After New Jersey bet on online gambling, there are signs it bet right.
About a year after New Jersey successfully argued a Supreme Court case that paved the way for legal sports gambling, bettors in the Garden State wagered more money in May on sports than in any other state.
The state facilitated roughly $319 million in sports bets in May, nearly $2 million more than Nevada, which has long dominated the sector, the Associated Press reported citing state regulators.
“New Jersey really did it right,” Jamie Shea, the head of DraftKings’ sports betting app Sportsbook, told Cheddar, adding that the state’s decision to allow for mobile betting was crucial in the success
“Mobile sports betting is so important,” Shea said. “It enables you to do live wagering, which people love.”
Sports betting became legal in New Jersey in June 2018, just weeks after the Supreme Court ruled that the federal government’s ban on sports gambling imposed on state’s lawmaking rights.
The case, Murphy v. National Collegiate Athletic Association, was spearheaded by former New Jersey Gov. Chris Christie and continued by his successor, Gov. Phil Murphy. The court decision overturned the Professional and Amateur Sports Protection Act of 1992, opening the door for state-sanctioned betting.
”A more direct affront to state sovereignty is not easy to imagine,” Justice Samuel Alito Jr. wrote of the federal ban in the court’s decision.
Since the ruling, several states, including New York, Illinois, Pennsylvania, Rhode Island, and Delaware, have legalized, state-sponsored sports betting markets. Dozens more have legislation pending.
Yet the states that did not allow for mobile, live wagering “didn't have nearly the amount of revenue that New Jersey had,” Shea said.
DraftKing, which facilitates over 20,000 sports bets a day and has paid out over $7 billion, recently introduced Flash Bet, a new live betting platform that pays out instant winnings.
“It is for everybody who wants to have some action in the game,” Shea said. Flash Bet was rolled out to coincide with the Wimbledon tennis tournament and will allow users to place live bets as matches progress.
“Live wagering is already widely popular today, but also represents a crucial part of the customer experience and engagement tomorrow,” Jordan Mendell, DraftKings’ senior vice president of product research and development, said in a statement. “Short of playing on the court themselves, we are wholly invested in bringing our customers as close as possible to Wimbledon this year, while also giving them a taste of the lightning-quick innovations to come.”
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
