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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
The app, ESPN Bet, made early strides in the first few months, gaining ground through promotions and marketing that leveraged ESPN's popular personalities. Even Fanatics, the industry's other major recent disrupter, hasn't made much of a dent in DraftKings' and FanDuel's dominance. As of March, ESPN Bet had captured about 4% of the online-sports-betting market by gross gaming revenue, per Bank of America's analysis, though its share has been higher in states like Pennsylvania. How ESPN Bet can make a comebackPenn could still be successful if it improves its product and spends less money on acquiring new customers, the analysts said. Jonas said if Boyd acquires Penn, it would be a sizable shift in strategy for their management, team, and board.
Persons: , FanDuel, Dan Wasiolek, Will Wyatt, Penn's, Jay Snowden's, Boyd, Penn, ESPN Bet's, hasn't, it's, Barry Jonas, Scott Van Pelt, Stephen A . Smith, ESPN Bet, Penn doesn't, Jonas, EKG, Snowden, Wasiolek, they'll Organizations: Service, ESPN, Penn Entertainment, Business, ESPN Bet, Morningstar, Donerail Group, Barstool Sports, Penn, Reuters, Boyd Gaming, Truist Securities, Barstool, ESPN Bet's, NFL, Management Locations: Barstool, Penn, Pennsylvania, Eilers
The future of ESPN's sports-betting app is now in question amid mounting losses and an activist investor push at partner Penn Entertainment that has prompted sale rumors. The app, ESPN Bet, made early strides in the first few months, gaining ground through promotions and marketing that leveraged ESPN's popular personalities. As of March, ESPN Bet had captured about 4% of the online-sports-betting market by gross gaming revenue, per Bank of America's analysis, though its share has been higher in states like Pennsylvania. "Testers liked ESPN Bet's UX and minty aesthetic but felt the app lacked depth (particularly more extensive features)," EKG wrote in May. "Product is one thing, and I would say having expertise in how to target users effectively to lower your acquisition costs and your retention costs" is key for the ESPN Bet app to compete, Wasiolek said.
Persons: , FanDuel, Dan Wasiolek, Will Wyatt, Penn's, Jay Snowden's, Boyd, Penn, ESPN Bet's, hasn't, it's, Barry Jonas, Scott Van Pelt, Stephen A . Smith, ESPN Bet, Penn doesn't, Jonas, EKG, Snowden, Wasiolek, they'll Organizations: Service, ESPN, Penn Entertainment, Business, ESPN Bet, Morningstar, Donerail Group, Barstool Sports, Penn, Reuters, Boyd Gaming, Truist Securities, Barstool, ESPN Bet's, NFL, Management Locations: Barstool, Penn, Pennsylvania, Eilers
In today's big story, we're looking at the first — and somewhat unconventional — US presidential debate happening tonight . Evan Vucci/AP images, Manuel Balce Ceneta/AP images, Tyler Le/BIIt didn't come easy, and it won't feel quite the same, but we're getting our first US presidential debate tonight. AdvertisementBut don't be surprised by some noticeable differences from what you've come to expect when two presidential candidates face off. And this marks the first presidential debate the platform navigates under the Elon Musk regime. In other newsAdvertisementWhat's happening todayRFK Jr., who did not qualify for the CNN presidential debate, will answer debate questions via livestream during his campaign's counter-programming.
Persons: , Evan Vucci, Manuel Balce Ceneta, Tyler Le, Joe Biden, Donald Trump, it's, Insider's Brent D, Griffiths, Biden, Brent, Chris Szagola, Julien de Rosa, Alice Tecotzky, Cros, Sunny Verghese, Goldman Sachs, Goldman, Adam Posen, Posen, Bord, Jenny Chang, Rodriguez, Mustafa Suleyman, Alberto Miranda, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Trump, Biden, CNN, Fox News, MSNBC, Elon, Getty, Peterson, BI, NFL, RFK Jr Locations: Tesla . Texas, New York, London
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewLegal sports betting is becoming more mainstream in the US, and regulators and leagues are starting to scrutinize it more closely. The industry's evolution is creating new challenges in areas like player protection, responsible gaming, and product innovation. "They're really trying to squeeze out as much profit and as much margin as they can, and it's starting to feel that way," Doctor told BI, describing what he considers one of the biggest challenges facing the industry. "When it comes to responsible gaming and responsible betting," she said.
Persons: , Tucupita Marcano, sportsbooks, Zach Doctor, They're, Joe Maloney, Ashley Cahill, Dave Foppert, DraftKings, Foppert, Christiana Yebra, Max, Yebra, we'll, Mark Nerenberg Organizations: Service, San Diego Padres, Major League Baseball, Business, PNC Bank VP, American Gaming Association, Sports, Netflix
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
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 ,
Barclays has crowned DraftKings as a stock worth buying. Analyst Brandt Montour upgraded the sports betting stock to overweight from equal weight and upped his price target by $9 to $50. That comes as sports betting shows "staying power" in the everyday life of American sports viewers, he added. Meanwhile, he said the 30% market share of DraftKings' online sports betting business should be defensible. And it's part of the reason why the company has been able to surpass Wall Street expectations and raise forward guidance over recent quarters.
Persons: Brandt Montour, Montour, DraftKings Organizations: Barclays, DraftKings
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
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
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 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
ATLANTIC CITY, N.J. (AP) — Sports betting company DraftKings apologized Monday after using the Sept. 11, 2001, terror attacks to entice people to bet on baseball and football games on the anniversary of the tragedy that killed nearly 3,000 people. After an outcry on social media from people offended by the promotion titled “Never Forget,” DraftKings took it down and apologized. “We sincerely apologize for the featured parlay that was shared briefly in commemoration of 9/11,” the company wrote. He decried the DraftKings offer as “tone-deaf.”Political Cartoons View All 1152 Images“It is shameful to use the national tragedy of 9/11 to promote a business,” he told The Associated Press. DraftKings is one of the leading companies offering legal sports betting in the U.S., which has grown rapidly since the U.S. Supreme Court cleared the way for it in 2018.
Persons: DraftKings, ” DraftKings, , ” Bret Eagleson, Bruce, , Wayne Parry Organizations: CITY, — Sports, Yankees, Mets, Jets —, World Trade Center, Pentagon, Associated Press, Supreme, Twitter Locations: N.J, Boston, York, Pennsylvania, U.S
Duke Alexander Moore is the founder of Duke Tax, a membership-based tax service for creators. He uses social media to build his business, "[TikTok] took me from zero to seven figures," he said. "That's how I originally got involved with taxes," Moore explains, "because at an early age, I was self-taught: taxes, bookkeeping and write-offs, just learning all that jam." "I'll never forget, I saw this one tax video [on TikTok]," Moore says. Many creators don't realize they're running a business; they owe money and are eligible for deductions, just like any other business owner, Moore says.
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