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Florida Targets Daily Fantasy
Plus: FanDuel's $20 million bet, and DraftKings Pick'em?
Welcome to your weekly roundup! This week: Florida targets daily fantasy operators. Plus, what is DraftKings Cashpicks, Betr takes on No House Advantage’s customers and FanDuel had a $20 million problem this week. If you liked reading this, please subscribe or share it with a friend. Have a great week!
Florida targets Daily Fantasy: The Florida Gaming Control Commission reportedly sent cease-and-desist letters to Underdog Fantasy, PrizePicks and Betr due to their fantasy sports games. Underdog CEO Jeremy Levine posted to Twitter(X) some correspondence that his general counsel had with state officials, which confirmed that Florida considers all of Underdog’s paid fantasy offerings (season-long drafts, daily drafts, pick’em) as illegal. “We strongly disagree with their assessment. We will continue operating our fantasy contests in Florida as we engage with the Commission and elected officials,” Levine wrote on X.
What is DraftKings Cashpicks? DraftKings could be moving into pick em-style daily fantasy, after filing a trademark for “DraftKings Cashpicks.” While it isn’t clear exactly what DraftKings is building, speculation is on a pick’em daily fantasy game, designed to take on PrizePicks, which is topping DraftKings and FanDuel in revenue in Michigan and Arizona. DraftKings and FanDuel have previously lobbied against pick’em games, arguing that it’s a form of gambling. Pick’em games, unlike peer-to-peer fantasy games, are played against the house, picking at least two different players from at least two different teams.
Betr NHA deal: Betr has acquired the users of the daily fantasy operator No House Advantage, which shut down in August 2022 amid reports it was seeking a buyer. The deal transfers existing balances to Betr and the former NHA users will be able to withdraw their funds. Betr launched its fantasy sports service in July in 24 states.
FanDuel’s $20 million: FanDuel had to scramble to pay a $20 million loss after a 200:1 parlay bet hit. The bet was for each NFL team in the 1pm, 4pm and 4:25pm ET Sunday games scoring at least one field goal.
Fanatics NFL streaming: Fanatics is running a promotion that provides streaming of select NFL games inside its betting app—when customers make at least a $1 bet.
Meanwhile, in Florida?: After much discussion, it doesn’t look like Florida will be getting sports gaming this week and probably not anytime soon. The Seminole Tribe is embroiled in a legal battle at the U.S. Court of Appeals.
New Sports Betting/iGaming ETF: Roundhill Financial has switched its ETF and is now offering an ETF (ticker: BETZ) based on the Morningstar Sports Betting & iGaming Index.
What we’re reading
PointsBet has been hit with a $25,000 civil penalty by the New Jersey Division of Gaming Enforcement for offering bets on in-state college sports.
Roundup: This year, Kentucky, North Carolina and Vermont have legalized sports gaming with varying tax rates, but Texas, Missouri and Georgia couldn’t pass laws.
A North Carolina proposal would give sports betting access control to local pro sports teams, not operators.
The St. Louis Cardinals and other Missouri pro teams are trying to place a measure on the ballot to legalize sports gaming in the state, after its residents have flocked over the border to Kansas, which launched sports betting in September 2022, to place bets.
LIV Golf is rolling out Simplebet’s micro-betting golf markets for this week’s Chicago LIV event.
nVenue is bringing its micro betting to Brazil and Latin American along with partner Vibra Solutions.
The Tennessee Titans get AR mixed reality with Stadium AR and The Famous Group.
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