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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFanDuel parent lists on the NYSE as sports betting surges ahead of Super Bowl LVIIIHosted 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: NYSE, CNBC
Read previewThe Kansas City Chiefs on Sunday won their playoff game against the Baltimore Ravens 17-10, taking them to the Super Bowl for the second year in a row. The concert, scheduled for 6 p.m. local time in Tokyo, starts at 1 a.m. Las Vegas time. "Let's say it's a five-hour concert, ends about 11 p.m. local, which is 6 a.m. Saturday in Las Vegas," Rapoport added. "Figure a 12-hour flight, maybe she leaves about an hour later, Taylor Swift could still get to the Super Bowl, to Vegas, about 7 or 8 p.m. Saturday night — just in time to party." Super Bowl LVIIIThe Detroit Lions and San Francisco 49ers are now facing off to see who takes the second slot at Super Bowl LVIII, which will, for the first time, be hosted in Las Vegas and is expected to rake in record levels of sports betting.
Persons: , Taylor Swift, Swift, Travis Kelce, it's, she'll, Ian Rapoport, Rapoport, KMBC, Lewis Townes, Usher, Patrick Mahomes, they'll Organizations: Service, Kansas City Chiefs, Sunday, Baltimore Ravens, Super Bowl, Business, Chiefs, NFL, Super, Las Vegas, American Airlines, Las Vegas Operations, Detroit Lions, San Francisco 49ers, New England Patriots Locations: Japan, Vegas, Tokyo, Las Vegas, Kansas City
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRob Gronkowski on Flutter's NYSE debut, sports betting landscape and Super Bowl predictionRob Gronkowski, former NFL player and four-time Super Bowl champion, joins 'Squawk on the Street' to discuss Flutter's NYSE debut, Super Bowl prediction, the future of sports betting, and more.
Persons: Rob Gronkowski Organizations: NYSE, NFL
3 market share position," said Jeff Stantial, director of gaming and leisure research at Stifel. DraftKings stock tripled in 2023 and has already gained nearly 10% in 2024. 'Buying' market share The remaining market share is up for grabs and fluctuates among the smaller players. Stantial expects ESPN Bet has the edge over BetMGM, but says both sportsbooks remain tightly contested for a larger slice of market share. ESPN Bet has been running promotions that include $150 of free bets and $1,000 deposit match upon signing up, according to JPMorgan analyst Joseph Greff.
Persons: Jeff Stantial, Bank of America's Shaun Kelley, You've, Stantial, Joseph Greff, Greff, Walt Disney, Barstool, FactSet, JPMorgan's Greff, Bet365, Clark Lampen, Lampen Organizations: DraftKings, Penn Entertainment, ESPN Bet, MGM Resorts International, Baltimore Ravens, Kansas City Chiefs, San Francisco 49ers, Detroit Lions, New York Stock Exchange, NCAA, Bank of America's, Euronext Dublin, BetMGM, ESPN Bet's, Professional, Amateur Sports Protection, ESPN BET, ESPN, Walt, Barstool Sports, Sportico, Penn, MGM Locations: U.S, North Carolina, Ireland, WynnBet, BetMGM, PENN, York
X partnered with BetMGM to show sports betting stats on the site, Fortune reported. The deal, the financial terms of which were not disclosed, comes two weeks before Super Bowl LVIII. X plans to roll out a new sports betting feature after inking a deal with the digital gambling platform BetMGM, Fortune reported. These bets will largely take the form of proposition wagers or "prop bets" related to in-game happenings unrelated to the game's outcome. AdvertisementThe Super Bowl is a massive traffic draw for X — so much so that the site briefly crashed during Rihanna's halftime show last year.
Persons: X, BetMGM, , you'll, Fortune, Carl Johnson, Beau Rivage, Usher Organizations: Service, MGM Resorts International, Las, MGM, GVC Holdings, Business, CNN, Kansas City Chiefs, Baltimore Ravens, Detroit Lions, San Francisco 49ers Locations: Las Vegas, Bellagio, Mandalay Bay, BetMGM .
Patriots WR Kayshon Boutte arrested for sports betting
  + stars: | 2024-01-26 | 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 EmailPatriots WR Kayshon Boutte arrested for sports bettingDanny Cevallos, NBC News legal analyst, joins 'Power Lunch' to discuss the arrest of a NFL wide receiver for illegal sports betting.
Persons: Kayshon Boutte, Danny Cevallos Organizations: Patriots, NBC, NFL
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnder-the-radar sports betting stocks: Genius Sports and SportradarCNBC's Contessa Brewer reports on sports betting stocks, and the under-the-radar stocks that investors should know about. Charles Scherr, vice president of capital markets at Genius Sports, joins the show.
Persons: CNBC's Contessa Brewer, Charles Scherr Organizations: Genius Sports
Analyst Ronald Epstein downgraded the stock to neutral from buy and lowered his price target to $225 from $255. The new price target implies just 5% upside from Wednesday's close. Analyst Jed Kelly has an outperform rating and $44 price target on shares, implying 14.4% upside potential since Thursday's close. Analyst Wamsi Mohan reiterated his buy rating on the stock and raised his price target to $200 from $170. Analyst Michael Sison lowered his price target to $69 from $85, implying just 7.5% upside from Wednesday's close.
Persons: Hertz, Ronald Epstein, Epstein, — Hakyung Kim, Oppenheimer, Jed Kelly, Kelly, DraftKings, aren't, Wamsi Mohan, Mohan, JPMorgan's Brian Essex, David Vogt, Essex, Vogt, Wells, DuPont Wells, , Michael Sison, Sison, Kim, Downside, Tesla, Tesla's, Morgan Stanley's Adam Jonas, Jonas, Joseph Spak, inched, TSLA, Spak, Goldman Sachs, Mark Delaney, Dan Levy, Levy, Colin Langan, Langan, Toni Sacconaghi, Bernstein, JPMorgan downgrades, Ryan Brinkman, Fred Imbert Organizations: CNBC, Tesla, EV, Hertz, JPMorgan, Bank of America, Boeing, Alaska Airlines, of America, Federal Aviation Administration, FAA, IBM, UBS, PTI, bps, DuPont, DuPont de Nemours, Barclays, JPMorgan downgrades Hertz Locations: Alaska, Draftkings, Essex, Wednesday's, Wells Fargo, China, 2H24, Europe
Facebook fired Kagan in 2006 after he leaked company information to the press at Coachella. "I didn't work too hard at Intel and I didn't spend a lot of money," Kagan says. Following his firing from Facebook, Kagan ran conferences for aspiring entrepreneurs (a hustle he had started while at Intel), taught English in South Korea and picked up consulting work for Silicon Valley tech firms. In addition to working on AppSumo, Kagan manages rental properties and creates content for his YouTube and social media channels. In addition to his AppSumo business and his book, Kagan operates a YouTube channel and manages five rental properties.
Persons: Noah Kagan, Kagan, Bill Gates, Kagan's, Facebook, Camila Ortega, He'd, Maria, didn't, hadn't, AppSumo, They'll, We've, everyone's, we've, Kagan didn't, wasn't, Rolexes, , he's Organizations: CNBC, Microsoft, Facebook, University of California, Intel, Mint, Apple, PC, PayPal, Rolex, Entertainment, Insurance, Spotify, YouTube, AppSumo, Mazda Locations: Silicon Valley, Redmond , Washington, Barcelona, Austin , Texas, Berkeley, Israel, South Korea, Philippines, Argentina, Austin, Pakistan, AppSumo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect $20-$25 billion to be wagered on this year's Super Bowl, says WashU’s Patrick RishePatrick Rishe, Washington University in St. Louis director of sports business program and Sportsimpacts founder and president, joins 'Squawk Box' to discuss NFL sports betting landscape, the state of sports streaming, Peacock's NFL streaming surge, and more.
Persons: WashU’s Patrick Rishe Patrick Rishe, Louis Organizations: Washington University, NFL Locations: St
This is Wayfair's third restructuring since 2022 and is expected to save the company about $280 million. Hertz — Hertz shed 2.8% on a Jefferies price target cut and downgrade to hold from buy. AMD added 1.6%, after reaching its highest-ever closing price on Thursday amid increased investor interest in the second-largest standalone GPU maker. DraftKings — Shares of the sports betting company rose more than 1% after Stifel upgraded DraftKings to buy from hold. J.B. Hunt Transport Services – Shares rose more than 3% after the company posted mixed quarterly results.
Persons: Hertz, Wells, Stifel, J.B, J.B . Hunt, Macheel, Samantha Subin, Jesse Pound Organizations: Jefferies, EV, Spirit Airlines, JetBlue, Texas, UBS, Nvidia, AMD, ESPN Bet, Hunt Transport, LSEG
Gould is more bullish than many on Wall Street, as the average price target of analysts polled by LSEG is $484.42. Analyst Harold Antor downgraded the stock to hold from buy and slashed his price target by $4 to $8. Analyst Jeffrey Stantial upgrade the sports betting stock to buy from hold and raised his price target by $5 to $45. Stantial's new price target implies shares can jump 19.9% over the next year from Thursday's close. UBS raised its rating on Texas Instruments to buy and increased its price target to $195 from $170.
Persons: Chipmakers, Wells, Bernstein, PDD, Robin Zhu, Zhu, Temu, there's, Shein, — Alex Harring, Alan Gould, Gould, Jefferies, Hertz, Harold Antor, Antor, There's, Saul Martinez, Martinez, Alex Harring, Stifel, Jeffrey Stantial, Stantial, Wells Fargo, Aaron Rakers, Mark Zuckerberg, Zuckerberg, TXN, Timothy Arcuri, FCF –, Fred Imbert Organizations: CNBC, UBS, Texas, Nvidia, Meta, PDD Holdings, Netflix, HBO, LSEG, Hertz, EV, Jefferies, HSBC, Discover, Facebook, Big Tech, Texas Instruments Locations: China, Thursday's
Beshear's national profile rose after his convincing reelection win over GOP challenger Daniel Cameron last November. The newly formed 501(c)(4) group called “Heckbent” will promote key Beshear proposals by supporting grassroots advocacy, said Eric Hyers, his chief political strategist. There was no such group to promote Beshear's agenda during his first term, when his notable legislative successes often were overshadowed by his many policy disputes with GOP lawmakers. The governor's record of legislative achievements is more checkered — something the new group will try to change with messaging that could focus on areas represented by GOP lawmakers. He's so far failed to persuade lawmakers to appropriate state funds to provide preschool for every Kentucky 4-year-old.
Persons: Andy Beshear, Daniel Cameron, Beshear, Eric Hyers, ” Hyers, Donald Trump, He's, David Osborne Organizations: , Gov, Republican, State, GOP, supermajorities, GOP House Locations: FRANKFORT, Ky, Kentucky
CNBC's Jim Cramer on Tuesday told investors there's a buying opportunity in online sports betting company DraftKings as it experiences a pullback during NFL playoff season. "Now that DraftKings has pulled back a bit from its highs over the past month-and-a-half, and after we saw the incredible public interest in the first weekend of the NFL playoffs, I'm feeling like you're getting a great buying opportunity in this stock," Cramer said. Cramer explained his bull thesis for DraftKings, starting by saying the company has the most market share in the sector. Cramer noted that DraftKings has been growing despite not being able to do business in California and Texas where sports betting is illegal. This stock also tends to do well during the NFL post-season, Cramer said.
Persons: CNBC's Jim Cramer, DraftKings, Cramer, Uber Organizations: NFL, DraftKings, Super Bowl, Mad Money Locations: California, Texas
But only half that money came from the casinos' core business: money won on their physical premises. Collectively, the casinos surpassed 2019 levels with $2.8 billion won from in-person gamblers, but that was accomplished largely on the strength of the three newest casinos. Hard Rock won $512 million, up 4.1%, and Ocean won nearly $415 million, up 16.3%. Harrah's won $254 million in person, down 1.5%; Tropicana won $240 million, down 3.3%; Caesars won $231 million, down 1.7%; Resorts won $163 million, down 2.3%; Bally's won $155 million, up less than 1%, and Golden Nugget won $146 million, down 1.8%. Among internet-only entities, Resorts Digital won $822 million, up 50.4%, and Caesars Interactive Entertainment NJ won $90 million, down 20.7%.
Persons: Money, Ocean —, James Plousis, Jane Bokunewicz, Lloyd Levenson, , Borgata, Harrah's, Bally's, Wayne Parry Organizations: CITY, Atlantic, New, New Jersey Division of Gaming Enforcement, Ocean, New Jersey Casino Control Commission, Atlantic City, Stockton University, Sports, Tropicana, Caesars, Resorts, Golden Nugget, Resorts Digital, Caesars Interactive Entertainment Locations: N.J, New Jersey, Atlantic City, www.twitter.com
FanDuel, DraftKings and other online gambling apps are displayed on a phone in San Francisco, on Sept. 26, 2022. Vermont launched mobile sports betting Thursday, becoming the latest state to jump into the booming industry. Phil Scott signed a bill in June authorizing mobile sports betting and announced in December that the state had selected DraftKings , FanDuel and Fanatics to operate its sportsbooks. With Vermont, sports betting is now live in 29 states and Washington, D.C., according to the American Gaming Association. With the addition of Vermont, the DraftKings sportsbook is now available in 26 states compared to 21 states for its rival FanDuel.
Persons: Phil Scott, FanDuel, Thomas DiNapoli, Sportsbook, DraftKings Organizations: Gov, D.C, American Gaming Association, North Carolina, NCAA, Addiction Services, Krejcik, Entertainment, CNBC PRO Locations: San Francisco, Vermont, Washington, North, . California, Georgia , Missouri, Oklahoma, New York, U.S
Read previewSports industry vet Craig Thompson is raising $44 million for a new sports tech fund, Match Ventures. Match Ventures has raised about a third of the fund with a goal of closing it within a year. Match Ventures is among other VCs reexamining their approach to due diligence . Match Ventures leaders also bring a combination of sports industry, data, and financial experience that would be valued by many founders. Brams founded sports tech company Oppia Performance and was product director for Genius Sports, a data and tech company.
Persons: , Craig Thompson, Thompson, Anton Brams, Petr Zhukov, he's, Zhukov, They've, Brams, he'll Organizations: Service, Match Ventures, Mindspring, Ventures, Indigo Sports Tech, Business, Sports, US, Sport, UEFA Champions League, Champions Hockey League, Genius Sports, Credit Suisse, UBS Locations: pickleball, Luxembourg
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe gambling industry has become integrated into the business of sports in many ways: Patrick RishePatrick Rishe, Washington University in St. Louis director of sports business program and Sportsimpacts founder and president, joins 'Squawk Box' to discuss the state of live sports, impact on the sports betting landscape, why more states haven't legalized sports gambling, and more.
Persons: Patrick Rishe Patrick Rishe, Louis Organizations: Washington University Locations: St
BetMGM CEO Adam Greenblatt is looking to Las Vegas as the new hub of sports and sports betting. The biggest surprise of 2023: "The speed at which Las Vegas has positioned itself as the center of the sports universe. Vegas now has an NFL team and a Las Vegas Aces team that became the first in 21 years to win back-to-back WNBA championships. "Las Vegas invented the sports betting industry and I believe it will give life to a new era in sports and sports tourism as the destination for marquee events." His top prediction for 2024: "In addition to sports betting going live in North Carolina, I expect 2024 to reflect an acceleration in the growth of live betting.
Persons: Adam Greenblatt, Greenblatt, BetMGM Greenblatt, He's Organizations: BetMGM, BI, Las, The Knights, Stanley, Vegas, NFL, Las Vegas Aces, Oakland, NBA, Bowl Locations: Las Vegas, Vegas, North Carolina
The rise of sports betting: How it could be affecting housing
  + stars: | 2023-12-05 | 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 EmailThe rise of sports betting: How it could be affecting housingMeredith Whitney, Meredith Whitney Advisory Group CEO, joins 'Squawk on the Street' to discuss why Whitney believes sports betting has and can further impact the housing market.
Persons: Meredith Whitney, Whitney Organizations: Meredith Whitney Advisory Group
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
Currently, only six states offer internet casino gambling: New Jersey, Connecticut, Delaware, Pennsylvania, Michigan and West Virginia. (Nevada offers internet poker but not online casino games; Rhode Island has passed an online casino bill, but it is not expected to go into effect until March 2024.) One of those states may be Indiana, where an online casino bill died in February due in large part to fears that it would hurt the state’s existing physical casinos. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, noted that in most internet gambling states, brick-and-mortar gambling revenue has grown alongside that of internet betting, although at a slower pace. “Casino revenue after the pandemic has stabilized, and online revenue is setting new records."
Persons: , Howard Glaser, Chris Krafcik, Krafcik, ” Krafcik, Elaine Vallaster, , Vallaster, “ I've, David Rebuck, Jane Bokunewicz, Lloyd Levenson, Richard Schwartz, Schwartz, Wayne Parry Organizations: CITY, , Atlantic, Rhode, , state’s Legislative Services Agency, American Gaming Association, New, New Jersey Division of Gaming Enforcement, Stockton University, Rush Street Interactive, Twitter Locations: N.J, New Jersey, America, New Jersey , Connecticut, Delaware , Pennsylvania, Michigan, West Virginia, Nevada, U.S, Indiana, state’s, Pennsylvania, Connecticut, Delaware, Atlantic City, “ New Jersey, www.twitter.com
NEW YORK (AP) — The NBA, NHL and Major League Baseball have joined forces to produce a 30-second ad promoting responsible sports betting. The “Never Know What’s Next” commercial unveiled Tuesday is a coordination of the three leagues, sportsbook operators DraftKings, Fanatics, PENN Entertainment and the National Council on Problem Gambling. The ad’s message is to remind betters to set betting limits and gamble responsibly. It’s set to air during the Cleveland Cavaliers-Philadelphia 76ers in-season tournament game on TNT and on the leagues’ social media channels. Political Cartoons View All 1260 Images___AP sports: https://apnews.com/sports
Persons: , Scott Kaufman, Ross, bettors, Keith Wachtel, betters Organizations: NBA, NHL, Major League Baseball, PENN Entertainment, National Council, MLB, Cleveland Cavaliers, Philadelphia 76ers, TNT
ET: Bank of America upgrades Penn Entertainment to buy Shares of Penn Entertainment could take off with the company's new initiative, according to Bank of America. ET: Deutsche Bank upgrades Boeing, says free cash flow will boost shares Deutsche Bank thinks there's a bright future ahead for Boeing . And if that's correct, then the momentum on deliveries should carry through to a positive inflection in FCF revisions," wrote analyst Scott Deuschle. Bank of America analyst Alex Vrabel downgraded the electric vehicle charging firm to neutral from buy. "FUN management has achieved more consistent execution, which should translate well to SIX rich asset based structure," wrote analyst David Katz.
Persons: Shaun Kelley, Kelley, Lisa Kailai Han, Scott Deuschle, Deuschle, — Lisa Kailai Han, Caio Ribeiro, Riveiro, Alex Vrabel, Wolfe, Shreyas Patil, Vrabel, Wolfe Research's Patil, Jefferies, David Katz, John Ivankoe, Krispy, Fred Imbert Organizations: CNBC, Deutsche Bank, Boeing, JPMorgan, Bros, Bank of America, Penn Entertainment, ESPN Bet, Atlantic City, PENN, Vale, VALE, Wolfe Research Bank of America, Wolfe Research, ChargePoint, Jefferies, Six Flags, Cedar, Flags, Fair, North, Dutch Bros Locations: Chicago, Tunica, Atlantic, PENN, Bank, North America
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