Despite the lack of live games, sports betting stocks have performed particularly well over the past month, highlighted by fantasy sports/betting platform, DraftKings, and gaming operator, Penn National.
By the numbers: Since going public on April 24, DraftKings' stock is up 82%, while Penn National Gaming — which acquired Barstool Sports in January — is up 130%.
Two years ago today, the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), which had prevented states from creating their own sports betting regulations.
Where things stand: 24 months later, 18 states and counting have legalized it, launching an explosive new industry that touches sports, media, technology and more (though the pandemic has slowed growth in what was set to be a big year).
Illustration: Aïda Amer/Axios
Colorado became the 18th state to officially begin accepting legal sports wagers, including via online sportsbooks, at the start of May.
Why it matters: The convenience of mobile betting is the future, and with sports creeping back, Colorado can treat the next few months more or less like a beta test as it prepares for the wave of that will come when sports return in full.
Illustration: Rebecca Zisser/Axios
DraftKings is one step closer to going public, after the SEC approved its reverse merger with blank-check acquisition company Diamond Eagle and sports betting enterprise solution SBTech.
What's next: Diamond Eagle's shareholders will vote April 23 on the merger, which is expected to go through.
Illustration: Aïda Amer/Axios
Sportsbooks are flummoxed over what to do about the lack of sports events.
Why it matters: 2020 was supposed to be the year that sports betting really took off, with many more states expected to legalize betting in coming months.
Illustration: Eniola Odetunde/Axios
27 horse racing employees (trainers, veterinarians and others) were charged Monday in a "widespread, corrupt" doping scheme that cheated the betting public and likely contributed to the rise in racetrack fatalities.
The state of play: Among those charged was Jason Servis, the trainer of Maximum Security, the horse that won last year's Kentucky Derby but was disqualified for impeding the path of two other horses.
Illustration: Eniola Odetunde/Axios
The weekend's biggest sporting event is Wilder-Fury II, which despite its name is not an action movie sequel starring Jean-Claude Van Damme but, rather, a boxing match starring arguably the two best heavyweights in the world.
The backdrop: In their first meeting in December 2018, Deontay Wilder and Tyson Fury put on a memorable show at Staples Center, with Fury surviving a brutal right hand in the 12th round to earn a split-decision draw.
Illustration: Aïda Amer/Axios
Almost all major media companies are teaming up with sportsbooks to juice their content offerings.
Why it matters: The partnerships allow media organizations to increase engagement while sportsbooks can acquire more customers.
Photo: Michael Allio/Icon Sportswire via Getty Images
CBS Sports said Monday that William Hill, a sportsbook operator, will be the official sportsbook and provider of wager information for the network. Financial terms were not disclosed.
Why it matters: It's the latest media company to partner with a sportsbook to increase engagement with its content. Content partnerships for sportsbooks, on the other hand, help them acquire more customers.
Prop bets at Bally's Atlantic City Hotel and Casino. Photo: Wayne Parry/AP
With sports betting now legal in 14 states, the American Gaming Association estimates $6.8 billion will be bet legally and illegally on Sunday's Super Bowl between the S.F. 49ers and Kansas City Chiefs, AP's Wayne Parry reports.
The state of play: 26 million Americans plan to make a bet, up 15% from last year, per the AGA.