Hey Sports Tech Fans,
New York finally has mobile sports betting. While it’s not live yet, we now know who the players will be:
- Bally Bet, BetMGM, DraftKings Sportsbook and primary applicant FanDuel Sportsbook.
- Caesars Sportsbook, PointsBet, Resorts World, Rush Street Interactive, WynnBET and primary applicant Kambi.
There were also some failed bids:
- Barstool Sportsbook and Fanatics Sportsbook with primary applicant Kambi
- FOX Bet
- theScore Bet
All the winning bids will be licensed for 10 years and under New York law, 51% of the revenue they earn from bets placed will be going to the state’s coffers.
The bill will be passed later this month with the first sports books going live in time for the Super Bowl, with the potential for some books to be up and running for the playoffs.
This news comes on the back of New Jersey reaching $1 billion in monthly revenues for the first time in September when the NFL returned.
It will be fascinating to see how both states get on in terms of revenue from sports betting as it is likely a lot of sports bettors in New York were going across state lines to New Jersey to place bets while they waited for legal sports betting in NYC.
Elsewhere there was news of Kevin Durant’s $200 million SPAC. SPAC’s have been all the rage in the last 18 months with countless examples with DraftKings, SkillZ and Genius Sports being ones we have covered in the sports space.
Durant’s Infinite Acquisition Corp is looking to acquire companies across sports, health, ecommerce, cryptocurrency and food.
So expect a lot more deals to be coming through here as Durant has been a very active investor, turning his NBA millions into some very astute investments.
Some of those include Coinbase, WHOOP, DapperLabs and Overtime.
I might look into doing a profile on his investments as he has to be one of the most high-profile sports stars leveraging his million-dollar contracts into an empire.
This $200 million SPAC deal gives him even more power and capital to continue building his empire as he sets himself up for a life after time on the court.
Funnily enough, I ran into KD in a nightclub in New York’s meatpacking district in 2012 while I was still doing my MBA; boy do I wish I had given him my business card instead of a fist bump at 1 am as he made his exit surrounded by an entourage of security!
Have a great sporting weekend,