DraftKings Stock Update & ESPN To Expand Gambling Focus? This Week In Sports Betting
DraftKings Rings The NASDAQ Bell
To commemorate their 10th year anniversary, DraftKings’ CEO Jason Robins was invited to ring the NASDAQ bell Friday morning. Robins was joined by fellow DraftKings’ brass and board members.
Sports betting stocks have become widely popular since DraftKings went public last April via a three-way partnership with Diamond Eagle Acquisition Corp. and SBTech. Friday’s closing price saw DraftKings shares trading at $53.14 each, up significantly from the $20 it saw at its IPO. While those that got in early have cashed in on the sudden boom in the sports betting financial markets, this price is down from DraftKings’ high of $74 that is saw in March of this year.
ESPN Eying Proprietary Sportsbook?
Could the so-called ‘World Wide Leader In Sports’ soon become the ‘World Wide Leader In Betting?’ Sources close to the ESPN shot callers apparently think so.
Rumors that ESPN was looking to formally make an entrance into the betting market heated up as Connecticut legislators voted to legalize sports betting. The vote could see Conn.’s Mohegan and Mashantucket Pequot Native American tribes offer regulated sports betting as early as this NFL season.
The Bristol Conn. based ESPN has long sought ways to capitalize off of the growing interest in sports betting. Some speculate that the recent surge in gambling-related hires signals that the brand looks to emerge as the premiere destination for sports and sports betting information.
New York’s Sports Betting Handle Raises Eyebrows
New York Governor Andrew Cuomo is infamous for his manipulation of numbers, and the release of the Empire State’s sports betting handle conflicts with his plan for expanded online wagering.
Cuomo touted that New York could see as much as $500 million in annual tax revenue from a mature sports betting market. While many questioned the governor’s math from the onset, reports now estimate that the state has seen only $231.1 million in wagers placed since legalized in July of 2019. While this number is subject to the fact that wagering is restricted to retail wagering shops, is does make it somewhat evident that the state has a long way to go if it hopes to reach Cuomo’s lofty expectations.
As sportsbooks submit the paperwork necessary for consideration to be one of the four mobile operators licensed in the state, it is expected that DraftKings and FanDuel will be the shoe-ins. BetMGM, Barstool and William Hill are all in the mix, but ultimately one will fail to make the cut.
Esports Wagering Coming To Pennsylvania
Tuesday’s signing of HB 1580 sees Pennsylvania inch closer to becoming the latest state to offer eSports wagering. The bill, sponsored by House Democrat Ed Neilson, now moves to the Republican-controlled legislature where it faces an uncertain future.
Pennsylvania gaming regulations are somewhat conservative in comparison to others in the region, and state legislators have often opted to remain stern with their interpretation of ‘”sports betting.”
Pennsylvania has not allowed wagering on awards shows, and the state has even excluded numerous prop betting options in fears that they did not meet the criteria of true wagers on “sports events or on the individual performance statistics of athletes in a sporting event or combination of sports events.”
