Business and Commerce

(Image: Bill Kostroun/AP)

SPACs: How to Own a Sports Team Without Being a Billionaire

Steve Cohen needed $2.45 billion to buy the NY Mets. But with a SPAC, you don’t need to be a billionaire to own a professional sports team. Special purpose acquisition companies are a hot stock market trend, and they offer individuals an opportunity to own everything from a European football […]

Caesars already owns 20% of William Hill US.

Activist Hedge Fund Investor Could Push for William Hill Sale

The hedge fund HG Vora now owns a 5.1% stake in the sportsbook William Hill. The fund’s manager, Parag Vora, has a history of instigating gaming sector deals and, as a result, William Hill could be in play. The hedge fund’s $149 million William Hill investment was disclosed in a […]

The New York Giants are making DraftKings their official sports betting and daily fantasy sports partner. (Image: Robert Deutsch/USA Today Sports)

DraftKings Adds Another Betting Partner, Signs Exclusive Deal with New York Giants

DraftKings continued a busy week of deal-making on Wednesday, as the company announced a sports betting partnership with the New York Giants. Under the agreement, DraftKings becomes the official sports betting and daily fantasy sports partner of the Giants. DraftKings Expanding Pro Sports Presence The announcement comes just two days […]

New Jersey sportsbooks set a new monthly high for betting handle in the United States during August. (Image: Todd Prince/Las Vegas Review-Journal)

New Jersey Sportsbooks Set National Revenue Record with $66.7M August Haul

New Jersey sportsbooks took advantage of a loaded August schedule by collecting $667.9 million in bets during the month, setting a new all-time high for any state with legalized sports betting. Nevada set the previous record last November when its sportsbooks took $614.1 million in bets. New Jersey set its […]

ESPN extended its partnership with Caesars, which already included a studio at the LINQ in Las Vegas. (Image: Al Powers/ESPN)(Photo by Al Powers / ESPN Images)

ESPN Inks Deals with Caesars, DraftKings to Bolster Sports Betting Credentials

ESPN announced Monday that it reached separate, co-exclusive deals with Caesars Entertainment and DraftKings, both of which are designed to expand the sports media giant’s exposure to the sports betting industry. Under the agreements, Caesars will become ESPN’s exclusive odds partner while DraftKings becomes its exclusive daily fantasy sports provider. […]

Keeneland played host to the Breeders' Cup World Championships for the first time in 2015. It gets the 2022 Breeders' Cup along with this year's event Oct. 6-7. (Image: John Snell/Team Coyle)

Keeneland Gets 2022 Consolation After Breeders’ Cup Goes Fan-Free

The Breeders’ Cup became the latest major racing event going spectator-free, announcing it will go without fans for its upcoming event, Nov. 6-7 at Keeneland in Lexington, KY. At the same time, the Breeders’ Cup announced Keeneland will play host to the 2022 event. This means that all four major […]

Twenty years after the release of NSYNC's No Strings attached, Justin Timberlake (center) joins new group focused on bringing MLB to Nashville (Image: Time Roney/Getty)

Justin Timberlake Joins Group Luring MLB Team to Nashville

Justin Timberlake is joining a high-profile group, trying to score a MLB team for Nashville. Timberlake, a Grammy Award winner and Memphis Grizzlies minority owner, is a pitch-perfect addition to the Music City Baseball investment group. Timberlake, a Memphis native, is excited by the prospect of a Nashville MLB team. […]

Midnight Bisou's stellar career is dotted with victories, such as this one in the 2019 Grade 1 Ogden Phipps. She is one of four champion mares headed for Fasig-Tipton's November Sale. (Image: Joe Labozzetta/NYRA)

Midnight Bisou, Monomoy Girl Headline Fasig-Tipton’s November Sale

Four of the greatest distaff horses of the last five years go on the auction block this November when the owners of Monomoy Girl, Midnight Bisou, Uni, and Rushing Fall put their prize mares up for sale at the Fasig-Tipton November Sale. Held at Keeneland on Nov. 8, Fasig-Tipton’s November […]

The University of Colorado signed a five-year partnership with sports betting operator PointsBet, the first for a Power 5 conference school. (Image: Cliff Grassmick/Boulder Daily Camera)(photo by Cliff Grassmick/Staff Photographer)

University of Colorado Signs Five-Year Sponsorship Deal with PointsBet

The University of Colorado has entered into a five-year partnership with online sports betting operator PointsBet, marking one of the first deals between a major college athletics department and a gambling firm. Under the agreement, PointsBet will display signage at Colorado’s football stadium and basketball arena, and will place ads […]

Flavien Prat's closing-day victory aboard juvenile Dr. Schivel in the Del Mar Futurity gave the rider the Del Mar jockey title. The San Diego-area track boosted its handle 8% despite no fans and fewer race dates. (Image: Benoit Photography)

Del Mar Defies the Odds with Increased Handle, Decreased Racing Days

Del Mar’s 2020 summer meet ran with 25% fewer racing days than there were in 2019, and without spectators. Even so, the seaside San Diego-area track increased its betting handle 8% from last year. Race-starved Californians combined with action-hungry bettors outside the state to boost the track’s handle to $466.68 […]

Only a handful of essential personnel watched a geared-down Tiz the Law win the Grade 1 Travers at Saratoga Aug. 8. But despite no fans, Saratoga's handle surpassed $700 million for the second consecutive year. (Image: AP)

No Fans? No Problem as Saratoga Surpasses $700 Million in 2020 Handle

Bettors proved they could handle the magic of Saratoga’s racing season without being at Saratoga, passing the $700 million mark in all-sources handle for the second consecutive year. The numbers for the 40-day 2020 Saratoga meet remained surprisingly strong, despite the lack of fans due to the COVID-19 pandemic. Saratoga […]

Michael Jordan, six-time NBA Champion and Charlotte Hornets , joins fellow major league owners in DarftKings stake. (Image: Thibault Camus/AP)

Michael Jordan Takes Equity Stake in DraftKings, Stock Soars

NBA icon Michael Jordan will receive an equity stake in the sports betting company DraftKings. In exchange, Jordan will become a special advisor to the company’s board of directors. News of the deal, announced Wednesday, sent DraftKings’ stock soaring. This isn’t Jordan’s first investment in the sports betting sector. In […]

The South Point Race Book is one of 82 Nevada race books that will book Kentucky Derby wagers outside of the national pari-mutuel pool. The state's race books and Churchill Downs Inc. are 10 months into a stalemate over the amount CDI wants per-dollar wagered. (Image: South Point)

Despite Impasse, Nevada Books Can Handle Kentucky Derby Wagers

An impasse between Nevada casinos and Churchill Downs Inc. sent the state’s casinos back to booking the Kentucky Derby in-house, rather than partaking in the national pari-mutuel pools. In an agreement signed last week, the Nevada Gaming Commission approved a resolution that allows the state’s casinos to book action on […]

The New York Mets are looking for a new buyer after a sale to hedge fund manager Steve Cohen fell through. (Image: Jeff McIsaac/Newsday)

Cohen Nears Mets Purchase, Fans Cheer, J-Lo Laments

There might be light at the end of the tunnel for NY Mets fans. On Friday, the beleaguered team won a double-header against the Yankees. On Saturday, fans discovered that billionaire Steve Cohen is in exclusive talks — again — to buy the Mets. In a subway series for the […]

NBC announced a partnership with PointsBet, the latest in a string of deals between media companies and sports betting operators. (Image: NBC Sports)

NBC Announces Multiyear Sports Betting Partnership with PointsBet

NBC Universal became the latest major American media organization to partner with a sports betting operator on Thursday, announcing a multiyear partnership with Australian firm PointsBet. The deal makes PointsBet the official sports betting partner of NBC Sports. NBC Seeks Engagement, PointsBet Looks for Credibility PointsBet launched its US operations […]

DraftKings CEO Jason Robins is eagerly awaiting Governor Andrew Cuomo's signature on a bill that would free New York daily fantasy sports from injunction. (Image: Barry Chin/Boston Globe)

Legal Experts Believe DFS Operators Can Delay IRS Excise Tax

The IRS said it intends to impose an excise tax on DFS contest entries, but legal experts believe the industry can delay the implementation due to ambiguities in the law. Confusion About Whether DFS Contests are Wagers An IRS memo said that DFS companies must pay a 0.25 federal excise […]

Much to the delight of DraftKings and FanDuel, legislation to end daily fantasy sports prohibition is moving forward in Missouri, Iowa, and Tennessee. (Image:

Some Say New DFS Tax Could Hurt Industry

A decision by the IRS to require daily fantasy sports operators to pay a federal excise tax on DFS contests is spurring debate over the future of the industry. DFS Subject to Same Excise Tax as Sports Bets An IRS memo says the DFS industry will face the same 0.25 […]

The Saratoga racing season is a crucial financial engine for the New York Racing Association. One of the country's largest racing organizations lost $6.7 million in the second quarter and will cut races out of its Belmont and Aqueduct fall meets. (Image: Erica Miller/Daily Gazette)

NYRA Reduces Belmont, Aqueduct Meet Dates, Reports Financial Stability

Despite reducing race days for the Belmont Park fall meet and the Aqueduct winter meet, the New York Racing Association told New York state regulators it can financially operate under current conditions into the first half of 2021. The concerns about NYRA’s financial viability came because of the coronavirus pandemic, […]

DraftKings has launched the first retail sportsbook in New Hampshire at The Brook in Seabrook. (Image: DraftKings)

DraftKings Opens First Retail Sportsbook in New Hampshire

DraftKings became the first operator to offer brick-and-mortar sports betting in the state of New Hampshire this week, opening a sportsbook at The Brook in Seabrook. The opening comes eight months after DraftKings and the New Hampshire Lottery launched the state’s first mobile sports betting offering in December 2019. The […]