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    By WAYNE PARRY ATLANTIC CITY, N.J. (AP) — Americans have bet more than $125 billion on sports with legal gambling outlets in the four years since a U.S. Supreme Court ruling cleared the way for all 50 states to offer it. On Saturday’s anniversary of the decision in a case brought by New Jersey, two-thirds of the states in the country have legalized sports betting. In just four years, the industry has worked itself into the daily lives of millions of Americans — from those who plunk down money hoping for a certain outcome to those who watch TV broadcasts with odds calculations to those struggling with gambling problems. You don’t have to be a gambler — or even a sports fan — to be affected: The industry tsunami of advertising is practically impossible to avoid, particularly on TV and radio but in other media as well. For example, FanDuel is the official odds provider for The Associated Press. On May 14, 2018, the Supreme Court decided a case that had begun 10 years earlier in New Jersey as the...
    Getty Kansas City Chiefs superstar Patrick Mahomes is expected to become the first NFL billionaire. If you’ve watched the new hit miniseries, “Super Pumped: The Battle for Uber,” you’ll know what I’m talking about when I say Patrick Mahomes II will soon have the same last name as some of the global elite. That’s right, the Kansas City Chiefs superstar is expected to become the first NFL billionaire athlete — with a ‘B.’ According to Andrew Petcash, the founder of the sports business newsletter “The Petcash Post,” Mahomes is on track to accomplish this rare feat and it has just as much to do with his investment ventures as his potential $503 million in NFL earnings. The Kansas City Chiefs pay Mahomes well. He’s on a 10-year contract for a whopping $503,000,000. It's the richest contract in sports history. pic.twitter.com/I5klKSvjuu — Andrew Petcash (@AndrewPetcash) April 18, 2022 ALL the latest Chiefs news straight to your inbox! Join the Heavy on Chiefs newsletter here! Join Heavy on Chiefs! Petcash Outlines Mahomes Greatest InvestmentsThe sports business analyst...
    In this article DKNGVIDEO1:5701:57DraftKings shares drop in pre-market after projected full year lossSquawk BoxShares of DraftKings fell more than 19% Friday morning after it posted fourth-quarter earnings that beat analyst estimates for the quarter but revealed the company expects a greater adjusted loss for 2022 than analysts had projected. Here's what the company reported: Loss per share: 35 cents, ex-items vs 81 cents estimated, according to a Refinitiv survey of analysts Revenue: $473 million vs $445 million estimated, according to Refinitiv But DraftKings said it expected an adjusted EBITDA loss for 2022 between $825 million and $925 million, much higher than the estimated adjusted EBITDA loss of $572.7 million, according to StreetAccount. The company showed that it's spending more on marketing as it launches in new markets, which contributed to a wider loss from operations. It spent $981.5 million in 2021, for example, compared to $495.1 million in 2020. Total adjusted operating expenses grew to $601 million for the fourth quarter, compared to $526 million in Q3. DraftKings raised its revenue guidance for 2022 from...
    Emma Raducanu trademarked her name within hours of her US Open win in her first steps to becoming the ‘first billion-dollar sports woman’. UK-based lawyer Anthony Brierley applied to safeguard the words 'Emma Raducanu', 'Emma' and 'Raducanu' shortly after the 18-year-old's victory, reports The Sun. Emma, who has been heralded as a 'sponsor's dream', is on course to become the highest earning female sports star of all time. She banked a cheque for £1.8million ($2.5million) - over eight times her total previous career earnings - for her record-breaking win on Saturday. The young athlete from Bromley, south-east London, became the first British woman to win a grand slam since Virginia Wade's Wimbledon triumph in 1977, with her 6-4, 6-3 victory over Leylah Fernandez. Agents have now predicted that top brands will be 'knocking down Emma's door' with endorsement offers worth tens of millions of pounds.  Emma Raducanu, 18, who has been heralded as a 'sponsor's dream', is on course to become the highest earning female sports star of all time Emma celebrates during the final US Open Championships 2021 on...
    The Denver Broncos are soon to be in need of a new owner and the franchise will reportedly command a whopping $4 billion when sold. But no sticker shock is high enough to frighten Jeff Bezos, the billionaire founder of Amazon. Stemming from the death of late Denver Broncos owner Pat Bowlen in 2019, his seven children and other family members have struggled to settle a lengthy debate over who should assume control of the franchise. If the dispute remains unresolved, the Broncos will be sold in 2022. Bezos reportedly has serious interest in purchasing the Broncos and the prospect is exciting to former NFL punter and current SiriusXM radio host Pat McAfee. “Even though this is only two percent of his net worth to buy an NFL team and math says he could buy them all if he wanted to AND every NHL team AND every NBA team,” McAfee boasted of Bezos. “It could he the Worldwide Bezos of Sports and take it to Mars. I think he’ll go all in with the Broncos and that’s good for...
    In this article CZRVIDEO3:3403:34NBC's Mike Tirico says this NFL season will be an interesting case studyPower LunchMore Americans than ever will wager on NFL games during the 2021 season as states continue to adopt legal sports betting and operators like Caesars Entertainment, DraftKings, and MGM Resorts make further investments. An estimated 45.2 million Americans plan to wager on the NFL season in some form, up 36% from last year, according to research from the American Gaming Association. At least $12 billion will be bet on the NFL this season, according to sports betting market tracker PlayUSA. That uptick comes as legal sports betting continues to spread across the U.S following the 2018 Supreme Court decision that struck down a federal law that forbade states from authorizing legalized betting on college and professional sports. Twenty-six states and Washington, D.C., now allow legal sports wagers, compared to 18 states and Washington, D.C., at the start of last season. In addition, several states, including Arizona, Connecticut, Florida, Louisiana, and New York, have also approved legislation in some form but have yet to allow...
                        Sports betting in Virginia launched January 21, and Virginians have already wagered $865 million, according to press releases from the Virginia Lottery. In April, Virginians wagered $236.43 million according to a May 28 press release. “Virginia is actually on pace to be the fastest state to reach $1 billion in sports betting handle. Tennessee is the current record holder and needed six months to reach the milestone. But Virginia will need just about four months to eclipse the 10-figure mark. It’s a real testament to the vitality of the market,” PlayVirginia.com Site Runner Dann Stupp told The Virginia Star. April’s numbers are down 22 percent from March’s $304 million, numbers driven in part by college basketball “March Madness,” according to the Virginia Lottery press release. In April, Virginians won $216.99 million and Virginia collected $1.65 million in taxes. 97.5 percent of the taxes go to Virginia’s General Fund and 2.5 percent go into the Problem Gambling Treatment and Support fund. Stupp said college basketball and the Super Bowl...
    The record $212 billion budget New York lawmakers passed earlier this month includes an estimated $26.7 billion in revenues from new resources. That’s according to an analysis released Thursday by Comptroller Thomas DiNapoli. The new resources include federal aid tied to COVID-19 legislation, tax increases and the creation of new initiatives – including the legalization of recreational marijuana and the authorization of mobile sports betting. While the budget increases spending for several programs and provides billions in relief funds for homeowners, renters and small businesses, DiNapoli in a statement said lawmakers failed to capitalize on an opportunity to safeguard the state’s long-term financial health. “The American Rescue Plan provided fiscal relief to the state and local governments, school districts and transit systems at a critical time,” DiNapoli said. “While the Enacted Budget makes important investments in education, health care and other important areas, it’s critical to maintain a long-term view and ensure the state’s spending does not grow to unsustainable levels. Federal support is finite and there were missed opportunities in this budget to ensure the state is well-positioned to...
    Stop me if this sounds at all familiar but the right wing has opened up a new flank in the culture wars, and yet again, the target of their spittle-flecked ire is a major sports league. After a slew of multinational, multibillion-dollar corporations located in Georgia expressed some mild concerns that a recently-passed bill would disenfranchise voters—and specifically Black Georgians—Major League Baseball decided to pull up stakes on Friday and move this year’s All-Star Game from Cobb County. (Reportedly, they’ve settled on Coors Field in Colorado, a state that boasts less restrictive voting laws.) In response, diapers were filled. GOP politicians and various pundits decried the league for becoming “woke,” promising to excise the national pastime from their sports-watching diet and even calling for boycotts. On Tuesday, the Republican National Committee fired off a tweet accusing MLB of being in bed with communists, and former President Trump dialed up Newsmax to drowsily air a list of sour, fact-free grievances, including his difficulties figuring out which TV channels were currently broadcasting baseball games. This too, is hardly a recent trend. For...
    Lawmakers in New York have reached a deal on $212 billion state budget package that would legalize online sports betting online and raise taxes on high earners. Provisions in the package include initiatives to help the state recover from the COVID-19 pandemic - but critics argue that the tax hikes could cost New York City tax revenue as high earners flee to lower-tax areas.  The personal income tax rate would increase from 8.82% to 9.65% for people who make more than $1 million a year - and couples who make more than $2 million, the New York Post reported. The eleventh-hour budget would also create two new income brackets that would tax people who make more than $5 million at 10.3% and those who make more than $25 million at 10.9%, the outlet reported. Rich New Yorkers would effectively be taxed higher than any other state, including California, after local and state personal income tax rates are combined, The New York Times reported.  Lawmakers in New York have reached a deal on $212 billion state budget package that would...
    ALBANY, N.Y. (CBSNewYork) — Gov. Andrew Cuomo and top lawmakers came to an agreement on a new state budget Tuesday. The $212 billion plan includes legalized mobile sports betting. READ MORE: In Medical Milestone, Sonia Sein Is 1st Patient In The World To Receive A New Trachea It will spend a record $29.5 billion in aid to schools and provide $2.4 billion for rent and relief for homeowners. It will also provide $2.4 billion for child care. The budget allots $1 billion for small business recovery. READ MORE: Mayor Bill De Blasio Says City Will Stop Using Hotels As Homeless Shelters, A Little More Work Needed Before Offering Timeline It also includes a plan to make broadband internet affordable, along with comprehensive nursing home reforms. “This budget continues funding for the largest-in-the-nation $311 billion infrastructure plan, establishes a groundbreaking program to provide affordable internet for low-income families and enhances public safety through police reforms, all while continuing to provide relief to New Yorkers and small businesses as we recover from the pandemic,” Cuomo said in a statement. “Working and middle-class...
    NBA Commissioner Adam Silver addresses the media prior to the game of the Miami Heat against the Los Angeles Lakers in Game one of the 2020 NBA Finals as part of the NBA Restart 2020 on September 30, 2020 at AdventHealth Arena at ESPN Wide World of Sports Complex in Orlando, Florida.Garrett Ellwood | National Basketball Association | Getty Images Ownership accoutrements. It's the phrase National Basketball Association commissioner Adam Silver used in 2019 to help frame the attraction of becoming a sports owner. And Silver suggested the NBA could incentivize those looking to join its club, even on a minority level.   The NBA's plan to lure private equity money is in motion, and it's betting on the allure of owning limited partnerships in its clubs will pay off. With valuations in clubs rising to astronomical levels, the NBA joined the private equity chase when owners approved a plan to allow investment firms to own stakes in teams. NBA executive J.B. Lockhart is one the individuals who oversees this strategy and the league picked Dyal Capital as its partner....
    The International Olympic Committee tried to assure dozens of international sports federations on Thursday that the postponed Tokyo Games will open on July 23. The IOC and Tokyo organizers have been holding on-line sessions this week with about 200 national Olympic committees, and with the more than 30 summer sports bodies that are represented on the program. CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM “We are very confident that the games in Tokyo next year will take place," IOC sports director Kit McConnell told delegates in the on-line seminar. "We are moving forward on this basis.” The sessions are not open to the media, and only opening statements are made available. The IOC and local organizers have been campaigning for several months to rekindle interest among the Japanese public, and assure sponsors who have invested billions of dollars that the Olympics can take place during a pandemic. They are not expected to reveal concrete plans until later this year, or early in 2021. Still up in the air is how more than 15,000 Olympic and Paralympic athletes can safely...
    By STEPHEN WADE, AP Sports Writer TOKYO (AP) — The International Olympic Committee tried to assure dozens of international sports federations on Thursday that the postponed Tokyo Games will open on July 23. The IOC and Tokyo organizers have been holding on-line sessions this week with about 200 national Olympic committees, and with the more than 30 summer sports bodies that are represented on the program. “We are very confident that the games in Tokyo next year will take place," IOC sports director Kit McConnell told delegates in the on-line seminar. "We are moving forward on this basis.” The sessions are not open to the media, and only opening statements are made available. The IOC and local organizers have been campaigning for several months to rekindle interest among the Japanese public, and assure sponsors who have invested billions of dollars that the Olympics can take place during a pandemic. They are not expected to reveal concrete plans until later this year, or early in 2021. Still up in the air is how more than 15,000 Olympic and Paralympic athletes can...
    On Wednesday, reports surfaced that the Los Angeles Lakers, led by LeBron James, were going to boycott the rest of the NBA playoffs to protest racial inequality and police brutality, but on Thursday, a sudden change occurred, as reports indicated James and co. decided to keep playing instead. Chris Haynes of Yahoo Sports reported on Thursday night: Ever since the league suspended play on March 11 due to the coronavirus, James had been an advocate for resuming play if proper health and safety protocols allowed for it. But in Wednesday’s meeting, players began seeing a shift in his position when he agreed to go with whatever the majority decided, sources said. With emotions all over the place, Haslem pressed James and asked the star what he planned to do, reminding him that he’s the face of the league and it goes as he goes, sources said. James then said, “We’re out,” and walked out with almost all of his teammates following behind, sources said, wit Howard being the only Laker who remained. Haynes noted that on Thursday, the NBA players met...
    STOCKHOLM (Reuters) - Sweden plans to ease pandemic rules to allow more spectators at cultural and sporting events, if they can be organised to prevent the risk of spreading the new coronavirus, the government said on Friday. In March, Sweden limited public gatherings to 50 people to halt the spread of the virus, effectively preventing theatres, soccer clubs and concerts from being able to bring in revenues from the public. But with the number of new infections and COVID-19 deaths falling in Sweden, the government said it planned to introduce exceptions to the 50-person maximum for events where crowds could be seated two meters apart from each other, from Oct. 1. "We know that many have been hit hard by the restriction and that many see the rules as a blunt instrument," Interior Minister Mikael Damberg told reporters. "We have to make sure that the rules about public gatherings and events do not needlessly affect events that can be held in a way that limits the risk of infection." The government said it would ask the Public Health Agency to...
    Getty “Pandemic-resistant.” That’s how Forbes workers author Kurt Badenhausen describes the world’s main sports activities franchises within the introduction to the World’s Most Useful Sports activities Groups 2020. The Pittsburgh Steelers aren’t any exception, not less than when it comes to valuation. Bought in 1933 for $2,500, the Steelers at the moment are value $2.eight billion, making them the 28th most precious sports activities franchise on this planet, in accordance with Forbes. That’s two locations greater on the record than final 12 months, when the franchise was valued at $2.585 billion. By no means thoughts the truth that video games at the moment are being performed in empty stadiums and empty arenas. That hasn’t stopped billionaires from persevering with to bid up the price of shopping for skilled sports activities franchises, notes Badenhausen, who quotes Sal Galatioto of the funding agency Galatioto Sports activities Companions. “There isn’t a lack of multi-billionaires that wish to get into the sports activities enterprise proper now,” mentioned Galatioto. “Individuals pays a premium. They purchase these groups not...
    Getty “Pandemic-resistant.” That’s how Forbes staff writer Kurt Badenhausen describes the world’s leading sports franchises in the introduction to the World’s Most Valuable Sports Teams 2020. The Pittsburgh Steelers are no exception, at least in terms of valuation. Purchased in 1933 for $2,500, the Steelers are now worth $2.8 billion, making them the 28th most valuable sports franchise in the world, according to Forbes. That’s two places higher on the list than last year, when the franchise was valued at $2.585 billion. Never mind the fact that games are now being played in empty stadiums and empty arenas. That hasn’t stopped billionaires from continuing to bid up the cost of buying professional sports franchises, notes Badenhausen, who quotes Sal Galatioto of the investment firm Galatioto Sports Partners. “There is no lack of multi-billionaires that want to get into the sports business right now,” said Galatioto. “People will pay a premium. They buy these teams not just on the numbers, but on the brand value.”The World’s Top 3 Most Valuable Sports FranchisesAccording to Forbes, the most...
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