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UK-based betting outfit Colossus Bets is suing DraftKings in a Delaware federal court. It claims the American company has infringed its patent rights by offering a “cash-out” function via its online sportsbook. Colossus Bets founder Bernard Marantelli, above, said in a statement that his company takes its intellectual property “extremely seriously” and will protect it in court. (Image: SBC News) It’s the second patent infringement lawsuit filed against DraftKings this year. The London-based tech supplier specializes in B2B pool betting. It entered the US market in 2019, when it became licensed as a service provider first in North Dakota and then in Oregon. But the lawsuit states the US Patent …

Sports Entertainment Acquisition Corp. (NYSE:SEAH), the special purpose acquisition company (SPAC) merging with Betway parent Super Group, is earning kudos from a sell-side. That indicates there’s some enthusiasm for what’s likely to be one of the fourth quarter’s largest blank-check deals. Betway parent Super Group draws praise from analysts. Its SPAC deal is expected to close in December. (Image: The Daily Mail) In a note to clients today, Benchmark analyst Mike Hickey starts coverage of Sports Entertainment Acquisition with a “buy” rating and a $16 price target, implying upside of 45.45 percent from the Nov. 29 close. That coverage will transfer to Super Group when it becomes a standalone public …

UPDATE (3:45 pm ET) – This article has been updated to include information on the Seminole Tribe of Florida’s emergency appeal to the District of Columbia US Circuit Court of Appeals seeking a stay of US District Judge Dabney Friedrich’s order.  A federal judge late Wednesday ruled against the Seminole Tribe when she declined to issue a stay on her order from earlier in the week. That ruling declared the tribe’s amended gaming compact with the state of Florida illegal. A screenshot of the Hard Rock Sportsbook webpage. Late Wednesday, US District Judge Dabney Friedrich denied a Seminole Tribe of Florida motion to allow it to continue operating sports betting …

Sports betting in New York is getting ready to expand, thanks to the pending launch of mobile applications. But state Sen. Joseph Addabbo, D-Queens, is already looking to take another step and get the racetracks involved. Horses race on the turf course at Aqueduct Racecourse in Queens, NY. On Friday, state Sen. Joseph Addabbo filed legislation that would allow the state’s racetracks and professional sports stadiums to offer sports betting kiosks for patrons. (Image: NYRA/Coglianese Photo) On Friday, the chairman of the Senate Committee on Racing, Gaming, and Wagering filed Senate Bill S7536 for the upcoming session in January. It would allow the thoroughbred and harness racing tracks to serve …

Amid ongoing enthusiasm for sports wagering equities, particularly among younger retail investors, a new exchange traded fund (ETF) addressing the segment is here. A new sports betting ETF listed on the Nasdaq. It faces established competition. (Image: Bloomberg) The iBET Sports Betting & Gaming ETF (NASDAQ: IBET) debuted Tuesday, becoming the second ETF dedicated to iGaming and sports betting stocks. IBET is sponsored by Inherent Wealth Fund LLC, a San Francisco-based asset manager and issuer of thematic and sector-specific ETFs. CEO Jeffrey Kamys, who has more than 15 years experience in the fantasy sports, sports analytics, and sports industries, is managing the new fund. IBET  is an actively managed ETF …

Chinese police in the eastern city of Wenzhou say they have disrupted a syndicate that illegally capitalized on an online sports book “loophole” to cash in the equivalent of around US $4.6 million. Two Chinese police officers stand guard in Beijing in an image taken in 2009. Their colleagues in Wenzhou have disrupted a gambling ring that made $4.6 million in just seven months. (Image: Getty) The scheme involved buying up hundreds of money-losing accounts to exploit perks afforded to big-betting but unsuccessful gamblers, as reported by Wenzhou Evening News. Police said the “core figure” of the gang was a Wenzhou internet café owner identified only as “Shi.” Shi had …

The amended Florida gaming compact with the Seminole Tribe of Florida that the federal government deemed as approved earlier this year does not violate the Indian Gaming Regulatory Act (IGRA). That’s even though officials with the Interior Department conceded that federal law states that the location of a wager is based on where the bettor is located. US District Judge Dabney Friedrich will now determine if the Seminole Tribe of Florida is welcome to offer mobile sports betting across the state. That’s after federal officials submitted information the judge requested in a hearing last week. The amended gaming compact with the Seminole Tribe legalized sports betting earlier this year, but …

The New York State Gaming Commission unanimously approved sports betting licenses to eight platform providers during its meeting Monday afternoon. The awards mean nine operators will be allowed to offer mobile wagering. The Empire State Building in New York City. On Monday, the New York State Gaming Commission voted to issue licenses to platform providers that will work with sports betting operators. The goal is for mobile sports betting to launch in New York by the Super Bowl. (Image: Bobby Mikul/PublicDomainPictures.net) The winning bidders were led by platform provider Kambi Group, a group that includes Rush Street Interactive, Caesars Sportsbook, Wynn Interactive, PointsBet, and Resorts World. This group finished with …

America’s newest sportsbook launched on Wednesday, as online streaming service fuboTV went live with its app in Iowa. Fubo Sportsbook, a product of sports-centric streaming television provider fuboTV, went live Tuesday with Iowa as its first market. The sports betting app is the first to sync a mobile app with an online streaming service. Company officials said they expect more rollouts to occur later this year and into 2022. (Image: Fubo Sportsbook) Getting into the gaming business has been a priority of the sports-centric streaming platform. Company executives see sports betting as a market opportunity that meshes with its primary content focus. Cofounder and CEO David Gandler said in a …

New Jersey college sports betting involving state schools or taking place within the state’s boundaries will remain prohibited. New Jersey Gov. Phil Murphy (right) debates his gubernatorial Republican challenger Jack Ciattarelli last month. Their race remains undecided the morning after Election Day. But a sports betting referendum in the Garden State was rejected. (Image: AP) New Jersey voters on Election Day were asked to elect their next governor, but also to decide if state lawmakers should have the freedom to expand betting options for licensed oddsmakers. The state’s current sports betting law allows sportsbooks to offer lines on college sports, but only if the games do not involve state universities …