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☆ Shares of DraftKings could surge 40%, to more than $20, Piper Sandler says
▼ + stars: | 2022-11-18 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Shares of DraftKings could surge 40% from their current level, according to Piper Sandler. Analyst Matt Farrell initiated research coverage of DraftKings with an overweight rating, saying it's time for investors to take another look at the online sports betting company. Because of those concerns, shares of DraftKings tumbled more than 45% this year. Still, Piper expects that DraftKings has a "clear and repeatable" path to profitability, as the company targets fourth quarter 2023 as a breakeven point, based on 2023 adjusted EBITDA estimates, according to the note. "Overall, we recommend investors own DraftKings for exposure to the rapidly growing online sports betting and iGaming markets," Farrell wrote.

☆ How DraftKings ranks in the sports betting landscape, with Piper Sandler's Matt Farrell
▼ + stars: | 2022-11-18 | 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 EmailHow DraftKings ranks in the sports betting landscape, with Piper Sandler's Matt FarrellMatt Farrell, research analyst at Piper Sandler, joins 'Power Lunch' to discuss his bullish call with a $21 price target for DraftKings, the data informing his call and the fate of the sports betting industry at large.

The remarks go against expectations in the gaming industry that FanDuel will cede some of its dominance as new players work to grab a bigger share of the sports betting market. Rubin predicts sports betting and Fanatics' other business segments "could be $8 billion, even in the next decade, in profits." And FanDuel boasts a 42% market share, based on published reports by state gaming regulators. Of the 59 sports betting operators in the U.S. in October, only three had double-digit market share. "Almost 90% of the operators have a sub-2% share of the market," Howe said.

☆ Results: California Proposition 27: Voters say no to legalizing sports gambling with revenue going toward social causes
▼ + stars: | 2022-11-17 | by ( Taiyler Simone Mitchell | Tim Paradis | ) www.businessinsider.com time to read: +3 min

California Proposition 27 would have legalized sports betting and given proceeds to social causes. Proposition 27's revenue would have been allocated to provide resources to address homelessness, mental health issues, and addiction. It was different from Proposition 26, another gambling proposition on the ballot that also failed. Support and oppositionCalifornians for Solutions to Homelessness and Mental Health Support led the campaign in support of Proposition 27. It would provide an ongoing funding source of hundreds of millions of dollars each year to fight homelessness and provide mental health services to those most in need.

☆ Murdoch deal will struggle to be fair and balanced
▼ + stars: | 2022-11-17 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

A decade ago, Murdoch split his movies-to-books empire because it had become too broad and complex. As it stands, both $16 billion Fox and $10 billion News Corp suffer from significant valuation discounts, partly due to their common owner’s grip. It owns roughly 62% of Australian housing portal REA, a stake worth $6.7 billion based on its Wednesday closing price in Sydney. On the same 16 times multiple as New York Times (NYT.N), it would be worth about $8 billion. Rupert Murdoch and his family trust control about 42% of Fox voting shares and 39% of News Corp voting shares.

☆ How an early investor in StockX and The Athletic built a sports VC firm and got the Cavs owner to back him
▼ + stars: | 2022-11-17 | by ( Colin Salao | ) www.businessinsider.com time to read: +6 min

Vasu Kulkarni is the founder and CEO of Courtside VC, a venture firm focused on sports. His company was one of the early investors of StockX and The Athletic, but "missed" on Overtime. Kulkarni built Courtside VC to help sports startup founders like himAs Krossover grew into a multimillion-dollar company, Kulkarni began to realize the opportunity to invest in other sports-related startups. But Courtside VC has hit on enough startups to raise another $55 million in 2019. Courtside VC has invested in focusing on youth sports, fitness and wellness, esports, sneaker culture, and real-money gaming.

☆ Flutter sees five-fold jump in revenue at U.S. Fanduel unit long term
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] People make their bets at the FANDUEL sportsbook during the Super Bowl LIII in East Rutherford, New Jersey, U.S., February 3, 2019. REUTERS/Eduardo MunozDUBLIN, Nov 16 (Reuters) - Flutter (FLTRF.L) sees revenue at its rapidly growing and market leading U.S. Fanduel business jumping by 4.5 to 5-times over the long term, the world's largest online betting firm said on Wednesday. Flutter, which upgraded its full-year revenue guidance for Fanduel to between $2.95 billion to $3.2 billion last week, told investors that it expects the overall value of the U.S. sports betting and online gaming market to rise to $40.5 billion by 2030 from $9 billion currently. "We do believe that we'll be on that high end of the range - five times," Fanduel Chief Executive Amy Howe said at an investor day, adding that Fanduel was "incredibly confident" of turning a profit for the first time in 2023. Reporting by Padraic Halpin; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

LOS ANGELES — Former Los Angeles Dodgers player Yasiel Puig will plead guilty to lying to federal investigators who were probing an illegal sports gambling operation, prosecutors in Southern California said Monday. Puig, 31, will plead guilty to one count of making false statements, the U.S. Attorney’s Office for the Central District of California said in a statement. Puig will also pay a fine of at least $55,000, the prosecutors’ office said. Puig was charged and a plea agreement was filed Aug. 29, but the case was unsealed Monday, according to court records. Neither the statement from federal prosecutors’ office nor court documents say that Puig gambled on baseball.

☆ Sports-Teams may look beyond crypto after FTX collapse, say industry experts
▼ + stars: | 2022-11-14 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +3 min

Nov 14 (Reuters) - Sports teams and businesses may shy away from long-term deals with crypto firms to minimise their risks after troubled crypto exchange FTX filed for U.S. bankruptcy protection last week, industry experts told Reuters on Monday. "I think crypto will be at the bottom of prospect lists for quite some time. Until that industry stabilises and has better oversight and controls -- if it happens -- then maybe it might be a viable partner." "As it relates to increasing sponsorship revenue, teams/leagues are always looking for new opportunities, but what's happening with FTX is a wake-up call." Singapore-based crypto exchange Crypto.com said on Monday it had moved about $1 billion to FTX over the course of a year, but most of it was recovered and exposure at the time of FTX's collapse was less than $10 million.

☆ 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.

☆ 'Mattress Mack' turned $5,000 in savings into a Texas furniture empire known for generous promotions, and recently won $75 million in the largest payout in sports-betting history
▼ + stars: | 2022-11-10 | by ( Aaron Mok | ) www.businessinsider.com time to read: 1 min

Over time, McIngvale continued making million-dollar sports bets. During the 2019 World Series, McIngvale travelled the country by private jets to place bets on Astros winning at betting sites in three different states. When the Houston Astros lost to the Washington Nationals, McIngvale lost at least $11.6 million in wagers. He has also made bets on Houston sports teams playing in the NFL playoffs, the Kentucky Derby, and the Superbowl. McIngvale signs a basketball used during the 2019 NBA Playoffs between Houston Rockets and Golden State Warriors.

Proposition 26, which sought to bring point spreads to Native American casinos, was being rejected by 70.1% to 29.9%, tallies showed Wednesday night. Meanwhile, Proposition 27, the measure that sought to legalize online sports betting, was going down to even greater defeat by 83.3% to 16.7%. Proposition 26 garnered $120.7 million in donor support and $43.8 million in opposition efforts, according to the California secretary of state's contribution records. Meanwhile, Proposition 27 drew $169.5 million in support and $237.8 million in opposition. Proposition 27's backers didn't strongly oppose Proposition 26, whose backers aggressively fought the former measure in hopes of bringing Native American casinos a near-monopoly in sports betting.

☆ 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.

☆ Casino operator Wynn delivers decent Q3 despite ongoing China pressures
▼ + stars: | 2022-11-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +11 min

Casino operator Wynn Resorts (WYNN) reported solid third-quarter results Wednesday, boosted by its U.S. properties, even as its China operations continued to be squeezed by Beijing's strict Covid-19 measures. Despite lower revenues, the Adjusted Property EBITDA loss was $21.8 million, compared to forecasts of a $43 million loss. But the Adjusted Property EBITDA loss was smaller than anticipated, at $43.8 million, compared to the $59 million loss predicted by analysts. Despite lower revenues, the Adjusted Property EBITDA loss was $21.8 million, compared to forecasts of a $43 million loss. But the Adjusted Property EBITDA loss was smaller than anticipated, at $43.8 million, compared to the $59 million loss predicted by analysts.

☆ These ETFs can help round out your midterm election investing playbook
▼ + stars: | 2022-11-08 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

Even if the election results match expectations, stocks may still rally as some unknowns are removed. Broad sector ETFs from firms like iShares, State Street and Vanguard are one way to play these sectors, offering cheap broad exposure. For example, the Industrial Select Sector SPDR ETF (XLI) and Vanguard Communications Services ETF (VOX) both have an expense ratio of 0.10%. Under-the-radar elections Federal elections are not the only contests on Tuesday that could move stocks. The biggest marijuana ETFs — AdvisorShares Pure US Cannabis ETF (MSOS) and ETFMG Alternative Harvest ETF (MJ) — are each down more than 50% for the year.

Mattress Mack's record-breaking $75 million payout on a wager that the Houston Astros would win the World Series will cost Caesars and Penn Entertainment big in their digital businesses this quarter. With the Astros' second-ever World Series win on Saturday, McIngvale clinched a $75 million payout. "I think if Mattress Mack doesn't hit, we'll be profitable in Q4," Snowden said then. We just wrote the biggest check in sports betting history to Mattress Mack for $30,000,000. "My real interest is making sure the customers win because the customers will be happy and thrilled and smiling," he said.

A dispute arose over the price Fox would pay for a stake in the market-leading FanDuel app, leading to arbitration that began in the spring of 2021. 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 betters. The growth of Fox Bet has stagnated since Flutter acquired Stars Group, the company that helped launch Fox Bet and owns and operates the app. Fox claimed that Flutter failed to provide reasonable resources behind Fox Bet, a claim Flutter said the arbitrator rejected, finding that Flutter had agreed to commit "commercially reasonable" resources behind the offering.

☆ California Proposition 26: Voters will decide on legalizing specific types of gambling on Native American lands
▼ + stars: | 2022-11-06 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

California Proposition 26 would allow for specific types of sports betting on Native American lands. Kyle Kirkland, president of the California Gaming Association, argues the proposition would create a tribal casino monopoly. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyA "yes" on California's Proposition 26 would legalize specific types of gambling on Native American lands. Funds earned via Proposition 26 would initially go to schools and the remainder to California's discretionary fund, mental health research, and gambling rules. Support and oppositionProposition 26 is sponsored by Native American tribes, such as Federated Indians of Graton Rancheria.

CNN —“Mattress Mack” had reason to celebrate the Houston Astros’ World Series win on Saturday – and not just because he’s an Astros superfan. Houston furniture store owner Jim McIngvale, known as “Mattress Mack,” made a series of bets amounting to $10 million on the Astros to win the World Series. The Houston Astros celebrate their World Series win against the Philadelphia Phillies in Houston, Texas, on Saturday, November 5. Peña was awarded the World Series MVP for his stellar play during the series. He is just the second rookie to be named LCS and World Series MVP in the same postseason.

☆ California Proposition 27: Voters will decide on legalizing sports gambling with revenue going toward social causes
▼ + stars: | 2022-11-06 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +3 min

California Proposition 27 would legalize sports betting and give the proceeds to social causes. Ballot measure detailsKnown as the Legalize Sports Betting and Revenue for Homelessness Prevention Fund Initiative, Proposition 27 would legalize online sports betting across the state, according to the state's Legislative Analyst Office. Proposition 27's revenue would be allocated to provide resources to address homelessness, mental health issues, and addiction. Californians for Tribal Sovereignty and Safe Gaming and Coalition for Safe, Responsible Gaming are campaigning against the proposition. More than 60 tribes oppose Proposition 27, saying it would take away from their business, KFSN reported.

☆ Fox loses legal battle to buy a stake in FanDuel from parent company Flutter at a lower valuation
▼ + stars: | 2022-11-05 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Fox lost a legal battle to buy an 18.6% stake in sports betting company FanDuel Group from its parent company Flutter at a reduced valuation, according to a ruling Friday from a New York arbitrator. Should Fox exercise its option to take the stake, it would be at a price of at least $3.72 billion. The price that Fox would have to pay is based on a FanDuel valuation of $20 billion, according to the ruling. Flutter, which owns nearly 95% of FanDuel, acquired a 37.2% stake in the company in December 2021 at an implied valuation of $11.2 billion. As part of the arbitration ruling, Flutter cannot pursue an IPO for FanDuel without Fox's consent or approval from the arbitrator.

Nov 4 (Reuters) - Fox Corp (FOXA.O) said an arbitrator on Friday reaffirmed its right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's owner, Flutter Entertainment Plc (FLTRF.L). The New York-based Judicial Arbitration and Mediation Services also settled a dispute over the price to exercise that option. Fox has a 10-year option to acquire an 18.6% stake of FanDuel for $3.7 billion. In April 2021, Fox filed its lawsuit against the Irish gaming company, seeking to secure its option to buy an stake in the market-leading FanDuel app. The arbitrator Friday settled on an option price based on a $20 billion valuation for FanDuel.

☆ Fox Is Cleared to Buy FanDuel Stake for About $3.7 Billion
▼ + stars: | 2022-11-04 | by ( Katherine Sayre | ) www.wsj.com time to read: 1 min

FanDuel is the market-share leader in online sports betting in the U.S.An arbitrator has ruled that Fox Corp. has the option to buy a stake in sports-betting operator FanDuel Group from parent company Flutter PLC for about $3.7 billion, the companies said Friday, settling a more than yearlong dispute over one of the biggest brands in U.S. online gambling. Fox filed a lawsuit with Judicial Arbitration and Mediation Services in April 2021 against Flutter arguing that the gambling giant was demanding too high a price for an option to buy an 18.6% stake in FanDuel.

☆ DraftKings shares tumble after monthly users fall short of estimates
▼ + stars: | 2022-11-04 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Shares of DraftKings closed down 28% on Friday after the sports betting company reported slower monthly customer growth in the third quarter that fell short of estimates. The company raised its revenue guidance for the year, however, after revenue for the quarter came in above Wall Street expectations. For the quarter ended Sept. 30, DraftKings said its monthly unique paying customers increased to 1.6 million, up about 22% from 1.3 million a year ago. DraftKings said the expansion of its online Sportsbook product, launched in September, will help drive customer acquisition, engagement and retention. Revenue for the period rose to $502 million, which was higher than the $437 million Wall Street expected.

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