DraftKings wins legal battle against former VP
In its legal battle with Mike Hermalyn, its former vice president of VIP, DraftKings came out victorious.Hermalyn's participation at his new company, Fanatics Betting...
DraftKings & Flutter stocks drop 6% on regulation concerns
Stocks of DraftKings and Flutter Entertainment fell by over six percent.
This drop was brought on by concerns that US sports betting companies, such as DraftKings and FanDuel from Flutter, might have to deal with stricter regulations and government monitoring.
Concerns were voiced, among other things, after NCAA President Charlie Baker suggested a plan to eliminate proposition betting on college games. Prop bets are popular among those who wager on sports, as they let bettors to put wagers on specific aspects of the game, such as a player’s performance. Baker released a statement in response to current difficulties surrounding sports betting, such as an NBA investigation into questionable betting patterns involving prop wagers on Toronto Raptors player Jontay Porter. This sparked questions about the necessity of further regulation and the game’s fairness.
In a letter to the executives of eight online sportsbooks, including DraftKings and FanDuel, Senator Richard Blumenthal expressed additional concerns about how these operators target problem gamblers. He advised them to utilize the information they gather to identify and help problem gamblers, instead than encouraging them to continue betting.
Some experts think that the selloff in DraftKings and Flutter stocks was an overreaction despite the bad news. The research company Craig-Hallum views it as a buying opportunity, arguing that the businesses could easily adjust to any new restrictions and that a ban on NCAA prop bets would not significantly affect overall gambling.
Another research company, Jefferies, believes that Flutter is more equipped than DraftKings to handle regulatory issues. They think Flutter is better suited to deal with prospective tax hikes, monitoring of VIP programs, and a future college betting ban.
DraftKings appoints first Chief Responsible Gaming Officer
Lori Kalani is the first Chief Responsible Gaming Officer at DraftKings.She will be accountable for enhancing the organization's player safety and protection initiatives...
