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Articles

Missouri Sports Betting Could Benefit From New Illinois Tax

4 days ago | legalsportsreport.com | Matthew Waters

For years, Missouri has seen tax dollars leave its state as bettors crossed the borders into Illinois and other states with legal sports betting. But with Illinois’ new per-bet tax beginning at 25 cents, sportsbooks could start pushing customers in the other direction this year. Missouri sports betting does not begin until Dec. 1, as regulators chose the latest possible date to launch.
Penn Returns Volley, Disputes Multiple HG Vora Claims

1 week ago | legalsportsreport.com | Matthew Waters

Penn Entertainment pushed back against some of the key arguments HG Vora made in a lengthy filing last week. The two have been busy with proxy submissions leading up to the June 17 annual meeting. The current battle concerns the number of directors to be elected at the meeting, though HG Vora has been vocal about its disappointment in Penn’s online sports betting strategy and its ESPN Bet partnership since January.
Should Growing Competition Hasten California Sports Betting Timeline?

1 week ago | legalsportsreport.com | Matthew Waters

When California sports betting was soundly defeated at voting booth in 2022, tribes were confident they controlled when online sports betting would launch. That is certainly true in the form of regulated, traditional online sports betting operators. New forms of competition are helping fill the void, though, leaving some to wonder if the California sports betting push needs to happen sooner than planned.
Snowden, Penn Director Buy The Dip Following Latest HG Vora Blast

1 week ago | legalsportsreport.com | Matthew Waters

Penn Entertainment CEO Jay Snowden and a company director jumped on PENN shares Thursday, buying the dip that came after the latest HG Vora report. The frustrated shareholder submitted a 116-page presentation to fellow Penn shareholders Wednesday that thoroughly details Penn’s past five-plus years since it partnered with Barstool Sportsbook, which kicked off the company’s push into online sports betting. Penn’s share price closed at $14.20 on Wednesday, down 6.6% from Tuesday‘s close.
PrizePicks Partners With Houston Astros

2 weeks ago | legalsportsreport.com | Matthew Waters

PrizePicks bolstered its visibility in Texas with its latest partnership. On Tuesday, the daily fantasy sports operator announced its agreement with the Houston Astros to be the MLB club’s official DFS partner. “This partnership is all about bringing more fun and bigger rewards to PrizePicks players in Houston,” said Mike Quigley, Chief Marketing Officer at PrizePicks.
Penn, HG Vora Continue War Of Words Over Third Director Nominee

2 weeks ago | legalsportsreport.com | Matthew Waters

PENN Entertainment shareholders have plenty to read leading up to next month’s annual meeting. Both Penn and shareholder HG Vora issued releases Monday, both sent directly to shareholders since they concern voting issues at the meeting. Penn’s release told shareholders that HG Vora was not seeking an injunction to delay the annual meeting, which meant there would only be two open director spots to vote on June 17, not three.
Stifel: Caesars Digital Spin-Off Remains On Table

2 weeks ago | legalsportsreport.com | Matthew Waters

Now that Caesars Digital is headed toward its $500 million annual EBITDA target, the company wants to see that reflected in its share price. Caesars is still considering spinning off that interactive segment if that disconnect continues, representatives told Stifel during an eight-company field trip in Las Vegas last week.
Penn Fires Back At HG Vora's 'Value-Destructive' Demands

3 weeks ago | legalsportsreport.com | Matthew Waters

Penn made it clear HG Vora will not win over the company’s shareholders without a fight. Penn issued a letter to shareholders Thursday morning in an attempt to explain the dispute between it and the activist shareholder. It comes a day after HG Vora submitted their proxy statement, which tore into Penn for focusing more on its costly sports betting and online casino segment than its profitable regional casino business.
HG Vora Slams 'Misguided Transformation' In Penn Proxy Packet

3 weeks ago | legalsportsreport.com | Matthew Waters

HG Vora asked fellow Penn Entertainment shareholders to vote for its three director nominees in its proxy submission Tuesday evening. The vocal shareholder began shouting about Penn’s online gaming segment less than two months after launching ESPN Bet in November 2023 with its latest sports betting partner, Disney. HG Vora then formally moved against the operator this past January for Penn’s “abject failure” in online gaming and nominated three directors.
Analysts Confident Despite Recent Sport Results

3 weeks ago | legalsportsreport.com | Matthew Waters

Analysts are not letting bad luck impact DraftKings stock, reiterating their positive ratings and confidence in long-term goals. Last Thursday, DraftKings reported a record $102.6 million in first-quarter adjusted EBITDA on $1.41 billion in revenue. But customer-friendly sports betting results from March Madness, just like in the fourth quarter with NFL results, had a significant impact on earnings.