Penn Buys NY License from WynnBet to Launch ESPN Bet

Penn Buys NY License from WynnBet to Launch ESPN Bet

Casino corporation Penn Entertainment has bought a betting license to launch its vertical ESPN Bet to the largest legal sports betting market in the United States. The state of New York originally made only nine sports betting licenses available to leave some leading sportsbooks out of the market. As Penn was one of them, the corporation has paid $25 million to WynnBet to take over its New York license and become eligible to enter the lucrative jurisdiction via its sports betting subsidiary.

$25 Million License Acquisition:

Penn CEO Jay Snowden said in a press release: ”This is is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America. Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN BET across the U.S.” The news comes after the company reportedly announced in December 2023 that it was looking to buy the New York license for ESPN. According to LSR, such intentions were different to Snowden’s earlier claims that ”not a single operator [would] make money in New York.”

As LSR reports, Snowden said that in November 2021 after the New York State Gaming Commission had denied Penn’s bid to enter the market as Barstool Sportsbook. In the meantime, Penn sold Barstool back to its owner Dave Portnoy in August 2023 after capturing only a 4% US market share to proceed with the ESPN Bet acquisition. Penn closed the $2 billion deal with the sportsbook in November 2023 and launched ESPN Bet in 17 states.

Pending Regulatory Approval to launch ESPN Bet:

With the recently purchased betting license, Penn’s portfolio is now set to include the regulated New York market. The approval from the New York State Gaming Commission (NYSGC) to launch ESPN Bet is currently pending. NYSGC spokesperson reportedly said: “The Commission has been notified of the sale. Penn’s operation in NYS is pending regulatory approval, which has not yet occurred. We cannot opine on the timeline.”  At the same time, Wynn Bet is leaving New York market after it terminated operations in eight states in 2023 due to high operating expenditures. The sportsbook has sought a buyer for its New York sports betting license since January 2022, as reported by LSR.

$1.7 Billion New York Market:

The same source reports that New York operators generated $1.7 billion in revenue in 2023 to make it a preferred destination for sports wagering operators despite the 51% gaming tax rate. Some gaming analysts, like Brendan Bussman from B Global Advisors, argue that ”with little to no margin, it makes the operations difficult,’‘ but the operations have been accelerated since New York’s initial launch in 2022. Over the same period, BetMGM, DraftKings and FanDuel have been holding a combined market share of more than 80%. Jordan Bender, a senior equity research analyst at Citizens JMP Securities, reportedly said: “The market has proven lopsided since launch as operators have generally taken a conservative approach toward spending on promotions and marketing in the state with contribution profit margin well below other U.S. gaming markets.”

ESPN Market Prospects:

As LSR reports, DraftKings and FanDuel have a combined 71% stake in the US online sports betting handle. On the other hand, Penn’s sports betting vertical ESPN Bet reportedly accounts for only around 7% of US online sports betting handle. Although the sportsbook may have a marketing advantage in 12 states featuring Penn’s casinos and racetracks, the lack of a land-based property in New York may reportedly affect the ESPN market performance. As reported by LSR, Bender said: “With no competitive advantage in New York, we do not see it overperforming or underperforming its current market share of mid-to-high single digits once it launches later this year.”

Commenting on the ESPN’s New York  prospects, Lloyd Danzig, a gambling investor and CEO of Sharp Alpha Advisors, told the source:  “While ESPN enjoys significant brand recognition, the success of ESPN Bet hinges on both effective marketing and a compelling product. It remains uncertain whether ESPN Bet can gain significant market share at the expense of established competitors who currently hold stronger product loyalty and affinity among users.” 

Source link

Atlantic City Bill Would Allow Gamblers to Keep Smoking in Casinos Despite Calls for Ban

Person lighting cigarette

Bill to keep smoking

A new bill introduced in Atlantic City could keep gamblers smoking inside the city’s casinos.

The bill, introduced by New Jersey State Senator John Burzichelli on Monday, has arrived as legislation to ban smoking in casinos has started to gain traction in the state Senate. Any calls for a ban have met opposition from casinos and businesses.

Opponents of a flat-out ban have called for a bill that would allow indoor smoking in casinos, which Burzichelli’s aims to do. His bill would keep the current 25% smoking limit on the casino floor. However, it would limit the smoking areas to two instances: unenclosed areas at slot machines, which need to be at least 15 feet away from live dealers, and enclosed rooms with ventilation.

losing one casino means thousands of jobs lost”

Speaking on his bill, Burzichelli said: “It’s about what we can do to keep casinos open, and how do we get it right. Losing one casino means thousands of jobs lost.”

Latest move

According to the group Casino Employees Against Smoking’s Harmful Effects (CEASE), the “bill … will not decrease in any way the amount of exposure workers have to secondhand smoke.” They added that the only bill to gain enough support to pass would be one calling for a ban on indoor smoking.

choose between their paycheck and breathing in secondhand smoke”

The American Cancer Society Cancer Action Network is also urging lawmakers in New Jersey to reject the new bill. They argue lawmakers are forcing people who work in casinos “to choose between their paycheck and breathing in secondhand smoke.”

The value of smoking

A smoking ban in Atlantic City casinos could reduce casino revenue by around 11%, according to research from casinos themselves, also costing around 2,500 jobs.

The Casino Association of New Jersey, which commissioned the report from the Spectrum Gaming Group, an independent gambling research company, found that 21% of gamblers at Atlantic City casinos are smokers.

The post Atlantic City Bill Would Allow Gamblers to Keep Smoking in Casinos Despite Calls for Ban appeared first on Vegas Slots Online News.

Source link

Source link

Chess in the Philippines – Old Game with a Newfound Glory

Stylish Black Queen and Black Knight in Play

If you decide to try a new hobby, then know that playing chess in the Philippines is one of the trendy options. The ancient game is drawing attention because it is available to everyone, and there is no special equipment required besides the chess board and pieces.

In this blog post, you can find out how the Chess Olympiad 2022 results for the Philippines prove that the game’s popularity is yet to increase even more.

History of Chess in the Philippines – How the Game Crossed Time

Today, anyone can join the thousands of people playing chess in the Philippines. All you need is a chess set, some free time, and an opponent. If we caught your curiosity, here is why chess is still so interesting to players in this country:

Chess Question Answer
When was chess first played in the Philippines? There is no information on when Filipinos first played chess, but the 1st Philippines International Chess Tournament was in Manila in 1973.
What chess tournaments can Filipino players participate in? There are many international tournaments by FIDE and other organizations, the Philippines Chess Olympiad and other Filipino tournaments.
What is the highest title a Filipino player can achieve? Grandmaster (GM), followed by International Master (IM), FIDE Master (FM), and Candidate Master.
How do I become a Filipino National Master in chess? Hold a chess master’s rating of over 2200 for over 300 USCF-rated chess games in tournaments.
Is there a chess federation for Filipino players? There is the Professional Chess Association of the Philippines and the Professional Chess Trainers Association of the Philippines (PCTAP, INC).
Is there a money prize in Filipino chess competitions? Playing chess in the Philippines brings fame and respect. Some tournaments have monetary rewards or material prizes alongside the recognition documents.
Who can play chess in the Philippines? A Filipino chess player can be anyone regardless of age, occupation, gender, or status. Even 3 or 4-year-old children familiar with the rules can play and enter a competition.
Where can I play chess in the Philippines? There are chess clubs, chess rooms, locations in the park where players gather, and anywhere else where you can set the chess board without the pieces falling off. On online chess sites, you can play against a computer or a player living on the other side of the world.

Considering all this, it is easy to understand why people are so fond of this strategy board game. Each person ranked as a Filipino chess player has taken his fascination to another level by becoming a professional.

The worldwide popularity of the logical game is the reason for the creation of many international competitions. Before reaching those peaks, Filipinos can enter the Chess Olympiad in the Philippines and other national tournaments.

Is Chess Popular in the Philippines?

The first Filipino chess grandmaster paved the road for many young players. Today, there are thousands of professional chess players and even more casual players. Here is what a chess PH Master says about it:

Chess is very popular in the Philippines; in every corner, you see people playing without clocks, just enjoying the game.FM Alekhine Nouri

Obviously, a game of chess has nothing to do with luck, however, gamblers often place wagers on chess games at the best sports betting sites in the Philippines for 2024. During the rich chess history, there have been ups and downs, but the game resists time and adversities.

The only negative of playing chess in the Philippines is the low monetary prizes for the champions. Players and fans of the game hope that with the increasing popularity, this will change, and the sport will become even more appealing with higher rewards.

Where Do People Go to Play Chess in the Philippines?

If you decide to play chess in the Philippines, you can do so by joining one of the 65 chess clubs registered at the National Chess Federation of the Philippines. There are 23 clubs rated 5 stars and 6 rated 4 stars.

If you prefer to be free from the restrictions of taking time to visit the land-based chess rooms, then know that 26 chess clubs have online chess sites. There are also many international sites open for Filipino players.

Are There Any Filipino Grandmasters?

White King and Queen Chess Pieces

There is more than one Filipino chess Grandmaster, and they all astonish the crowd in every feasible way. For example, GM Eugenio “Eugene” Torre became the first Filipino and Asian player who qualified for the Grandmaster title.

NM Florencio Campomanes is the only non-European FIDE president (1982-1995). GM Barbossa So is a three-time U.S. Chess Champion and three-time Philippine Chess Champion. And that is just part of the list of Philippines’ chess Grandmasters.

Alekhine Nouri is another name you may see as the best Filipino chess player. He became the youngest Filipino and international FIDE Master and current Philippine Juniors Champion.

The girls also astonish the crowd. In 2017, Janelle Mae Frayna became the youngest Filipino chess Grandmaster – Woman Grandmaster by FIDE and the current Philippine Women’s Chess Champion.

On June 9th, 2023, the 10-year-old Nika Juris Nicolas became the first female chess National Master. It is expected this to be one of the many future achievements of the young player.

Most Popular Chess Tournaments

Chess Pieces on Grass Covered Playing Board

We can find a lot of sports news about chess in the Philippines about the current best players in the world ranking. There are even PH online casinos that also offer sports betting services and provide players with the opportunity to bet on and support their favorite players in international and Filipino competitions.

Chess Tournaments in the Philippines

The first official chess championship in the country was held in 1908 during President Emilio Aguinaldo’s revolutionary government. The first winner became the Filipino Cabinet Secretary General Fernando Canon.

During the last century, the championships ranked Filipino players and showed who were the National Masters. Today, there are online, in club, and national championships organized by the Philippines Chess Federation.

Filipino Chess International Masters

Every Filipino chess grandmaster has participated in an international chess competition and has a spot in the international ranking. The largest tournaments are the Chess Olympics, Grand Swiss, and FIDE tournaments.

The rank lists change constantly because many competitions and games help players improve their scores. Here is a list of the most popular Filipino players in 2023:

  • Julio Catalino Sadorra: FM (2004), IM (2007), GM (2011)
  • Oliver Barbosa: IM (2008), GM (2011)
  • Mark Paragua: IM (2001), GM (2005)
  • Paulo Bersamina: FM (2011), IM (2014)
  • Darwin Laylo: IM (2006), GM (2007)
  • Janelle Mae Frayna: WFM (2013), WIM (2014), WGM (2017)
  • Marie Antoinette San Diego: WFM (2012), WIM (2017)
  • Jan Jodilyn Fronda: WIM (2014)
  • Bernadette Galas: WIM (2013)
  • Shania Mae Mendoza: WFM (2014)

Considering all the above, it becomes clear that in the last 20 years, chess in the Philippines has drawn attention. The glory of the Filipino players grows as they take over higher positions in international competitions.


Chess in the Philippines has always had fans, but the question is whether the fanbase is growing or not. We answered this and a few other questions below. If the answers are not enough, the links will lead you to the special blog post dedicated to the popularity of chess.

1️⃣ Who is the best chess player in the Philippines?

It is hard to rank all existing Filipino chess players. It is recorded that people played chess in the Philippines over 200 years ago, which is part of a millennial history of chess. Today, GM Eugenio ‘Eugene’ Torre is considered the best Filipino chess player.

2️⃣ What causes chess’ newfound glory in the Philippines?

During the last decades, more Filipino chess players have participated in international competitions. This creates the question is playing chess in the Philippines popular, and the amazing results prove that the game’s glory and fanbase grows. We are yet to see how the young players will perform in future tournaments and how many titles they will bring home.

3️⃣ Who are the Filipino chess Grandmasters?

There are millions of chess players worldwide, and they all dream and work hard to get the highest possible title in the game. Many names on the list are Grandmasters from the Philippines. Some of the best Filipino chess players are Eugenio Torre, Janelle Mae Frayna, Julio Catalino Sadorra, and more.

4️⃣ How to be a National Master in chess in the Philippines?

To become a National Master (NM), you need to win the chess tournaments in the Philippines and hold the high-ranking position for a certain number of games. Don’t be surprised to see that more than one Filipino chess Grandmaster does not have a Filipino NM title.

5️⃣ How Filipino chess players become Grandmasters and FIDE Masters?

The first step is to win almost every chess tournament in the Philippines and hold the title for the required time. Becoming a Filipino National Master is a major step, but even without it, you can win international chess tournaments and become Grandmaster, FIDE Master, and International Master.

Source link

PrizePicks to Pay $15m for Operating Without a License in New York, End For-Money Contests

PrizePicks logo on laptop

Ending real money games…for now

Daily fantasy sports (DFS) operator PrizePicks has been ordered to pay $15m to New York’s gaming commission after operating without a license.

According to a document signed by the New York State Gaming Commission (NYSGC) and PrizePicks, the operator had violated the law for years. The amount PrizePicks needs to pay is based on how much the company generated through its contests from June 4, 2019 to December 19, 2023.

operated in New York in a good-faith belief that it had the ability to do so”

On top of the monetary penalty, PrizePicks has agreed to end its real money contests. A spokesperson for the operator states that it “operated in New York in a good-faith belief that it had the ability to do so.”

However, a spokesperson for the NYSGC said that the settlement agreement “[spoke] for itself.”

PrizePicks wants changes to the law

Despite having to pay the $15m and cease its contests to New York players, PrizePicks can still apply for a license. Understandably, the company will now apply for one so that it can continue offering its product to people in the Big Apple.

will work constructively with policymakers on thoughtful legislation”

Speaking of its intentions, a spokesperson said they “…will work constructively with policymakers on thoughtful legislation that allows New Yorkers to play the contests they love, ensure strong consumer safeguards, and generates tax revenue for the state.”

The PrizePicks comments come at a time when lawmakers are taking a hard line against DFS betting. 

In October, PrizePicks, Underdog Fantasy, and Betr had been banned in several US states. Based on a lack of consensus on whether pick’em fantasy sports are sports betting or games of skill, platforms such as DraftKings and FanDuel asked for clarity on the future of such offerings.

Previous trouble in Florida

The previous month, PrizePicks, Underdog Fantasy, and Betr received cease and desist letters from the Florida Gaming Control Commission (FGCC).

According to the FGCC, their position on DFS and pick’em games is that they are illegal. Sharing correspondence on X, CEO of Underdog Jeremy Levine wrote: “…. they are saying that all paid fantasy violates FL law in their view, including our season-long, daily drafts, and pick’em games.”

PrizePicks claims that it was a “smear campaign” and that “larger competitors” have spread misinformation to US regulators which has “driven inaccurate understandings of our contests and the laws governing them.”

The post PrizePicks to Pay $15m for Operating Without a License in New York, End For-Money Contests appeared first on Vegas Slots Online News.

Source link

Source link


Random Posts