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DraftKings Stock Falling Amid Reports Of Illegal Gambling Ties

The sports gaming company saw its stock price drop on Tuesday morning.

Russ Heltman

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Draftkings
Courtesy: DraftKings

DraftKings is in some hot water following a report released on Tuesday. The sports gaming company saw its shares fall 11% in early trading after the short-seller Hindenburg Research unveiled findings that the company has ties to unregulated and illegal gambling.

According to the small New York-based group, the problems stem from SBTech, who Draftkings merged with as they went public last year through the Diamond Eagle Corporation. Shalom Mckenzie, the founder of SBTech, is now a board member at DraftKings.

The report stated that SBTech receives half of its revenue from unregulated or banned gambling markets like China and Vietnam.  

Hindenburg has taken a short position on the DraftKings stock, meaning they stand to gain financially if the price keeps falling like it did on Tuesday morning. The company’s stock is down almost 13% over the past week.

“This report is written by someone who is short on DraftKings stock with an incentive to drive down the share price,” a DraftKings spokesperson wrote in a text message to Sportico. “Our business combination with SBTech was completed in 2020. We conducted a thorough review of their business practices, and we were comfortable with the findings. We do not comment on speculation or allegations made by former SBTech employees.”

Sportico also discussed the issue with Credit Suisse, an investment bank bullish on DraftKings’ long-term future.

“Our view is that SBTech was purchased by DKNG for its tech platform (which DKNG plans to vertically integrate) rather than existing revenue stream. Said another way, if SBTech revenue were to go away entirely, we think there would be minimal impact on the DKNG stock,” analyst Benjamin Chaiken wrote to Sportico.

DraftKings and many other sports gaming companies are hoping the return of full stadiums can make 2021 a big year for sports betting stocks

Sports Online

Dan Le Batard: It Enrages Me That There’s a Craig Carton Show on TV

“The man defrauded the people and got right back into sports entertainment television!”

Jordan Bondurant

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The news of Tom Brady announcing his retirement on Wednesday came as Dan Le Batard and company were on the air, and in the midst of the initial reaction to Brady’s announcement, Le Batard offered a quick shot at WFAN and FS1 host Craig Carton.

Carton has been hosting a morning show on FS1 since last September. Craig added the TV show to co-hosting his successful afternoon drive program on WFAN alongside Evan Roberts.

But as Le Batard and the rest of the show were looking at the TV trying to figure out what was going on with the Brady story, Dan said he thought it was crazy Carton was on television.

“It enrages me that there’s a Carton show,” Le Batard said. “The man went to jail. The man defrauded the people and got right back into sports entertainment television!”

Carton went to prison for a year after facing a charge of securities and wire fraud. In the fall of 2020, after being released from jail earlier in the year, Carton made his return to WFAN.

It’s possible that Le Batard, who is busy running his own independent media operation, wasn’t aware Carton had a TV show. So it’s likely seeing Craig’s face probably was a bit of a shock. But it was clear Dan wasn’t expecting to learn the news from Carton’s show.

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Sports Online

ESPN Hands Out 6 New Contracts To Investigative Journalists

Jordan Bondurant

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ESPN is solidifying its lineup of investigative journalists. The network announced on Wednesday the hiring of two newcomers as well as contract extensions for four others.

Xuan Thai and Sara Coello are the two newcomers to The Worldwide Leader, starting their jobs in January.

Thai previously worked at NBC News and MSNBC. Most recently, she was the deputy bureau chief of the south region at NBC.

Coello has made her way to ESPN after stops at The Charlotte Observer, The Dallas Morning News and The Post and Courier in Charleston, S.C.

Alyssa Roenigk, Tisha Thompson, Sam Borden and Tom Junod are the four others who received contract extensions.

Roenigk is the most senior of the group, with 2023 being her 21st year at ESPN. She’s been an editor, sideline reporter, studio host and writer in that stretch of two decades.

Thompson and Borden both started at ESPN in 2017. Thompson has covered stories including the ongoing government investigation of Washington Commanders owner Dan Snyder and investigated sexual assault allegations within the U.S. Snowboard team.

Borden has appeared regularly on various ESPN platforms like the ESPN Daily podcast and Outside the Lines. He’s a 2021 Edward R. Murrow Award winner for an NFL Countdown piece called “This Big Mo Show.”

Junod has been at ESPN since 2019. His previous stops include GQ, Esquire, Life and Sports Illustrated.

Additionally, a contract extension for veteran feature producer Scott Harves was announced by the network.

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Sports Media Reacts To Tom Brady Retiring

“Plenty of the biggest names in the business rushed to Twitter to pay tribute to Brady’s career on the football field.”

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Things seem a little more final this time. Tom Brady says he will not return to the field. The GOAT announced his retirement Wednesday morning in a video posted to social media.

While it is still unclear what happens next, plenty of people in the sports media had opinions to share. Plenty of the biggest names in the business rushed to Twitter to pay tribute to Brady’s career on the football field.

There were other reactions as well. It is well-known that Tom Brady has a ten-year contract worth $375 million waiting for him at FOX. That means plenty of people in the sports media have questions about what today’s announcement means for Greg Olsen.

Olsen has won plenty of acclaim as the analyst in the network’s top NFL booth. Brady’s deal includes him taking over that spot, so several personalities and writers used the day to publicly question the logic in that decision.

There was a third reaction too. Twitter was made for two things: reacting to breaking news and making jokes. Tom Brady announcing his retirement gave some members of the sports media the chance to do both.

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