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Search resuls for: "Sports Betting"


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The growth of online sports betting and casino gaming across the U.S. has led to soaring revenue for sportsbook companies, but an already crowded race for consumers' dollars is about to get more competitive. Its success, which sent shares more than 16% higher Friday, came not only from sports betting, but also from online versions of casino games. Revenue is expected to grow yearly by 17.3% to reach a projected market volume of $14.4 billion by 2027. Meanwhile, despite being legal in just six states, revenue in the online gaming market is projected to reach $19.1 billion in 2023, according to Statista data. Revenue for online gaming is projected to grow 12.9% yearly and hit $31.1 billion by 2027.
Persons: It's Organizations: Caesars, MGM, Walt Disney Company, ESPN BET, Revenue Locations: U.S
Currently, 35 states and Washington, D.C., have legal sports betting, according to the AGA. Fanatics, the Michael Rubin-founded sports merchandise company, acquired the U.S. operations of PointsBet after a several-year pursuit of an entry to the sports betting market. "These are partnerships that we've been building up for years long before online sports betting was legal in the states." And oh, by the way, you're spending a lot of money making sure that again, you can responsibly bring consumers to your platform," Howe said. Hear how CEOs from Target, FedEx, Kraft Heinz, FanDuel and more are adapting, innovating and transforming in this new era of business.
Persons: FanDuel, Michael Rubin, Amy Howe, CNBC's Contessa Brewer, you've, Howe, there's, we've, It's, Kraft Heinz Organizations: Supreme, American Gaming Association, D.C, Caesars, Disney, ESPN, ESPN Bet, Penn Entertainment, CNBC's, CNBC, FanDuel, Ticketmaster, NFL, NBA, MLB, NHL, Google, Target, FedEx, Kraft Locations: U.S, Washington, PointsBet
Starbucks — Shares jumped 9.5% after the company posted an earnings and revenue beat in the fiscal fourth quarter. Palantir also raised its revenue guidance to between $2.216 billion and $2.22 billion for the full year. Clorox — Shares rallied more than 6.6% Thursday after the company posted an earnings and revenue beat in the fiscal first quarter. CyberArk's fourth-quarter and full-year earnings guidance also came in above analysts' estimates. Management lowered the company's full-year earnings, revenue and operating margins guidance.
Persons: Roku, SolarEdge, Shopify, Palantir, LSEG, Eli Lilly —, , Penn, Morgan Stanley, CyberArk's, Papa John's, Sarah Min, Yun Li, Michelle Fox, Pia Singh, Alex Harring Organizations: Starbucks —, Management, Truist, BMO Capital Markets, Guggenheim, Moderna —, Moderna, Penn Entertainment, ESPN, Amazon Business, Marriott, Rockwell Automation — Rockwell Automation Locations: China, America
Sports betting company DraftKings on Thursday posted quarterly revenue that came in ahead of analysts' expectations as the company rises to the top of the highly competitive online gambling industry. DraftKings reported 2.3 million monthly unique payers in the third quarter, representing a 40% increase year over year. Last month, DraftKings overtook rival sportsbook FanDuel for the first time in market share to become the leader in the U.S. online gambling market, according to market research firm Eilers & Krejcik Gaming. DraftKings accounted for about 31% of online gambling revenue in the third quarter, through Aug. 23, while FanDuel's market share fell to 30%, according to Eilers & Krejcik. For its fiscal 2024, DraftKings expects revenue of $4.50 billion to $4.80 billion.
Persons: Stephon Gilmore, DraftKings, Jason Robins, sportsbook FanDuel Organizations: New England Patriots, Sports, DraftKings, LSEG, Revenue, Krejcik, CNBC PRO Locations: Foxborough , Massachusetts, Kentucky, Maine, North Carolina, Ontario, Canada, U.S
Insulet — Shares added nearly 10% after beating both earnings and revenue estimates in the third quarter. Revenue came in at $432.7 million, while analysts polled by FactSet anticipated revenue of $414.3 million. Expedia — Stock in the travel booking company surged 9% after beating both revenue and earnings estimates in the third quarter. Paramount Global — The media conglomerate stock ticked up nearly 6% following a third-quarter earnings beat . Floor & Decor Holdings — The flooring retailer slipped more than 15% after missing third-quarter revenue forecasts.
Persons: FactSet, Apple, Expedia, LSEG, Block, Fortinet, Carvana, DraftKings, Darla Mercado, Scott Schnipper Organizations: LSEG, Revenue, Apple, Paramount Global, Paramount, Holdings, FactSet
But that outburst of direct democracy has been limited to just half the states. About 167 million people live in 25 other states where such direct democracy is not currently an option. The number of ballot measures seeking to restrict the initiative and referendum process dipped in 2016 and has since risen. Measures seeking to restrict direct democracy peaked from 1995 to 2004 but significantly outpaced those seeking to expand direct democracy throughout the entire period of 1960 through 2022. Californians have considered 391 ballot initiatives — approving 137 of them — following campaigns that in recent years have cost tens of millions of dollars.
Persons: , John Matsusaka, Daniel Smith, Todd Donovan, that's, it's, Matsusaka, Michael Smith, ” Donovan, It's, it’s, ” Matsusaka Organizations: Initiative, University of Southern, South, University of Florida, Western Washington University, REPUBLICAN PUSHBACK Republican, Republican, Democratic, BIG, Oregon, Voters, Emporia State University, Referendum Locations: Maine, Ohio, University of Southern California, South Dakota, Mississippi, Alaska, Wyoming, Illinois, Florida, Arizona , Arkansas , Ohio, Arizona, Oregon, California, Kansas
Jan 25, 2023; Ottawa, Ontario, CAN; Ottawa Senators center Shane Pinto (57) skates to the bench after scoring in thew first period against the New York Islanders at the Canadian Tire Centre. Mandatory Credit: Marc DesRosiers-USA TODAY Sports/File Photo Acquire Licensing RightsOct 26 (Reuters) - Ottawa Senators forward Shane Pinto has been banned for 41 games for activities relating to sports wagering, the National Hockey League said on Thursday. The NHL said its investigation into the matter found no evidence that Pinto, whose suspension amounts to half of a regular season, made any bets on NHL games. The 22-year-old Pinto, who the Senators selected with the 32nd pick of the 2019 NHL Draft, is a restricted free agent and has not played for Ottawa this season. Pinto had 20 goals and 35 points in 82 games with Ottawa during the 2022-23 season, which marked the American's first full campaign in the NHL.
Persons: Shane Pinto, Marc DesRosiers, Pinto, Frank Pingue, Ken Ferris Organizations: CAN, Ottawa Senators, New York Islanders, Canadian Tire Centre, National Hockey League, NHL, Ottawa, Thomson Locations: Ottawa , Ontario, thew, Toronto
3M — The conglomerate jumped 5.8% after beating analyst expectations in the quarter and raising its earnings outlook. The company missed consensus estimates from analysts polled by FactSet on both lines in the quarter, while fourth-quarter revenue guidance was also lower than expected. It also raised its full year revenue guidance to $235 million to $238 million, greater than prior guidance of $230 million to $235 million. The Trade Desk — Shares advanced 3.2% after Loop Capital initiated coverage of the advertising technology stock with a buy rating. Criteo — The advertising technology stock traded 4.1% higher after KeyBanc initiated coverage with a buy rating.
Persons: DraftKings, Coinbase, bitcoin, Microstrategy, TrueBlue, FactSet, Hexcel, DA Davidson, Baird, Criteo, KeyBanc, Morgan Stanley, Calvin Klein, Tommy Hilfiger, , Sarah Min, Samantha Subin, Hakyung Kim, Tanaya Macheel Organizations: Spotify —, LSEG, General, General Electric, 3M, Barclays — U.S, Microsoft, Google, Marathon, Apollo Capital, U.S . Securities, Exchange Commission, Monday, Loop, Rio Tinto, Barclays, FMC, JPMorgan Locations: Rio
There's a new top dog in US online gambling. DraftKings edged out rival FanDuel for the largest portion of online gambling market share in the US, according to a Wednesday report from the market research firm Eilers & Krejcik Gaming. DraftKings had amassed about 31% of online gambling gross gaming revenue in the third quarter through August 23, while FanDuel's market-share lead had dipped to 30%. But DraftKings' share has steadily grown steadily since, per the report. FanDuel, meanwhile, has fallen from a Q1 2023 peak of 37% online gambling share.
Persons: FanDuel, DraftKings, sportsbooks, Penn, BetMGM Organizations: Krejcik, Gross, Golden, ESPN Bet, Caesars Entertainment, FanDuel, Wall Locations: BetMGM, Bet365
The AI arms raceGambling companies overall are racing to figure out how to use artificial intelligence to supercharge their businesses. She sees potential for AI to help spot problem gambling behavior, as well. IGaming legislation could gain steam in 2024The pace of legal online casino-style gambling, or iGaming, regulation has moved at a glacial pace in the US. It's been a big obstacle for gambling operators because iGaming is generally a more profitable business than sports betting. Many in the industry are hoping for a domino effect when the next significant state legalizes iGaming that spurs others to follow.
Persons: , Amy Howe, Jason Robins, we're, FanDuel's Howe, David Jacquet, It's, Howe, FanDuel, Travis Kelce, Lewis Hamilton, DraftKings, Robins, PrizePicks, we'll, Adam Greenblatt, he'd, Greenblatt, it's, cybersecurity Organizations: Sports, DFS, Kansas City Chiefs, Underdog, US, American Gaming Association, MGM, Caesars, MGM Resorts, Caesars Entertainment Locations: Las Vegas , Nevada, — Florida, New York, Michigan, G2E
When internet and sports betting money is included, the casinos, horse tracks that take sports bets and their online partners won over $521 million from gamblers in September. Tropicana won $21.4 million, down 8.2%; Caesars won just under $21.4 million, down 4.5%; Resorts won $14.9 million, down 10.7%; Bally's won $13.1 million, down 17.3%, and the Golden Nugget won $12.6 million, down 6.1%. Tropicana won $33.7 million, down 2.6%; Harrah's won $22.5 million, down 2.6%; Caesars won $21.3 million, down 10.7%; Bally's won $20.2 million, down 1.3%; and Resorts won nearly $15 million, down 11.6%. Of that money, about $111 million was kept as revenue after winning bets and other expenses were paid out. Among internet-only entities, Resorts Digital won $45.4 million in September, up nearly 33%, and Caesars Interactive Entertainment NJ won $5.6 million, down over 38%.
Persons: , Jane Bokunewicz, Lloyd Levenson, James Plousis, Harrah's, Bally's, Borgata, Wayne Parry Organizations: CITY, — Sports, Atlantic City, of Gaming, Resorts, New Jersey's Stockton University, New Jersey Casino Control, Casino, Ocean, Tropicana, Caesars, Golden, Casinos, Resorts Digital, Caesars Interactive Entertainment, Twitter Locations: N.J, New Jersey, Ocean, New, Atlantic City, www.twitter.com
Disney Goes All In on Sports Betting
  + stars: | 2023-10-13 | by ( Robbie Whelan | Katherine Sayre | Jessica Toonkel | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/media/disney-agonized-about-sports-betting-now-its-going-all-in-70b31f3b
Persons: Dow Jones
In the sports world, betting and gambling startups have started the last two years raising fewer and fewer funding dollars. While funding is harder to come by, startups are also facing changes in the world of sports business and technology. Insider recently released a list of the top VCs investing in sports and asked their founders, CEOs, partners, and directors what they would tell startups trying to break through. Chris GroveKey investments: Acies Investments and EKG Ventures are focused on sports, gambling, and technology. When we invest in a tech company, we have four criteria.
Persons: Tom Loverro, Cole Van Nice, Chris Grove, Chris, you've, There's, Courtside, Tom Brady, Michael Strahan's, Meredith McPherron, Alex Rodriguez, Topgolf Callaway, Brad Farkas, Steve Ahern, Lance Dietz, Craig Thompson, Michael Proman, Proman, Wayne Kimmel, SeventySix, It's, Lloyd Danzig, Sharp Organizations: Elysian Park, Acies Investments, EKG Ventures, Courtside Ventures, of Sports, Elysian Park Ventures, Club, Kinetics, PGA of America, HBSE Ventures, KB Partners, Mindspring, Scrum Ventures, Ventures, Japanese, Boom Entertainment, SeventySix, Vegas Sports Information, Inc, Entrepreneurs, Sharp Alpha Advisors Locations: Chris Grove, Chicago
LoopGolf is an on-course betting app that lets golfers wager with their friends on their own games. The startup raised $2 million from VCs and $50,000 from supporters through a newsletter callout. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementWhen Matt Rum worked at Square on developing Cash App, he and his coworkers played a lot of golf on the weekends. Rum said the multiplayer experience has also helped drive customers toward the app because users are incentivized to get their friends to sign up.
Persons: , Matt Rum, Thomas Reinholm, Reinholm, Rum, LoopGolf, it's, Mike Bartels, We've, we're Organizations: Service Locations: Rum, VCs, LoopGolf
These are JPMorgan’s top stocks for October
  + stars: | 2023-10-02 | by ( Lisa Kailai Han | ) www.cnbc.com   time to read: +2 min
JPMorgan added three new stocks to its list of top names for October, including a sports betting company that has had a massive rally since the start of the year. The focus list comprises the top ideas of the bank's equity analysts spanning growth, value and short investment strategies. The bank has a $60 price target, more than 13% above the stock's $52.80 close on Friday. Returning names to the list include value stock General Motors , which is down 3% this year. Analyst Tessa Romero's $26 price target implies shares could rise more than 353% from their Friday close of $5.73.
Persons: Joseph Greff, Robbie Marcus, Greff, Ryan Brinkman's, Tessa Romero's, — CNBC's Michael Bloom Organizations: JPMorgan, Boston Scientific, Wynn Resorts, Boston, Motors, United Auto Workers, Ford Motor, Edgewise Therapeutics, Boyd Gaming Locations: DraftKings, Macau, China, UAE
Mandatory Credit: Stephen Lew-USA TODAY Sports/File Photo Acquire Licensing RightsNEW YORK, Sept 29 (Reuters) - National Football League players who bet on NFL games will face harsher penalties under the league's revised gambling policy, according to a memo obtained by Reuters on Friday. Players who bet on games involving their own teams will face a minimum two-year suspension, while betting on any NFL game will result in a minimum one-year suspension. The league said it was working with the NFL Players Association (NFLPA) to develop a program educating players on changes to the policy. "The NFL and NFL Players Association share a longstanding and unwavering commitment to protecting the integrity of the game," the league and NFLPA said in a joint statement. Several NFL players have faced punishment for gambling over the last two years, as sports betting has become legal in more U.S. states and been made increasingly accessible.
Persons: Stephen Lew, Roger Goodell, NFLPA, Nicholas Petit, Frere, Jameson Williams, Stanley Berryhill, Amy Tennery Organizations: NFL, New Orleans Saints, Cincinnati Bengals, Caesars Superdome, National Football League, Reuters, NFL Players Association, Tennessee Titans, Detroit Lions, Thomson Locations: New Orleans , Louisiana, USA, New York
Social gaming startup Omada has just secured $7.5 million in seed funding from Felix Capital. The French startup, which launched less than two years ago, bills itself as a healthy alternative to traditional sports betting apps. "It's not just a game, it's a social game," said cofounder and CEO Adrien Miniatti. Beyond its core game-prediction and social features, Omada has also worked on a range of campaigns to raise awareness about betting addictions. With the fresh funding, Omada will ramp up its product team, and focus on its expansion in the US.
Persons: Felix Capital, It's, Adrien Miniatti, Zs —, Omada, Miniatti, Julien Codorniou Organizations: Felix, influencers, French football club Red Star FC, Omada, Play Ventures, Motier Ventures, Felix Capital Locations: London
Binance says to sell Russia business to CommEX
  + stars: | 2023-09-27 | by ( ) www.reuters.com   time to read: 1 min
Fanduel and Paddy Power owner Flutter said on Wednesday it had bought an initial 51% stake in Serbia's number two sports betting and gaming operator MaxBet for 141 million euros ($148.95 million) in a bid to expand in the Balkans. 7:12 AM UTC
Persons: Paddy Power Locations: Balkans
Flutter, the world's largest online betting company, said the 700 million euro Serbian betting market is attractive due to its relatively low online penetration of around 35% and expected online compound annual growth to 2025 of approximately 15%. MaxBet, which generated pro forma fully regulated revenue of 145 million euros in the year to June, 44% of it online, also has a smaller presence in Bosnia, Montenegro and North Macedonia. "We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India and Italy," Flutter CEO Peter Jackson said in a statement, referring to similar acquisitions in those markets. Flutter, which makes 78% of its revenue in its main divisions of the U.S., Australia and the United Kingdom and Ireland, operates in more than 100 countries around the world. ($1 = 0.9466 euros)Reporting by Padraic Halpin; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
Persons: Paddy Power, Peter Jackson, Padraic Halpin, Jan Harvey Organizations: DUBLIN, Thomson Locations: Balkans, Bosnia, Montenegro, North Macedonia, Georgia, India, Italy, U.S, Australia, United Kingdom, Ireland
Sports has become a hot category for venture-capital investors in recent years. While other private investors like private equity firms have set their sights mainly on teams and leagues — looking to cash in on the rising costs of media rights and the growth of live events — early-stage investors are pouring money into startups innovating in areas like sports betting, esports, sports technology, analytics companies, NIL, and more. Insider is highlighting prominent venture-capital investors who are funding startups in sports. Insider compiled this list of investors based on our own reporting as well as nominations we vetted from readers and industry experts. Here are the 26 venture capital and other early-stage investors — listed alphabetically by company — that have made prominent investments in sports in 2023:
Persons: Brad Farkas, Pareek, Jake Paul, Joey Levy's Organizations: HBSE Ventures, trampolines
RENO, Nev. (AP) — The University of Nevada’s basketball team could have a new off-campus home by 2026 under an ambitious 10-year expansion plan that Reno’s largest hotel-casino announced Wednesday. The nearly $1 billion private capital investment will be the biggest in the city's history, according to officials of the Grand Sierra Resort. Before that, the team played at the Reno-Sparks convention center south of downtown. It's been the Grand Sierra Resort since 2006. Last year, Las Vegas hosted Sweet 16 games for the NCAA basketball tournament at T-Mobile Arena on the Vegas Strip.
Persons: Alex Mereulo, Brian Sandoval, Sandoval, It's, Hillary Schieve Organizations: University, Nevada’s, Grand Sierra, Las, University of Nevada, Nevada men’s, , Sierra Resort, Mountain West Conference, Reno, MGM, Reno Hilton, Las Vegas, Sweet, NCAA, Mobile, Vegas Locations: RENO, Nev, Las Vegas, Reno, Mereulo, Northern Nevada, Nevada, U.S, North America
And a new report sheds light on how those efforts are resonating with younger fans. Compared to NFL fans aged 30 and older, fans in their 20s were three times more likely to place a bet every week. And only 11% of fans in their 30s spent more than $1,000 annually on sports betting, versus 28% of younger fans. That number was just 33% among fans aged 30 and up. Most of these fans said they played in a fantasy league during the 2022 football season, but most older fans didn't.
Persons: YouGov, FanDuel, Barstool, Penn, Fox, sputtered, Barstool Sportsbook, sportsbooks, NFL RedZone, aren't, they're Organizations: NFL, Sports, Penn Entertainment, ESPN Bet, Fox, Bally Bet, Brand, FOX Bet
Analyst Joseph Greff upgraded the sports betting stock to overweight from neutral and raised his price target by $11 to $37. His new price target implies an upside of 35.2% from Monday's close. "We are taking advantage of sluggish share price performance since late July," Greff said in a note to clients Tuesday. The stock has fallen about 13% since July, while the S & P 500 pulled back by about 6%. Notably, Greff said to expect a sports betting market size of $23.2 billion in the U.S. and Ontario by 2030. iGaming's market size over the same timeline and locations should near $13.5 billion in 2030.
Persons: underperformance, Joseph Greff, Greff, — CNBC's Michael Bloom Organizations: JPMorgan, Penn Entertainment, Caesars Locations: DraftKings, Monday's, U.S, Ontario
A customer uses an ATM at a Wells Fargo Bank in San Bruno, California, on April 14, 2023. Cintas — Shares fell 5.3% after the company reported its 2024 fiscal first-quarter earnings. Cintas raised its full-year guidance but the lower end of its EPS and revenue predictions came in below analysts' estimates. United Natural Foods — Shares sank 27.4% Tuesday after United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds. Shares of Wells Fargo and Goldman Sachs declined 2.2% and 1.5%, respectively, while Morgan Stanley and JPMorgan both lost about 1%.
Persons: Cintas, Pinterest, Goldman Sachs, Jamie Dimon, Morgan Stanley, CNBC's Hakyung Kim, Alex Harring, Brian Evans, Samantha Subin, Yun Li Organizations: Wells Fargo Bank, HSBC, United, Bank of America, JPMorgan, Goldman Sachs — Bank, JPMorgan Chase, Reserve, Wells, Goldman, Liberty Media, Barclays — U.S, Barclays, Federal Trade Commission, Amazon Locations: Wells Fargo, San Bruno , California
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