Daily fantasy sports market leader DraftKings has raised $153 million in new investment money. Ted Leonsis, the billionaire owner of the Washington Capitals and Washington Wizards sports teams, has bought a significant, but undisclosed, stake into the business through his investment firm Revolution development.
Ted Leonsis, owner associated with Washington Capitals and Washington Wizards, has purchased a stake in DraftKings through his investment company, Revolution Growth.
This might be DraftKing’s second major round of funding in just over a year. In July 2015, the business was able to raise a $300 million war chest to greatly help finance its international aspirations, $150 million of which arrived from Fox Sports for an 11 percent stake in the business.
The final round ended up being before DraftKings and other market leader FanDuel were beset by appropriate difficulties, however. Facing a threat of billions of bucks in fines from New York Attorney General Eric Schneiderman, DraftKings’ international expansion plans had been temporarily curtailed, as appropriate costs mounted.
Market Cap Unknown
The very good news, given that DFS is back in New York, is the fact that industry is once again regarded as being investable. And that’s despite DraftKings market cap being damaged by the different legal challenges it has faced. In 2015, the company was valued at around $2 billion, and while its valuation was not disclosed during this round of investment, Eilers & Krejcik Gaming has estimated the company’s worth to be around half of that figure today july.
The analyst additionally said that, in light of this new investment, a merger between DraftKings and FanDuel would now seem unlikely. In June, it was reported by Bloomberg sources that the companies were engaged in negotiations regarding a merger, which private investors in both companies had been pushing for quite a while.
Consolidation could have made sense, largely because of the amount of money both devote to trying to out-market one another and will be offering an extremely similar service. Then there will be the costs become saved from both businesses’ different skirmishes that are legal the United States. Add the enhance in licensing costs and local taxes as DFS becomes regulated for a gradual state-by-state basis, and the attractiveness of a merger becomes clear.
Consolidation Off the Table
In an official statement, DraftKings CEO Jason Robins praised Revolution Growth’s ‘entrepreneurial outlook and spirit of innovation’ that ‘meshes perfectly with the tradition of our business,’ as well as its ‘deep expertise in activities, technology, and policy.’
Revolution’s Steve Murray, who will join the DraftKings board of directors included in the deal, stated that their company has the ‘expertise to help entrepreneurs execute on the tips, especially where sports and policy intersect.’
If the merger is in fact off the dining table, it is likely that FanDuel could start a brand new round of funding of its own in order to remain competitive.
Rodrigo Duterte Backtracks US Comments, Country Continues Prohibited Gambling Crackdown
Philippines President Rodrigo Duterte is walking back commentary directed at US President Barack Obama. Just hours after Duterte said he doesn’t answer to anyone ‘except the Filipino people’ and called Obama a ‘son of a bitch’ in his Tagalog that is native Philippines leader issued a quasi-apology through his spokesman.
He arrived this week in China, a courtesy not afforded to President Obama though it was apparently Casual Monday for Rodrigo Duterte, the Philippine president still received the red carpet treatment when. (Image: Made Nagi/European Pressphoto Agency)
‘We look forward to ironing out our distinctions arising out of national priorities and perceptions,’ the more calculated and statement that is civil. ‘ Even though the immediate cause ended up being my strong comments to particular press questions that elicited concern and distress, we additionally regret it came across as a personal attack in the US president.’
Obama’s team canceled the meeting upon hearing Duterte’s initial remarks, however now say they are rearranging the engagement.
Obama has indicated he wants to meet up with the Filipino that is new president confront the latter’s handling of unlawful drug dealers and extrajudicial killings. Duterte has provided law enforcement the directly to destroy suspected drug operators and break up cartels, and almost 2,000 killings have taken place because the 71-year-old took office on June 30, 2016.
Duterte recently did an about-face on a previous stance on myfreepokies.com internet gambling. After forcing the nation’s gambling arm PAGCOR not to renew the operating license for PhilWeb, he announced in late August that he had been willing to allow online gambling, if taxes were paid of course the gaming parlors that home them are situated far enough away from schools and churches.
Some 299 internet gaming cafes through the national country have actually provided multimillions in tax revenue to the federal government. But also for PhilWeb Corp and its owner Roberto Ongpin, the ongoing party seems to be over. PhilWeb had claimed a license that is exclusive operate the cafes offering eGames, just before the Duterte dictum.
However with so many millions in potentially lost video gaming tax income at risk, Duterte’s strong moral convictions appear to have, um, disappeared.
‘Pay the taxes which can be correct . . gamble until you die. I really do maybe not really care,’ the Filipino president said concerning the online gaming reinstatement.
Gaming Operators Enemy #2
Duterte has made no secret about his wishes to eradicate drug dealers through the Philippines. But close behind the narcotics trade are those tangled up in running lotteries that are illegal gambling.
On September 6, the head police chief in Cagayan de Oro City announced that his agency would be increasing its efforts to restrict non-regulated gambling. The 10th-most populated city in the Philippines, the Cagayan de Oro chief said he will resign if his department cannot eliminate illegal gambling rings through the town within two months.
Local officials say underground gaming is hampering product sales of the town’s regulated lotto.
Duterte’s lead law enforcement official Ronald Dela Rosa, chief director of this Philippine National Police, says his force will get after illegal gambling once the war that is present medications concludes in six months.
No Love from China
Duterte wasn’t the just international diplomat failing to show respect to Obama this week, either.
Like Duterte, President Obama is in China now for the G20 Summit. But whenever the president that is american, the conventional red carpet staircase very nearly exclusively utilized to welcome worldwide leaders was mysteriously absent.
In fact, Asia don’t provide a staircase even lift to Air Force One. Instead, Mr. Obama exited the plane from a staircase that is seldom-used comes out from underneath the belly of the aircraft.
‘They won’t even give him stairs, proper stairs, to escape of the airplane,’ Republican 2016 nominee Donald Trump said. ‘ If that were me, I would say, ‘You know what, folks, I respect you a complete lot but close the doors, let’s get free from here.”
Trump made the remarks at an event in Ohio, and his challenger that is democratic was far. This week with both candidates recognizing the importance of winning Ohio, Clinton and Trump’s airplanes passed each other while taxiing on the tarmac at Cleveland’s Hopkins International Airport.
A new CNN poll shows Trump leading Clinton by two percent, but the Real Clear Politics polling average still has the former secretary of state ahead by 3.3 points in what’s growing to be one of many most dramatic presidential campaigns of the past 100 years.
Paddy energy Irish Billboard Pokes Fun At Trump with ‘Is Orange the newest Black?’ Ad
A Paddy that is new Power ad campaign in Ireland might be raising some eyebrows, but there is nothing new in that. The Irish bookmaker famously goes where no other company would dare, but its latest effort is perhaps probably the most uncomfortably smirk-stifling yet.
Orange could be the New Black? Irish bookmaker Paddy Power is used to getting under people’s skin, but this time, it is all about what’s on the exterior for the upcoming US presidential election. (Image: Paddy Energy)
Providing odds on among the prospects running for president of the usa, Paddy Power’s new billboard advertisement bears pictures of presidential GOP hopeful Donald Trump alongside Barack Obama, while asking if ‘Orange is the latest black?,’ a play on the most popular Netflix TV series about women in a minimum-security federal jail who wear orange jumpsuits.
The bookmaker manages to mock on our squeamishness at referencing battle and skin color, while lampooning the famously orange-faced Trump. Although the Republican prospect seemingly have softened his fake tan stance a little over the past month or two, he’s been known to get full-throttle tangerine within the past.
Paddy Power installed the billboard in Dublin within the weekend, in preparation for the exhibition that is forthcoming game between Boston College and Georgia Tech, hoping to draw the interest of visiting People in the us.
‘With the gridiron attracting hordes of American visitors we thought we’d give them an insight that is little how their Republican candidate is faring in the wagering,’ said a spokesman for Paddy Power. ‘Despite some of Trump’s comments being more ill-advised than his hair, the billionaire is still truly in the battle and there exists a chance that is realistic orange will be the new black.’
To be honest, we never ever did we think we’d live to see the orange that is first associated with the usa, but exactly what odds are Paddy Power giving The Donald of making history now?
Odds on Donald
At 3/1 against, Paddy Power believes there exists a 25 percent chance of Trump making it towards the White House, while Hillary Clinton remains the favorite that is 4/11. Paddy energy has said that should Trump win the election, its customers are set to create around €1 million ($1.12 million), a figure that’s expected to double in the months that are coming.
But while bookmakers are notoriously good at predicting the outcome of political events, we’re perhaps not sure it applies here. Into the United States, wagering on politics is illegal. And the vast most of Paddy energy’s clients are British or Irish citizens, and thus will never be voting.
Bearing that in head, Paddy Power’s odds usually do not offer a cross-section associated with viewpoints of US voters in every means, shape, or form. It is simply that more profit the UK has been placed on Clinton. Along with the polls results in the united states tightening between the two applicants, they could yet be painting the White House a shade that is deep of come November 8.
Mesquite, Nevada Voters Want Smoke-Free Casinos, But Can Gaming Business Survive?
In Mesquite, Nevada, voters are set to ban indoor smoking at all places of business. At the very least, that’s what one city that is new suggests in the small city of less than 18,000 residents that rests about 80 miles outside of Las Vegas.
According to a poll conducted by Public Opinion Strategies, A virginia-based research firm, 62 % of Mesquite residents support an area ordinance to completely ban smoking indoors. That would replace the law that is current continues to permit cigarette smoking at gambling enterprises, nightclubs, and some bars.
Smoking on gambling floors could soon be prohibited inside Mesquite, Nevada casinos, following a poll that is new residents want climate inside all business establishments. (Image: Danny Drake/Press of Atlantic City)
Nevada passed the Clean Indoor Air Act in 2006, and made cigarette smoking inside workplaces and public structures illegal.
But the clean air law included a carve-out for the state’s massive casino industry. Therefore the Mesquite Citizens for Clean Indoor Air group now wants to change that.
‘Everyone deserves to breathe clean air that is indoor. Nobody should have to sacrifice their health for a paycheck,’ the coalition working to amend the populous city law states.
With support seemingly present, the Mesquite City Council could introduce an ordinance to outlaw all smoking that is indoor places of business and implement the new statute in as little as 60 days.
‘It’s not up to your voters to decide. It is as much as the city leaders,’ Christine Picior, a coalition member, told The Spectrum.
The city that is small of sits northeast of Las Vegas on the Nevada and Arizona edge. The historic town relies heavily on tourism, which consists of gambling enterprises and pioneering history to lure visitors coming to and from las vegas regarding the I-15 interstate.
It remains unclear whether a casino smoking ban would bring new bettors to Mesquite, or turn away faithful customers. But it’s likely that local residents, who also gamble, along with casino workers, are far more enthusiastic about their particular health that is long-term days.
In Macau, a crusade that is similar ban smoking was not very successful. Though smoking is confined to designated lounges, workers complained patrons frequently fail to adhere to the mandate and continue smoking on the casino floor that is general. In China (and Asia generally), the western’s campaign that links cigarettes and cancer doesn’t seem to have taken off much, if at all, and citizens that are many still heavy smokers in that nation.
Final May, two lobbying organizations performing on behalf of casino employees called regarding the resorts to enact a citywide that is one-day smoking cigarettes ban on floors, smoking lounges, and VIP spaces. But with one in 2 Chinese citizens older than 15 reportedly a regular smoker, the casino companies didn’t budge.
No Hurray for Harrah’s
If Mesquite opts to ban smoking from its gambling enterprises, it couldn’t be the city that is first enforce such policies. Smoking is banned in all the major poker spaces in nevada, though smoking on main casino floors stays prevalent.
Down south in New Orleans, however, city officials extinguished all butts in casinos as of April 2015. Exiling smokers to outdoor ‘smoking lounges,’ aka metal benches, caused profits to fall, in accordance with Harrah’s New Orleans. The city’s only land-based casino said slot revenue fell 17 percent in the year following the brand new ordinance.
Proponents of clean indoor atmosphere says Harrah’s is using the cigarette smoking ban as an excuse, and point to riverboat casinos in the rest of Louisiana experiencing comparable revenue decreases outside of the cigarette smoking ban.
Perhaps Pennsylvania has got the smoking cigarettes predicament solved.
The Keystone State’s 12 casinos are permitted to designate up to 50 percent of their floor for smoker-friendly gaming. Dining areas are 100 smoke-free that is percent since they are in vegas and many urban centers across America today.