Ted Leonsis DraftKings Investment Sign of Possible DFS Market Revitalization

Daily 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 in the business through his investment firm Revolution development.
Ted Leonsis, owner associated with 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 financing in just over a year. In July 2015, the organization surely could raise a $300 million war chest to greatly help finance its international ambitions, $150 million of which arrived from Fox Sports for the 11 percent stake in the business.
The last round had been before DraftKings and other market leader FanDuel were beset by appropriate difficulties, but. Facing a threat of billions of dollars in fines from nyc Attorney General Eric Schneiderman, DraftKings’ international expansion plans were temporarily curtailed, as legal costs mounted.
Market Cap Unknown
The good news, now that DFS is back in New York, is that the industry is once again regarded as being investable. And that’s despite DraftKings market cap being damaged by the various challenges that are legal has faced. In July 2015, the organization was respected at around $2 billion, and while its valuation wasn’t disclosed during this round of investment, Eilers & Krejcik Gaming has projected the organization’s worth to be around 1 / 2 of that figure today.
The analyst additionally said that, in light of this 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 were engaged in negotiations regarding a merger, which personal investors in both companies had been pushing for a while.
Consolidation might have made feeling, largely because for the amount of money both devote to attempting to out-market one another while offering a tremendously similar service. Then there are the costs become saved from both organizations’ various skirmishes that are legal the United States. Add the enhance in licensing costs and local taxes as DFS becomes regulated for a gradual state-by-state basis, and the attractiveness of a merger becomes clear.
Consolidation Off the Table
In an official statement, DraftKings CEO Jason Robins praised Revolution Growth’s ‘entrepreneurial outlook and spirit of innovation’ that ‘meshes perfectly with the culture of our business,’ along with its ‘deep expertise in recreations, technology, and policy.’
Revolution’s Steve Murray, whom will join the DraftKings board of directors within the deal, said that his company has the ‘expertise to aid entrepreneurs execute on the some ideas, especially where sports and policy intersect.’
If the merger is certainly off the dining table, the likelihood is that FanDuel could start a brand new round of funding of its in order to remain competitive.
Rodrigo Duterte Backtracks US Comments, Country Continues Prohibited Gambling Crackdown
Philippines President Rodrigo Duterte is walking back comments directed at US President Barack Obama. Simply hours after Duterte said he does not answer to anyone ‘except the Filipino people’ and called Obama a ‘son of a bitch’ in his Tagalog that is native Philippines leader issued a quasi-apology through his spokesman.
Though it had been apparently Casual Monday for Rodrigo Duterte, the Philippine president still received the red carpet treatment whenever he arrived this week in China, a courtesy maybe not afforded to President Obama. (Image: Made Nagi/European Pressphoto Agency)
‘We look forward to ironing out our distinctions arising away from national priorities and perceptions,’ the more calculated and statement that is civil. ‘ While the cause that is immediate my strong comments to particular press questions that elicited concern and distress, we additionally regret it came across as a personal attack on the US president.’
Obama’s group canceled the meeting upon hearing Duterte’s initial remarks, however now say they are rearranging the engagement.
Obama has indicated he wants to meet with the Filipino that is new president confront the latter’s handling of unlawful drug dealers and extrajudicial killings. Duterte has offered law enforcement the straight to destroy suspected drug operators and break up cartels, and nearly 2,000 killings have taken spot because the 71-year-old took office on June 30, 2016.
Duterte recently did an about-face on a previous stance on internet gambling. After forcing the nation’s gambling arm PAGCOR not to ever renew the running 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 country have actually provided multimillions in tax revenue to the government. But also for PhilWeb Corp and its own owner Roberto Ongpin, the ongoing party appears to be over. PhilWeb had claimed a license that is exclusive operate the cafes that provide eGames, prior to the Duterte dictum.
But with so numerous millions in potentially lost video gaming tax revenue at risk, Duterte’s strong moral convictions seem to have, um, disappeared.
‘Pay the taxes being correct . . gamble until you die. I actually do not really care,’ the Filipino president said in regards to the online gaming reinstatement.
Gaming Operators Enemy #2
Duterte has made no secret about their wishes to get rid of drug dealers from the Philippines. But close behind the narcotics trade are those involved with running lotteries that are illegal gambling.
On September 6, the top police chief in Cagayan de Oro City announced that his agency is increasing its efforts to restrict non-regulated gambling. 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 from the city within 8 weeks.
Neighborhood officials say underground gaming is hampering product sales of town’s regulated lotto.
Duterte’s lead law enforcement official Ronald Dela Rosa, chief director associated with Philippine National Police, claims his force will go after illegal gambling once the current war on medications concludes in 6 months.
No Love from Asia
Duterte wasn’t the only international diplomat failing to show respect to Obama this week, either.
Like Duterte, President Obama is in China now for the G20 Summit. But whenever the American president arrived, the normal red carpet staircase very nearly solely utilized to welcome international leaders was mysteriously missing.
In reality, China did not even provide a staircase lift to Air Force One. Instead, Mr. Obama exited the plane from a staircase that is seldom-used comes out from underneath the belly of the aircraft.
‘They won’t even give him stairs, proper stairs, to get out of the airplane,’ Republican 2016 nominee Donald Trump said. ‘ If which were me, I would state, ‘You know what, folks, I respect you a lot but close the doors, let us escape here.”
Trump made the remarks at an event in Ohio, and his Democratic challenger wasn’t far. This week 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.
A brand new CNN poll shows Trump leading Clinton by two percent, however the Real Clear Politics average that is polling has the former secretary of state ahead by 3.3 points in exactly what’s turning out to be one of the most dramatic presidential campaigns of the past 100 years.
Paddy energy Irish Billboard Pokes Fun At Trump with ‘Is Orange the brand new Black?’ advertisement
A new Paddy energy billboard ad campaign in Ireland might be raising some eyebrows, but there is absolutely nothing new in that. The Irish bookmaker famously goes where no other company would dare, but its latest effort is perhaps probably the most uncomfortably smirk-stifling yet.
Orange may be the New Black? Irish bookmaker Paddy Power is accustomed getting under individuals’s skin, but this time around, it is all about what’s on the exterior for the upcoming US election that is presidential. (Image: Paddy Energy)
Providing odds on among the applicants running for president of the usa, Paddy Power’s brand new billboard advertising bears pictures of presidential GOP hopeful Donald Trump alongside Barack Obama, while asking if ‘Orange is the brand new that is black’ a play on the popular Netflix TV series about women in a minimum-security federal jail who 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.
Tangerine Dream
Paddy energy installed the billboard in Dublin throughout the weekend, in preparation for the exhibition that is forthcoming game between Boston College and Georgia Tech, hoping to draw the interest of visiting Us americans.
‘With the gridiron attracting hordes of American visitors we thought we’d give them an insight that is little 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 truly in the battle and there’s a realistic opportunity that orange may be the new black colored.’
To be honest, we never ever did we think we’d live to see the orange that is first of the United States, but just what odds are Paddy Power giving The Donald of making history now?
Odds on Donald
At 3/1 against, Paddy Power believes there is a 25 percent chance of Trump making it to the White House, while Hillary Clinton remains the 4/11 favorite. Paddy energy has said that should Trump win the election, its customers are set to produce around €1 million ($1.12 million), a figure that’s anticipated to increase in the months that are coming.
But while bookmakers are notoriously great at predicting the outcome of governmental events, we’re not sure it applies here. Within the US, wagering on politics is unlawful. And the majority that is vast of energy’s clients are Uk or Irish citizens, and thus will never be voting.
Bearing that in head, Paddy Power’s odds don’t offer a cross-section regarding the views of American voters in virtually any real method, shape, or type. It is simply that more money in great britain has been placed on Clinton. Along with the polls leads to the united states tightening between your two prospects, they could yet be painting the White House a shade that is deep of come November 8.
Mesquite, Nevada Voters Want Smoke-Free Casinos, But Can Gaming Business Survive?
In Mesquite, Nevada, voters are prepared to ban smoking that is indoor all places of business. At least, that’s what one new town poll shows in the small town 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 percent of Mesquite residents support a nearby ordinance to completely ban smoking indoors. That would replace the present law that continues to permit smoking at casinos, nightclubs, and some bars.
Smoking on gambling floors could soon be prohibited inside Mesquite, Nevada casinos, following a brand new poll shows residents want climate inside all company establishments. (Image: Danny Drake/Press of Atlantic City)
Nevada passed the Indoor that is clean Air in 2006, and made smoking cigarettes inside workplaces and public structures illegal.
But the clean air law included a carve-out for the state’s massive casino industry. And also the Mesquite Citizens for Clean Indoor Air group now wants to improve that.
‘Everyone deserves to breathe clean interior air. Nobody needs to sacrifice their health for a paycheck,’ the coalition attempting to amend the populous city legislation states.
With support seemingly present, the Mesquite City Council could introduce an ordinance to outlaw all indoor smoking at places of business and implement the latest statute in as little as 60 days.
‘It’s not up to your voters to choose. It is up to the populous town leaders,’ Christine Picior, a coalition user, told The Spectrum.
Smoke-Free Impact
The small town of Mesquite sits northeast of Las Vegas on the Nevada and Arizona edge. The town that is historic heavily on tourism, having its casinos and pioneering history to lure visitors arriving at and from Sin City regarding the I-15 interstate.
It stays unclear whether a casino smoking ban would bring new bettors to Mesquite, or turn customers that are away faithful. But it’s likely that local residents, who also gamble, as well as casino workers, tend to be more thinking about their health that is long-term 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 comply with the mandate and continue smoking on the basic casino floor. In China (and Asia generally), the West’s campaign that links cigarettes and cancer does not seem to myfreepokies.com have taken down much, if at all, and many citizens are still heavy cigarette smokers in that country.
Last May, two lobbying organizations functioning on behalf of casino employees called on the resorts to enact a citywide that is one-day smoking ban on floors, smoking lounges, and VIP spaces. However with one in 2 Chinese citizens older than 15 reportedly a smoker that is regular 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 first city to enforce such policies. Smoking is banned in all of the major poker spaces in nevada, though smoking on primary casino floors continues to be common.
Down south in New Orleans, however, city officials extinguished all butts in gambling enterprises as of April 2015. Exiling smokers to outdoor ‘smoking lounges,’ aka metal benches, caused revenues to fall, according to Harrah’s brand New Orleans. The city’s only land-based casino said slot income dropped 17 percent within the year following the ordinance that is new.
Proponents of clean indoor air says Harrah’s is using the cigarette smoking ban as a justification, and point to riverboat casinos in other parts of Louisiana experiencing revenue that is similar outside of the cigarette smoking ban.
Perhaps Pennsylvania has the smoking predicament solved.
The Keystone State’s 12 casinos are allowed to designate up to 50 percent of these floor for smoker-friendly gaming. Dining areas are 100 smoke-free that is percent because they are in vegas and many towns across America today.