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☆ 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.

Warren Buffett released his latest annual shareholder letter for Berkshire Hathaway on Saturday. "And I doubt very much that any reader of this letter will have a different experience in the future." And I doubt very much that any reader of this letter will have a different experience in the future." Buffett defends stock buybacks "Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. • Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: "Warren, think more about it.

☆ 'Extinction Beckons' at artist Mike Nelson's London exhibition
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 21 (Reuters) - From an abandoned wooden structure in the desert to old tyres found on a motorway, an exhibition of installations made with scavenged materials by British artist Mike Nelson goes on show at London's Hayward Gallery this week. With its slightly ominous title “Extinction Beckons”, the exhibition takes visitors through immersive and sculptural works made with items Nelson has found or acquired in junk yards and shops, flea markets and auctions. "There are things here that hint at disaster, decay, violence perhaps sometimes," Ralph Rugoff, director of the Hayward Gallery, told Reuters at a press preview on Tuesday. “Every time you walk into one of those rooms you feel like the people who were there have just left," Rugoff said. Reporting by Marie-Louise Gumuchian; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

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.

☆ 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.

☆ 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.

☆ Macau Is Back, Baby. But Choose Your Stock Bets Wisely.
▼ + stars: | 2023-02-01 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Macau’s casinos will probably need to rely more on leisure travelers than on high rollers, compared with the prepandemic days. Gamblers have started placing bets in Macau casinos again. Investors are piling back into Macau casino stocks too. That makes good sense, given how evident the gambling-revenue rebound already is—but picking which casino stocks to plunk chips on will be important.

☆ Former NFL player Jessie Lemonier dies at 25
▼ + stars: | 2023-01-26 | by ( Drew Weisholtz | ) www.nbcnews.com time to read: +1 min

Jessie Lemonier, a defensive end who played for the NFL’s Los Angeles Chargers and Detroit Lions, has died at the age of 25, the Lions announced Jan. 26. “We are shocked and saddened to learn of the passing of former Detroit Lion Jessie Lemonier,” the Lions said in a statement posted on Twitter. “Jessie was a model teammate and wonderful young man who is gone far too soon. Lemonier signed with the Chargers as an undrafted free agent out of Liberty University in 2020. He played in six games with them in 2020, according to Pro Football Reference.

☆ We agree with Wells Fargo that Wynn is set for a comeback as gamblers return to Macao
▼ + stars: | 2023-01-26 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Wells Fargo on Thursday raised its earnings estimates for Club holding Wynn Resorts ' (WYNN) operations in Macao, China, while increasing its price target on the casino operator. Wells Fargo increased its price target on Wynn to $125 per-share from $101 and reiterated an overweight, or buy, rating on the stock. "Looking ahead, LVS management envisions a premium mass led recovery, which should support rapid recovery at Wynn," the Wells Fargo analysts wrote. The Club take We agree with Wells Fargo that the recovery of China's gambling market is a major catalyst for Wynn Resorts, a core pillar of our investment thesis. Moreover, upbeat commentary from Las Vegas Sands' CEO represents a positive read-through into Wynn's operations in Macao.

☆ Former Detroit Lions linebacker Lemonier dies at 25
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Former Detroit Lions linebacker Jessie Lemonier has died at the age of 25, the National Football League (NFL) team said on Thursday. Lemonier began his professional career with the Los Angeles Chargers in 2020. "We are shocked and saddened to learn of the passing of former Detroit Lion Jessie Lemonier," the Lions wrote on Twitter. "Jessie was a model team mate and wonderful young man who is gone far too soon. Lemonier was recently traded to the Birmingham Stallions in the United States Football League after signing for the Houston Gamblers.

☆ How to get ahead in 2023
▼ + stars: | 2023-01-16 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +4 min

We've got top tips for stocks (and serving prison time), a path to financial freedom, and what to expect for the rest of 2023. If you want to start investing in real estate this year, Harr says don't be deterred by uncertainty or high-interest rates. US stocks got off to a choppy start in the first week of 2023, however, Goldman Sachs still sees attractive investing opportunities. According to Grant Sabatier, 2023 will be the year of the "the creator millionaire" — here's how he plans to take advantage of it. As one expert said: "2023 is going to be the survival of the fittest."

☆ Bank earnings are under way. Here are the biggest storylines everyone on Wall Street is focused on.
▼ + stars: | 2023-01-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Starting today, the six big US banks (Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo) report their Q4 and year-end earnings. But instead of a boring preview on what to expect, I figured I'd have some fun by setting gambling lines on some of the biggest storylines heading into earnings. OK, let's get into the biggest storylines and their odds:David Solomon discusses the recent headcount reduction at Goldman Sachs. What'll be interesting is if he teases even more cuts coming down the line as the bank looks to cut costs. (-150)Background: The bank got ahead of this one by announcing its plans to step back from mortgages earlier this week.

☆ A betting company boss took a pay cut, but still collected $318 million – making her one of the world's best-paid executives
▼ + stars: | 2023-01-07 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

Denise Coates, founder of Bet365, took home at least £263 million in the 12 months to March 2022. Coates has earned about £1.5 billion from the online betting firm since 2016, The Guardian reported. The haul is less than the £300 million Coates collected for the 2021 financial year, and considerably less than the £471 million she took home in 2020. Coates began as a cashier in her father's betting shops in Stoke-on-Trent, England. After correctly predicting that betting would move online, Coates bought the domain Bet365.com for $25,000 in 2000.

☆ More non-gamblers have been visiting Macao, consultancy says
▼ + stars: | 2023-01-04 | 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 EmailMore non-gamblers have been visiting Macao, consultancy saysBen Lee of says the demographic of visitors from mainland China to Macao has changed "drastically," and there are now more young families, young couples and young groups of women.

☆ Analysis: Macau casinos deal themselves a tough hand with big non-gaming investment pledges
▼ + stars: | 2023-01-03 | by ( Farah Master | ) www.reuters.com time to read: +5 min

But their 10-year, shortened contracts come at a time when COVID-19 restrictions have decimated Macau’s gambling revenues, with 2022 the worst annual performance on record. Non-gaming revenues, which averaged around 5% of overall gaming revenues pre-COVID, must grow to more than 30% in the next decade, said Ben Lee, founder of Macau gaming consultancy IGamiX. Macau, a densely packed territory located on China’s southern coast, is the only place in the country where gambling in casinos is legal. Increased regulatory oversight comes as Macau casinos face much higher debt levels versus 2019. Macau has few direct flights from potential markets outside China, while transport within the city is limited to move large groups of people around, said David Green, head of Macau gaming consultancy Newpage.

☆ Cambodia border casino fire kills 7, injures 53 - Thai authorities
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

Dec 29 (Reuters) - A fire at a casino complex at Cambodia's border with Thailand has killed at least seven people, with 53 wounded and eight people missing, provincial authorities in neighbouring Thailand said on Thursday. The statement from Sa Kaeo province, where Thai casualties have been treated, made no mention of the nationalities. The fire broke out at about midnight on Wednesday at the Grand Diamond City Casino in the town of Poipet, according to Cambodian authorities, who have made no mention of casualties. Poipet's casinos are a draw for mainly Thai gamblers. Reporting by Chayut Setboonsarng; Writing by Martin Petty; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ FTX flameout showed investors bought crypto for the wrong reasons. Why most are hoping that'll change in 2023
▼ + stars: | 2022-12-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

In some ways, disgraced FTX CEO Sam Bankman-Fried helped bring more legitimacy to crypto, pushing it further into the mainstream. Decentralized finance has exploded in popularity, but there are other uses for digital assets that people are excited about. Now is a good time for investors to gain knowledge, and doing so would help them solidify their crypto investment thesis in 2023, he said. Specifically, Blumberg added, leaving funds on centralized exchanges is far more dangerous than keeping custody of funds yourself. "The smart investors are seeing this and remembering that what we have here is a fixed supply and, growing demand."

☆ This Is Your Brain on ‘Deep Reading.’ It’s Pretty Magnificent. - The New York Times
▼ + stars: | 2022-11-22 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +57 min

But if over time, we have begun to elaborate this brain so that it includes deep reading, the unnatural apex of the achievement of reading is what deep reading provides. And every time I get off of a plane, I say to myself, I’m going to do that more. I’m going to sit and I’m going to have quiet time with a book. I’m going to bring this to me in a second, so I’m not just putting this on little kids. maryanne wolfThe first thing I do is understand the purpose of whatever I’m reading.

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☆ Mike Birbiglia's Broadway show explores life's big questions
▼ + stars: | 2022-11-17 | by ( Marianne Garvey | ) edition.cnn.com time to read: +4 min

CNN —At one point during Mike Birbiglia’s new Broadway show, “The Old Man and The Pool,” he jokingly scolds the audience for laughing over a story about the death of a man in a YMCA pool. One after another, someone’s howl becomes contagious, and the laughter keeps going for several minutes as Birbiglia watches. “The Old Man and the Pool” has been in Birbiglia’s mind in some version for about six years now. I think at the time it was called ‘The YMCA Pool.’ And then we were shut down. “There’s no answer to any of it.”“The Old Man and The Pool” is currently playing at Lincoln Center in New York City.

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.

☆ Why these five states don’t sell lottery tickets
▼ + stars: | 2022-11-09 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Since 1964, when New Hampshire became the first to offer a state lottery, 44 states have started their own or joined multi-state jackpots. More than 200,000 retail stores and other outlets in the United States sell lottery tickets. That’s because when one state adds a lottery, people often flood across state lines to buy tickets. Recently, states that have adopted lotteries have emphasized that sales from tickets will go to social programs. The people likeliest to buy tickets are often the same ones who most rely on these government programs, he said.

☆ DraftKings Reports Higher Revenue for Start of Football Season
▼ + stars: | 2022-11-04 | by ( Katherine Sayre | ) www.wsj.com time to read: 1 min

Online sports-betting company DraftKings Inc. posted higher-than-expected revenue for the start of this year’s football season and said its customer base continued to grow amid competition for gamblers. The company reported revenue of $502 million for the three-month period ended Sept. 30, more than double its revenue in the same period last year. Strong customer acquisition and retention, expansion into new states, such as Kansas, and reduced customer promotions fueled the growth, the company said. Sports-betting operators have also won more from customers’ bets this National Football League season because the outcomes of games have favored the sportsbooks.

As recently as August, Lachlan Murdoch described sports betting as "a huge opportunity" for Fox Sports, telling Wall Street it would fuel viewer engagement. 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 gamblers. The growth of Fox Bet has stagnated since market-leading FanDuel's owner, Flutter Entertainment Plc (FLTRF.L), acquired Stars Group in 2020. The matter is the subject of an arbitration case and Lachlan Murdoch told investors a decision is expected imminently.

☆ Adidas is on the hot seat to cut ties with Kanye West
▼ + stars: | 2022-10-24 | by ( Jon Sarlin | ) edition.cnn.com time to read: +6 min

Balenciaga and Vogue publicly cut ties last week, and on Monday talent agency CAA dropped West as a client, and production company MRC said that it’s shelving a documentary on West. Celebrities including Kat Dennings, Josh Gad and Meg Stalter condemned Adidas for sticking by West. We are waiting @adidas,” read Shannon Watts’ tweet in response to the incident that received more than 100,000 likes. Earlier this month after West wore a “White Lives Matter” shirt in public, Adidas said that it was reviewing its lucrative partnership with his Yeezy brand. With pressure mounting and West’s hate campaign against Jewish people continuing, it seems the question is when, not if, Adidas will cut ties.

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