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Search resuls for: "BetMGM"


6 mentions found


☆ Nearly half of sports gamblers like those who bet on the World Cup still do it illegally, and it's costing your state millions in tax revenue
  + stars: | 2022-12-19 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +4 min
It's costing state government millions in tax revenue. Illicit sports betting — and illegal gambling more broadly — is costing states millions in tax revenue, and someday, taxpayers could be called upon to foot part of the bill. Illegal sports betting is costing them millions in tax revenue — an estimated $700 million in total revenue per year, per the AGA report. Legalization has been a boon for states' tax coffers, and is among the reasons many states' tax revenues have fully recovered from a pandemic dip. Others may simply have grown used to illegal operators and not want to switch as a result.
☆ FanDuel to new rivals: Good luck with sports betting − you're going to need it
  + stars: | 2022-11-17 | by ( Contessa Brewer Jessica Golden | Contessa Brewer | Jessica Golden | ) www.cnbc.com   time to read: +3 min
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.
☆ Mattress Mack's record $75 million Astros payout will cost Caesars, Penn big this quarter
  + stars: | 2022-11-07 | by ( Jessica Golden Contessa Brewer | Jessica Golden | Contessa Brewer | ) www.cnbc.com   time to read: +3 min
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.
☆ The most expensive midterm race in the country doesn't even feature candidates
  + stars: | 2022-10-18 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Alexandra Marquez | ) www.nbcnews.com   time to read: +2 min
By comparison, $184 million has been spent in Georgia's Senate race so far, while $176 million has been spent in Pennsylvania's Senate race, including primary and general election ad spending. The two main groups spending money on the airwaves in the California race are on opposite sides of the issue — one in support of the proposition and one opposed. The payments to the state from sports betting would go into the California Online Sports Betting Trust Fund, which would be used first to pay for state regulatory costs. Currently, the biggest backers of Prop 27 are existing online sports betting sites, like FanDuel, DraftKings and BetMGM, all of whom have donated millions. Instead, each tribe would negotiate a compact with the state, which could include required payments to local and state governments.
☆ 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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☆ Gambler Claims Online Casino BetMGM Glitches Robbed His Winnings, Fueled Addiction
  + stars: | 2022-09-29 | by ( Katherine Sayre | ) www.wsj.com   time to read: 1 min
A New York man who said he has a gambling addiction has accused online casino operator BetMGM of plying him with free bets to keep him from reporting game glitches to regulators, according to a lawsuit filed Wednesday. Sam A. Antar alleged that BetMGM’s online blackjack and other games repeatedly disconnected from BetMGM’s servers, often while he had favorable hands, which wiped out potential winnings, according to the lawsuit. His winnings at times weren’t available to him until he deposited more money into his account, further fueling his compulsive gambling that included more than $29 million in bets in nine months, the lawsuit said.
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