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A sports bettor turned $100 into more than $80,000 after cashing out of his championship parlay bet. The $100 parlay ticket created by Shelton in May 2023 was based on who would win the MLB World Series, the NFL Super Bowl, and the NBA Championship. Shelton said DraftKings offered him an initial $11,000 to cash out his $100 parlay ticket. Shelton had previously shopped around his $100 parlay ticket after the Thunder won the first round of their playoff series against the New Orleans Pelicans. Using sports bet platform WagerWire, Shelton said he received offers for as much as $200,000 for his parlay ticket.
Persons: Wayne Shelton, Shelton, , Mary, DraftKings Organizations: Texas Rangers, Kansas City Chiefs, Oklahoma City Thunder, DraftKings, Thunder, Service, MLB, NFL Super, NBA, Dallas Mavericks, Twitter, Mavericks, New Orleans Pelicans, New York Rangers, Dallas Stars, Rangers, Florida Panthers Locations: DraftKings, OKC
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
In today's big story, we're looking at how a sports bettor trying to hedge a $1.7 million payout shows the gambling world is taking a page out of Wall Street's book . The big storySports gambling goes Wall StreetiStock; Rebecca Zisser/BIHow would you like to turn $100 into $1.7 million in a little over a year? Thanks to a secondary market for gambling tickets, Shelton could sell his ticket to another bettor. And not unlike Wall Street's feelings about retail traders, Shelton is the type of gambler sportsbooks love. Unlike mom-and-pop gamblers who often bet on a whim, so-called sharps' systematic approach to gambling can pose a problem for sportsbooks.
Persons: , Rebecca Zisser, Wayne Shelton, Shelton, Matthew Fox, Anthony Edwards, Joshua Gateley, sportsbooks, Shelton's longshot, Goldman Sachs, Sam Bankman, Fried, Puck, SBF, Justin Sullivan, Getty Sundar Pichai, Pichai, Jack Dorsey, he'd, Mike Solana, Dorsey, Bluesky, Demis, Microsoft's Mustafa Suleyman, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Sports, MLB, NFL, NBA, Oklahoma City Thunder, Thunder, Dallas Mavericks, Western Conference, ESPN, Boston Celtics, Minnesota Timberwolves, Getty, Detention, MDC, Bloomberg, Bay Area, YouTube, Spotify, Apple, Warner Brothers, Justice League, Big, Honda Locations: China, Russia, Brooklyn's, Young, New York City, New York, Bay, London
In this composite image a comparison between Former Boxer Mike Tyson (L) and Jake Paul (R). Mike Tyson's return to the boxing ring to fight Jake Paul this summer is already seeing soaring ticket prices and strong bettor interest. The two previously achieved the first ever sold out women's headline boxing event at Madison Square Garden. Most Valuable Promotions also has a unique offer for the fight — a $2 million VIP package. The odds show Jake Paul as the current favorite (-145), but 70% of the money is being bet on Tyson.
Persons: Boxer Mike Tyson, Jake Paul, Tyson, Paul, Mike Tyson's, influencer, Katie Taylor, Amanda Serrano, Nakisa Bidarian, Bidarian, BetMGM, Jake Paul haters, Alex Rella, We're Organizations: T, Netflix, Madison Locations: Arlington , Texas, BetMGM, U.S
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
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
Mizuhara, Ohtani's ex-interpreter, used the money to pay off a gambling debt, federal prosecutors alleged. The former interpreter had a net loss of $40.7 million, according to a federal complaint. Related storiesThe typical returns in sports betting would depend on the type of bets Mizuhara placed, Williams told Business Insider. AdvertisementProsecutors don't say what kind of bets Mizuhara was placing. Other forms of sports betting, including betting with offshore books or with unlicensed bookmakers, remain illegal, according to the association.
Persons: Ippei Mizuhara, Shohei Ohtani, Ohtani's, , Ippei, Shoehei Ohtani's, ballplayer, Mizuhara, That's, Tim Williams, Williams, BetUS, Mathew Bowyer, Bowyer, Diane Bass, Goldman Sachs Organizations: Dodgers, Service, Business, Los Angeles Times, ESPN, American Gaming Association Locations: California
Barstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn's big win over Purdue Monday night in the NCAA men's championship game. FanDuel said the men's championship game saw a 52% year-over-year increase in bet count and a 42% year-over-year increase in handle. At Caesars , Monday's championship game accounted for the most same-game parlays ever placed on a college basketball game at their sportsbook. FanDuel, BetMGM and Fanatics say the championship game was their single biggest betting event on women's sports. Caesars said the women's championship saw double the previous handle record for a women's college basketball game.
Persons: Dave Portnoy, Portnoy, DraftKings, Barstool, FanDuel, Craig Mucklow, Caitlin Clark, BetMGM, Mucklow Organizations: Florida Atlantic Owls, Loyola, Ramblers, Wintrust Arena, Barstool Sports, Purdue, NCAA, Huskies, CNBC, DraftKings, Penn Entertainment, Washington , D.C, American Gaming Association, Caesars Locations: Chicago , Illinois, Washington ,
As the prevalence of online betting grows, there's plenty of revenue to be had. The more people gamble — and the more culturally acceptable gambling becomes — the more possibility gambling addiction becomes a bigger issue. Of course, as fun as sports gambling is — as is gambling in general — it has some serious downsides for society. According to the National Council on Problem Gambling, 2 million Americans have a severe gambling problem, and another 4 million to 6 million a mild or moderate problem. The more people gamble — and the more culturally acceptable gambling becomes — the more possibility gambling addiction becomes a bigger issue.
Persons: Lia Nower, DraftKings, Jason Robins, iGaming, Robins, DraftKings isn't, , West Virginia —, Chad Beynon, Benyon, they're, Nower, Chris Grove, Grove, There's, let's, I've, legalizes iGaming, Emily Stewart Organizations: Knicks, Sports, Disney, American Gaming Association, NBA, NFL, Center for Gambling Studies, Rutgers University, Golden Nugget, Caesars, MGM, Macquarie, Companies, Atlantic City, Acies Investments, EKG Ventures, Vegas, National Council, Business Locations: Washington, Boston, Dublin, — New Jersey , Connecticut, Delaware , Michigan, Rhode Island , Pennsylvania, West Virginia, New York, Atlantic, New Jersey, Jackpocket, America
Why the NFL went all in on sports gambling
  + stars: | 2024-02-10 | by ( Chris Isidore | ) edition.cnn.com   time to read: +6 min
On Sunday, the NFL will hold its first Super Bowl in Las Vegas, a city built on gambling. Even in 2003, gambling was as much a part of the NFL as tailgating, helmets and shoulder pads. Yet the change in the league’s relationship with sports gambling couldn’t be more obvious as it prepares for its first Super Bowl in Sin City. That direct spending is only part of the way the NFL has learned to profit from legalized gambling. The column came four years before the Supreme Court opened the door for legal sports gambling.
Persons: , Victor Matheson, ” Matheson, Jeff Miller, Bud, Miller, , Andrew Zimbalist, ” Zimbalist, Adam Silver, it’s, Zimbalist, ” CNN’s Alicia Wallace Organizations: New, New York CNN, National Football League, Super, Las Vegas Convention, Visitors Authority, NFL, College of, Gambling, Sports, Super Bowl, Caesars Entertainment, American Gaming Association, Smith College, New York Times, NBA, of Columbia Locations: New York, Las Vegas, Sin City, Nevada, , California, Texas
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
LAS VEGAS (AP) — Minutes after beating Baltimore 17-10 on Sunday to clinch a spot in the Super Bowl, Travis Kelce had a message to send. The early money is heavily on Patrick Mahomes and Kansas City to repeat as Super Bowl champions when the Chiefs face the San Francisco 49ers on Feb. 11. But the Super Bowl is one event where the casuals make up a much larger share of the money. LAS VEGAS' SUPER DEBUTPullen moved to Las Vegas in 1990 shortly after UNLV's basketball team won the national championship and the city was all about the Rebels. The Super Bowl being in Vegas wasn't on anyone's radar at that time.
Persons: Travis Kelce, ” Kelce, Bettors, Patrick Mahomes, sportsbooks, FanDuel Sportsbook, Sportsbook, Lamar Jackson, Taylor Swift, , Adam Pullen, “ Jackson, John Ewing, Ewing, they’re, Pullen, “ It's, ” Pullen, sportsbook, ___ Organizations: LAS VEGAS, Baltimore, Super, Chiefs, Kansas City, Super Bowl, San Francisco 49ers, Niners, Buffalo, 49ers, Detroit, Green, Caesars, KC, Rebels, UNLV, Michigan Locations: Kansas, Francisco, San Francisco, Las Vegas, Vegas
TORONTO (AP) — The hostility brewing between Sean Strickland and Dricus Du Plessis finally hit its boiling point at UFC 297 on Saturday night. “This is history!” Du Plessis (21-2) screamed in honor of his homeland. That country is amazing.”It was December when Du Plessis referenced Strickland’s abusive relationship with his father. Despite the tension leading up to fight night, Du Plessis gave Strickland (28-6) his just due afterward. You are one heck of a man, thank you for bringing out the best of me tonight,” Du Plessis said.
Persons: Sean Strickland, Dricus Du Plessis, Du Plessis, Derek Cleary, Eric Colon, Sal D’Amato, Strickland, ” Du Plessis, , Raquel Pennington, Mayra Bueno Silva, Pennington, Neil Magny, Mike Malott, Chris Curtis, Marc, Andre Barriault, Curtis, Barriault, Movsar Evloev, Arnold Allen, Evloev Organizations: TORONTO, UFC Locations: “ South Africa, FanDuel
NFL bettor turns $5 bet into $489 thousand
  + stars: | 2023-12-27 | 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 EmailNFL bettor turns $5 bet into $489 thousandHosted 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: Brian Sullivan, Organizations: CNBC
Phil Mickelson, the golf great whose issues with gambling have made headlines throughout the years, took to social media on Monday to share details about his addiction, and to offer a warning to potential bettors ahead of this year’s N.F.L. As the 2023-24 football season kicked off in earnest, Mickelson posted on X to say that he would not be gambling on any games. “I crossed the line of moderation and into addiction which isn’t any fun at all,” said Mickelson, who has won six major golf tournaments. The post went on to offer advice to anyone who might be struggling with similar issues: “If you ever cross the line of moderation and enter into addiction, hopefully you won’t confuse your enablers as friends like I did.”The post came on the heels of the autobiography “Gambler: Secrets From a Life at Risk,” published in August by Billy Walters, a well-known sports bettor who claimed to know about Mickelson’s gambling habits and asserted that the professional golfer’s sports bets totaled more than $1 billion in a span of about 30 years.
Persons: Phil Mickelson, Mickelson, , Billy Walters
Sports betting and gambling companies have raised $150 million from VCs so far in 2023, according to PitchBook data. US sports betting and gambling startups have raised about $150 million in VC funding through mid-August of this year, per PitchBook, which tracked 25 deals during that time frame. Here are the top 11 companies that have gotten the most funding in 2023 through mid-August, according to PitchBook:1) Jackpot.com — $42 million. The more than 50-year-old casino technology and data company closed the investment from VCs. Oddsworks, a gaming company offering more than 100 games for online and land-based casinos, raised early-stage funding.
Persons: Joey Levy, Jake Paul, Roger Ehrenberg's, James Harden, Joel Embiid, PlayerProfile, Oddsworks Organizations: Roger Ehrenberg's Eberg Capital, Arctos Sports Partners, Bettor, Courtside Ventures, Dallas Cowboys, New York Yankees, Acres, Exchange, Boom Entertainment, Oyster Ventures, Touchdown Ventures, Eberg, IA Sports Ventures, Ikigai Ventures, Trinity West Ventures Locations: VCs
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Persons: Dow Jones, phil, mickelson, walters
Phil Mickelson racked up $100 million worth of losses gambling, according to a new book by Billy Walters. The golf star also tried to bet $400,000 on Team USA at the 2012 Ryder Cup, Walters wrote. Phil Mickelson has bet over $1 billion over the past three decades, racked up $100 million worth of losses, and once considered placing a wager on Team USA winning the Ryder Cup, according to a new book. Walters adds that in September 2012, Mickelson asked him to place a $400,000 bet on Team USA to win the Ryder Cup – a tournament Mickelson was playing in — but he refused, asking the former World No. Mickleson denied ever betting on the Ryder Cup.
Persons: Phil Mickelson, Billy Walters, Walters, " Mickelson, Mickelson, Mickleson, Phil, " Walters Organizations: USA, Morning, Ryder, Dean Foods, Prosecutors, FBI Locations: , Europe, what's
CNN —Phil Mickelson considered a $400,000 bet on the 2012 Ryder Cup – in which he was participating – according to a book that will be released later this month by professional gambler Billy Walters. “The only other person I know who surpassed that kind of volume,” Walters wrote, “is me.”In a Thursday post on X, formerly known as Twitter, Mickelson denied betting on the 2012 Ryder Cup. Walters wrote he doesn’t know if Mickelson ever placed that bet. Walters suggested in the book, according to Golf Digest, that Mickelson was to blame for the prison sentence. The superstar came under fire last year over his involvement in the controversial LIV Golf, the world’s most lucrative golf tour.
Persons: Phil Mickelson, Billy Walters, Walters, Mickelson, Mickelson “, ” “, , ” Walters, , Pete Rose, “ You’re, Arnold Palmer, ” Mickelson, “ Haven’t, Amy, Nevada ’ Walters, Donald Trump, “ Phil Mickelson, Phil, LIV Golf, Alan Shipnuck, “ Phil, ” Shipnuck, Jamal Khashoggi, LIV, Mohammed bin Salman, Khashoggi, Bin Salman Organizations: CNN, Twitter, Ryder, US, Dean Foods, United States, Southern, of, FBI, Securities and Exchange, League, PGA Tour, Saudi Arabia’s Public Investment Fund, Saudi, Congress Locations: Nevada, New York, of New York, Saudi, Saudi Arabia, Washington, al Qaeda
Horses being ridden by work riders during a Singapore Turf Club trackwork session on May 15, 2014 in Singapore. The Singapore Turf Club on Monday announced that it will hold its final race on October 2024, closing a 180-year-old chapter on horse racing in the city state. At the same time, we understand the land needs of Singapore, including housing and other potential uses such as leisure and recreation," Turf Club Chairman Niam Chiang Meng said in a press release. Demand for housing in Singapore has been soaring, pushing 2023's first-quarter private residential property price index up 11% compared to the same period last year. "Young people don't bet on horses, they go to casinos now," Jimmy, a 67-year-old avid horserace bettor from Singapore told CNBC, adding that racing takes place only once a week on Saturdays and at 30-minute intervals.
Persons: Niam Chiang Meng, Jimmy Organizations: Singapore Turf Club, Monday, Government, Turf, CNBC Locations: Singapore
FanDuel expected to handle more than 17 million Super Bowl bets. GeoComply , a company that verifies the locations where gamblers are betting, saw 100 million sports betting transactions this Super Bowl weekend, an increase of 25% over last year. It was a record-breaking Super Bowl for sportsbooks as gamblers ponied up across the United States. "This was BetMGM's most successful Super Bowl and most bet on single game sporting event ever," the company told CNBC. Already, sportsbooks are accepting wagers for next year's Super Bowl, which, for the first time, will take place in America's gambling capital – Las Vegas.
Watching the Super Bowl? Bettor Beware
  + stars: | 2023-02-11 | by ( Danny Funt | ) www.wsj.com   time to read: 1 min
Sunday’s Super Bowl is likely to generate more legal bets than any sports contest in American history. “You can guarantee it,” said Jason Scott, who oversees oddsmaking at BetMGM. Sportsbooks are bullish about the big game, in part because some of the trendiest ways to wager stack the odds against customers even more than usual. For the average fan, it is easier than ever to bet on sports, and harder than ever to win long term.
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.
But despite the MetLife lounge remaining open throughout the 2021-22 NFL season, the Fubo Sportsbook wouldn't launch in New Jersey until the following one, in September 2022. "It was doomed from the start," one former Fubo Gaming staffer told Insider. Meanwhile, Rattner — whom the first former Fubo gaming staffer described as a "good talker" — sustained the startup's more youthful culture. The Fubo Sportsbook launched in New Jersey on September 7, days before the first Jets home game. A promotional image from when the Fubo Sportsbook went live in New Jersey in September 2022.
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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