Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Brendan Lynch/Axios

Minute Media has raised “tens of millions of dollars” in a previously unreported funding round, with participation from sports betting giant FanDuel, its founder and CEO Asaf Peled tells Axios.

Why it matters: The funding will strengthen a years-long partnership as Minute Media seeks to invest more in sports betting, and FanDuel more in content.

  • "Investing further in Minute Media is another step forward in trying to take advantage of our position," says Adam Kaplan, General Manager & VP at FanDuel Group, which is one of the largest online sportsbooks in the country.

Catch up quick: Minute Media is a digital holding group that owns sports and entertainment websites like The Players' Tribune and The Big Lead. The company was started in Israel and today has offices in London, New York and other cities.

  • It last publicly announced a $40 million raise in 2020, at a valuation of more than $500 million.
  • Minute Media makes a lot of its revenue by licensing publishing tech to other content providers so they can make more money and build bigger audiences.

Details: FanDuel first partnered with Minute Media in 2018 to create The Duel, a digital platform focused on fantasy sports and sports betting news. The site is powered by Voltax, Minute Media's proprietary publishing platform which launched in early 2020.

  • The partnership so far has yielded strong results for both parties. Kaplan says readers of The Duel have bet more than $10 million on FanDuel since 2020 across its SBK sportsbook and its Daily Fantasy Sports (DFS) platform through its work with Minute Media.
  • Minute Media's platform has generated more than 9,000 articles in 2021 for The Duel. FanDuel has generated almost 560 million video views for content distributed through the Minute Media Network and The Duel since late 2018. 

For FanDuel, Minute Media has helped The Duel widen its reach of sports fans to convert to betters.

  • "We leverage The Duel to bring in new people at top of funnel and engage them all the way down," Kaplan said.

For Minute Media, Peled sees sports betting as a strong opportunity for growth as it looks to potentially go public. Its partnership with FanDuel has been critical in proving how sportsbooks can effectively leverage Minute Media’s tech and content reach to convert more people to become active paid sports betters.

  • "Because with our own tech and content we engage so many sports fans at regular basis, our partners can use our tech products content to engage with those users and over time convert them into betters on their platform," Peled said.

Kaplan said the increased partnership investment will help to "further strengthen the content we're distributing through their network."

  • He said Minute Media will increase the editorial content output for The Duel. It will also increase product development capabilities and make SEO enhancements.

By the numbers: Asked whether the new round puts Minute Media's valuation north of $1 billion, Peled said, "I cannot comment on the valuation, but I think that you probably seem like you know what you're asking here."

  • Peled said casino giant Wynn also participated in the undisclosed financing round.
  • Asked whether the company is looking to go public, as reports have suggested, Peled said "It's very natural for a business of our seize or scale. ... We believe that may be something that do in the future."
  • He said the company has been "looking to pursing more acquisitions," possibly in content but more likely in technology.

The big picture: FanDuel has launched dozens of partnerships with media companies in the past few years, including most-recently an exclusive sports betting partnership with the AP.

  • It works with media companies like The Ringer, Turner Sports, CBS, Audacy, Hulu, as well as sports franchises, like the NFL, NBC, DC United, Brooklyn Nets and many others. FanDuel has its own podcast network and a TV affiliate around horse racing.
  • Many of its betting rivals, like DraftKings and Penn National Gaming, are also investing heavily in content partnerships.

What to watch: Kaplan said FanDuel is "definitely" looking to invest in more content deals. "It's possible we may look to make additional investments in companies and potential acquisitions in the future," he said.

Go deeper

Ina Fried, author of Login
Dec 15, 2021 - Technology

Americans want tighter government regulation of social media

Illustration: Aïda Amer/Axios

A new poll from Morning Consult finds 56% of U.S. adults support government regulation of social media companies, up 4 percentage points from an October survey. The poll also found that roughly three in five adults say social media platforms do not do enough to keep users safe.

Why it matters: Poll results like this could bolster legislative and regulatory efforts to make social media companies more accountable for the content on their services.

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.

Scoop: Qatar emir to visit White House on Monday

The emir of Qatar, Tamim bin Hamad Al Thani, leaves the White House after meeting President Trump in 2019. Photo: Nicholas Kamm/AFP via Getty Images

The emir of Qatar will meet with President Biden at the White House on Monday to discuss Afghanistan as well as contingency plans to provide natural gas to Europe in the event of a Russian invasion of Ukraine, Axios has learned.

Why it matters: Europe's reliance on Russia for 40% of its natural gas is undermining Biden's attempts to coordinate "massive" sanctions to be imposed from both sides of the Atlantic if Russia invades. The White House wants Qatar to help ensure European countries can enforce tough sanctions without risking an energy crisis.