DraftKings Inc

Fanatics founder and CEO Michael Rubin at his office in New York.The Washington Post | Getty ImagesSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive.In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.In February, Hermalyn accepted…

In this photo illustration the DraftKings logo seen displayed on a smartphone.Rafael Henrique | Sopa Images | Lightrocket | Getty ImagesDraftKings on Thursday posted quarterly results that missed Wall Street estimates on the top and bottom line, but it increased its revenue by 44%.Here's what DraftKings reported compared with what Wall Street was expecting, according to analyst estimates compiled by LSEG, formerly known as Refinitiv:Loss per share: 10 cents vs. expected profit of 8 centsRevenue: $1.23 billion vs. $1.24…

ESPN Bet is coming to the Big Apple.Penn Entertainment, which operates the sports betting platform, will pay Wynn Resorts $25 million for market access, it said Tuesday. It's the same amount Wynn paid New York state to operate there.Wynn Interactive, a subsidiary of Wynn Resorts, was awarded a New York mobile sports betting license in 2021. Penn was not — and it has missed out on the action from the nation's largest sports betting market.In the two years since New York launched online sports betting, at least $35.7…

FanDuel-parent Flutter lists on the New York Stock Exchange Monday, offering U.S. investors an alternative to the biggest pure play in sports betting, DraftKings.It's a secondary listing for the international sportsbook, which will retain its primary listing on the London Stock Exchange and included in the FTSE 100 index.But Flutter's most important market for revenue and growth is the United States, where FanDuel is the market share leader. In the fourth quarter, FanDuel had 43% market share based on gross revenue and…

FanDuel parent Flutter came out swinging Thursday, insisting the online gaming platform is the market leader in sports betting in the United States after DraftKings last week boasted it had taken over the top slot."We have a billion dollars more in revenue in the U.S., so we're very clearly number one," Flutter CEO Peter Jackson said in an interview with CNBC after an earnings conference call.Even as Jackson projected confidence in the company's market position, FanDuel's revenues failed to meet Wall Street expectations…

Pavlo Gonchar | Lightrocket | Getty ImagesFanatics will launch a new live events business that will look to recreate the Comic-Con experience for sports collectibles, the company said Thursday.The new venture, called Fanatics Events, will be a partnership with events and talent management giant IMG, which is part of Endeavor. Fanatics will be the majority owner.Fanatics, which had been known primarily as an e-commerce platform, has sought to diversify its business as it moves toward an initial public offering. Last month,…

A shopper goes through shirts in the kids section at Old Navy in Denver, Colorado.Brent Lewis | Denver Post | Getty ImagesBy striking down student debt forgiveness Friday, the U.S. Supreme Court not only added a hefty expense back into millions of Americans' budgets. It also created the latest challenge for retailers already struggling to predict how consumers may spend in the coming months.The court's decision squashed President Joe Biden's plan to forgive up to $20,000 per borrower in federal student loan debt. Student…

Fanatics founder and CEO Michael Rubin at his office in New York.The Washington Post | Getty ImagesFanatics has raised the stakes as it looks to acquire PointsBet's U.S. business.The sports platform company increased its offering by 50% to $225 million in an effort to outbid DraftKings, which made a non-binding offer of $195 million earlier this month.PointsBet shareholders will formally vote on the new offer Thursday night."The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which…

Omar Marques | LightRocket | Getty ImagesSports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet's U.S. assets, it said on Friday, topping an earlier bid by Fanatics.Last month Fanatics agreed to buy the Australian company's U.S. operations for $150 million in an effort to boost its presence in sports gambling."While we continue to focus on operating more efficiently and driving substantial organic revenue growth in the United States, we will also look to prudently capitalize on…

In this photo illustration, the American daily fantasy sports contest and sports betting company DraftKings logo is displayed on a smartphone screen.Budrul Chukrut | Lightrocket | Getty ImagesFederal prosecutors on Thursday announced criminal charges against an 18-year-old Wisconsin man for a scheme to hack and sell access to user accounts of the sports betting site DraftKings.The man, Joseph Garrison, is accused of working with others to steal about $600,000 from approximately 1,600 victim accounts during the November…