Day-to-day 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 ongoing business through his investment firm Revolution development.
Ted Leonsis, owner of the Washington Capitals and Washington Wizards, has purchased a stake in DraftKings through his investment company, Revolution Growth.
This is DraftKing’s second major round of money in just over a year. In July 2015, the company was able to raise a $300 million war chest to aid finance its ambitions that are international $150 million of which arrived from Fox Sports for an 11 percent stake in the business.
The last round ended up being before DraftKings and fellow market leader FanDuel were beset by legal difficulties, nevertheless. Facing a threat of billions of dollars in fines from New York Attorney General Eric Schneiderman, DraftKings’ international expansion plans were temporarily curtailed, as appropriate costs mounted.
Market Cap Unknown
The great news, given that DFS has returned in New York, is that the industry is once again regarded as investable. And that’s despite DraftKings market cap being damaged by the different challenges that are legal has faced. In July 2015, the organization was valued at around $2 billion, and while its valuation wasn’t disclosed during this round of investment, Eilers & Krejcik Gaming has estimated the organization’s worth to be around 50 % of that figure today.
The analyst also said that, in light regarding the investment that is new a merger between DraftKings and FanDuel would now seem unlikely. In June, it was reported by Bloomberg sources that the businesses had been engaged in negotiations regarding a merger, which private investors in both companies had been pushing for a while.
Consolidation could have made feeling, largely because associated with amount of cash both devote to wanting to out-market one another and will be offering a really similar service. Then there would be the costs become conserved from both companies’ various legal skirmishes in the United States. Add the increase in licensing charges and local fees as DFS becomes regulated on a state-by-state that is gradual, as well as the attractiveness of a merger becomes clear.
Consolidation Off the Table
In a statement that is official DraftKings CEO Jason Robins praised Revolution development’s ‘entrepreneurial outlook and spirit of innovation’ that ‘meshes perfectly with the tradition of our company,’ also its ‘deep expertise in recreations, 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 simply help entrepreneurs execute on their some ideas, especially where sports and policy intersect.’
If the merger is certainly off the dining table, it is likely that FanDuel could initiate a new round of funding of unique in order to remain competitive.
Rodrigo Duterte Backtracks US Comments, Country Continues Illegal Gambling Crackdown
Philippines President Rodrigo Duterte is walking back comments directed at US President Barack Obama. Just hours after Duterte said he doesn’t answer to anybody ‘except the Filipino people’ and called Obama a ‘son of a bitch’ in his native Tagalog, the 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. ‘ Although the cause that is immediate my strong comments to certain press questions that elicited concern and distress, we also regret it came across as being a personal attack in the US president.’
Obama’s team canceled the meeting upon hearing Duterte’s initial remarks, nevertheless now state they are rearranging the engagement.
Obama has indicated he wants to meet up with the new Filipino president to confront the latter’s handling of illegal drug dealers and extrajudicial killings. Duterte has provided law enforcement the straight to destroy suspected drug operators and break up cartels, and almost 2,000 killings have taken spot because the 71-year-old took office on June 30, 2016.
Duterte recently did an about-face for a stance that is previous internet gambling. After forcing the country’s gambling arm PAGCOR to not renew the operating license for PhilWeb, he announced in late August them are situated far enough away from schools and churches that he was willing to allow online gambling, if taxes were paid and if the gaming parlors that house.
Some 299 internet gaming cafes throughout the national nation have actually provided multimillions in tax revenue to the us government. But also for PhilWeb Corp and its particular owner Roberto Ongpin, the party is apparently over. PhilWeb had claimed a license that is exclusive operate the cafes that provide eGames, prior to the Duterte dictum.
However with so numerous millions in potentially lost gaming tax revenue at risk, Duterte’s strong moral convictions may actually have, um, disappeared.
‘Pay the taxes which are correct . . gamble until you die. I actually do maybe not really care,’ the Filipino president stated in regards to the gaming reinstatement that is online.
Gaming Operators Enemy #2
Duterte has made no secret about his wishes to get rid of drug dealers from the Philippines. But close behind the narcotics trade are those taking part in running lotteries that are illegal gambling.
On September 6, the head police chief in Cagayan de Oro City announced that his agency could be increasing its efforts to restrict gambling that is non-regulated. The 10th-most city that is populated the Philippines, the Cagayan de Oro chief stated he will resign if his department cannot eliminate illegal gambling rings through the city 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 regarding the Philippine National Police, states his force will go after illegal gambling once the war that is present medications concludes in six months.
No Love from Asia
Duterte was not the only international diplomat failing to show respect to Obama this week, either.
Like Duterte, President Obama is in Asia now for the G20 Summit. But whenever the American president arrived, the typical red carpet staircase nearly exclusively used to welcome worldwide leaders was mysteriously missing.
In fact, Asia didn’t provide a staircase even lift to Air Force One. Instead, Mr. Obama exited the plane from a seldom-used staircase that comes out from underneath the belly of the aircraft.
‘They will not even give him stairs, proper stairs, to get out 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 us get free from here.»
Trump made the remarks at an event in Ohio, and his challenger that is democratic was far away. 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 this week.
A brand new CNN poll shows Trump leading Clinton by two percent, but the Real Clear Politics average that is polling has the former secretary of state ahead by 3.3 points in what’s growing to be one of the most dramatic presidential campaigns of the last 100 years.
Paddy energy Irish Billboard Pokes Fun At Trump with ‘Is Orange the New Black?’ Ad
A new Paddy Power billboard ad campaign in Ireland may be raising some eyebrows, but there is nothing new in that. The Irish bookmaker famously goes where no other business would dare, but its latest work is perhaps the absolute most uncomfortably smirk-stifling yet.
Orange may be the New Black? Irish bookmaker Paddy Power is used to getting under people’s skin, but this time, it is exactly about what’s on the outside for the upcoming US election that is presidential. (Image: Paddy Energy)
Providing odds on among the applicants running for president of america, Paddy Power’s new billboard advertisement bears images of presidential GOP hopeful Donald Trump alongside Barack Obama, while asking if ‘Orange is the latest that is black’ a play on the most popular Netflix TV series about feamales in a minimum-security federal jail whom wear orange jumpsuits.
The bookmaker manages to mock on our squeamishness at referencing skin and race color, while lampooning the famously orange-faced Trump. A bit over the past few months, he’s been known to go full-throttle tangerine in the past while the Republican candidate appears to have softened his fake tan stance.
Paddy Power installed the billboard in Dublin on the weekend, in preparation for the forthcoming exhibition football game between Boston College and Georgia Tech, hoping to draw the interest of visiting Us citizens.
‘With the gridiron attracting hordes of US visitors we thought we’d provide them with a little understanding of how their Republican candidate is faring in the wagering,’ said a spokesman for Paddy Power. ‘Despite a number of Trump’s comments being more ill-advised than his hair, the billionaire is still really in the battle and there exists a realistic opportunity that orange may be the new black.’
To be honest, we never ever did we think we’d live to see the first orange president for the usa, but what itâ€™s likely that 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 4/11 favorite. Paddy Power has said that should Trump win the election, its customers are set in order to make around €1 million ($1.12 million), a figure that’s expected to double in the months that are coming.
But while bookmakers are notoriously great at predicting the outcome of governmental events, we’re perhaps not sure it applies here. In the US, gambling on politics is illegal. And the majority that is vast of Power’s clients are British or Irish citizens, and so will not be voting.
Bearing that in head, Paddy Power’s odds don’t offer a cross-section for the views of American voters in almost any means, shape, or form. It is simply that more profit great britain has been placed on Clinton. Along with the polls results in the usa tightening between your two candidates, they could yet be painting the White House dolphin treasure slot by aristocrat (online version) a deep shade of apricot come November 8.
Mesquite, Nevada Voters Want Smoke-Free Casinos, But Can Gaming Business Survive?
In Mesquite, Nevada, voters are ready to ban smoking that is indoor all places of company. At least, that’s what one city that is new shows in the small city of less than 18,000 residents that sits about 80 miles outside of Las Vegas.
According to a poll conducted by Public Opinion Strategies, a research that is virginia-based, 62 per cent of Mesquite residents support a local ordinance to completely ban smoking inside. That could replace the law that is current continues to permit smoking cigarettes at gambling enterprises, nightclubs, and some bars.
Smoking on gambling floors could soon be prohibited inside Mesquite, Nevada casinos, after having a poll that is new residents want clean air inside all company establishments. (Image: Danny Drake/Press of Atlantic City)
Nevada passed the Clean Indoor Air Act in 2006, and made smoking cigarettes inside workplaces and public buildings illegal.
But the air that is clean included a carve-out for the state’s massive casino industry. As well as the Mesquite Citizens for Clean Indoor Air group now wants to change that.
‘Everyone deserves to breathe clean indoor air. No body must have to lose 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 company and implement the newest statute in as little as 60 days.
‘It’s not up to the voters to decide. It’s up to the town leaders,’ Christine Picior, a coalition user, told The Spectrum.
The small city of Mesquite sits northeast of Las vegas, nevada on the Nevada and Arizona border. The historic city relies heavily on tourism, having its casinos and pioneering history to lure visitors visiting and from las vegas regarding the I-15 interstate.
It remains unclear whether a casino smoking ban would bring brand new bettors to Mesquite, or turn away faithful customers. But it is likely that local residents, who also gamble, as well as casino workers, are more interested in their long-lasting health these days.
In Macau, a crusade that is similar ban smoking wasn’t very effective. Though smoking is confined to designated lounges, workers complained clients usually fail to adhere to the mandate and continue smoking on the general casino floor. In China (and Asia generally), the West’s campaign that links cigarettes and cancer does not appear to have taken down much, if at all, and numerous citizens are still heavy cigarette smokers in that country.
Final May, two lobbying organizations functioning on behalf of casino employees called in the resorts to enact an one-day citywide indoor smoking ban on floors, smoking lounges, and VIP rooms. However with one in 2 Chinese citizens over the age of 15 reportedly a regular smoker, the casino companies didn’t budge.
No Hurray for Harrah’s
If Mesquite opts to ban smoking from its casinos, it couldn’t be the city that is first enforce such policies. Smoking is banned in all the poker that is major in Las Vegas, though smoking on main casino floors stays common.
Down south in New Orleans, however, city officials extinguished all butts in casinos as of April 2015. Exiling cigarette smokers to outdoor ‘smoking lounges,’ aka steel benches, caused revenues to fall, based on Harrah’s brand New Orleans. The city’s only land-based casino said slot revenue dropped 17 percent within the 12 months after the ordinance that is new.
Proponents of clean interior air says Harrah’s is utilising the smoking cigarettes ban as an excuse, and point to riverboat casinos in other parts of Louisiana experiencing similar revenue decreases beyond your smoking cigarettes ban.
Possibly Pennsylvania has got the smoking predicament solved.
The Keystone State’s 12 casinos are permitted to designate as much as 50 percent of the floor for smoker-friendly gaming. Dining areas are 100 smoke-free that is percent because they are in Las Vegas and many metropolitan areas across America these days.