DraftKings to Purchase Golden Nugget Online for $1.56 Billion

DraftKings has agreed to acquire Golden Nugget Online Gaming for $1.56 billion in stock, with the latter’s shareholders receiving 0.356 DraftKings shares, a roughly 53 percent premium to Golden Nugget Online’s stock. On the news, Golden Nugget Online shares skyrocketed almost 48 percent, but DraftKings’ remained relatively flat. The deal, which will bring 5 million online casino customers to DraftKings’ ecosystem, has been approved by both companies’ boards and is slated to close in the first quarter of 2022. Continue reading DraftKings to Purchase Golden Nugget Online for $1.56 Billion

Media Outlets See Advertising Boon in Legal Sports Gambling

The Supreme Court’s ruling now permits states to make their own decisions about legal gambling on sporting events. For media and advertising companies, the ruling could also be a boon to their bottom line. With gambling, viewers will want to follow live sports in greater detail, and expanded sports coverage means more advertising dollars. In anticipation of such legalized gambling, media executives are mulling over ideas for programming on their digital platforms that include more stats and betting options. Continue reading Media Outlets See Advertising Boon in Legal Sports Gambling

TCG Forms Subscription-Based Company for Fantasy Sports

The Chernin Group (TCG), headed by Peter Chernin, has created the Action Network, a subscription-based sports analysis and media company for gamblers and fantasy-sports players. The Action Network melds three TCG-acquired companies: Mark Cuban-backed FantasyLabs, Sports Insights and Sports Action. Employees of those three companies will join the Action Network, and their founders will also be involved in key positions. Former ESPN executive Chad Millman is the new group’s head of media. TCG is the new firm’s primary investor, although it declined to state a dollar figure. Continue reading TCG Forms Subscription-Based Company for Fantasy Sports

New NFL Deal with Live Sports Data Firm Draws Concerns

The National Football League has had a longstanding anti-gambling policy, but its new deal with Switzerland-based Sportradar suggests the league may be changing its tune. According to terms of the deal, Sportradar distributes live data from professional football games, which include everything from scores to a running back’s acceleration rate. Sportradar is already well known in the sports gambling business, and it currently sells its data to fantasy sports sites. Continue reading New NFL Deal with Live Sports Data Firm Draws Concerns