, MGM, Detroit Lions Locations: North America, Borgata's, Atlantic City, Michigan
LAS VEGAS (AP) — The visuals of the world-famous Strip expected to emerge from the Las Vegas Grand Prix on Saturday night has enticed sports bettors so much that the event is expected to set Formula One and motor sports wagering records. “Race weekend in Las Vegas has the potential to shatter every company record for the sport,” BetMGM chief revenue officer Matt Prevost said in a statement. Pullen said races typically draw bettors especially interested in that circuit, but Las Vegas is attracting more of the casual or cross-over gambler. “It'll blow away NASCAR,” Pullen said. The trend is similar at Caesars, with Verstappen going from minus-250 to minus-225 “and slowly coming down and down,” Pullen said.
Persons: , Adam Pullen, “ It’s, ” That's, Matt Prevost, Carlos Sainz Jr, Pullen, ” Pullen, it's, Max Verstappen, FanDuel, bettors, Organizations: LAS VEGAS, Las Vegas, Caesars Entertainment, Formula, Vegas, NASCAR, Caesars Locations: Las Vegas, U.S, East Coast, United States, Vegas, BetMGM, Saudi Arabia, Singapore, Azerbaijan
James said sports betting was a way to "lose your life savings on your phone." But sometimes gambling addiction gets you to do crazy things." While the highs were "exhilarating," James said, gambling began to take over his life. After downloading a sports-betting app, he began by betting roughly $50 to $100 at a time on anything from baseball to hockey to tennis. But then he started winning — at one point winning roughly 14 of 16 bets — which he said was the "worst thing" that could have happened to him.
Sunday’s Super Bowl marked a record-setting day for sports-wagering activity in the U.S., but the outcome of the dramatic game produced lackluster results for sports-betting companies in terms of profits, according to analysts and sportsbook executives. Sports bettors’ money favored the Philadelphia Eagles winning the game, making the Kansas City Chiefs’ victory a win for the sportsbooks. But the high final score of 38-35 handed a win to bettors who favored the over on total points scored. Big performances by stars like the Chiefs’ MVP quarterback Patrick Mahomes also translated to some winning payouts for prop bets on individual players’ stats.
A record 50 million Americans are expected to bet on the Super Bowl. Over 50 million Americans — or roughly one in five US adults — are projected to place a bet on the Super Bowl, per an American Gaming Association survey conducted last week of over 2,100 Americans. If you've ever participated in a Super Bowl squares contest, you might not have thought of it as gambling, but the AGA counted these people among the bettors. For the first time, however, the AGA said it's projecting the number of traditional Super Bowl bettors — through online or retail sportsbooks — to exceed the number who bet casually with friends or through a squares contest. That's 30 million projected traditional bettors to 28 million casual, with some people expected to participate in both formats.
The booming sports betting industry, lawmakers and even the professional sports leagues themselves are making it easier, faster and more tempting for people to bet on games — and develop gambling problems, say gambling researchers and addiction specialists. A flood of advertising, technology that allows for one-click betting at home, and nearly unlimited betting options during games have collided. The sports gambling industry is most similar to financial markets, he said, but financial markets are much more regulated than banks. Most states require that sports betting ads disclose the minimum legal age to gamble and responsible gambling messages, such as problem gambling hotlines. From DraftKingsRegulators are wary of how tightly they can curtail messages in gambling advertising without running afoul of First Amendment protections on commercial speech.
It's costing state government millions in tax revenue. Illicit sports betting — and illegal gambling more broadly — is costing states millions in tax revenue, and someday, taxpayers could be called upon to foot part of the bill. Illegal sports betting is costing them millions in tax revenue — an estimated $700 million in total revenue per year, per the AGA report. Legalization has been a boon for states' tax coffers, and is among the reasons many states' tax revenues have fully recovered from a pandemic dip. Others may simply have grown used to illegal operators and not want to switch as a result.
FanDuel CEO on sports betting landscape, economic uncertainties
  + stars: | 2022-10-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFanDuel CEO on sports betting landscape, economic uncertaintiesFanDuel CEO Amy Howe on the economy and what it will mean for consumer spending of sports bettors.
Its app, which lets users to trade sports bets like they would stocks, launches in New Jersey Thursday. On Thursday, its new app that allows users to trade sports bets like they would stocks goes live in New Jersey. Sporttrade, which Insider trialed in its beta version this week, looks more like a trading app than a sportsbook. In the US, there are now various peer-to-peer exchanges from BettorEdge to Prophet that let users bet against each other instead of playing against the house. It's also hoping to build on that with word of mouth as people start to experience the app firsthand.
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