All articles tagged with #online gambling
Drake is facing a proposed U.S. class-action lawsuit alleging he used proceeds from an online gambling site to artificially inflate his music streaming counts, with claims that he promoted Stake.us and collaborated with influencers to manipulate streaming platforms, seeking at least $5 million in damages.
A class-action lawsuit in Virginia accuses Drake, Adin Ross, and an Australian man of promoting online gambling on Stake.us, using proceeds to artificially inflate music streams and manipulate digital content, allegedly violating racketeering laws and consumer protection statutes.
Fanatics is launching its own prediction market platform, Fanatics Markets, in 24 US states, allowing users to trade on events across sports, finance, and culture, with plans to expand into crypto, stocks, and music, amid a growing trend of prediction markets following the legalization of online sports betting.
Prediction markets are rapidly gaining popularity and posing a significant threat to traditional online gambling companies like DraftKings and FanDuel, driven by surging wagers on platforms like Robinhood and Kalshi, especially with the upcoming 2024 elections and new features like customizable parlays. This shift is causing stock declines and strategic reevaluations in the industry, highlighting a potential industry shakeup.
Bet365 is offering a promotional bonus code LWBONUS for new customers to claim up to $150 in bonus bets or a $1,000 safety net on their first bet, with specific steps to register, deposit, and wager, applicable in certain US states, emphasizing responsible gambling.
Lucky Creek Casino has established itself as one of the fastest payout online casinos in the USA by partnering with leading fintech companies to offer near-instant withdrawals, including cryptocurrency options, supported by a streamlined payment process and user-friendly interface, along with generous bonuses and a diverse game library.
DraftKings and Flutter Entertainment stocks plummeted as the NCAA announced plans to ban prop bets in college sports, citing concerns about the integrity of the game and student athletes' protection. This comes amid a series of scandals and federal scrutiny in the sports betting and online gambling industry, including investigations into betting irregularities involving NBA player Jontay Porter and a federal probe into online gambling VIP programs. Additionally, federal lawmakers are targeting online betting's targeting of big spenders and VIPs, with Sen. Richard Blumenthal urging companies to stop using player data to target customers with gambling problems, and Rep. Paul Tonko working on legislation for federal oversight of online sports betting in legalized states.
Online sports betting is now legal in North Carolina, just in time for the 2024 Men’s ACC Basketball Tournament, with top sportsbooks offering bonus offers of up to $2,950 for new users. DraftKings, Caesars Sportsbook, Bet365, FanDuel, and BetMGM are among the best North Carolina sports betting apps providing various bonus offers, ranging from $150 to $1,300, with different wagering requirements and bonus structures.
North Carolina has launched online sports betting, and various sports betting apps are offering enticing promotions for new users, with potential bonuses totaling up to $2,700. FanDuel, BetMGM, Bet365, and DraftKings are among the top sportsbook promos in North Carolina, each offering different bonus structures and codes for new users to claim. These promotions include bonus bets ranging from $150 to $1,300, providing an opportunity for new bettors to maximize their initial deposits and wagers.
BetMGM has launched online sports betting in North Carolina, offering a $150 bonus in the form of six $25 bonus bets for new users who sign up with the bonus code ROCKYBET and make an initial deposit of at least $10. The state joins the online sports betting landscape with BetMGM and other sportsbooks like FanDuel, Caesars, and DraftKings offering sign-up bonuses and ongoing promotions. Users can also take advantage of odds boosts, referral bonuses, and MGM Rewards points.
The legalization of sports betting in the US has led to a surge in online gambling, with companies like DraftKings expanding into online casinos and lottery ticket sales. The move into iGaming is driven by the potential for higher revenues and the desire to tap into consumers' entertainment budgets. However, this expansion raises concerns about the potential for increased gambling addiction. As more states consider legalizing iGaming, the cultural shift around gambling in America is becoming more pronounced, with implications for both tax revenue and public health.
Barclays analyst Brandt Montour upgraded DraftKings stock to overweight, citing the company's strong position in the iGaming and sports betting markets. He highlighted DraftKings' success in online casino games and cross-selling efforts, as well as the potential for growth in the nascent iGaming market. Montour also emphasized the company's benefit from the increasing popularity of parlays in sports betting. He raised the price target for DraftKings stock to $50, indicating confidence in its future profitability and position as a leading player in the U.S. market.
Penn Entertainment's stock plummeted 15.8% after reporting a disappointing fourth-quarter financial performance, marked by a significant revenue decline and a substantial loss. The company's struggles were attributed to the sale of Barstool, losses from relaunching an online betting business, and overall revenue decreases in key segments. With increasing competition in online gaming and challenges in regional markets, the company faces significant hurdles, prompting doubts about its future prospects.
The Iowa Department of Public Safety defended its agents' actions in investigating alleged illegal online gambling activity by student-athletes at the University of Iowa and Iowa State University, citing the evolution of gaming and the use of emerging technologies to enforce gambling laws. The department's statement comes in response to accusations of constitutional rights violations by attorneys representing the charged athletes, who have pleaded guilty to underage gambling or face charges of tampering with records. A judge has approved a request for the athletes' attorneys to receive more information from the State of Iowa on the course of the investigation.
DraftKings' stock, which experienced a significant surge in 2023, may continue its momentum in 2024 due to the increasing legalization of sports betting in various states, the company's improving financial performance, and the overall growth of the online sports betting market. With 37 states and Washington, D.C., legalizing sports betting and DraftKings becoming the U.S. leader in online gambling, the company is well positioned to capitalize on the expanding market and maintain its leadership position.