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☆ Sports betting is the next frontier for Wall Street's smartest quants to conquer
▼ + stars: | 2024-10-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

The space has exploded in the US as dozens of states have legalized online gambling. Just as quant traders have changed equity markets forever, sports betting might be next. AdvertisementThrough the second quarter of this year, online gambling site FanDuel averaged 3.3 million bettors each month. AdvertisementAlready, the smartest Novig users are sanding away the easiest returns. There's demand from Novig users for the exchange to release software that would allow traders to program a bot to trade for them.

Persons: —, Ed Thorp, Jim Simons, Ken Griffin, AQR's Cliff Asness, PDT's Peter Muller, Bill Bentley, Kelechi Ukah, Jacek Dmochowski, Paddy, Dmochowski, Jane, Ukah, sportsbooks Organizations: Service, Renaissance Technologies, MIT, Business, City College of New, Sports, UCLA, Paddy Power, MGM Locations: Dublin, City College of New York, Vegas

☆ Why ‘sin taxes’ could play a significant role in Britain’s high-stakes budget
▼ + stars: | 2024-10-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Hollie Adams | Afp | Getty ImagesBritain's Labour government appears poised to raise "sin taxes" in its highly anticipated October budget as it seeks to cash-in on lucrative industries to bolster Treasury revenues. Among a litany of measures, including a major change to the government's fiscal rules, Reeves is reported to be considering a sin tax raid. "Sin stocks are a good place to start. Shares of London-listed gambling stocks fell sharply on the news. A Treasury spokesperson was not immediately available to comment when contacted by CNBC about the prospect of sin taxes in the budget.

Persons: Keir Starmer, Rachel Reeves, Hollie Adams, Reeves, Michael, Britain's, William Hill, Paddy Power, Chris J, Ratcliffe, Bruce Morley, Morley, Morningstar's, Field, Alishia Abodunde Organizations: Britain's, Labour, Afp, Getty, Finance, Michael Field, Morningstar Analysts, Morningstar, CNBC, Guardian, London, Entain Plc, Bloomberg, Department, Environment, Food, Rural Affairs, Treasury, University of Bath, Imperial Brands, American Tobacco, Government Locations: London, Michael Field Europe, Europe, crosshairs, U.S, England, vapes

☆ UK's Playtech to sell Italian unit to Flutter for $2.56 bln
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: 1 min

People walk by a banner outside of the New York Stock Exchange for the initial public offering of Flutter Entertainment, the parent company of FanDuel, on Jan. 29, 2024. British gambling technology firm Playtech has agreed to sell its Italian unit Snaitech for 2.3 billion euros ($2.56 billion), including debt, to the world's largest betting company Flutter Entertainment , the companies said on Tuesday. Flutter - the owner of FanDuel and Paddy Power - said the deal, which is expected to close by the second quarter of 2025, will add to its earnings per share immediately. The deal will see one of Italy's largest gambling companies change hands, leaving Playtech to continue its operations as a business-to-business software provider. The two parties have been in talks regarding Snaitech since August.

Persons: Playtech, Paddy Power Organizations: New York Stock Exchange, Snaitech

☆ FanDuel parent Flutter joining the big leagues. Moving primary listing to U.S. from U.K. may spur investor interest
▼ + stars: | 2024-05-10 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The Dublin-based parent company of FanDuel launched a secondary listing of its shares on the New York Stock Exchange on Jan. 29. Shareholders have since voted to making the NYSE the primary listing for the stock rather than London, and that change is slated to take effect May 31. UBS analyst Ben Shelley said in a May 9 note to clients that the primary listing change could help close those gaps. Flutter is not the only company in recent years to shift its primary listing to the U.S., and the track records of those companies could be a positive sign for Flutter. UBS pointed to building materials companies CRH — which transitioned its primary listing to the NYSE in September 2023 — and Ferguson — which made the switch in May 2022 — as examples.

Persons: FanDuel, Ben Shelley, —, Ferguson, Shelley, Paddy Power Organizations: UBS, The, New York Stock Exchange, NYSE, Penn Entertainment, MGM Resorts International, DraftKings, MGM International Locations: U.S, The Dublin, London

☆ The CEO of FanDuel's owner Flutter explains how its US stock debut could boost its edge over rivals like DraftKings and why it thinks of itself as a media business
▼ + stars: | 2024-01-31 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. "It's a great opportunity to bring the world's leading sports betting and gaming business to the world's leading capital market." AdvertisementJackson said he believes the US listing will help the company win media attention and new investors. DraftKings narrowly edged out in August FanDuel's market-share lead in the broader online gambling space that includes casino-style games, per EKG. "FanDuel is undoubtedly a media business," Jackson said.

Persons: —, Peter Jackson, Jackson, Paddy Power, it's, DraftKings, FanDuel, Pat McAfee, Charles Gillespie, Chad Beynon, Beynon Organizations: Service, New York Stock Exchange, Wall, Business, PokerStars, London Stock Exchange, Krejcik, Penn, ESPN Bet, Media, TVG, Gambling.com Group, Macquarie, Wall Street, Rush Street Interactive, Caesars Entertainment, Genius Sports, Research, Jefferies Locations: New York, London, Europe, Sportsbet, Australia, America, Sands

☆ 16-year-old storms to final of world darts championship with £500,000 prize at stake
▼ + stars: | 2024-01-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Luke Littler made it to the final of the 2023/24 Paddy Power World Darts Championship at Alexandra Palace. LONDON — A 16-year-old named Luke Littler on Wednesday will compete in the final of the PDC World Darts Championship hoping to become the youngest ever winner of the sport's premier tournament. Coming into the world championship, Littler was ranked 164 by the Professional Darts Corporation (PDC), the governing body in charge of the tournament. On his course to the final, he has knocked out some highly-ranked names in the sport including five-time world champion Raymond van Barneveld. If Littler is victorious, he will be the youngest ever winner of the World Darts Championship.

Persons: Luke Littler, Paddy, Littler, Brit Luke Humphries, Rob Cross, Raymond van Barneveld, Michael van Gerwen Organizations: Alexandra, PDC, Professional Darts Corporation, Darts Locations: London

☆ The inside story of how FanDuel upended US sports betting with the same-game parlay and used it to dominate the market
▼ + stars: | 2023-11-07 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +11 min

The daily-fantasy-sports company, which European gambling giant Flutter Entertainment had acquired, was racing to introduce its "same-game parlay" to the US. The same-game parlay, a phrase FanDuel coined, has since caught fire, meshing well with the high-scoring, stat-driven, athlete-personality focus of US sports — and propelled FanDuel to the forefront of the betting market. "The same-game parlay was the right product in the right market at exactly the right time." Every sports-betting operator, from DraftKings to newcomer Fanatics, now has or is building its version of the same-game parlay. After the NBA resumed play in July 2020, the same-game parlay grew from 5% to 10% of FanDuel's bets, Farren said.

Persons: FanDuel, Scott Longley, parlay, Conor Farren, FanDuel's, DraftKings, Entain, parlays, Longley, would've, John Maguire, Maguire, isn't, LeBron James, Jalen Rose, Sportsbet, Paddy Power Betfair, Farren, It's, Ben Hider, Penn Organizations: NFL, Krejcik, Houston Rockets, Los Angeles Lakers, Australian Football League, Australian rugby, NBA, ESPN Bet, FanDuel, Industry Locations: DraftKings, Melbourne, Australia, England, FanDuel

☆ Binance says to sell Russia business to CommEX
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: 1 min

Fanduel and Paddy Power owner Flutter said on Wednesday it had bought an initial 51% stake in Serbia's number two sports betting and gaming operator MaxBet for 141 million euros ($148.95 million) in a bid to expand in the Balkans. 7:12 AM UTC

Persons: Paddy Power Locations: Balkans

☆ Flutter eyes Balkan expansion with acquisition of Serbia's MaxBet
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Flutter, the world's largest online betting company, said the 700 million euro Serbian betting market is attractive due to its relatively low online penetration of around 35% and expected online compound annual growth to 2025 of approximately 15%. MaxBet, which generated pro forma fully regulated revenue of 145 million euros in the year to June, 44% of it online, also has a smaller presence in Bosnia, Montenegro and North Macedonia. "We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy," Flutter CEO Peter Jackson said in a statement, referring to similar acquisitions in those markets. Flutter, which makes 78% of its revenue in its main divisions of the U.S., Australia and the United Kingdom and Ireland, operates in more than 100 countries around the world. ($1 = 0.9466 euros)Reporting by Padraic Halpin; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Paddy Power, Peter Jackson, Padraic Halpin, Jan Harvey Organizations: DUBLIN, Thomson Locations: Balkans, Bosnia, Montenegro, North Macedonia, Georgia, India, Italy, U.S, Australia, United Kingdom, Ireland

☆ Flutter's US bet drives first half profit 76% higher
▼ + stars: | 2023-08-09 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

The Dublin-based company said this made it the first online betting operator to turn a profit in the U.S and it did so six months ahead of schedule. Analysts at JPMorgan also noted a more cautious outlook on Australia, where Flutter's first half revenues fell by 1%. The U.S. profits contributed to reported EBITDA of 765 million pounds across the group, versus the 731 million pounds forecast by eight analyst polled by Refinitiv. Flutter and broadcaster Fox Corporation (FOXA.O) said last month it would close the FOX Bet sports betting platform. That would eclipse the record full year earnings of 1.4 billion pounds Flutter posted during the COVID-19 online betting boom of 2020.

Persons: Dado Ruvic, Jefferies, Paddy Power, Padraic Halpin, Louise Heavens, Barbara Lewis Organizations: REUTERS, JPMorgan, PokerStars, Ireland, Refinitiv, FOX Bet, Fox Corporation, Thomson Locations: Dublin, U.S, Australia

☆ Central banks to Wall Street: More pain is coming
▼ + stars: | 2023-06-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Market euphoria in early June, spurred on by a pause in interest rate hikes by the Federal Reserve, is well behind us now. What’s happening: It’s been just over a week since the Federal Reserve paused its 14-month regimen of interest rate hikes to fight inflation. The Bank of England, meanwhile, surprised investors by raising interest rates in the UK by an outsized half of a percentage point. Central banks had been making smaller interest rate moves as inflation began to ease off of recent highs. Elsewhere in Europe, central banks in Norway and Switzerland also hiked rates to decade-high levels on Thursday.

Persons: We’re, It’s, Jerome Powell, ” Powell, Stocks, Scott Wren, Wells, ”, Samantha Delouya, Elon Musk, Mark Zuckerberg, Musk, Zuckerberg, Hanna Ziady, Alex Heath, “, Paddy Power Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Central Bank, Nasdaq, Senate, Financial Services, The Bank of England, Bank of England, Fed, Commonwealth, 3M, WWE, Tech, Twitter, Meta, “ Locations: New York, Europe, Norway, Switzerland, ” Switzerland, United States, Wells Fargo, Las Vegas

☆ Flutter Q1 revenues jump 29% as U.S. races ahead, UK bounces back
▼ + stars: | 2023-05-03 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

Led by its Fanduel brand, Flutter maintained its leading 50% share of the U.S. sports betting market after revenue jumped 92% year-on-year on a constant currency basis. UKI revenue had fallen sharply in the same period last year, partly due to the impact of measures to curb gambling addiction. Chief Executive Peter Jackson put about half the growth down to product improvements and said competitors belatedly adopting safer gambling measures may also have helped Flutter outperform the market, which he estimated was flat year-on-year. Revenue also rose 69% on a constant currency basis in its international division, where Flutter said the recently acquired Italian gaming operator Sisal performed exceptionally well. The Dublin-based firm forecast in November that Fanduel's revenue would jump to around $15 billion over the long term - twice Flutter's entire revenue last year.

☆ Flutter welcomes new UK gambling laws as 'significant moment' for sector
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, April 27 (Reuters) - Flutter , the world's largest online betting company, said it welcomed the planned publication on Thursday of long-awaited British government proposals to crack down on problem gambling. "We welcome the publication of the White Paper, which marks a significant moment for the UK gambling sector. Whilst we will need to review the detail of the proposals once published, we believe proactive change will lead to a better future for our industry," Chief Executive Peter Jackson said in a statement. Jackson added that the Paddy Power, Betfair and Sky Bet owner had already introduced "industry-leading" safer gambling controls, including mandatory deposit limits for customers under 25, reducing online slots staking limits to 10 pounds per spin and investing in safer gambling operational capabilities. Reporting by Padraic Halpin; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

LONDON, April 27 (Reuters) - Britain on Thursday set out long-awaited plans to crack down on problem gambling as it aims to bring regulations up to date with a rise in betting online and on smartphones. The reforms would give extra powers to gambling regulators to take down illegal betting sites and tackle unauthorised operators. Campaign group Charity Gambling with Lives, which supports families bereaved by gambling-related suicide, welcomed the changes but said they did not go far enough. It had called for an end to all gambling advertising and affordability checks at 100 pounds of monthly losses. Habits have changed significantly since then, with an exponential rise in online betting.

☆ PokerStars Owner Enters $4 Million Settlement With U.S. Over Russia Payments
▼ + stars: | 2023-03-06 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

The owner of PokerStars and other popular gambling brands will pay $4 million to settle U.S. allegations that the handling of payments to Russia-based consultants violated foreign bribery law. Flutter Entertainment PLC, the Dublin-based owner of FanDuel, Paddy Power and other brands, entered into a settlement with the U.S. Securities and Exchange Commission over alleged violations by PokerStars’ previous owner, the Stars Group. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEWThe SEC, which announced the settlement Monday, said the Stars Group paid about $8.9 million to Russia-based consultants as it pushed for the legalization of poker in that country. “This is a legacy issue, related to a period prior to Flutter’s ownership of the Stars Group,” a spokesman said.

☆ FanDuel parent Flutter considers listing on U.S. exchange after record Super Bowl
▼ + stars: | 2023-02-14 | by ( Contessa Brewer | ) www.cnbc.com time to read: +1 min

In this photo illustration the FanDuel logo of a sports betting company is seen on a smartphone. FanDuel parent Flutter Entertainment said Tuesday it is considering listing on a U.S. stock exchange. FanDuel is the nation's sports betting market leader and is on track for full-year profitability in 2023, according to the company. Jefferies analysts said it would command a premium, "as market leader in the larger global online gambling market." Flutter said an additional listing in the U.S. would elevate its brand and help the company attract and retain talent.

☆ 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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