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Investors betting defensive stock market plays will win as they sold tech, financials

“At the same time, investors shaved tech holdings by a net $500 million, the biggest tech outflow since the February sell-off, BofA said” writes Patti Domm for cnbc.com. Investors pulled money from both stock and bond funds in the past week, and shifted money within U.S. equities to health care and out of tech and financials.According to Bank of America Merrill Lynch, investors pulled $3.6 billion out of equity mutual funds and ETFs, with $2.6 billion out of U.S. stocks.But as investors took a defensive posture on stocks, they also…

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DraftKings launches mobile sports betting in New Jersey

“The companies also say illegal betting will not be curtailed unless legal wagers are easy to make – on a smartphone, for example” writes Midwest Communications Inc for 95kqds.com. NEW YORK (Reuters) – Fantasy sports provider DraftKings Inc on Wednesday became the first company to roll out mobile sports betting in New Jersey, an important milestone as legal sports wagers slowly spread through the United States.The company’s new app, called DraftKings Sportsbook, begins with an invite-only period to let users place sports wagers anywhere within state boundaries.Outside of New Jersey…

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NBA strikes sports betting deal with MGM as official partner

“To be able to have the official NBA data for sports bettors around the world is very valuable, and “ reports businessinsider.com. NEW YORK (Reuters) – The National Basketball Association on Tuesday announced its first-ever official sports betting partner, MGM Resorts International , with the league agreeing to sell its official game data to the casino operator for undisclosed terms.The deal is also non-exclusive for the NBA, meaning it can still sell its data and brands to other casinos and sports betting operators, though only MGM will be its “official…

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MGM Resorts shares rise after casino announces first gaming partnership with NBA

“This historic partnership will bring millions of NBA fans and MGM Resorts guests together through an innovative collaboration that will open new and exciting opportunities to engage with each other’s world-class brands and products,” MGM Resorts and the NBA said in a press release Tuesday” writes Mark Sobha for cnbc.com. “The partnership is the NBA’s first with a sports betting operator in the U.S. and is the first of its kind between MGM Resorts and a major professional sports league.”. “As the landscape for sports betting in the U.S. continues…

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MGM Resorts to partner with NBA and WNBA on sports betting

“MGM shares have edged up 0.3% over the past three months, while the S&P 500 SPX, +0.67% has gained 6.5%” writes Reporter Editor for marketwatch.com. MGM shares rallied 2.4% in afternoon trade.The partnership, the NBA’s first with a sports betting operator, comes after a Supreme Court ruling earlier this year that cleared the way for states to legalize sports betting. Source: marketwatch.com Share This:

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NBA, WNBA sign historic deal with betting sponsor MGM

“The multi-year deal makes the NBA and WNBA the first major U.S. sports associations to align with a betting sponsor” reports sportingnews.com. It’s also unclear if the deal includes an “integrity fee” that will give the NBA a percentage of bets placed on games.The partnership is expected to be especially productive in the next couple of years as more and more states legalize sports betting. Source: sportingnews.com Share This:

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GVC, MGM Resorts to create U.S. sports betting JV

“GVC Holdings PLC (GVC.LN) said Monday that it will create a sports betting and online gaming joint venture in the U.S. with MGM Resorts International MGM, -1.60% to take advantage of the opportunities created by the recent U.S. Supreme Court ruling on sports betting” writes Maryam Cockar for marketwatch.com. The company said the 50-50 joint venture will bring together both GVC’s and MGM’s assets, brands, proprietary technology, and industry expertise to “revolutionize the world of sports betting and online gaming” in the U.S. Both GVC and MGM will initially invest…

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GVC, MGM Resorts to jointly set up online betting platform in U.S.

“(Reuters) – GVC Holdings Plc has agreed on a joint venture with U.S. hotel and casino operator MGM Resorts International to set up an online betting platform in the United States ahead of the upcoming American football season, the British betting group said on Monday” writes Midwest Communications Inc for 95kqds.com. GVC, which has grown rapidly through acquisitions including the purchase of Ladbrokes late last year, has been looking to expand in the United States, after the U.S. Supreme Court paved the way to legalize sports betting. Source: 95kqds.com Share This:

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‘Big Short’ Steve Eisman reveals why he is betting against Tesla

“The famous investor who predicted the collapse of subprime mortgages ahead of the 2008 financial crash has said he is betting against stock in electric car maker Tesla” writes Matthew Field for telegraph.co.uk. Steve Eisman, whose was portrayed in the film The Big Short, has said there are risks in Tesla’s business, which has been battling to scale up production of its Model 3 electric cars under chief executive Elon Musk. “Elon Musk is a very, very smart man, but there are a lot of smart people in this world…

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