Legal
August 9, 2021
SEC Investigating DraftKings over SBTech Acquisition
When known short-seller Hindenburg Research blasted DraftKings in June over its acquisition of SBTech, a certain amount of fallout was expected. It doesn’t take long before a few overzealous shareholders went on the offensive and sued the sports betting and fantasy sports giant, but the troubles don’t stop there. DraftKings is now under investigation by […]
Business
August 9, 2021
Sport Betting in Florida Silently Clears a Major Hurdle, but Trouble Remains
In spite of multiple attempts to derail the effort, Florida’s legalized sports betting market is now only inches from the finish line. The federal government’s Bureau of Indian Affairs (BIA) had 45 days to approve the state’s gaming compact with the Seminole Tribe of Florida and has allowed that window to close with no response. […]
Industry
August 6, 2021
DraftKings’ Second Quarter Earnings Posted 297% Growth
Daily fantasy, sports betting and gaming technology operator DraftKings reported today its second-quarter financial results, posting revenue of $298 million for the three months ended June 30, 2021. Nearly 300% Revenue Growth The quarterly revenue reading represents a 320% increase to the $71 million DraftKings generated in the respective quarter of 2020. However, after giving […]
Sports
August 6, 2021
Fixed Odds Wagering on Horse Racing in NJ Signed into Law
Australian gaming technology company BetMakers Technology Group announced today that the awaited legalization of fixed odds wagering on horses in New Jersey is now a reality after the bill was signed into law by Gov. Phil Murphy on August 5. Exclusivity to Manage Fixed Odds The bill that was unanimously approved by the Senate and […]
Legal
August 6, 2021
Transnational Money-Laundering Leader Pleads Guilty
US citizen Xizhi Li participated as a leader in a money-laundering network, pleaded guilty earlier this week. After a massive cross-agency investigation, the Department of Justice found out that the organization laundered millions of dollars. If found guilty, Li may be facing 20 years in prison. Multi-Million Money-Laundering Scheme Uncovered Earlier this week, a US […]
Sports
August 6, 2021
House Lawmakers in Massachusetts Vote in Favor of Legalizing Sports Betting
On Thursday, Massachusetts lawmakers in the House of Representatives voted in favor of legalizing sports betting. The support was overwhelmingly high and, as they pointed out, this is a home run for the state. Representative Jerry Parisella D-Beverly stated that legalizing betting on sports is a big boom for the Commonwealth and an overall boost […]
Business
August 6, 2021
Illinois the Quickest in US History to Reach $5 Billion Sports Betting Handle
Sports betting in Illinois took $476.5 million in June, which is the lowest it’s been since December 2020. However, the state still managed to break the $5-billion mark faster than any other state to date. Sports Betting Handle in Illinois Slumps but Revenue Increases In June, sport wagering in Illinois dropped below $500 million for […]
Business
August 6, 2021
DraftKings Could be Coming to the Chicago Cubs and Wrigley Field
A visit to the iconic Wrigley Field in Chicago, IL, could be very different in the future. The field is home to the Chicago Cubs, who teamed up with DraftKings last year, and the idea since then has been to have a massive sportsbook at the stadium. That dream moved closer to reality this week […]
Business
August 6, 2021
Peer-to-Peer Sports Betting Platform ZenSports Moves into Nevada
First, there were straight bets on sports – moneylines, spreads, etc. Then came parlay bets, adding some new excitement to the market. As sports betting continues to evolve, increased exposure to peer-to-peer betting platforms is being found, an indication of the continued evolution of the industry. ZenSports isn’t the only one getting involved, but it […]
Business
August 6, 2021
MGM Resorts to Trim Back Its Corporate Structure, Possibly Explore More Online Ops
For those who missed the memo, the US gambling industry is about to embark on a journey into the unknown. There was a time, in the not-so-distant past, that just the mention of “online gaming” caused land-based casino executives’ hearts to skip a beat. Not anymore, though, and changes are coming. MGM Resorts International isn’t […]