5402 stories by Todd Shriber
Kalshi Cracks Down on Insider Trading in Mr Beast Prediction Market
Prediction market operator is clamping down on insider trading One case involved an editor working for social media star MrBeast Another involved the California gubernatorial race Kalshi wants market participants and regulators to know it takes allegations of insider trading seriously, with...
Prediction Markets Not Displacing Sportsbooks, Says Fidelity Portfolio Manager
The manager of the Fidelity Select Leisure Portfolio is constructive on the US sports wagering industry The mutual fund holds shares of DraftKings and Flutter Entertainment Portfolio manager says prediction markets panic is an “overly simplistic” view While there’s more to the...
New York Fed Study Links Sports Betting Expansion to Falling Credit Scores
Federal Reserve Bank of New York highlights negative personal finance trends for some bettors in sports wagering-adjacent states Adverse outcomes include a downturn in credit scores and slight upticks in delinquencies Data implies that bettors in a non-legal state are willing to...
Leveraged DraftKings ETF Closing After Just Seven Months on the Market
The leveraged ETF surprisingly failed to gain a following It has just $492,800 in assets under management It will be shuttered in March One of the first leveraged exchange-traded funds (ETFs) focusing exclusively on DraftKings (NASDAQ: DKNG) is heading to the ETF...
DraftKings Job Cuts: Why the Boston-Based Sportsbook Leader is Expected to Save $30M Annually
DraftKings is restructuring some roles, resulting in layoffs An analyst estimates the moves, potentially prompted by AI, could save the company approximately $30 million per year It’s the second round of layoffs at the gaming company, with the first occurring in 2023...
Prediction Markets Evolving Beyond Gambling, On Pace for $10B in Revenue
Citizens reiterates call for prediction markets to reach $10 billion in revenue by 2030 Research firm says industry is evolving beyond “consumer-oriented gambling technology” Sees pathways to improved institutional access Prediction market revenue is scaling alongside volume, indicating the nascent industry is...
Penn Adds Three Directors, Ends Proxy Fight with HG Vora
Regional casino operator is adding three directors That move increases the size of the board to 11 from eight It also ends a proxy battle with HG Vora Penn Entertainment (NASDAQ: PENN) today announced the appointment of three new directors, expanding the...
GLPI Unlikely to Fully Finance Bally’s Bronx Casino
The REIT is interested in participating in providing financing for the Bronx casino It acknowledges Bally’s may have other financing options Gaming & Leisure is Bally’s primary landlord Gaming and Leisure Properties (NASDAQ: GLPI) is interested in providing financing for Bally’s $4...
States Likely to Keep Scoring Legal Wins Against Prediction Markets, Says TD Cowen
Bank says states positioned to continue legal success against prediction markets even with CFTC getting involved Kalshi scored a legal win in Tennessee this week TD Cowen believes Crypto.com Nevada case will advance to SCOTUS Kalshi won a preliminary injunction in Tennessee...
DraftKings, Flutter Among Top Consumer Cyclical Stocks to Buy, Says Morningstar
Both stocks are undervalued, says research firm Morningstar sees prediction markets gaining 3% of US online gaming market share by 2030 Analyst says DraftKings’ leading position in the US could be durable over the long-term Shares of sportsbook Goliaths DraftKings (NASDAQ: DKNG)...
