The Big Business Behind Sports Betting (video)

The big business behind sports betting

The global sports betting business is booming. Last year, the total amount bet was more than $500 billion dollars. So what keeps people coming back for more and is it ever possible to beat the bookies? CNBC.com's  Tom Chitty and Adam Reed report. Video above published Apr 6, 2019.

U.S. Sports Betting Market

Domains referenced: bet365.com and fitzdares.com

Money back if your horse gets beaten by 2 lengths or less in 2,000 Guineas tomorrow and 1,000 Guineas on Sunday! *praying there isn't a blanket finish*

Full T&Cs here https://t.co/VUizuhfKSH pic.twitter.com/SRM3YApKoF

— FITZDARES (@Fitzdares) May 3, 2019

Tweets by bet365

feedback & comments via twitter @DomainMondo
Follow @DomainMondo

DISCLAIMER

The Business of eSports, Podcast & Infographic

Arlington, Texas may already be the home of the Dallas Cowboys and Texas Rangers but its mayor Jeff Williams told Keeping Score host Rick Horrow about the city’s plans to become middle America’s esports mecca. Release date: 10 June 2018

source: Infographic: The Business of eSports | VisualCapitalist.com.

See also on Domain Mondo: eSports, Professional Video Gaming, Going Mainstream (podcast)

feedback & comments via twitter @DomainMondo
Follow @DomainMondo

DISCLAIMER

TechReview: Facebook's Anti-Trump Fake News, Was It Effective?

Domain Mondo's weekly review of technology news:

Feature •  Facebook anti-Trump fake-news writer: "There’s nothing you can’t write about now that [some] people won’t believe. I can write the craziest thing about Trump, and [some anti-Trump] people will believe it. I wrote a lot of crazy anti-Muslim stuff — like about Trump wanting to put badges on Muslims, or not allowing them in the airport, or making them stand in their own line — and [some] people went along with [believed] it!"--WashingtonPost.com

In other words, if you were a Hillary supporter you were more likely to believe anything derogatory about Trump you saw published online (and the reverse was likewise true for Trump supporters). Is anyone surprised by this? You shouldn't be--followers applaud fake news that agrees with their own pre-existing opinions, and people who disagree are more likely to be the fact checkers.

But does fake news change opinions? The answer is: No. Why? Confirmation bias--"people aggressively avoid ideas that challenge their basic philosophy and opinions. Social media has become an echo chamber, an exercise in preaching to the choir and other members of your own tribe. I’ll end this by posing just one request: If anyone switched their vote because of a Facebook post or a 140-character squib on Twitter, please let me know. I’ll be waiting."--Barry Ritholtz, Facebook Didn't Tilt the Election | Bloomberg.com.

The real problem isn't "fake news," instead it is the "misinformation crisis" in mainstream media (MSM)--According to Snopes, Fake News Is Not the Problem | backchannel.com: "... The misinformation crisis, according to Binkowski, stems from something more pernicious. In the past, the sources of accurate information were recognizable enough that phony news was relatively easy for a discerning reader to identify and discredit. The problem, Binkowski believes, is that the public has lost faith in the media broadly — therefore no media outlet is considered credible any longer ..." And for good reason.

That's why purging what someone arbitrarily or subjectively judges to be "fake news" is nothing less than censorship, the repression of free speech and free market competition in favor of  MSM channels that have lost credibility and trust. Facebook, Twitter, whatever:

@wikileaks all fair points. We are working to get here

— 🚶🏽jack (@jack) July 21, 2016

Here's where it starts to get scary:

Photo of Google/Alphabet Chairman Eric Schmidt wearing Clinton campaign "staff" badge pic.twitter.com/uZANaEwOPD

— WikiLeaks (@wikileaks) November 17, 2016

Will the Censorship "Fake News" Purge work? Doubtful. Inside Gab: The New Twitter Alternative Championed By The Alt-Right | FastCompany.com: "The purge is happening. At least according to the universe of alt-right users on social media: Many of them claim that in recent days their Twitter accounts have been suspended and that their posts on Facebook are not being promoted or shared like they used to. It’s all part of a crackdown on "fake news" in the wake of reports that misleading reports shared on Facebook and Twitter helped influence the election. To many, these efforts are an overdue attempt to maintain online civility. But to others it’s blatant censorship."

"Careful studies of media bias in the US show that most newspapers and radio or TV stations don’t try to persuade their readers and viewers; instead, they pander to the biases of their audience. It is hard to combat naive realism because the illusion that we see the world objectively is such a powerful one. At least I’ve not had to worry about it too much myself. Fortunately, my own perspective is based on a careful analysis of the facts, and my political views reflect a cool assessment of reality rather than self-interest, groupthink or cultural bias. Of course, there are people to the left of my position. They’re idiots. And the people on my right? Maniacs."--Tim Harford, Delusions of objectivity

Final Post-Election Memo: What Does The Election Mean For Us?: "President Obama never sold a subscription for us or wrote a line of code for us and neither will Donald Trump. Who the President is will not make us successful (or not successful). That is on us. Ignore the noise."--CBinsights.com

Other Tech News:

•  Google commits to massive new London HQ: A new 10-story building that will be as long as London's Shard is tall, Google's new headquarters in London will have 650,000 square feet of floorspace (60,400m2), and will lie alongside King’s Cross station. Google will also continue to occupy its current building in the development, a 380,000 square feet office at 6 Pancras Square which accommodates 2,500 employees. Construction on a second building that Google will occupy but not own began earlier this year, with Google slated to be moving in in 2018. In contrast, the new headquarters will be designed and owned by Google, a first outside the United States.--more at TheGuardian.com

•  SpaceX seeks U.S. approval for internet-via-satellite network: an orbiting digital communications array that would eventually consist of 4,425 satellites--Reuters.com

•  Tencent Holding's (TCEHY) CEO Pony Ma on Q3 2016 Results | Earnings Call Transcript | Seeking Alpha.com: "So, I think in terms of the mobile game business performance versus our expectations in the industry, we disclosed our mobile game revenue grew over 80% year-on-year. So you can assume that we're very happy with 80 something percent year-on-year revenue growth."

•  The Void Within Apple | SeekingAlpha.com: No one seems to be in overall charge of the product.

•  How Casino Technology Enables Gambling Addiction: "Modern slot machines develop an unbreakable hold on many players—some of whom wind up losing their jobs, their families, and even, as in the case of Scott Stevens, their lives."--TheAtlantic.com. Electronic gaming machines, which now number almost 1 million nationwide, are the prevalent mode of gambling today in the U.S., with variations on slots and video poker. This technology has accelerated gambling addiction and reaped huge profits for casino operators, with a significant amount of revenue coming from just a small percentage of customers playing machines designed to lull them into a trancelike state that the industry refers to as ‘continuous gaming productivity.’

•  Canada and U.S. (FCC) agree to work together against robocalling (pdf)

•  Goodbye & Good Riddance: US Director of National Intelligence James Clapper, known for combating Edward Snowden and lying under oath to Congress, resigns ahead of the inauguration of President-elect Donald Trump--TheGuardian.com. See HasJamesClapperBeenIndictedYet.com.

Farewell, James Clapper https://t.co/GbLrt3kaoM

— Dr. Rand Paul (@RandPaul) November 17, 2016

Director of National Intelligence James Clapper on hacks and Russia. #SpecialReport pic.twitter.com/V1FvzH8FG8

— Fox News (@FoxNews) November 16, 2016

AP: James Clapper has resigned stating: intelligence agencies don't have good insight on when or how Wikileaks obtained the hacked emails.

— WikiLeaks (@wikileaks) November 17, 2016

feedback & comments via twitter @DomainMondo
Follow @DomainMondo

DISCLAIMER

Daily Fantasy Sports, Online Gambling, US Congressional Hearing Video

U.S. Congressional Subcommittee Hearing: Daily Fantasy Sports: Issues and Perspectives, May 11, 2016, 2123 Rayburn Bldg., Washington, D.C.

Witnesses:

Mr. Steve Brubaker
Executive Director, Small Business of Fantasy Sports Trade Association
Witness Statement
Truth in Testimony and CV

Mr. Kurt Eggert
Professor of Law, Chapman University Fowler School of Law
Witness Statement
Truth in Testimony and CV

Mr. Jordan Gnat
SVP, Strategic Business Development, Scientific Games
Witness Statement
Truth in Testimony and CV

Mr. Mark Locke
Chief Executive Officer, Genius Sports Group
Witness Statement
Truth in Testimony and CV

Mr. John M. McManus
Executive Vice President, General Counsel, and Secretary, MGM Resorts International
Witness Statement
Truth in Testimony and CV

Dr. Ryan Rodenberg
Assistant Professor, Florida State University, Department of Sport Management
Witness Statement
Truth in Testimony and CV

Mr. Peter Schoenke
President, RotoWire, on behalf of Fantasy Sports Trade Association
Witness Statement
Truth in Testimony and CV

Ms. Lindsay Slader
Operations Manager, GeoComply
Witness Statement
Truth in Testimony and CV

Documents
Background Memo
Opening Statement - Full Committee Chairman Upton
Opening Statement - CMT Subcommittee Chairman Burgess

Examples of Daily Fantasy Sports companies: draftkings.com & fanduel.com

#SubCMT Wraps Hearing on Daily Fantasy Sports | Energy and Commerce Committee May 11, 2016 (Press Release): Hearing Underscores Importance of Protecting Consumers and Encouraging Innovation WASHINGTON, DC – The Subcommittee on Commerce, Manufacturing, and Trade, chaired by Rep. Michael C. Burgess, M.D. (R-TX), today held a hearing entitled, “Daily Fantasy Sports: Issues and Perspectives.” Full committee Chairman Fred Upton (R-MI) and Ranking Member Frank Pallone, Jr. (D-NJ) previewed the hearing in an op-ed published by The Hill this morning, writing, “Millions of Americans are playing daily fantasy sports, which means that millions of families could be affected. Players deserve to know that the DFS industry operates fairly and transparently, and that states taking different and rushed approaches are not harming the overall consumer experience.” 

The hearing brought together industry representatives, the legal and academic communities, and experts in gaming technologies to assess the rapidly changing landscape of daily fantasy sports. Members examined whether consumer protection concerns would require action beyond the state level, and pressed industry representatives to detail processes in place to preserve the integrity of online games.

Peter Schoenke, Chairman of the Fantasy Sports Trade Association, testified: “We stand ready to work with the FTC and with this subcommittee in moving forward to ensure the fairness and transparency of paid daily fantasy sports as well as season-long fantasy sports and to ensure that we maintain the trust and confidence of fans that choose to play fantasy sports. We also hope that, in doing so, we preserve the ability of states to regulate this activity and that they do so without killing the innovative spirit and new and exciting choices for millions of fans who enjoy fantasy sports.”

Chairman Burgess expressed the importance of consumer protection and the need to better understand how states roles could impact interstate commerce. “Consumer protection is a critical component of this conversation. Not only should consumers have a clear understanding of the rules and risks for a particular contest, but the integrity of the game depends on consumers getting what they paid for,” said Burgess. “From the states that have required the daily fantasy sites to meet online gambling requirements, to the states that have passed legislation explicitly legalizing fantasy games—it is critical to understand the role of the states and what impact their actions have on interstate commerce.”

Upton added, “States all across the country are looking at these issues, which will help inform whether a federal role is warranted. In Michigan, for instance, there is a bill pending in the legislature to expressly legalize daily fantasy sports. But we must keep in mind that a patchwork of differing and contradictory state laws has the potential to negatively impact consumers, and harm further growth and innovation in the process.”" (emphasis added)

#SubCMT "will examine the inner workings of the DFS industry, fairness & integrity of the games & what consumer protections are in place."

— Daniel Wallach (@WALLACHLEGAL) May 5, 2016

#DFS #subCMT

Follow @DomainMondo

DISCLAIMER

Yahoo, Fan Duel, Draft Kings: Fantasy Sports, Daily, Weekly Contests

Yahoo (NASDAQ: YHOO) Rolls Out New Fantasy-Sports Feature: Daily, Weekly Contests - Bloomberg’s Emily Chang reports on the number of fantasy-sports players across the U.S. and Canada in “BWest Byte” on “Bloomberg West,” July 9th. (Source: Bloomberg)

Money quote: "Betting on sports is illegal outside of Las Vegas but Fantasy Sports 'get a pass' because Pro Leagues consider it a 'game of skill'"--Emily Chang, Bloomberg

Daily and weekly contests comprise the fastest growing area of Fantasy Sports. "Links between daily fantasy sports and more traditional forms of wagering are strong. Many members of FanDuel’s executive team used to work in online gambling. (Eccles worked for the UK’s Betfair.) DraftKings is one of the main sponsors of the World Series of Poker, the planet’s largest land-based poker tournament." (source: Quartz, infra)

The bizarre, multibillion-dollar industry of American fantasy sports - Quartz: " ... ESPN, Yahoo, CBS Sports, and the NFL itself, among others, have all built technological platforms for the tasks a fantasy football league requires, such as allocating players fairly among participants, awarding points based on statistical performance, and processing trades of players. The investment in technology is considerable, but for most of the big companies involved, there is a strong business case. ESPN’s head of fantasy sports, George Leimer, says that during the football season, fantasy participants drive 17% of traffic to the company’s websites, which average around 90 million unique visitors each month ... Fantasy players are considered the most engaged fans of the NFL ... Walt Disney (owner of ESPN), which also operates theme parks, has long distanced itself from anything remotely associated with gambling. That could mean it is a two-horse race between FanDuel [which secured $70 million from investors including NBC Sports Ventures, private-equity fund KKR, and the National Basketball Association] and DraftKings for control of the fast-growing short-term market..." (emphasis added)

Fan Duel, Draft Kings, and now Yahoo! According to the Fantasy Sports Trade Association, more than 30 million Americans participate in fantasy football leagues, and spent an estimated $11 billion on the activity last year.

Domain names of companies referenced:
Yahoo: yahoo.com and Yahoo Fantasy Sports: sports.yahoo.com/fantasy/
Draft Kings: draftkings.com
Fan Duel: fanduel.com
ESPN: espn.com and games.espn.go.com/frontpage/
CBS Sports: cbssports.com and cbssports.com/fantasy
NFL: nfl.com and fantasy.nfl.com
Fantasy Sports Trade Association: fsta.org

Why Fantasy Sports is NOT Gambling - Fantasy Sports Trade Association: "... The Unlawful Internet Gambling Enforcement Act of 2006 included "carve out" language that clarified the legality of fantasy sports. It was passed by Congress and signed into law on October 13, 2006 by President George W. Bush. The act makes transactions from banks or similar institutions to online gambling sites illegal, with the notable exceptions of fantasy sports, online lotteries and horse/harness racing. The bill specifically exempts fantasy sports games, educational games or any online contest that "has an outcome that reflects the relative knowledge of the participants, or their skill at physical reaction or physical manipulation (but not chance), and, in the case of a fantasy or simulation sports game, has an outcome that is determined predominantly by accumulated statistical results of sporting events, including any non-participant's individual performances in such sporting events..."


Follow @DomainMondo