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What's Next For 888?
Some well-known investors are shaking up 888. Plus "bet-now-pay-later" and a Fliff lawsuit.
Happy Friday and welcome to your weekly roundup. Plus, some well-known industry players have bought into 888, a Fliff class-action lawsuit, and plans for a “bet-now-pay-later” offering. Meanwhile, I’m curious how the NBA Finals will go and whether Miami can keep the series competitive. If you enjoy reading this, subscribe or share it with a friend. Have a great weekend!
Changes to come? A group of gambling industry veterans bought a stake in 888 Holdings, seeking to shake up the company. 888, which owns William Hill, sold a 6.6% stake to Lee Feldman, formerly of GVC Holdings (now known as Entain, which owns BetMGM), former GVC CEO Kenny Alexander, Stephen Morana, formerly of Betfair, and others. Share prices jumped on the news. The new investors see 888, which doesn’t currently have a permanent CEO, as undervalued and are seeking leadership and strategy changes.
Fliff lawsuit: A class action lawsuit in California has been filed against Fliff, which operates a sports gaming app. The lawsuit argues Fliff is violating California’s ban on sports betting. The free-to-play app enables people to make predictions on sports using Fliff Cash. The Fliff Cash can be redeemed for dollars. Fliff describes itself as a free-to-play social sportsbook. The company says on its website that Fliff Cash is used for promotional sweepstakes and that “no purchase is necessary” to obtain Fliff Cash.
“Bet-now-pay-later”: That’s what California-based EDGE Markets calls its soon-to-launch virtual debit card that provides interest-free loans to use for making wagers on mobile apps.
More on “Can’t Lose”: Penn Sports Interactive tried to explain Barstool’s “Can’t Lose Parlay”—which the company suspended in March—at a Massachusetts Gaming Commission hearing. The commission has yet to issue a ruling and or any punishment in the case.
What we’re reading
BetMGM launched the first mobile sports betting app in Puerto Rico, after the company received a retail wagering license last year.
An Indianapolis Colts player, Isaiah Rodgers, is under investigation for placing wagers, including some on the Colts.
How did David Beckham convince Lionel Messi to join MLS’s Inter Miami?
Vermont Governor Phil Scott is expected to sign a sports betting bill this coming week.
North Carolina’s sports betting bill has been passed and sent to Gov. Roy Cooper, who is expected to sign it.
Can a hitter with a 30% strikeout rate still make a positive impact?
"I don’t think any player knows about that. That's so specific." — A free agent with seven years of NFL experience speaking to The Athletic, which found that four of five players it talked to didn't know they couldn’t place mobile bets on other sports while at work.
“We have our PGA Tour, which is offered in all states and a significant market for us. On the other side, we have LIV, which is allowed in some states, but not others, and then we have majors where we can or can’t do certain things with LIV players depending on the jurisdiction. We’ve had to adapt quickly.” — Kevin Lawler, Head of Trading at PointsBet, on the challenges of golf betting rules after LIV Golf merged with the PGA Tour.
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