Trustly posts 51% profit jump; CEO says IPO at least 2 years out

Trustly CEO Johan Tjarnberg. Trustly The boss of Swedish financial technology startup Trustly says an initial public offering for the company is still a year or two away from happening, even after a 51% jump in operating profit. In an exclusive interview with CNBC, Johan Tjarnberg, CEO of Trustly, said that his firm still needs … Read more

Wynn Resorts are up after another great quarter but remain cheap

Shares of Wynn Resorts popped 2% in after-hours trading Tuesday after the casino operator reported stronger-than-expected quarterly results, driven by the Super Bowl in Las Vegas and the recovery in China’s Macao region. We’re surprised the stock isn’t up more. Operating revenue increased 31% year over year, to $1.86 billion, beating expectations of $1.79 billion, … Read more

Barstool’s Dave Portnoy won $2.7 million on UConn NCAA bet

Barstool founder and CEO Dave Portnoy is seen before the Florida Atlantic Owls and Loyola (Il) Ramblers game in the Barstool Invitational at Wintrust Arena on November 8, 2023 in Chicago, Illinois.  Michael Hickey | Getty Images Barstool Sports founder Dave Portnoy is cashing in $2.76 million on UConn’s big win over Purdue Monday night … Read more

Iowa-LSU game was biggest betting event for women’s sports

Caitlin Clark, #22 of the Iowa Hawkeyes, celebrates after beating the Lousiana State University Tigers 94-87 in the Elite Eight round of the NCAA Women’s Basketball Tournament at MVP Arena in Albany, New York, on April 1, 2024. Andy Lyons | Getty Images The superstar women’s college basketball matchups Monday night attracted more than just … Read more

Largest U.S. sportsbooks join forces to tackle problem gambling

Seven of the nation’s largest gaming companies are joining forces to create a trade group to promote responsible gaming, and for the first time ever, will share information about problem gamblers. The seven operators — FanDuel, DraftKings, BetMGM, Penn Entertainment, Fanatics Betting & Gaming, Hard Rock Digital and bet365 — will form the Responsible Online … Read more

Fanatics fires back at DraftKings’ claims of corporate espionage

Fanatics founder and CEO Michael Rubin at his office in New York. The Washington Post | Getty Images Sports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics’ hiring of a top DraftKings executive. In a legal brief filed late Thursday in U.S. District Court in Massachusetts, … Read more

The Fed’s rate hikes did little to slow our robust economy

Can’t stop won’t stop? OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. And as we walk into retail earnings hell — a period where too many retailers report all at once and the comparisons become odiously confusing, starting with Walmart and Home … Read more

DraftKings posts 44% revenue growth, but falls short of estimates

In this photo illustration the DraftKings logo seen displayed on a smartphone. Rafael Henrique | Sopa Images | Lightrocket | Getty Images DraftKings on Thursday posted quarterly results that missed Wall Street estimates on the top and bottom line, but it increased its revenue by 44%. Here’s what DraftKings reported compared with what Wall Street … Read more

ESPN Bet plans launch in New York, the largest U.S. betting market

ESPN Bet is coming to the Big Apple. Penn Entertainment, which operates the sports betting platform, will pay Wynn Resorts $25 million for market access, it said Tuesday. It’s the same amount Wynn paid New York state to operate there. Wynn Interactive, a subsidiary of Wynn Resorts, was awarded a New York mobile sports betting … Read more

5 things to know before the stock market opens Monday

1. Record run Here are the most important news items that investors need to start their trading day: The S&P 500 closed above 5,000 on Friday for the first time as U.S. stocks continued their steady climb. The S&P, Dow Jones Industrial Average and Nasdaq have all risen for five straight weeks. A slate of … Read more