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Proposition 26, which sought to bring point spreads to Native American casinos, was being rejected by 70.1% to 29.9%, tallies showed Wednesday night. Meanwhile, Proposition 27, the measure that sought to legalize online sports betting, was going down to even greater defeat by 83.3% to 16.7%. Proposition 26 garnered $120.7 million in donor support and $43.8 million in opposition efforts, according to the California secretary of state's contribution records. Meanwhile, Proposition 27 drew $169.5 million in support and $237.8 million in opposition. Proposition 27's backers didn't strongly oppose Proposition 26, whose backers aggressively fought the former measure in hopes of bringing Native American casinos a near-monopoly in sports betting.

☆ 3 key takeaways for the future of online sports betting after California voted against it
▼ + stars: | 2022-11-09 | by ( Colin Salao | ) www.businessinsider.com time to read: +4 min

California rejected on Tuesday two ballot propositions that would have legalized sports betting. California voters rejected on Tuesday two ballot measures that would have legalized sports betting in the state in 2023. Sports betting is legal in some capacity in 33 states, but California is unlike any other state in the country. "This outcome is a sign that there's going to need to be far more consensus among gambling stakeholders to get sports betting done in California," Grove said. The company had invested $17 million to try to legalize sports betting in California.

☆ Casino operator Wynn delivers decent Q3 despite ongoing China pressures
▼ + stars: | 2022-11-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +11 min

Casino operator Wynn Resorts (WYNN) reported solid third-quarter results Wednesday, boosted by its U.S. properties, even as its China operations continued to be squeezed by Beijing's strict Covid-19 measures. Despite lower revenues, the Adjusted Property EBITDA loss was $21.8 million, compared to forecasts of a $43 million loss. But the Adjusted Property EBITDA loss was smaller than anticipated, at $43.8 million, compared to the $59 million loss predicted by analysts. Despite lower revenues, the Adjusted Property EBITDA loss was $21.8 million, compared to forecasts of a $43 million loss. But the Adjusted Property EBITDA loss was smaller than anticipated, at $43.8 million, compared to the $59 million loss predicted by analysts.

☆ These ETFs can help round out your midterm election investing playbook
▼ + stars: | 2022-11-08 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

Even if the election results match expectations, stocks may still rally as some unknowns are removed. Broad sector ETFs from firms like iShares, State Street and Vanguard are one way to play these sectors, offering cheap broad exposure. For example, the Industrial Select Sector SPDR ETF (XLI) and Vanguard Communications Services ETF (VOX) both have an expense ratio of 0.10%. Under-the-radar elections Federal elections are not the only contests on Tuesday that could move stocks. The biggest marijuana ETFs — AdvisorShares Pure US Cannabis ETF (MSOS) and ETFMG Alternative Harvest ETF (MJ) — are each down more than 50% for the year.

Mattress Mack's record-breaking $75 million payout on a wager that the Houston Astros would win the World Series will cost Caesars and Penn Entertainment big in their digital businesses this quarter. With the Astros' second-ever World Series win on Saturday, McIngvale clinched a $75 million payout. "I think if Mattress Mack doesn't hit, we'll be profitable in Q4," Snowden said then. We just wrote the biggest check in sports betting history to Mattress Mack for $30,000,000. "My real interest is making sure the customers win because the customers will be happy and thrilled and smiling," he said.

A dispute arose over the price Fox would pay for a stake in the market-leading FanDuel app, leading to arbitration that began in the spring of 2021. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to betters. The growth of Fox Bet has stagnated since Flutter acquired Stars Group, the company that helped launch Fox Bet and owns and operates the app. Fox claimed that Flutter failed to provide reasonable resources behind Fox Bet, a claim Flutter said the arbitrator rejected, finding that Flutter had agreed to commit "commercially reasonable" resources behind the offering.

☆ California Proposition 26: Voters will decide on legalizing specific types of gambling on Native American lands
▼ + stars: | 2022-11-06 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

California Proposition 26 would allow for specific types of sports betting on Native American lands. Kyle Kirkland, president of the California Gaming Association, argues the proposition would create a tribal casino monopoly. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyA "yes" on California's Proposition 26 would legalize specific types of gambling on Native American lands. Funds earned via Proposition 26 would initially go to schools and the remainder to California's discretionary fund, mental health research, and gambling rules. Support and oppositionProposition 26 is sponsored by Native American tribes, such as Federated Indians of Graton Rancheria.

☆ California Proposition 27: Voters will decide on legalizing sports gambling with revenue going toward social causes
▼ + stars: | 2022-11-06 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

California Proposition 27 would legalize sports betting and give the proceeds to social causes. Ballot measure detailsKnown as the Legalize Sports Betting and Revenue for Homelessness Prevention Fund Initiative, Proposition 27 would legalize online sports betting across the state, according to the state's Legislative Analyst Office. Proposition 27's revenue would be allocated to provide resources to address homelessness, mental health issues, and addiction. Californians for Tribal Sovereignty and Safe Gaming and Coalition for Safe, Responsible Gaming are campaigning against the proposition. More than 60 tribes oppose Proposition 27, saying it would take away from their business, KFSN reported.

CNN —“Mattress Mack” had reason to celebrate the Houston Astros’ World Series win on Saturday – and not just because he’s an Astros superfan. Houston furniture store owner Jim McIngvale, known as “Mattress Mack,” made a series of bets amounting to $10 million on the Astros to win the World Series. The Houston Astros celebrate their World Series win against the Philadelphia Phillies in Houston, Texas, on Saturday, November 5. Peña was awarded the World Series MVP for his stellar play during the series. He is just the second rookie to be named LCS and World Series MVP in the same postseason.

☆ Fox loses legal battle to buy a stake in FanDuel from parent company Flutter at a lower valuation
▼ + stars: | 2022-11-05 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Fox lost a legal battle to buy an 18.6% stake in sports betting company FanDuel Group from its parent company Flutter at a reduced valuation, according to a ruling Friday from a New York arbitrator. Should Fox exercise its option to take the stake, it would be at a price of at least $3.72 billion. The price that Fox would have to pay is based on a FanDuel valuation of $20 billion, according to the ruling. Flutter, which owns nearly 95% of FanDuel, acquired a 37.2% stake in the company in December 2021 at an implied valuation of $11.2 billion. As part of the arbitration ruling, Flutter cannot pursue an IPO for FanDuel without Fox's consent or approval from the arbitrator.

Nov 4 (Reuters) - Fox Corp (FOXA.O) said an arbitrator on Friday reaffirmed its right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's owner, Flutter Entertainment Plc (FLTRF.L). The New York-based Judicial Arbitration and Mediation Services also settled a dispute over the price to exercise that option. Fox has a 10-year option to acquire an 18.6% stake of FanDuel for $3.7 billion. In April 2021, Fox filed its lawsuit against the Irish gaming company, seeking to secure its option to buy an stake in the market-leading FanDuel app. The arbitrator Friday settled on an option price based on a $20 billion valuation for FanDuel.

☆ Fox Is Cleared to Buy FanDuel Stake for About $3.7 Billion
▼ + stars: | 2022-11-04 | by ( Katherine Sayre | ) www.wsj.com time to read: 1 min

FanDuel is the market-share leader in online sports betting in the U.S.An arbitrator has ruled that Fox Corp. has the option to buy a stake in sports-betting operator FanDuel Group from parent company Flutter PLC for about $3.7 billion, the companies said Friday, settling a more than yearlong dispute over one of the biggest brands in U.S. online gambling. Fox filed a lawsuit with Judicial Arbitration and Mediation Services in April 2021 against Flutter arguing that the gambling giant was demanding too high a price for an option to buy an 18.6% stake in FanDuel.

☆ DraftKings shares tumble after monthly users fall short of estimates
▼ + stars: | 2022-11-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Shares of DraftKings closed down 28% on Friday after the sports betting company reported slower monthly customer growth in the third quarter that fell short of estimates. The company raised its revenue guidance for the year, however, after revenue for the quarter came in above Wall Street expectations. For the quarter ended Sept. 30, DraftKings said its monthly unique paying customers increased to 1.6 million, up about 22% from 1.3 million a year ago. DraftKings said the expansion of its online Sportsbook product, launched in September, will help drive customer acquisition, engagement and retention. Revenue for the period rose to $502 million, which was higher than the $437 million Wall Street expected.

☆ DraftKings shares tumbles after monthly users fall short of estimates
▼ + stars: | 2022-11-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Shares of DraftKings were down 26% Friday after the sport betting company reported slower monthly customer growth in the third quarter that fell short of estimates. The company raised its revenue guidance for the year, however, after revenue for the quarter came in above Wall Street expectations. For the quarter ended Sept. 30, DraftKings said its monthly unique paying customers increased to 1.6 million, up about 22% from 1.3 million a year ago. DraftKings said the expansion of its online Sportsbook product, launched in September, will help drive customer acquisition, engagement and retention. Revenue for the period rose to $502 million, which was higher than the $437 million Wall Street expected.

☆ Stocks making the biggest moves premarket: DraftKings, Cinemark, Hershey and more
▼ + stars: | 2022-11-04 | by ( Peter Schacknow | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:DraftKings (DKNG) – DraftKings fell 12.5% in premarket trading despite reporting a smaller-than-expected quarterly loss and revenue that topped Wall Street forecasts. Hershey (HSY) – Hershey rose 1% in the premarket after quarterly results beat estimates and the candy and chocolate maker raised its sales and profit outlook. PayPal (PYPL) – PayPal shares slid 6.9% in the premarket despite better-than-expected quarterly profit and revenue for the payment service operator. Block (SQ) – Block shares surged 14% in premarket action after it reported quarterly revenue and profit that beat Wall Street forecasts. Carvana (CVNA) – Carvana slid 7.4% in premarket trading after the used-car retailer reported worse-than-expected quarterly results.

☆ Stocks making the biggest moves midday: Starbucks, Twilio, Carvana, DoorDash and more
▼ + stars: | 2022-11-04 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:Starbucks — The Seattle-based coffee company jumped nearly 9% after reporting quarterly profit and revenue that topped expectations. Block — Shares jumped 10% after the mobile payments company surpassed profit and sales expectations in its third-quarter results. Block reported earnings of 42 cents per share on revenue of $4.52 billion. Coinbase — The stock jumped 3% after the company reported better-than-expected user numbers, even as Coinbase reported a miss on profit and sales expectations. The company reported earnings that topped expectations on Thursday.

As recently as August, Lachlan Murdoch described sports betting as "a huge opportunity" for Fox Sports, telling Wall Street it would fuel viewer engagement. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to gamblers. The growth of Fox Bet has stagnated since market-leading FanDuel's owner, Flutter Entertainment Plc (FLTRF.L), acquired Stars Group in 2020. The matter is the subject of an arbitration case and Lachlan Murdoch told investors a decision is expected imminently.

☆ One simple investing move can set you up for huge returns and a minimal tax bill
▼ + stars: | 2022-11-01 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +6 min

Typically, the money invested in a Roth IRA or Roth 401(k) is post-tax, meaning you've already paid the taxes on the amount contributed. An extreme example of this is investor and Palantir Technologies founder Peter Thiel, who grew a Roth IRA from $2,000 to about $5 billion in about two decades. Rules of conversion Converting assets to a Roth IRA can get around some of the other limitations on the accounts. Investors should also consider the bill they'll have by converting assets into a Roth IRA now. It also usually only makes sense to do a Roth conversion if you see your tax rate increasing in the future.

Jim McIngvale, the Texas furniture salesman who famously hedges sports bets with furniture promotions, said he has placed a total of $10 million of bets on his beloved Houston Astros in this year's World Series. This time, If you spend $3,000 or more on a mattress, your purchase is free – if the Astros win. Mack placed the largest of his World Series bets, $3 million, on May 13 with Caesars at 10-1 on the Astros to win. His World Series bets have taken him all over the country, as sports gambling is not legal in his home state of Texas, he said. In 2017, when the Astros won the World Series, Mack doled out millions in refunds.

☆ ‘Mattress Mack’: Houston Astros superfan has wagered $10 million to win $75 million if team wins World Series
▼ + stars: | 2022-10-28 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

If the Astros do regain their MLB crown – the team’s first title came in 2017 – McIngvale will win an eye-watering $75 million, which has been widely reported would be largest payout in sports betting history. Mack watches batting practice prior to Game 5 of the 2021 World Series between the Houston Astros and the Atlanta Braves at Truist Park. In an interview with CNN last year, McIngvale said he had bet $3.35 million back in June 2021 that the Astros would win last year’s World Series. “And I say, thanks to the Houston Astros for bringing Houston together. “It’s their birthday, it’s their anniversary but they’re there cheering on the Houston Astros.

☆ Fanatics hires its first chief people officer as Michael Rubin's sports business giant expands
▼ + stars: | 2022-10-27 | by ( Riley De León | ) www.cnbc.com time to read: +2 min

Ashford will report directly to both CEO Michael Rubin and CFO Glenn Schiffman. Each of the three Fanatics' businesses — commerce, collectibles, betting & gaming — have heads of HR that report to those respective business CEOs. Prior to joining Fanatics, Ashford was a strategic advisor to private-equity firm Sycamore Partners. He's currently the chairman of the board of pharmaceutical company Perrigo , and sits on the board of Syndio — a private, venture-backed HR tech company. Last week, Fanatics announced it hired Andrea Ellis to be the chief financial officer of its betting and gaming division, which is expected to launch in January.

☆ 22 innovative sports startups that VCs say could transform the industry, from new leagues to betting platforms
▼ + stars: | 2022-10-26 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com time to read: +2 min

Insider asked VC investors which sports startups they find the most innovative. We asked each investor to nominate companies, including one outside their investment portfolio. The top startups are innovating on the models for leagues, betting, athlete performance, and more. Insider asked 10 top venture capitalists who focus on sports to name the most innovative startups in the industry in 2022. Athlete performance is also a hot topic for investors, who highlighted startups like Diamond Kinetics, biomarker scanner Spren, and Veo.

☆ LeBron James, Kevin Durant and other big names invest in Fanatics lifestyle brand Mitchell & Ness
▼ + stars: | 2022-10-25 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Some of the biggest names in sports and entertainment are investing in Fanatics' lifestyle clothing brand, Mitchell & Ness. The new owners said they plan to make Mitchell & Ness "the most diverse and culturally relevant consumer brand" through their influence and status as tastemakers. Mitchell & Ness is a true classic," he said in February. "I'm proud to play a small role in bringing it back, and in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation," he added. In June, Mitchell & Ness signed a rights deal to manufacture products for all 32 NHL teams.

☆ This man says he lost all his savings gambling online in China, where players visit 'mirror' websites that change URLs daily and fake 'friends' recruit gamblers in chat groups
▼ + stars: | 2022-10-22 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +7 min

Gambling is illegal in most parts of China, apart from the state-owned national lotteries, and recognised gambling sites are blocked from Chinese users. It is one of many gambling companies that have mirror sites. Experts told Insider mirror websites are a "common" practice by betting companies in countries that don't allow gambling. A virtual armyHuang said it was easy to find a link to a new mirror gambling site once an old one has been blocked: his friends sent him the URL. They make friends with people and claim that they have won money gambling, and encourage other users to visit mirror sites.

☆ How much media and tech giants from Disney to TikTok pay employees in the US
▼ + stars: | 2022-10-19 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +12 min

And tech companies like TikTok have made key hires from more traditional media spheres. These are base salaries, and do not include other forms of compensation such as stock options or cash bonuses. DisneyDisney and its US streamer Hulu offered base salaries ranging from $93,150 to $242,000 per year, according to wages from 132 foreign-labor-certification applications. Most of the salaries were for streaming and tech jobs, including data scientist and software engineer roles. Most of the salaries were for data, engineering, and other tech jobs based in San Francisco, California; and Seattle, Washington.

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