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☆ WWE in talks with state gambling regulators to legalize betting on scripted match results
▼ + stars: | 2023-03-08 | by ( Alex Sherman | ) www.cnbc.com time to read: +1 min

WWE is in talks with state gambling regulators in Colorado and Michigan to legalize betting on high-profile matches, according to people familiar with the matter. WWE executives have cited Oscars betting as a template to convince regulators gambling on scripted matches is safe, the people said. Still, while Academy Awards voting results are known by a select few before they're announced publicly, they aren't scripted by writers. Even if regulators allow gambling, betting companies would have to decide if they're willing to place odds on WWE matches even if it's legalized. Gambling regulators in Michigan and Colorado didn't immediately respond to a request for comment.

☆ Here are Tuesday's biggest analyst calls: Apple, Amazon, Arista, Costco, Joby, Netflix & more
▼ + stars: | 2023-03-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Northcoast upgrades Costco to buy from hold Northcoast said it sees more upside for the wholesale retailer. " Goldman Sachs initiates Arista Networks and Juniper as buy Goldman initiated several networking equipment stocks, noting they are attractively valued. Deutsche Bank downgrades Joby to sell from hold Deutsche said it sees too many risks for the aviation company. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said its standing by shares of Walmart as the retail giant continues to sign up new members for its Walmart+. Loop reiterates Netflix as hold Loop said its survey checks show that password sharing charging is increasing revenue for Netflix.

In a room full of executives in the sports or gambling industries, she's often one of very few women. But Howe has the spotlight, and a megaphone, as the chief executive of the nation's market leader in sports betting. But in many conversations — off the stage and behind the scenes — it's clear Howe stands as a role model to other women in sports and gambling. "We're working to make sure that we're not just hiring [women], but we're finding them, we're training them, we're providing opportunities for women. Jessica Gelman, who co-founded the MIT Sloan conference, is the CEO of Kraft Analytics Group, a company that provides sports analytics to teams like the New England Patriots.

☆ 9 deals that could shape US sports betting this year, as pent-up demand for M&A could bring operators like Fanatics back to the negotiating table
▼ + stars: | 2023-03-02 | by ( Ashley Rodriguez | Lucia Moses | ) www.businessinsider.com time to read: +5 min

Sports-betting insiders say there's pent-up demand for M&A in the industry after dealmaking slowed to crawl last year. That may mean fewer media and other deals that don't offer a clear return on investment or cost efficiencies.. That may mean fewer media and other deals that don't offer a clear return on investment or cost efficiencies. One thing we may see less of this year is operators looking to bring their entire tech stacks in-house, like when Bally's acquired Bet.Works and PointsBet bought Banach Technologies. Here are nine potential deals industry insiders are watching in 2023, and how they could shake up the industry:

☆ Flutter profit at lower end of guidance, U.S. outperforms
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, March 2 (Reuters) - Flutter on Thursday reported full-year core profit at the lower end of its guidance range but its fast growing U.S. business outperformed expectations as it became the betting company's largest division by revenue. Full-year core profit excluding the U.S. grew 4% to 1.295 billion pounds ($1.55 billion) versus the forecast range of 1.29 billion pounds to 1.39 billion pounds. Customer-friendly sports results hit profitability in December, it said, but $3.2 billion in revenue at its U.S. FanDuel business was at the top end of a range that it upgraded in November. The U.S. operation made a core loss of $313 million, compared with expected losses of $300 million to $360 million. ($1 = 0.8352 pounds)Reporting by Padraic Halpin Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ MSG Networks to launch streaming service for Knicks, Rangers games
▼ + stars: | 2023-03-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

MSG Networks, James Dolan's cable-TV channels that feature local New York and New Jersey professional sports games, is launching its own streaming service. MSG Networks also said it recently launched a free, ad-supported streaming TV, or FAST, channel called MSG SportsZone, which is available nationally on Vizio televisions and the Plex streaming platform. The FAST channel features MSG Networks' programming centered around sports betting and classic games. MSG+ will only be available in the region that already carries its MSG Networks on cable-TV. MSG Networks' new streaming service will also allow fans to purchase single game streaming feeds for $9.99 per game.

☆ How a new $300 million private equity fund plans to invest and compete in sports media, 'the most valuable last commodity standing'
▼ + stars: | 2023-02-27 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

NBA vet Bobby Sharma and partner Kyle Charters just raised $300 million for sports-related investments. It's led by NBA and IMG vet Bobby Sharma and investment banking vet Kyle Charters, and it just announced it closed a $300 million fund to invest in sports-related media and entertainment. "And there are some sports media, entertainment, business executives who are learning private equities through their fundraising. Sports is "essentially the most valuable last commodity standing in the media landscape," Sharma said. You've got the incumbent media companies that are ensuring their survival by heavily investing as well.

☆ JPMorgan says little-known West Virginia fintech is positioned as 'bank of choice' for online gaming
▼ + stars: | 2023-02-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

JPMorgan says a little-known microcap financial holding company that began as a West Virginia community bank but is transitioning into a fintech is poised to become "the Silicon Valley Bank" of the online gaming industry. MVB Financial, with a market value of a little more than $330 million, is headquartered in Fairmont, West Virginia, population 18,000, about 70 miles south of Pittsburgh. Yet MVB, headed by CEO Larry Mazza, currently holds an 85% market share in banking for online gaming. "Over time, we see MVB as becoming 'the Silicon Valley Bank' of the online gaming industry," JPMorgan wrote. What's more, MVB Bank also provides banking services to support Credit Karma Money Spend and Save accounts.

☆ Barclays says buy MGM, a 'premium diversified global gaming operator' with nearly 40% upside
▼ + stars: | 2023-02-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

It's time for investors to bet on shares of MGM Resorts International , according to Barclays. Analyst Brandt Montour initiated coverage of the casino operator with an overweight rating, saying that shares should benefit from a recovery in Macao and continued strength in the Las Vegas market. MGM YTD mountain Shares have rise nearly 29% year to date MGM shares have surged nearly 29% after tumbling more than 25% in 2022. Compared to U.S. regional casinos, Montour expects Las Vegas to better weather a softening economy this year, which should bode well for MGM. MGM's "iGaming position is second to none, a business we are bullish on over the next 2-5 years," Montour said.

☆ Stocks making the biggest moves premarket: DraftKings, DoorDash, Deere, Roku and more
▼ + stars: | 2023-02-17 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The company reported a loss of 53 cents per share on revenue of $855 million. Deere & Company — Shares advanced 3% after Deere exceeded expectations on the top and bottom lines in its latest quarter. Roku jumped 11% Thursday after the company reported a smaller-than-expected loss in its latest quarter. The company reported a 57 cent per share loss on $480 million of revenue. It reported revenue of $1.01 billion, below the consensus estimate of $1.02 billion.

☆ Here are Friday's biggest analyst calls: Tesla, Nvidia, Roku, Coinbase, DraftKings, Disney & more
▼ + stars: | 2023-02-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are the biggest calls on Wall Street on Friday: Compass Point upgrades Coinbase to buy from neutral Compass said the "long-term opportunities outweigh near-term risks." Goldman Sachs reiterates Tesla as buy Goldman said it's bullish heading into the company's investor day on March 1. KeyBanc reiterates Nvidia as overweight KeyBanc raised its price target on the stock to $280 per share from $220. Daiwa reiterates Disney as buy Daiwa said it sees international growth for Disney which will further drive parks outperformance. Evercore ISI adds a positive tactical call on Walmart Evercore said it's bullish on Walmart heading into earnings next week.

☆ Stocks making the biggest moves midday: Deere, Airbnb, AutoNation, Moderna and more
▼ + stars: | 2023-02-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Deere — Shares rose 7.7% after the company reported earnings-per-share of $6.55 for its fiscal first quarter, topping the $5.57 expected by analysts polled by Refinitiv. Some Wall Street analysts remained cautious on the stock, citing risks including competition and slower-than-expected consumer adoption of alternative accommodations. Still, earnings and revenue missed Wall Street estimates. The sports betting company reported a loss of 53 cents per share on revenue of $855 million. The real estate company reported a 57 cent per share loss on $480 million of revenue.

☆ Sports betting quickly becoming dominated by a few big players, says Active CEO Michael Wolf
▼ + stars: | 2023-02-17 | 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 EmailSports betting quickly becoming dominated by a few big players, says Active CEO Michael WolfMichael Wolf, Activate co-founder and CEO, joins 'Squawk Box' to discuss the trends for sports betting, how much of the sports betting field is still happening illegally and more.

☆ DraftKings stock surges after sports-betting company boosts outlook
▼ + stars: | 2023-02-17 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

In this photo illustration, the American daily fantasy sports contest and sports betting company DraftKings logo is displayed on a smartphone screen. Shares DraftKings surged Friday morning after the sports-betting company reported stronger-than-expected revenue and raised its outlook for 2023. The bump in stock comes on the heels of DraftKings being the most downloaded sportsbook app in the U.S. on Super Bowl Sunday, according to the company. Analysts polled by Refinitiv had anticipated a loss of 59 cents per share on revenue of $800 million. DraftKings is raising its fiscal year 2023 revenue guidance to a range of $2.85 billion to $3.05 billion from the range it announced in November, $2.8 billion to $3 billion.

☆ Stocks making the biggest moves after hours: DoorDash, Applied Materials, DraftKings and more
▼ + stars: | 2023-02-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Reported losses, however, were greater than analysts' projections, coming in at a per-share loss of $1.65 versus analysts' estimates of 68 cents. Revenue came in at $1.01 billion, missing analysts' estimates of $1.02 billion. DraftKings — The sports betting company's shares gained 6% after its fourth-quarter earnings and revenue exceeded analysts' estimates. Applied Materials — The semiconductor company's stock added about 2% after Applied Materials posted its latest results. Revenue was $6.74 billion in the same quarter, beating analysts' estimates of $6.69 billion.

☆ An NBA and IMG veteran breaks down how he raised a $300 million private equity fund in a bleak market and how he plans to invest in all things sports
▼ + stars: | 2023-02-16 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

NBA vet Bobby Sharma and partner Kyle Charters just raised $300 million for sports-related investments. It's led by NBA and IMG vet Bobby Sharma and investment banking vet Kyle Charters and just announced it closed a $300 million fund to invest in sports-related media and entertainment. "And there are some sports media, entertainment, business executives who are learning private equities through their fundraising. There's been a wave of private equity interest in sports by giants like Blackstone to new entrants like Dynasty Equity Partners. You've got the incumbent media companies that are ensuring their survival by heavily investing as well.

☆ 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.

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.

☆ FanDuel takes 50K bets per second in sports betting's biggest night
▼ + stars: | 2023-02-13 | by ( Contessa Brewer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFanDuel takes 50K bets per second in sports betting's biggest nightCNBC's Contessa Brewer reports on the big night for sports betting.

☆ Here's how much Americans plan to spend on the Super Bowl this year
▼ + stars: | 2023-02-12 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +3 min

This year, six-figure earners plan to spend the most on the game, at an average of $246. Members of Generation Z (ages 18 to 26) plan to increase their spending, with 30% indicating they will spend more on the Super Bowl this year than last year. Watch partiesThe rise in spending might be attributed to Americans' increase in watch parties for this year's Super Bowl between the Philadelphia Eagles and the Kansas City Chiefs. Although 52% of Americans plan to watch the game from home, 20% plan to host watch parties, up 82% from 2022. While 72% of Americans would rather bet on the Super Bowl game itself, 28% prefer to wager on the 2023 Puppy Bowl.

☆ An estimated $16 billion worth of bets will be placed on the Super Bowl
▼ + stars: | 2023-02-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

New York CNN —With more states legalizing gambling on sports, Super Bowl LVII will probably be the biggest event for the industry ever. But how will casino and online/mobile sports betting companies stand out in an increasingly crowded field? “We have prepared for this Super Bowl like never before,” Greenblatt said. That’s more than double the number of wagers on last year’s Super Bowl. That’s different from 2021 when customer growth was being rewarded.”That being said, both DraftKings and FanDuel still plan to advertise during this year’s Super Bowl.

☆ 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.

☆ Watch CNBC's full interview with DraftKings CEO Jason Robins
▼ + stars: | 2023-02-10 | 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 EmailWatch CNBC's full interview with DraftKings CEO Jason RobinsDraftKings CEO Jason Robins joins CNBC’s ‘Tech Check’ to discuss sports betting opportunities and the company's future.

☆ FanDuel CEO Amy Howe: We are expecting 17 million bets this year
▼ + stars: | 2023-02-10 | 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 EmailFanDuel CEO Amy Howe: We are expecting 17 million bets this yearFanDuel CEO Amy Howe joins 'Squawk Box' to discuss how the company shores its lead in the sports betting market.

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