Jan 24, 2018

NBA reveals asking price for legal sports gambling deal

Zachary Basu

An attorney for the NBA revealed in testimony that the league would require 1% of every bet placed on the league to become a partner in nationally-legalized sports gambling, according to ESPN.

Why it matters: The Supreme Court is currently hearing a case that would determine whether the federal ban on sports betting outside of Nevada violates states' rights. The NBA, NFL, MLB, NHL and NCAA have spent millions in legal fees to prevent the expansion of sports gambling, per ESPN, but a flip by the NBA could pave the road to legalization for an industry estimated to be worth hundreds of billions.

The American Gaming Association, meanwhile, argues that a 1% fee on legally-placed bets would amount to 20 to 29% of total revenue. This would create economic pressure on oddsmakers that the AGA says "would drive consumers back to the black market."

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Orion Rummler

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

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