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☆ This regional bank can benefit from the online betting boom, JPMorgan says
▼ + stars: | 2023-06-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A small bank based in West Virginia has positioned itself as a key figure in the online betting world, and that first-mover advantage should have staying power, according to JPMorgan. "We find that the MVB team has been forming an ecosystem around the bank over the past five years serving the online gaming industry (which was legalized at the federal level in 2018). MVB Edge Ventures is a subsidiary of the bank, and it provides management oversight for the firm's tech investments. JPMorgan first initiated coverage of MVB with an overweight rating on Feb. 27 , before the failure of Silicon Valley Bank. MVBF YTD mountain Shares of MVB Financial have performed better than many other regional bank stocks in 2023.

Persons: Steven Alexopoulos, MVB, that's, — CNBC's Michael Bloom Organizations: JPMorgan, MVB, Edge Ventures, MVB Edge Ventures, Silicon Valley Bank, Regional Banking Locations: West Virginia, Silicon, MVB

Sandra Douglass Morgan has seen a lot of changes in the five years since she was named to the Nevada Gaming Commission. The same year she became a gaming regulator, the Supreme Court cleared the path for legalized sports betting. During that time, Douglass Morgan went from gaming regulator to chair of the Nevada Gaming Control Board to the corporate board of directors for casino giant Caesars Entertainment . I'm incredibly blessed that I've been given these opportunities, you know, based on my skill set and my experience," Douglass Morgan told CNBC. Douglass Morgan said.

☆ Fanatics' first big sports-betting acquisition could reignite M&A in the sector, as rumors fly and buyers 'smell blood in the water'
▼ + stars: | 2023-05-18 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +7 min

Fanatics' first big sports-betting acquisition could be the spark that reignites M&A in the sector. Industry insiders speculate on what deals could come next. It's go time for M&A in sports betting as newcomer Fanatics makes its first big acquisition in the sector and rumors fly about who will be snapped up next. On Sunday, Australia's PointsBet announced it had agreed to sell its US operations to Fanatics' betting and gaming division for about $150 million in cash. "I think Fanatics smells blood in the water," said one industry consultant who had been following Fanatics closely.

☆ Don't lose your life savings on your phone: A millennial with a sports-betting addiction explains how he's cut back as March Madness hype mounts
▼ + stars: | 2023-03-18 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

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.

☆ WWE wants betting to become legalized as the wrestling organization lobbies state regulators
▼ + stars: | 2023-03-10 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

WWE reportedly wants its fans to be able to bet on its scripted matches just like other sports. WWE has presented betting on other events where results are predetermined like the Oscars as a comparable example. Under WWE's new proposal, it will keep the results of events secret for months by working with an accounting firm. The first states that WWE approached about the possibility of legalizing the bets included Michigan, Indiana, and Colorado, according to CNBC. In the few states where it's legal, some sportsbooks like DraftKings and FanDuel allow betting on events like the Oscars in their mobile app, CNBC reported.

☆ Super Bowl betting in Nevada drops nearly 15% from record set in 2022
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - The value of bets placed in Nevada sportsbooks on this year's Super Bowl between the Kansas City Chiefs and Philadelphia Eagles was 14.8% below the record set last year, according to unaudited figures provided by the Nevada Gaming Control Board. Nevada sportsbooks kept a combined $11.3 million from Super Bowl bets for a hold percentage of 7.4% compared with last year when they kept $15.4 million for a hold percentage of 8.6%. The twice Super Bowl winner also ran for 44 yards, including a 26-yard scramble that helped set up the game-winning field goal. Next year's Super Bowl will be held at the home of the Las Vegas Raiders and many experts are expecting betting around that game to reach new heights. "The Nevada Gaming Control Board looks forward to Allegiant Stadium hosting Super Bowl LVIII in Las Vegas next year," Nevada Gaming Control Board Chairman Kirk Hendrick said in a news release.

☆ Super Bowl Betting Garners Lackluster Winnings for Sportsbooks
▼ + stars: | 2023-02-13 | by ( Katherine Sayre | ) www.wsj.com time to read: 1 min

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.

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.

☆ Super Bowl showdown to provide betting bonanza
▼ + stars: | 2023-02-11 | by ( Frank Pingue | ) www.reuters.com time to read: +3 min

Feb 11 (Reuters) - The Super Bowl has long been the single biggest sports betting event of the year in the United States and Sunday's showdown in Glendale, Arizona could reach new heights as wagering on the NFL's championship game has exploded in popularity. "The fact that the Super Bowl is being played in a state where you can legally bet on sports was almost unthinkable five years ago," American Gaming Association (AGA) President and CEO Bill Miller told Reuters. "There is important symbolism and economics around the fact that a Super Bowl is being held in a state where sports betting is legal, no question about that." A survey by the AGA, a trade group for the U.S. casino industry, showed a record 50.4 million American adults, or about 20% of the population, are expected to bet $16 billion on the Super Bowl. "It isn't necessarily something new as far as the Super Bowl but I think we are paying more attention to it now because more people have access to bet."

☆ Online sports betting is surging. So is gambling addiction
▼ + stars: | 2023-02-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +10 min

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.

☆ A record number of Americans are betting on the Super Bowl this year
▼ + stars: | 2023-02-10 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

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.

☆ FuboTV insiders describe how its 'doomed' sportsbook collapsed in a year — and what it means for the future of the streaming company
▼ + stars: | 2023-01-19 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com time to read: +22 min

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.

☆ Nearly half of sports gamblers like those who bet on the World Cup still do it illegally, and it's costing your state millions in tax revenue
▼ + stars: | 2022-12-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

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.

☆ Drew Brees fakes lightning strike in promotional stunt for online sportsbook
▼ + stars: | 2022-12-02 | by ( Jessica Golden | ) www.cnbc.com time to read: +1 min

Legendary New Orleans Saints quarterback Drew Brees faked being struck by lightning as part of a promotional stunt for betting company PointsBet. Brees confirmed in a subsequent video that he's perfectly fine and "buzzing" about the sportsbook's latest offer involving its "lightning bets," which allow users to make in-game wagers. The stunt comes as online sportsbooks gain popularity and fight for customers. "I would say this is probably one of the worst decisions he's made as a public figure." Brees is an ambassador for PointsBet, which trades on the Australian Stock Exchange and has operations in the United States, Canada and Ireland.

☆ Read the pitch decks that helped 9 sports and gaming startups raise millions of dollars
▼ + stars: | 2022-11-11 | by ( Colin Salao | ) www.businessinsider.com time to read: +3 min

Here are pitch decks that nine sports startups used to raise millions in Series A and Seed rounds. This has opened the opportunity for startups to build marketplaces or creator tools to help student-athlete creators. Insider talked with a handful of sports startup founders who've pitched their startups to investors about their process. They broke down the pitch decks they used to secure millions of dollars in funding. Read the pitch decks that helped nine sports-focused startups to raise millions of dollars:

☆ Read the 11-page pitch deck a sports-betting startup that has raised $100 million used to get the NFL Players Association to invest
▼ + stars: | 2022-11-11 | by ( Ashley Rodriguez | Colin Salao | ) www.businessinsider.com time to read: +3 min

Mojo is an app that lets users bet on an NFL player's performance like it's a stock. See the pitch deck that helped get the NFL Players Association to invest. It also announced in September an additional $25 million in equity and venture debt, with big-name investors including the NFL Players Association. MojoMojo isn't the first startup to bring elements of the stock market to gambling, as the US market grows. "Mojo's sports stock market is really the first of its kind, and we're incredibly excited to join as an investor," Steve Scebelo, president of NFL Players, Inc., said in a statement.

☆ 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.

☆ DraftKings Reports Higher Revenue for Start of Football Season
▼ + stars: | 2022-11-04 | by ( Katherine Sayre | ) www.wsj.com time to read: 1 min

Online sports-betting company DraftKings Inc. posted higher-than-expected revenue for the start of this year’s football season and said its customer base continued to grow amid competition for gamblers. The company reported revenue of $502 million for the three-month period ended Sept. 30, more than double its revenue in the same period last year. Strong customer acquisition and retention, expansion into new states, such as Kansas, and reduced customer promotions fueled the growth, the company said. Sports-betting operators have also won more from customers’ bets this National Football League season because the outcomes of games have favored the sportsbooks.

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.

☆ Sports betting salaries: Pay data reveal how much DraftKings, FanDuel, and other companies offer employees for tech and other jobs
▼ + stars: | 2022-10-18 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com time to read: +10 min

The data are limited to base salaries and US-based jobs for visa-seeking employees. Still, sports betting is as much about sports as it is gambling and tech — growing industries known for high-paying jobs. The data included five US sports betting companies: BetMGM, DraftKings, FanDuel, Penn Interactive, and Rush Street Interactive. It included salaries for jobs such as a data engineer at DraftKings that would make $97,000 per year or more and a sports trading senior manager at FanDuel that would earn $130,000. A FanDuel software engineer based in New York would make $128,440, which is in the range of what TikTok has offered software engineers, the data shows.

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☆ Read the pitch decks that helped 7 sports and gaming startups raise millions of dollars
▼ + stars: | 2022-10-13 | by ( Colin Salao | ) www.businessinsider.com time to read: +3 min

Sports betting has also added new facets to the industry in the S.Here are pitch decks that seven sports startups used to raise millions in Series A and Seed rounds. This has opened the opportunity for startups to build marketplaces or creator tools to help student-athlete creators. Insider talked with a handful of sports startup founders who've pitched their startups to investors about their process. They broke down the pitch decks they used to secure millions of dollars in funding. Read the pitch decks that helped seven sports-focused startups to raise millions of dollars:

☆ Two-thirds of bettors already bombed out of a $6 million Vegas NFL contest—but there's 1 silver lining
▼ + stars: | 2022-09-22 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

These contests require each participant to choose one NFL team to win each week, without picking the same squad twice. As for us losers, there's one silver lining: The IRS allows gamblers to deduct their losses — with a few important caveats. If you're a pro, you can deduct your losses as business expenses on Schedule C without having to itemize. Whether you're a pro or not, you can only deduct losses to the extent that they offset your winnings. "In a perfect scenario, you'll be able to show all of your income and deduct all your losses," he says.

☆ Two veteran sports execs launch firm aiming to invest up to $50M in early-stage companies
▼ + stars: | 2022-09-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Two longtime sports executives are launching an investment firm they say will back startups capitalizing on the growing opportunities at the intersection of sports, media and entertainment. Velocity Capital Management said Tuesday it will invest up to $50 million in early-stage companies with enterprise values of up to $2 billion. "Camp is a business that cuts across some of the things we've been looking at as a firm," said Abrams. Before joining Harris Blitzer Sports & Entertainment as its chief investment officer in 2018, Abrams served as a partner at Apollo for much of his career. Rees previously guided Sportradar, a data firm that works with sportsbooks, sports federations and media companies, through its IPO in 2021.

☆ A new sports-betting app that lets gamblers trade bets like stocks is launching, as startups race to build the Robinhood of wagering
▼ + stars: | 2022-09-15 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

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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