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DraftKings (NASDAQ:DKNG) is moving further into the cryptocurrency space, announcing today it will stake digital assets to support the Polygon blockchain network. But shares of the gaming company are sliding due to an analyst downgrade. DraftKings is expanding into the cryptocurrency arena with Polygon. However, the stock has slumped on analyst downgrade. (Image: Polygon Blog) Today, the Boston-based online sportsbook operator said it’s partnering with Zero Hash to stake digital assets it holds in its treasury to support the Polygon (MATIC) blockchain network. With this collaboration, DraftKings is optimizing its working capital and liquidity as it operates a validator node that contributes to Polygon’s governance and network security,” according to …

DraftKings has received a $150,000 civil penalty by the New Jersey Division of Gaming Enforcement (DGE) for the sportsbook’s regulatory failure in preventing proxy betting. Gaming regulators in New Jersey say DraftKings allowed its sports betting platform to be unlawfully used by a gambler in Florida. Proxy betting, the act of remote wagering with a facilitator, is illegal in New Jersey. (Image: DraftKings) In its simplest terms, proxy betting is the facilitation of gambling on behalf of another individual. In the New Jersey DraftKings case, gaming regulators say an individual inside the state routinely placed sports bets online through the sportsbook platform, based on directives from a man living in …

The Cheltenham Festival is right around the corner, and Paddy Power wants to make sure it is a one-of-a-kind event. The new Cheltenham Festival Show with Spotlight Sports Group will help make that happen. A Gold Day race from a previous Cheltenham Festival. This year will see the return of spectators, as well as a new show by Paddy Power and Spotlight Sports (Image: Corinthian Sports) The 2022 Cheltenham Festival runs from March 15 through March 18. Last year, the races weren’t open to the public because of COVID-19, but this year will be different. The 28 races will welcome spectators back to the fun and entertainment. Paddy Power to …

In creating its new budget for the year, Spain implemented changes tied to sports advertising. Moving forward, companies operating under a state-authorized monopoly have to reduce how much they spend marketing with sports-related entities. Competitors racing in Spain’s La Vuelta bicycle race, which is sponsored by Correos, the national postal service. Correos may have to stop sponsorships as part of the country’s budget plan for 2022. (Image: Correos) Last October, Spain created the framework for its 2022 budget. As part of the framework, companies that have a monopoly service, such as the postal system Correos and the national rail service Renfe, have to curtail how much they spend on activities …

This month’s Super Bowl was a watershed moment in mainstream crypto adoption. The event, dubbed the “Crypto Bowl” by some marketers, was sponsored by numerous major brands in crypto, including Coinbase, Crypto.com, FTX, as well as crossover financial trading brands like eToro. An illustration above highlights the multiple cryptocurrencies sponsors from this year’s big game. Some marketers are calling this year’s Super Bowl the “Crypto Bowl.” (Image: WSJ) Coinbase, a major crypto exchange, accelerated from 186th place on the Apple App Store to second overnight, following its seminal advertising campaign. Not surprising, given that the 2022 Super Bowl registered 99.18 million viewers in the US, according to Statista.com. The exchange …

DraftKings cofounder and CEO Jason Robins said the gaming operator and tech company is taking “a wait-and-see” approach on reports that New York state may consider changing the tax rate on mobile sports betting revenue. DraftKings CEO Jason Robins told stock analysts Friday New York could “be a very profitable market” for the sports betting company. However, that’s contingent on the state offering “an appropriate tax rate,” he said. Without that, Robins added it would take some adjusting to become profitable within three years. (Image: CNBC) The comments came during the company’s Friday morning conference call with stock analysts to go over financial figures from the fourth quarter of 2021. …

New Jersey sportsbooks fared just fine as New York oddsmakers began taking bets online last month. In fact, the Garden State experienced record wagering. Nick Thompson, a New York resident, has regularly crossed the George Washington Bridge into New Jersey to place sports bets on his phone. Despite such mobile betting now live in New York, New Jersey oddsmakers took record action in January of 2022. (Image: The New York Times) Numbers released today by the New Jersey Division of Gaming Enforcement (DGE) reveal that more sports bets were placed in the state in January than in any other month since such legal gambling began in June of 2018. Oddsmakers …

South Carolina remains on the sidelines of legal sports betting. But a former US congressman says he’ll fight to change that should he be elected to the state’s highest office. South Carolina gubernatorial candidate Joe Cunningham is pictured last year campaigning to legalize marijuana use in the state. Cunningham is backing an effort to end another prohibition — the state’s ban on sports betting. (Image: Rock Hill Herald) Thirty states plus DC currently have legal sports betting operational. South Carolina isn’t one of them, as the state has maintained its prohibition on nearly all forms of gambling — its state-run lottery being the lone exception. South Carolina is one of …

DraftKings (NASDAQ:DKNG) stock is experiencing a turbulent day ahead of Super Bowl LVI and ahead of the company’s fourth-quarter earnings report on Feb. 18. DraftKings’ Las Vegas office, seen above. The stock is proving wild ahead of Sunday’s Super Bowl. (Image: Nevada Independent) Earlier today, the downtrodden stock traded higher by as much as 7.6 percent, providing hope that it might be ready to break out of what’s been a long spiral lower. That rally was sold, however, as DraftKings is higher by just 1.12 percent in late trading. Volume exceeded the daily average. DraftKings was helped today by a note from Morgan Stanley analyst Thomas Allen who points out …

A leading proponent of expanding gaming in Georgia said in a recent op-ed that lawmakers will be taking up a sports betting measure soon. Georgia state Rep. Ron Stephens, seen here speaking during a 2018 political rally, said in a recent op-ed that he plans to pick up legislation regarding a constitutional amendment to legalize sports betting in the state. (Image: Rep. Stephens/Facebook) State Rep. Ron Stephens, R-Savannah, wrote a guest column in the Bryan County News on Thursday regarding what has happened in the General Assembly. The House Economic Development & Tourism Committee chairman said he plans to take up a constitutional amendment that would let the Georgia Lottery …