Betting

Legal sports betting is here, and it’s sustainable

Journal - 05/06/2024

From MLB superstar Shohei Ohtani to now former NBA player Jontay Porter, recent stories surrounding sports integrity have predictably led to scrutiny of America’s still-new legal sports betting market. These headlines wrongly depict the workings of the legal and regulated market and fail to recognize the persistent...

Minnesota sports betting bill faces backlash after state senator's arrest

Daily - 05/03/2024

A bill to legalize sports betting in Minnesota is "in serious trouble, running afoul of the partisan rancor over the arrest of a state senator on a felony burglary charge,” according to Steve Karnowski of the AP. One of the lead authors, state Sen. Matt Klein (D), is not...

Missouri coalition submits signatures to put sports betting on ballot

Daily - 05/03/2024

A coalition backing legal sports betting in Missouri on Thursday said that it “turned in roughly twice the number of signatures needed” to put the question on the November general election ballot -- more than 340,000 signatures, according to Alyse Pfeil of the ST. LOUIS POST-DISPATCH. Winning for Missouri...

U.S. sports betting ads declined 21% in 2023

Daily - 05/03/2024

Ads for sports gambling in the U.S. “tumbled” 21% last year, the first decline since 2016, as operators “sought to reduce ongoing losses in the business,” according to Christopher Palmeri of BLOOMBERG NEWS. Spending “peaked at about” $1.4B in 2022, up from just $22.9M five years earlier. Companies traditionally “spend...

ESPN Bet 'drags' Penn's Q1 revenue down

Closing Bell - 05/02/2024

Penn Entertainment's stock dropped today after the company "fell short of consensus estimates" for Q1. ESPN Bet was a "drag on the bottom line" for Penn, posting an adjusted EBITDA loss of $196M. Revenue fell 3.6% year-over-year to $1.61B, with "drops reported across the Midwest, West, Northeast, South, and Interactive...

Social betting platform Kutt secures $1M+ in funding from Lightning Capital

Kutt , a betting platform where you play against peers and other platform users, closed Q1 2024 with a $1 million-plus investment from Lightning Capital, which specializes in early-stage investments in providers of digital assets, Web3 ecosystems, hardware and software. Some of Lightning Capitals’ portfolio companies...

Mississippi online sports betting bill fails to advance in state legislature

Daily - 05/01/2024

Mobile sports betting will remain illegal in Mississippi after legislative negotiators “failed to advance a final proposal Monday,” according to Michael Goldberg of the AP. The House and Senate passed “versions of the Mississippi Mobile Sports Wagering Act” earlier in the state’s legislative session. Sports wagering has been “permitted...

Microbetting analytics startup nVenue names Quinton Singleton as President and COO

Microbetting analytics startup nVenue has hired veteran gaming executive Quinton Singleton to be its President and Chief Operating Officer. Singleton, who was already consulting for nVenue as its lead strategic advisor, now takes on an expanded role seeking to grow the business both in the US and...

Jontay Porter suspension shows system works, but raises questions on future of player props

Unpacks Newsletter - 04/29/2024 | Betting Newsletter - 04/26/2024

They are largely unrelated, yet inevitably intertwined. An interpreter stole $16 million from Shohei Ohtani to cover gambling debts, initially creating suspicion that baseball’s biggest star was either betting or covering the losses of a close friend who’d gotten in over his head with a Southern California bookie....

March sports betting handle tracking up big, but several big states still to report

Betting Newsletter - 04/26/2024

With all but seven states reporting, March is tracking 14% ahead of last year in states that also were open at that time in 2023. Those states that have reported are up 16% over February. Big gainers included Maryland (+39% vs. March 2023), Louisiana (+40%) and New Jersey (+30%). ...

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Quote Of the day

We're trying to show elected officials that if you build it, they will come.
-- Red Stars President Karen Leetzow, on using the team's June 8 game at Wrigley Field as a catalyst to getting funds for a new stadium in Chicago. CHICAGO SUN-TIMES, 5/4.

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Betting

Legal sports betting is here, and it’s sustainable

Minnesota sports betting bill faces backlash after state senator's arrest

Missouri coalition submits signatures to put sports betting on ballot

U.S. sports betting ads declined 21% in 2023

ESPN Bet 'drags' Penn's Q1 revenue down

Social betting platform Kutt secures $1M+ in funding from Lightning Capital

Mississippi online sports betting bill fails to advance in state legislature

Microbetting analytics startup nVenue names Quinton Singleton as President and COO

Jontay Porter suspension shows system works, but raises questions on future of player props

March sports betting handle tracking up big, but several big states still to report

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