CFOs Have a Secret Weapon for Fighting Off Uncertainty
But first, here are some other stories that caught my eye:
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
3 days ago
- Axios
Illinois' new sports betting tax could hurt casual gamblers most
As football season nears, Chicago area sports bettors may be in for sticker shock. The big picture: Illinois' new state budget includes a tax hike for online sports gaming — $0.25 for the first 20 million wagers, then $0.50 for every bet after that — which will impact big sites like FanDuel and DraftKings, and their customers. Why it matters: FanDuel announced it will pass that tax onto consumers, instituting a $0.50 tax on every online wager come Sept. 1, just in time for football season, which generates the most sports betting revenue. DraftKings has signaled similar plans, but hasn't announced any hikes yet. Those are the only two online gaming sites to pass the 20 million wager mark in the state last year and generate close to 75% of the state's sports betting market. Zoom in: Both sites have put down roots in Chicago, opening brick-and-mortar sports books at Wrigley Field and the United Center. Company leaders were initially outraged by the state's new tax and even suggested they could end their operations in Illinois. They've since backed away from that stance, instead opting to pass the tax directly to customers. The intrigue: While online gaming is a multibillion-dollar industry, a large portion of the gamblers are casual users, placing smaller bets or running fantasy sports competitions. What they're saying: "We are disappointed that the Illinois Transaction Fee will disproportionately impact lower wagering recreational customers," Flutter CEO Peter Jackson said in a statement. Flutter is the parent company of FanDuel. "We also believe the introduction of the Illinois Transaction Fee will likely motivate some Illinois-based customers to bet with unregulated operators. These operators do not contribute tax revenue to the state." Flashback: Online gambling has exploded since states started legalizing it in 2018. By the numbers: Since Illinois legalized it in 2020, over 1.3 billion individual bets have been placed, wagering over $48 billion, according to the Illinois Gaming Board. FanDuel made $491 million last year, while DraftKings made $418 million. Together, both companies paid over $200 million in taxes. Yes, but: The state, which is facing budget deficits, wants more. Context: This isn't the first time Illinois has dipped into sports gambling revenue. Just last year, they passed a graduated tax system that taxed sites up to 40% based on revenue. This new tax adds on top of that. Between the lines: If sports gamblers leave these sites and use the black market, it would undermine the state's revenue goals. "Should the state reverse its decision at any point in the future, FanDuel will immediately remove the $0.50 transaction fee," Jackson said.
Yahoo
3 days ago
- Yahoo
Jim Keller Will Lead Ad Sales for FanDuel Sports Network
Jim Keller, a veteran of ad sales efforts at Warner Bros. Discovery, Hulu and NBCUniversal, has been named to lead similar operation at FanDuel Sports Network, the collection of regional sports media outlets that were previously housed under Fox Corp., then large TV broadcaster Sinclair. Keller will serve as executive vice president of advertising and sponsorship sales for FanDuel's networks, which include outlets that serve Detroit, Oklahoma, Ohio and Wisconsin. The company also holds a stake in YES Network, the home to the New York Yankees. 'Jim is a proven leader with an exceptional track record across linear, streaming, and digitalplatforms,' said Eric Ratchman, chief revenue officer of Main Street Sports Group, to whom Keller will report, in a statement. 'As FanDuel Sports Network redefines what local sports media can be — more dynamic , more engaging , and more impactful — Jim's leadership will be key in creating smarter advertising experiences that deliver real value to our brand partners and local fans alike.' FanDuel Sports Network was previously branded under the Bally's name, part of a deal between the casino operator and Main Street's predecessor, Diamond Sports Group. Diamond filed for bankruptcy in 2023, and emerged from it in 2025, with a new naming rights deal in place with FanDuel and a new operating name. Keller was most recently chief revenue officer at Fuse Media. He has led efforts to sell ads for Discovery+ and national ads at Hulu. 'There's nothing more powerful than the connection a fan has with their local team, andFanDuel Sports Network is building a platform that truly honors that connection,' said Keller, in a prepared statement. 'From my earliest days as a sports seller at NBC Sports, to leading some of the industry's most innovative ad strategies, I've always believed that the strongest media experiences are rooted in content and community. FanDuel Sports Network's focus on building relevant, local, multiplatform fan experiences is exactly what the industry and advertisers need right now, and Icouldn't be more excited to help drive the next phase of growth.' Keller, whose hire is effective immediately, will be based in New York. Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples
Bloomberg
4 days ago
- Bloomberg
Landing a $35 Billion Tech Deal in the Middle of Trade Turbulence
By Welcome to CFO Briefing, a newsletter devoted to corporate finance and what leaders need to know. This week, I speak to Synopsys CFO Shelagh Glaser about how the software provider navigated the drawn-out approval process for its $35 billion acquisition of Ansys. I also connect with the finance chief of Colombia's biggest bank. But first, here's some other news that caught my eye:
