One of the hottest sports betting topics of the year will be the focus of the biggest earnings calls of the week.
Both companies involved with ESPN Bet, Disney and Penn Entertainment, are on deck to report earnings. Disney is up first at 8:30 am Wednesday.
ESPN Bet has not been a big conversation topic on Disney’s calls, though, which means Penn’s call at 9 am Thursday is a must-listen for anyone interested in an update on the partnership.
How the two sides are progressing in integrating the betting side with the media app side is just one part of what should be an interesting call. Penn will likely be pushed for answers on its recent interactive layoffs, as well as one of its shareholders calling for the business to be sold.
Three more sports betting calls
There are three other earnings calls worth listening to this week.
- Genius Sports is the first at 8 am Tuesday.
- Super Group then meets at the same time as Disney, 8:30 am Wednesday, where investors will want answers about Betway pulling out of the US.
- Entain can clean up any missing BetMGM details and discuss new CEO Gavin Isaacs at 2 am Eastern Thursday.
DraftKings, Hermalyn back in court
Former DraftKings VIP head Michael Hermalyn is back in court against the sports betting giant this week.
DraftKings filed an emergency order to cancel the hearing scheduled for Aug. 27, instead asking the court to allow the non-compete filed in Massachusetts to play out into February 2025. The matter will be heard in the Los Angeles County Superior Court at 9 am Tuesday.
Hermalyn joined Fanatics immediately after leaving DraftKings. He claims DraftKings cannot hold him to a non-compete because he moved to California, where non-competes are not enforced.
Bill to end sports betting excise tax gets companion
US Sens. Catherine Cortez Masto (D-NV) and Cindy Hyde-Smith (R-MS) jointly introduced a companion bill to Reps. Dina Titus (D-NV) and Guy Reschenthaler’s (R-PA) legislation that would end the federal excise tax on sports betting.
Titus has tried to end the tax for years, stating the government is not even sure where the money goes.
The tax is 0.25% of handle and a $50 annual fee per employee that work with bets.
Bally Bet joins integrity association
Bally Bet is the newest member of the International Betting Integrity Association. The association now has more than 125 sportsbook brands as members.
“We are thrilled to join the International Betting Integrity Association,” Bally’s CEO Robeson Reeves said. “This partnership aligns with our commitment to provide a safe and secure betting environment for our customers.
“As we continue to expand our footprint globally, we look forward to contributing to IBIA’s mission of upholding the integrity of sports betting worldwide.”
