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The California Teachers Association (CTA), one of the largest public-sector unions in California, has come out against the proposed referendum to legalize online sports betting in the state. California Teachers Association President E. Toby Boyd speaks during the union’s State Council of Education meeting in March. The CTA’s council has voted to oppose a measure that would legalize online sports betting in the state. (Image: CTA) The labor organization announced earlier this week it would oppose the measure offered by seven national sportsbooks. Those sportsbooks have pledged $100 million to promote “Californians for Solutions to Homelessness and Mental Health Support,” a political committee that circulated petitions for the initiative that …

Politicians in Poland are hoping to force the country’s Ministry of Finance to change the tax structure for sports betting activity. They want a tax on gross gaming revenue (GGR) instead of on turnover. The flags of Poland and European Union flying in front of the Polish parliament in Warsaw. Government officials are pushing for a rejig on how the country taxes sports betting operators. (Image: Reuters) Poland’s Ministry of Finance is analyzing the tax on sports and pari-mutuel betting in the context of a potential change in the tax base. Currently, operators pay their taxes on the applicable amount of stakes. But lawmakers would prefer the calculation be made …

Betting on Saturday’s Preakness Stakes dropped by 5% from a record 2021, according to figures published by Pimlico Race Course. Early Voting, with jockey Jose Ortiz aboard, wins Saturday’s Preakness Stakes at Pimlico Race Course in Baltimore. Betting for the race, the second jewel in thoroughbred racing’s Triple Crown, was down about 5% from last year. (Image: Preakness Stakes/Twitter) All-sources wagering on the second jewel of the Triple Crown totaled $65.3 million. That’s down from the $68.7 million bet last year. This year’s race did not include the Kentucky Derby winner, as Rich Strike’s connections opted to prepare the colt for the Belmont Stakes next month. Last year’s race featured …

The Massachusetts sports betting debate in the state Legislature is headed for a conference committee. That’s after the legislative chambers remained deadlocked regarding the regulatory specifics of the expanded gambling. DraftKings’ corporate office in Boston in 2020. Massachusetts sports betting discussions are entering a conference committee in hopes of Senate and House lawmakers ironing out their legislative differences. (Image: AP) The Massachusetts House passed its sports betting bill last July. After months of inaction, the Senate finally took up the measure this month after it was passed through committee. Senators this week significantly amended House Bill 3933 before returning the statute to the lower chamber. One major difference is that …

New Jersey sports betting advertisements are flooding television and radio commercial breaks. One state lawmaker says such marketing is giving way to an increase in problem gambling. A DraftKings sports betting billboard advertises a low-risk promotional bet along a New Jersey highway. New Jersey Assemblyman Ralph Caputo is of the opinion that there are too many sports betting commercials currently being aired on television and radio. (Image: Outfront Media) Assemblyman Ralph Caputo (D-Essex) helped champion New Jersey’s sports betting bill in 2018. But the longtime gaming supporter and Atlantic City advocate believes sports betting adverts and promotional marketing have become a bit too much. This advertising, marketing, and promoting is …

Minnesota sports betting discussions continue in Saint Paul, but the clock is ticking on the Legislature’s 2022 session. Minnesota Senate Major Leader Jeremy Miller during a 2021 legislative session. Miller hopes to get a sports betting bill passed before the state legislature adjourns for 2022 later this month. (Image: Star Tribune) On Thursday, the Minnesota House of Representatives passed House File 778. The bill would legalize sports betting at tribal casinos and via online sportsbooks. The mobile operators would be required to partner with tribal-owned entities. HF 778 passed the House yesterday with bipartisan support , 70-57. The legislation now moves to the Senate for consideration. But with only two …

Chelsea FC is getting ready to become part of DraftKings’ empire. It’s also taking a chance on a cryptocurrency sponsor. Kai Havertz celebrates his first goal as part of a Premier League team, Chelsea FC. The club is onboarding cryptocurrency platform WhaleFin as it seeks new sponsorships. (Image: Getty Images) Chelsea CF is following in the footsteps of Atlético de Madrid. The London soccer club has signed an alliance with the cryptocurrency trading platform WhaleFin. The partnership will see the company’s logo on the sleeve of the Chelsea FC jersey starting next season. Although the club has not communicated the amount of the transaction, Sky News reported that the deal …

DraftKings (NASDAQ:DKNG) is extending its lengthy slide Friday, even after the online sportsbook operator posted first-quarter results that beat estimates and lifted its 2022 revenue outlook. A DraftKings sportsbook in New Hampshire. The stock is slumping today despite strong 2022 sales guidance. (Image: Nashua Telegraph) In midday trading, the shares are off 6.1%, extending the one-month slide to 24.2%. The gaming stock shed 72.17% of its value over the past year. The ongoing weakness in DraftKings stock arrives despite the gaming company boosting its 2022 revenue guidance. Earlier today, the operator reported first-quarter sales of $417 million, topping the consensus estimate of $412.01 million. DraftKings said it expects 2022 revenue …

DraftKings (NASDAQ:DKNG) stock is getting a much-needed lift after Morgan Stanley issued constructive comments on the battered online sportsbook operator. Morgan Stanley analyst Thomas Allen in a 2016 CNBC interview. The bank is bullish on DraftKings stock. (Image: CNBC) DraftKings is higher by more than 5% in midday trading, though that’s barely enough to dent an almost 76% decline over the past year. Hindered by lack of profitability and a market environment that doesn’t take kindly to such stocks, DraftKings hasn’t closed above its 200-day moving average since last September. Still, Morgan Stanley is positive about the gaming company, citing the familiar catalyst of total addressable market growth. We forecast …

Missouri sports betting legalization odds lengthened greatly this week after state Senator Denny Hoskins (R-Warrensburg) filibustered two pieces of relevant legislation. Missouri Senator Denny Hoskins in a photo posted to his Twitter expressing his support for a wide-reaching piece of legislation addressing education, sports, and immigration. Hoskins wants to legalize sports betting in his state, but only if it comes with video gaming terminals. (Image: Twitter) Hoskins has long been a supporter of Missouri legalizing sports betting. But he wants to do so with the additional expansion of video gaming terminals (VGTs) in restaurants, bars, convenience stores, and fraternal organizations. But the two sports betting bills that arrived in the …