Andrew Carnegie isn’t a name often associated with the world of online gambling. However, the noted ‘Gilded Age’ Scottish-American industrialist would surely have appreciated the recent attempt by DraftKings to own the media, which it was previously willing to be merely a customer.
The rolling effort on the part of the US sports betting and online gambling sector to subsume the UK-listed gambling sector continues after the news that Bally’s Corporation is in the process of acquiring Gamesys in a deal that values the latter at $2.7bn.
Ted Leonsis said what was to be expected about his excitement over the sports-betting opportunity in a recent interview. But it was his comments about esports betting that are perhaps more informative.
There was a palpable level of excitement when a fund from ETF provider ARK made its debut investment in betting and gaming last week via a small-ish slug of DraftKings stock. The news helped send the DraftKings share price up 9% on Tuesday.
The tale of GameStop, and how a Reddit army managed to roil the financial markets raises all manner of issues for financial regulators and poses some questions for the legislators regarding attitudes to online gambling.
Scott’s Take: Taking advantage of the opportunities afforded by the expansion of sports betting and online gambling in the USA is dependent on one key factor – market access. As was shown in mid-December by the deal announced by Penn National to buy back the Hollywood Casino Perryville in Maryland, having automatic access to a…
2021 is starting right where 2020 left off, as MGM has made an offer to acquire Entain (formerly GVC). If accepted, the $11 billion offer would result in another mega-merger in the gambling industry. In mid-December, the recently renamed Entain announced a “global alliance” with Verizon Media, which would see the two “develop new opportunities…
Another level of resonance to the apparent symbiosis between day trading and sports betting was added after financial regulators in Massachusetts alleged that Robinhood failed to protect novice investors. The 23-page complaint from the office of Secretary of the Commonwealth William Galvin claimed the popular day-trading app allowed investors to take “unnecessary risks.”
The likelihood of an IPO for Flutter’s US interests increased yesterday after the company announced it had upped its ownership of FanDuel in a deal worth $4.18 billion. The accelerated acquisition process will see erstwhile FanDuel owners Fastball cash in their 37% stake in FanDuel.
In the current frenzy surrounding the regulation of sports betting and online gambling in the US, it’s sometimes easy to forget the industry in the rest of the world isn’t quite enjoying the free-flowing champagne apparently giving the US online gambling sector the giggles right now.
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