Steve Cohen needed $2.45 billion to buy the NY Mets. But with a SPAC, you don’t need to be a billionaire to own a professional sports team. Special purpose acquisition companies are a hot stock market trend, and they offer individuals an opportunity to own everything from a European football […]
The hedge fund HG Vora now owns a 5.1% stake in the sportsbook William Hill. The fund’s manager, Parag Vora, has a history of instigating gaming sector deals and, as a result, William Hill could be in play. The hedge fund’s $149 million William Hill investment was disclosed in a […]
DraftKings continued a busy week of deal-making on Wednesday, as the company announced a sports betting partnership with the New York Giants. Under the agreement, DraftKings becomes the official sports betting and daily fantasy sports partner of the Giants. DraftKings Expanding Pro Sports Presence The announcement comes just two days […]
New Jersey sportsbooks took advantage of a loaded August schedule by collecting $667.9 million in bets during the month, setting a new all-time high for any state with legalized sports betting. Nevada set the previous record last November when its sportsbooks took $614.1 million in bets. New Jersey set its […]
ESPN announced Monday that it reached separate, co-exclusive deals with Caesars Entertainment and DraftKings, both of which are designed to expand the sports media giant’s exposure to the sports betting industry. Under the agreements, Caesars will become ESPN’s exclusive odds partner while DraftKings becomes its exclusive daily fantasy sports provider. […]
The Breeders’ Cup became the latest major racing event going spectator-free, announcing it will go without fans for its upcoming event, Nov. 6-7 at Keeneland in Lexington, KY. At the same time, the Breeders’ Cup announced Keeneland will play host to the 2022 event. This means that all four major […]
Justin Timberlake is joining a high-profile group, trying to score a MLB team for Nashville. Timberlake, a Grammy Award winner and Memphis Grizzlies minority owner, is a pitch-perfect addition to the Music City Baseball investment group. Timberlake, a Memphis native, is excited by the prospect of a Nashville MLB team. […]
Four of the greatest distaff horses of the last five years go on the auction block this November when the owners of Monomoy Girl, Midnight Bisou, Uni, and Rushing Fall put their prize mares up for sale at the Fasig-Tipton November Sale. Held at Keeneland on Nov. 8, Fasig-Tipton’s November […]
The University of Colorado has entered into a five-year partnership with online sports betting operator PointsBet, marking one of the first deals between a major college athletics department and a gambling firm. Under the agreement, PointsBet will display signage at Colorado’s football stadium and basketball arena, and will place ads […]
Del Mar’s 2020 summer meet ran with 25% fewer racing days than there were in 2019, and without spectators. Even so, the seaside San Diego-area track increased its betting handle 8% from last year. Race-starved Californians combined with action-hungry bettors outside the state to boost the track’s handle to $466.68 […]
Bettors proved they could handle the magic of Saratoga’s racing season without being at Saratoga, passing the $700 million mark in all-sources handle for the second consecutive year. The numbers for the 40-day 2020 Saratoga meet remained surprisingly strong, despite the lack of fans due to the COVID-19 pandemic. Saratoga […]
Costa Rica-based online sportsbooks 5Dimes told its American customers it will stop taking bets from the United States on Sept. 21, part of a change in strategy for the longstanding bookmaker. Customers can withdraw funds from their accounts up until Sept. 25, after which the money will be turned over […]
NBA icon Michael Jordan will receive an equity stake in the sports betting company DraftKings. In exchange, Jordan will become a special advisor to the company’s board of directors. News of the deal, announced Wednesday, sent DraftKings’ stock soaring. This isn’t Jordan’s first investment in the sports betting sector. In […]
An impasse between Nevada casinos and Churchill Downs Inc. sent the state’s casinos back to booking the Kentucky Derby in-house, rather than partaking in the national pari-mutuel pools. In an agreement signed last week, the Nevada Gaming Commission approved a resolution that allows the state’s casinos to book action on […]
There might be light at the end of the tunnel for NY Mets fans. On Friday, the beleaguered team won a double-header against the Yankees. On Saturday, fans discovered that billionaire Steve Cohen is in exclusive talks — again — to buy the Mets. In a subway series for the […]
NBC Universal became the latest major American media organization to partner with a sports betting operator on Thursday, announcing a multiyear partnership with Australian firm PointsBet. The deal makes PointsBet the official sports betting partner of NBC Sports. NBC Seeks Engagement, PointsBet Looks for Credibility PointsBet launched its US operations […]
The IRS said it intends to impose an excise tax on DFS contest entries, but legal experts believe the industry can delay the implementation due to ambiguities in the law. Confusion About Whether DFS Contests are Wagers An IRS memo said that DFS companies must pay a 0.25 federal excise […]
A decision by the IRS to require daily fantasy sports operators to pay a federal excise tax on DFS contests is spurring debate over the future of the industry. DFS Subject to Same Excise Tax as Sports Bets An IRS memo says the DFS industry will face the same 0.25 […]
Despite reducing race days for the Belmont Park fall meet and the Aqueduct winter meet, the New York Racing Association told New York state regulators it can financially operate under current conditions into the first half of 2021. The concerns about NYRA’s financial viability came because of the coronavirus pandemic, […]
DraftKings became the first operator to offer brick-and-mortar sports betting in the state of New Hampshire this week, opening a sportsbook at The Brook in Seabrook. The opening comes eight months after DraftKings and the New Hampshire Lottery launched the state’s first mobile sports betting offering in December 2019. The […]
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