DraftKings Q3 Earnings Drop Despite Surge in Users
The sports betting giant underperformed projections by 10%, posting $213 million in revenue. Despite acquiring more users in the third quarter, analyses reveal that DraftKings‘ per-user spending was down nearly 33% as compared to 2020.
WNBPA, Nneka Ogwumike, & Pepsi Serve Up a Community Assist
The Women’s National Basketball Players Association announced a multi-year partnership with Pepsi Stronger Together on Thursday, with community giveback initiatives planned for all 12 WNBA markets. The WNBA has a longstanding relationship with Pepsi, but this was the players association’s chance to work with a company that’s already a natural ally.
Penn National Gaming Posts Second-largest Single-day Cap Hit in History
Penn National Gaming stock plummeted 21% on Thursday, eliminating $2.69 billion of the casino company’s market cap. The company had experienced tremendous recent growth due to its ownership of Barstool Sports. However, disturbing allegations of sexual misconduct against Barstool founder David Portnoy emerged on Thursday via Business Insider, sending the stock to tumble.
Kitman Labs Successfully Raises $52M, Eyes Expansion
The Dublin-based company best known for its athlete management system and performance data boasts existing partnerships with nearly every major sports league around the world, from the NFL to the MLB, La Liga to Premiership Rugby. And this week they closed a successful $52 million funding round, which they will leverage for further research and development, expand their staffing globally, and explore expanding into military and government services.
CJ2K Teams Up with Bet MGM
BetMGM has put together an incredible list of ambassadors, including Marshawn Lynch, Kevin Garnett, and Ariel Helwani. The sports betting and digital gaming company announced their newest partner on Thursday: former Pro Bowl running back Chris Johnson. He will help drive the brand’s presence in Tennessee and Arizona, where he spent his prolific career.
UW Alumni Launch Montlake Futures to Support Students’ NIL Pursuits
With the explosion of the NIL era, many schools have been scrambling to figure out how best to support their athletes. At the University of Washington, a network of savvy alums and local businesses – including Amazon, Alaska Airlines, and Nordstrom – have teamed up to launch Montlake Futures, a for-profit venture that will assist students as they navigate the uncertain waters of NIL deals.
The NHL Inks Multiyear Deal with Chipotle
The NHL is on a quest to expand its appeal to new fans everywhere. And this week they have made another move to do so, as they signed a three-year partnership with Chipotle. As part of the deal, Chipotle will have exclusive rights to serve as NHL’s official Mexican-themed quick-service restaurant and Mexican-themed fast-casual restaurant.