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August brought a whirlwind of activity in the cannabis industry as the US Drug Enforcement Administration (DEA) set a date for a long-awaited public hearing on the rescheduling of cannabis.

According to public records, the hearing will commence on December 2, 2024, in Arlington, Virginia.

While this date delays the process until after the election, it is still possible that cannabis will be rescheduled before current President Joe Biden leaves office on January 25, 2025.

As anticipation builds, companies are beginning to better position themselves for changing market dynamics — August also brought the first-ever cannabis stock buybacks, as well as a new partnership between two multi-state operators.

State markets also made news last month, with Ohio seeing a strong launch of recreational sales, Delaware starting to accept license applications and New York’s legal market growing amid a crackdown on illicit sales.

Meanwhile, Missouri’s governor issued an executive order to ban sales of hemp-derived THC products, including beverages, which are popular in the state. So far the move is receiving heavy resistance.

Keep reading to discover more about these industry-shaping events.

Ohio sees strong sales after recreational cannabis launch

Sales of recreational cannabis officially commenced across Ohio on August 6 after the Ohio Department of Commerce Division of Cannabis Control issued its first set of dual-use Certificate of Operations (COO) to 98 dispensaries on August 5. The move comes nearly a year after 57 percent of Ohioans voted to legalize it in November 2023, but a month ahead of the anticipated date of September 7.

The issuance of COOs enabled dispensaries to commence recreational cannabis sales alongside medical offerings. While many of them began recreational sales at that time, dispensary operators determined their own launch dates based on factors such as staffing and supply, allowing for a phased rollout.

Business intelligence platform Headset.io found that cannabis dispensaries in Ohio pulled in an average of US$33,864 in sales on August 6, 270 percent more than the US$12,740 daily average brought in by medical cannabis sales. Headset also determined that recreational sales made up 76 percent of all sales on August 6.

That figure dropped marginally after the initial week, but data tracked by Headset revealed dispensaries brought in an average of US$25,487 in sales on August 15, still double the average daily sales from the weeks prior to August 6.

New York’s crackdown on illicit sales drives legal market growth

In New York, a concerted effort to curb illicit cannabis sales has yielded significant results. Governor of New York Kathy Hochul stated on August 26 that the Illicit Cannabis Enforcement Task Force has closed over 1,000 illicit cannabis retailers across the state since efforts began in May. The state currently has 166 licensed adult-use dispensaries.

Known as Operation Padlock to Protect, the crackdown is part of a state-wide effort to boost the legal cannabis market, which has faced competition from illicit sellers as the state has been slow to issue licenses. During an interview on August 22, the acting director of New York’s Office of Cannabis Management gauged that regulators wouldn’t finish reviewing applications for hundreds of business licenses submitted in late 2023 until 2025.

The efforts appear to be working. Governor Hochul shared that in 2024, legal adult-use sales exceeded US$368 million through August 23. In 2023, retail sales for the year only came to US$137 million.

Curaleaf reports international growth, decision on Section 280E of tax code

Curaleaf (TSX:CURA,OTCQX:CURLF) released its Q2 earnings report on August 7, which showed a modest yearly revenue increase of 2 percent. International revenue saw a much larger increase of 78 percent year-over-year, led by sales in the United Kingdom and Germany, as well as contributions from Northern Green, a multi-state operator that Curaleaf acquired on April 22.

“We are starting to see the benefits of the work we initiated 18 months ago to streamline the business, drive efficiencies in our cultivation facilities, and leverage both domestic and international growth opportunities. Looking to the second half of the year, these actions will drive an acceleration in both our revenue and margins as state and country catalysts develop further, including New York, Ohio and Germany,” said Boris Jordan, executive chairman of Curaleaf, in a subsequently released statement.

In its quarterly filings, the company also shared a new position on its federal tax liability by claiming the company is no longer subject to Section 280E of the Internal Revenue Code. Section 280E prohibits businesses involved in the sale of cannabis from taking tax deductions or credits for expenses related to their operations.

Curaleaf joins Ascend Wellness Holdings (CSE:AAWH.U,OTCQX:AAWH), Cresco Labs (CSE:CL,OTCQX:CRLBF), TerrAscend (TSX:TSND,OTCQX:TSNDF) and Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF), companies that have publicly announced that they will no longer adhere to Section 280E, a move that San Francisco-based tax attorney Henry Wykowski called “reckless” in correspondence with MJBizDaily.

“I don’t know that these people have fully considered and appreciated what the consequences are, and they’re much more severe than people realize,” Wykowski said, referring to a 20 percent penalty — on top of unpaid taxes — the IRS could impose on companies seeking a refund if the claim is ultimately rejected.

Curaleaf said it would amend its tax return from 2022, but admitted that the Internal Revenue Service (IRS) is not likely to agree with Curaleaf’s position and would likely audit the company. Shares of Curaleaf closed almost 6 percent lower following the earnings report.

TerrAscend to launch first stock buyback program

TerrAscend released its Q2 results on August 8, revealing a 7.5 annual increase in net revenue to US$77.5 million. The company also had US$11.7 million in free cash flow in the second quarter, compared to negative US$200,000 in Q2 20023.

Later, on August 20, the company’s Board of Directors authorized a stock buyback program worth US$10 million of common stock over 12 months.

In a press release, executive chairman Jason Wild said, “Our first-ever stock buyback program demonstrates our confidence in TerrAscend’s future and commitment to enhancing shareholder value…We are confident in the strength of our business, growth prospects, operational excellence, and strong cash flow. We believe our equity has compelling value and will be opportunistic with our share repurchases.”

Missouri executive order on hemp-derived products ban receives push back

In Missouri, Governor Mike Parson (R) issued an executive order on August 1 to ban the sale of food products containing hemp-derived psychoactive compounds, including delta-8 THC, unless they came from an approved source.

It directed the Department of Health and Senior Services to embargo all products named in the executive order, and directed the Missouri Division of Alcohol and Tobacco Control to prohibit unregulated psychoactive cannabis products from being sold in liquor-licensed facilities.

“This Executive Order effectively bans the sale of these potentially harmful products in Missouri until such time approved sources can be regulated by the FDA or State of Missouri through legislative action,” Parson said in a statement. “Protecting Missourians, especially the most vulnerable, our children, has been our guiding principle since the very beginning and remains so today.”

Industry leaders argue that the inclusion of products available in adult-only establishments constitutes overstepping, contending that such a move would unduly restrict the rights of consenting adults to purchase and consume products that are legal and intended for their use. For example, hemp-derived THC beverages had become significant sources of revenue at liquor stores and bars.

The order was initially set to go into effect on September 1. However, Missouri’s Secretary of State Jay Ashcroft refused to sign off on the ban on August 22, rejecting the governor’s calls for an executive order on grounds that it did not meet requirements constituting an emergency.

In return, Parson penned a letter to Ashcroft, accusing the former of denying the order because of his “hurt feelings” over Parsons’ decision to endorse Lt. Gov. Mike Kehoe in the gubernatorial primary race on August 6, which Kehoe ultimately won.

According to AP News, Ashcroft’s spokesperson JoDonn Chaney denied Parson’s charge in an email, saying that the secretary of state “reached out to the executive branch to give them the opportunity to explain how it met the requirements and they did not respond.”

Governor Parson directed the Missouri Division of Alcohol and Tobacco Control to refile the emergency order, but without Ashcroft’s signature, the process could take as long as eight months. Further delaying the process, the Missouri Hemp Trade Association filed a lawsuit in the Cole County Circuit Court to stop the ban on August 30.

Curio and Ascend team up to enter new state markets

Curio Wellness and Ascend Wellness Holdings, two cannabis multistate operators, have formed a manufacturing and distribution partnership to help both companies expand into new markets.

Under the terms of the deal, Ascend will manufacture and distribute Curio’s products in Illinois and New Jersey, where Ascend has a considerable presence, and in Massachusetts. Curio, headquartered in Maryland, will do the same for Ascend’s cannabis products in Maryland and Missouri.

The deal provides a cost-effective way for both companies to enter new markets.

“This partnership represents a forward-thinking approach to operational strategy, demonstrating how collective efforts can expand market reach and create a greater return from brand development investments,” Curio Wellness CEO Michael Bronfein said in a statement.

Likewise, Ascend CEO John Hartmann said the collaboration will be good for the industry as a whole. “Together, we will improve consumer access and continue to pave the way for the future of cannabis health and wellness,” he said.

Delaware accepting recreational license applications

The Office of the Marijuana Commissioner in Delaware began accepting applications for recreational cannabis business licenses on August 19. Prospective applicants can submit a proposal by September 30. Eligible applicants will be entered into a lottery scheduled for October, and the licenses will be issued starting in November.

Out of the 125 total licenses available for issuance, 60 are for cultivation facilities, 30 for manufacturing, 30 for retailers and five for testing facilities. Delaware voted in favor of recreational cannabis legalization on April 23, 2023.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

ESPN has gone off the air on a major carrier for the second straight year during the U.S. Open tennis tournament and in the midst of the first full weekend of college football.

Disney Entertainment channels went dark on DirecTV Sunday night after the sides were unable to reach a new carriage agreement.

The move angered some sports fans, who posted their displeasure on social media. And the U.S. Tennis Association wasn’t pleased with another carriage dispute.

ESPN was showing the fourth round of the U.S. Open when it went off the air on DirecTV at 7:20 p.m. ET.

That was a half-hour before the start of the match between Frances Tiafoe, an American who reached the 2022 U.S. Open semifinals, and Alexei Popyrin, an Australian who eliminated defending champion Novak Djokovic on Friday.

“It is disappointing that fans and viewers around the country will not have the opportunity to watch the greatest athletes in our sport take part in the 2024 U.S. Open due to an unresolved negotiation between DirecTV and Disney, resulting in the loss of access to ESPN. We are hopeful that this dispute can be resolved as quickly as possible,” the USTA said in a statement.

It also happened 10 minutes before the start of the college football game between No. 13 LSU and 23rd-ranked Southern California in Las Vegas.

ABC-owned stations in Los Angeles; the San Francisco Bay Area; Fresno, California; New York; Chicago; Philadelphia; Houston; and Raleigh, North Carolina, also went off DirecTV.

Last year, Disney and Spectrum — the nation’s second-largest cable TV provider — were involved in a nearly 12-day impasse until coming to an agreement hours before the first Monday night NFL game of the season.

DirecTV said Disney offered an extension to keep the channels on the air in exchange for DirecTV having to waive all future legal claims that its behavior is anti-competitive.

“The Walt Disney Co. is once again refusing any accountability to consumers, distribution partners, and now the American judicial system,” said Rob Thun, DirecTV’s chief content officer, in a statement. “Disney is in the business of creating alternate realities, but this is the real world where we believe you earn your way and must answer for your own actions. They want to continue to chase maximum profits and dominant control at the expense of consumers — making it harder for them to select the shows and sports they want at a reasonable price.”

DirecTV has 11.3 million subscribers, according to Leichtman Research Group, making it the nation’s third-largest pay TV provider.

Dana Walden and Alan Bergman, co-chairmen of Disney Entertainment, and ESPN chairman Jimmy Pitaro issued a joint statement urging DirecTV to finalize a deal.

The statement added that “while we’re open to offering DirecTV flexibility and terms which we’ve extended to other distributors, we will not enter into an agreement that undervalues our portfolio of television channels and programs. We invest significantly to deliver the No. 1 brands in entertainment, news and sports because that’s what our viewers expect and deserve.”

The impasse comes as networks and distributors continue to be at odds over content. Distributors and subscribers would like to see a model where they can buy channels a la carte instead of subscribing to a bundling package.

Distributors are also frustrated with production companies putting some of their premium programing on direct-to-consumer platforms before they show up on channels. DirecTV cited the miniseries “Shogun” appearing on Hulu before FX.

“Consumer frustration is at an all-time high as Disney shifts its best producers, most innovative shows, top teams, conferences, and entire leagues to their direct-to-consumer services while making customers pay more than once for the same programming on multiple Disney platforms,” Thun said. “Disney’s only magic is forcing prices to go up while simultaneously making its content disappear.”

Besides all ESPN network channels and ABC-owned stations, Disney-branded channels Freeform, FX and National Geographic channel went dark on DirecTV.

This post appeared first on NBC NEWS

Comcast’s NBCUniversal has a longstanding bet on the Olympics, but this summer the company threw all of its resources at the Games in a bid to grab more viewership — especially for its growing streaming platform, Peacock.

It appears to have paid off so far — more than 30 million people tuned in to NBC’s TV and streaming platforms to watch the games, and a record $1.2 billion in advertising revenue was generated.

NBC executives, having touted the Olympics as a growth driver and differentiator in the increasingly crowded landscape of streaming and live sports, are now looking to extend the benefit beyond the Games and into future live sports.

“We completely changed the game plan internally. We ripped up the playbook two years ago,” said Jenny Storms, chief marketing officer of entertainment and sports at NBCUniversal. “It was very scary at the time to take the institutional knowledge that we had for so long and rip it up and start over. We really started new and fresh in totality, from production to company wide counterparts.”

The Olympics have long been key to NBCUniversal. Paris marked the 18th Olympic Games broadcast by NBC in the U.S. The company renewed the rights in 2014, agreeing to pay $7.65 billion for the Games between 2022 and 2032, amounting to more than $1.2 billion for each.

Just before Paris, efforts had fallen flat. The 2021 Tokyo Olympics and 2022 Beijing Olympics drew the lowest-ever audiences for Summer and Winter Games, respectively.

Storms noted there were factors at play in those last two Olympic Games that were largely out of NBCUniversal’s control.

Both of the Games were shrouded by the early stage of the pandemic. Tokyo was postponed by a year, and fans and families weren’t present at either games. The time zone difference from Asia worked against the U.S. broadcast, too.

NBC microphones sit on the field on July 30 in Marseille, France.Brad Smith / ISI / Getty Images file

But notably the strategy for Peacock during those Games appeared to be the biggest misstep. In Tokyo, very few events were available to stream live on Peacock. In Beijing, the live content was there, but fans had trouble finding what they wanted to watch.

“We made a claim that Peacock would be the home of the Olympics, and we didn’t exactly deliver,” said Mark Lazarus, chairman of NBCUniversal Media Group. “We were nervous about how much content to put on there, how to program it and how to cross-deliver it [with traditional TV]. And we were rightly told by the fanbase that we didn’t deliver what we said we would.”

Executives across the company have credited Paris as a part of the success of this year’s Olympics, between the eye-catching scenery — with the Opening Ceremony on the Seine River and beach volleyball played in front of the Eiffel Tower, to name a couple — and favorable time zone working in NBC’s favor.

The company also began marketing the Olympics much earlier this time around, employing various parts of NBCUniversal to get the word out, from news programs and talk shows, to various forms of advertising, Storms said.

Both Storms and Lazarus also noted the success of airing the Olympic trials in the weeks before the games.

“We never really pushed hard with the trials before,” Storms said. “But it was the most streamed trials ever, and it was important to warm America up.”

And then there was the star factor of NBCUniversal’s internal roster.

The company used its own talent more strategically in 2024, executives said. Besides airing promos for content, NBC A-listers were integrated into the events themselves, co-hosting and reporting from the sidelines. Fan favorite Snoop Dogg, a special correspondent for NBC Olympics, generated social media buzz and drew more eyes to the live events. And, his stand-out presence in Paris helped promote his upcoming role with NBC’s “The Voice” this fall.

Snoop Dogg at the Paris 2024 Olympic Games on Aug. 9.Odd Andersen / Getty Images file

“We had a great experience with Snoop, we are definitely in the Snoop business with ‘The Voice,’ and hope to be in the Snoop business in the future,” said Lazarus, adding NBCUniversal doesn’t have a commitment yet with Snoop Dogg for future Olympics.

Other NBC talent attended the Games to promote their projects, too. Mariska Hargitay, who’s played the character Olivia Benson on “Law & Order: SVU” since 1999, was in Paris promoting the show’s 26th season. A variety of “Saturday Night Live” cast members were present, including Colin Jost, who covered surfing in Tahiti and had to make an early exit due to health issues.

Shows from both NBC and Peacock were also promoted at the Games, and Universal’s upcoming film, “Wicked,” was highlighted often, with stars Ariana Grande and Cynthia Erivo appearing on the Opening Ceremony red carpet.

The “Wicked” actors also voiced a promotional piece for U.S. gymnastics powerhouse Simone Biles, and an exclusive clip of the film was aired during the “Today” show from Paris. NBC said among moviegoers, ”‘Wicked’ gained ground across measures during the Olympics, doubling our level of top of mind awareness, and increasing total awareness,” according to polling.

Arguably no NBC property shined brighter during the Olympics than streaming platform, Peacock.

Due in large part to Peacock, 23.5 billion minutes of the Olympics were streamed, up 40% from all prior Summer and Winter Olympics combined, according to a release.

“Peacock delivered in every way that we hadn’t before,” said Lazarus.

Besides having all live coverage, exclusive shows like “Gold Zone,” hosted by Scott Hanson of “NFL Red Zone,” gave fans more options for all-day viewing. There were also features built solely for the Olympics, such as an artificial intelligence function featuring daily recaps in the voice of Al Michaels, a longtime voice of marquee NFL games.

Cynthia Erivo and Ariana Grande attend the red carpet at the Olympic Games Paris 2024 on July 26.Matthew Stockman / Getty Images file

An estimated 2.8 million consumers signed up for Peacock during the first week of the Summer Games, averaging nearly 400,000 additions daily, according to data provider Antenna. This nearly matched the sign ups driven by Peacock’s exclusive NFL Wild Card game in January, according to Antenna. The game is considered the most streamed live event in history with 27.6 million viewers, according to Nielsen.

While Comcast recently reported Peacock had 33 million paid customers as of June 30 — 500,000 less than the prior period, and widely attributed to the loss of customers exiting after the Wild Card game —analyst Craig Moffett of MoffettNathanson said it’s worth noting the customers that remained since the Wild Card game.

“I suspect they’ll have the same experience with the Olympics,” Moffett said. “Sure, some of those customers will leave but they will probably end up keeping a lot more than not.”

Still, traditional TV made up the bulk of viewership during the Paris Games — nearly 90% of viewers watched on broadcast and cable channels, Lazarus said. Aided by the more favorable time zone, NBC aired live events on TV and Peacock during the day and rebranded the evening broadcast as “Primetime in Paris,” replaying big events with sidecar programming and interviews.

The strategy used in Paris will serve as the roadmap for future Olympics — the Milan Winter Olympics in 2026 and Los Angeles Summer Games in 2028 — as well as other live sports aired on NBC’s TV networks and Peacock, executives said.

Shortly after the 2024 Olympics comes the new seasons of English Premier League soccer, American college football and National Football League. NBC will also be the rights holder of National Basketball Association games beginning in the 2025-2026 season.

“I think Peacock is getting much more sophisticated, as we’ve seen with the Olympics, in how they can do sports coverage,” said Shirin Malkani, co-chair of the sports industry group at Perkins Coie.

Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.

This post appeared first on NBC NEWS

German automotive giant Volkswagen is bracing for a showdown with trade unions shortly after it said it cannot rule out shutting factories in its home country for the first time in its nearly 90-year history.

Volkswagen’s management is expected to lay out its plans before about 18,000 workers at a town hall meeting in Wolfsburg on Wednesday morning, amid speculation that the carmaker could push to close sites in Osnabrueck in Lower Saxony and Dresden in Saxony.

A spokesperson for Volkswagen was not immediately available to comment when contacted by CNBC on Tuesday.

In a move that underlines the challenges facing Europe’s top legacy carmakers, Volkswagen warned on Monday that it would no longer be able to rule out plant closures in Germany.

The Wolfsburg-headquartered company also said it felt compelled to bring an end to its employment protection agreement — a job security program that has been in place since 1994 — in order to secure “urgently needed structural adjustments for greater competitiveness in the short term.”

Volkswagen Group CEO Oliver Blume said in a written statement on Monday that the carmaker would need to “act decisively” in order to future-proof the company.

“The European automotive industry is in a very demanding and serious situation,” Blume said.

“The economic environment became even tougher, and new competitors are entering the European market. In addition, Germany in particular as a manufacturing location is falling further behind in terms of competitiveness,” he added.

Volkswagen said that all necessary measures would be discussed with the General Works Council — a group of elected staff members that represent the interests of a company’s workforce — and with top German industrial union IG Metall. Both groups, which hold significant influence at the company, have been sharply critical of the proposals.

Daniela Cavallo of Volkswagen’s General Works Council said that the faction would “fight bitterly” against the potential plant closure measures, while a spokesperson for IG Metall described the plan as one that “shakes the foundations of Volkswagen and poses a massive threat to jobs and locations.”

Shares of Volkswagen dipped 0.8% at around 2:15 p.m. London time on Tuesday, paring gains from the previous session. Volkswagen’s stock price has fallen by more than 33% over the past five years.

The downturn comes amid a difficult economic environment for the carmaker and an influx of new rivals in Europe, as Volkswagen attempts to survive the transition to electric cars.

“The situation is extremely tense and cannot be resolved through simple cost-cutting measures,” VW brand CEO Thomas Schäfer said on Monday.

“This is why we want to initiate discussions with employee representatives as soon as possible to explore the possibilities for sustainably restructuring the brand,” he added.

Volkswagen’s plans to consider unprecedented plant closures in Germany comes at a politically fraught time for Europe’s largest economy. Led by Chancellor Olaf Scholz, the ruling three-way coalition in Berlin was dealt a heavy blow in regional votes over the weekend.

“The German automotive industry stands for globally successful products and innovations. It is a central pillar for growth and prosperity in Germany,” a German government spokesperson told CNBC by email, without commenting specifically on Volkswagen’s planned measures.

“At the same time, it is currently in a challenging phase of transformation towards electromobility. This also requires the adaptation of traditional structures and measures for greater competitiveness,” the spokesperson added, according to a Google translation.

“A close social partnership is a hallmark of the German automotive industry. The Federal Government therefore appeals to the social partners involved to continue to fulfil this responsibility in the future.”

Thomas Besson, head of automotive research at Kepler Cheuvreux, said the problems at Volkswagen reflect an “industry-wide story.”

“We are seeing a major fragmentation story of the global automotive landscape,” Besson told CNBC’s “Street Signs Europe” on Tuesday.

“The situation … is also specific to Volkswagen, in the sense that they have put in place a number of guarantees for workers,” he added.

— CNBC’s Annette Weisbach contributed to this report.

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Football is back, and it’s expected to bring with it record-breaking betting.

U.S. adults will wager $35 billion this NFL season, according to projections from the American Gaming Association.

That would mark more than 30% growth over the $26.7 billion Americans wagered over the course of last year’s season of the National Football League, according to the AGA, and would set a fresh record. Since last NFL season, Maine, North Carolina and Vermont have allowed sports betting operators to launch in their states. And court decisions have permitted Hard Rock International to relaunch sports betting in Florida.

Today, sports betting is live and legal in 38 states and Washington, D.C.

And yet stocks in the gambling companies aren’t following the same growth trajectory. Shares of DraftKings, Penn, Caesars, MGM Resorts and Entain, which jointly own BetMGM, are all negative year to date. Flutter, owner of FanDuel, is up 19%, after listing on the New York Stock Exchange this year. It posted second-quarter earnings that trounced expectations for revenue and profit, giving shares a lift.

Churchill Downs is positive on the year and Rush Street Interactive has posted notable gains of 109% year to date.

Each of the licensed sportsbooks is working on strategies to claim a bigger share of the action, trying to attract new customers and convince established players to show more brand loyalty.

NFL kickoff is an opportunity to launch new and improved technology or innovative wagers that entice players. Sportsbooks tailor their promotions to reach new customers.

“The NFL season is our biggest acquisition period of the year,” said Christian Genetski, president of FanDuel, the nation’s leading sportsbook.

FanDuel is the only one to partner with YouTube to roll out a “Sunday Ticket” offer. Players who wager $5 get a three-week trial to watch out-of-market NFL games with “Sunday Ticket.” FanDuel hopes allowing fans to watch their favorite teams will lead to more wagering.

FanDuel also said it has tweaked its app design and added more bets to its Same Game Parlay. It’s upgraded features so fans can wager at “the speed of sports,” the company said.

With more than 95% of sports wagers now happening online, speed matters. That’s especially true when it comes to micro-betting: wagers made on specific plays as the game unfolds.

Fanatics, Michael Rubin’s e-commerce empire that includes sports merchandise and memorabilia, launched its sportsbook last year in four markets. Since then, Fanatics Sportsbook acquired PointsBet’s U.S. operations and technology, which is now fully integrated. And its sportsbook is now live in 22 states.

It’s a pretty impressive ramp for a newcomer to the industry.

Fanatics Sportsbook relies on the existing database of 100 million sports fans for customer acquisition throughout the year and rewards them with products from the merchandise and collectibles businesses.

And just before the start of the 2024 football season, Fanatics hosted a blockbuster fan activation called Fanatics Fest NYC where customers could meet athletes and celebrities and celebrate their passion for sports.

Fanatics Sportsbook CEO Matt King told CNBC the customer response was effusive.

“We’ve seen incredible positive sentiment and resonance with our proposition of being the most rewarding sportsbook, both in terms of the economic value of what we give back as well as, frankly, the unique things we can do,” King said.

King said unique player rewards build into the crescendo of the sports calendar, what he described as the “sports equinox” — that time during the fall when nearly every sport is being played on overlapping schedules.

DraftKings said the NFL is its most popular league by both handle and number of bets it accepts.

The sportsbook, which recently pulled back on a plan to tax customers in high-tax states, is offering a “No Touchdown” prop bet this season, meaning bettors will now be able to wager on whether a top player does not score a touchdown.

With its shares off 28% this year and its digital business in the red, there is a spotlight and scrutiny on Penn Entertainment. This is its first full NFL season to show off ESPN Bet, its $2 billion investment on a rebranded sportsbook in partnership with the Disney-owned sports juggernaut. It first launched in November last year, smack in the middle of NFL season.

Since then, the platform has grown its customer database to 31 million members, an 80% gain. Penn’s leaders are optimistic about its media integration with ESPN.

“People are active in our app, and our goal over the next several quarters is to drive higher loyalty and retention and better monetize the significant engagement activity through improved product and expanded offerings,” Penn CEO Jay Snowden said on an Aug. 8 earnings call.

BetMGM just launched the first single wallet for mobile play in Nevada, where customers can transport their accounts from Las Vegas back to their home states. Mobile wallets eliminate the friction of multiple transactions.

“Our players can now immerse themselves in the excitement of MGM Resorts’ Las Vegas destinations or statewide while seamlessly continuing to place wagers in other BetMGM markets,” BetMGM CEO Adam Greenblatt said in a statement.

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A man accused of killing his girlfriend in Boston and fleeing to Kenya has been extradited back to the United States — the latest twist in an international case that saw his arrest at a Nairobi nightclub and his escape from jail.

Kevin Kangethe, 42, is accused of killing nurse Margaret “Maggie” Mbitu, whose body was found in a parked car last November at Boston’s Logan International Airport, two days after she was reported missing. Authorities say he then immediately boarded a flight and fled the country.

For months, the suspect eluded authorities after he arrived in Kenya. In January, investigators spotted Kangethe at a nightclub in Nairobi and arrested him. He escaped from jail days later and was on the run for a week before he was rearrested in Nairobi in early February.

Kenya has an extradition treaty with the United States.

Kangethe’s extradition Sunday returns him to the jurisdiction of his alleged crime, some 7,000 miles away. He is expected to face a murder charge at Suffolk Superior Court on Tuesday, said Renson Ingonga, Kenya’s director of public prosecutions.

“I wish to reiterate my commitment and support, whenever needed, to the United States of America, and in particular the prosecution team as they proceed with the next phase of the case,” Ingonga said in a statement Monday.

He boarded a flight the day before her body was found

Mbitu, 31, lived in Whitman, a Boston suburb, and was the youngest in a family of health care workers. Her two older sisters and her mother are all nurses.

She was reported missing in late October after she didn’t show up for work, which was uncommon for her.

Her family notified the police and called nearby hospitals to check if she was a patient. Investigators believed her boyfriend was a suspect, according to a criminal complaint from the state police.

With the help of surveillance cameras, police tracked his Toyota SUV to the airport and found it in a parking garage. Inside they found Mbitu’s bloodied body with slash wounds on her face and neck, Massachusetts State Police said in an affidavit.

The day before her body was found, Kangethe boarded flights from Boston to Kenya. Surveillance footage showed him leaving the parking garage and entering an airport terminal, police said.

Investigators learned he had bought a plane ticket the previous morning, state police said.

The fugitive was arrested in a Nairobi nightclub but escaped from jail a week later

Kangethe has been arrested twice with the help of tipsters.

After he arrived in Kenya, he eluded authorities for three months. Then in late January, someone alerted police that a man at a nightclub in Nairobi resembled images of the suspect they’d seen on social media, Kenyan authorities said.

A week later, a man claiming to be his lawyer appeared at the police station where he was being held and asked to speak with him. Officers released the suspect from his cell and left them alone in an office. The suspected escaped on foot and evaded authorities for days, police said.

He was re-arrested a week later at a relative’s house in a suburb of Nairobi after another tip-off, Kenyan police said.

Kevin Hayden, District Attorney of Suffolk County in suburban Boston, thanked the US State Department, the FBI, the state police, the Kenyan government and Kenyan law enforcement agencies for facilitating the arrest.

“Their tremendous and untiring efforts will provide Margaret’s family and friends the opportunity to see Kevin Kangethe face justice for this terrible crime,” Hayden said in a statement in February.

Investigators have not revealed a motive in the killing.

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Venezuelan authorities have issued an arrest warrant for the former presidential candidate Edmundo Gonzalez, amid a crackdown on the country’s opposition movement following July’s disputed election.

The Venezuela Prosecutor’s Office requested the warrant Monday, accusing Gonzalez of “crimes associated with terrorism.” Gonzalez has failed to respond to three summons regarding its investigation into an opposition website that posted results from the contested vote, it said.

Maduro claims to have won the July 28 vote, but the official results have attracted widespread skepticism from abroad and the opposition has insisted that it won. Shortly after the vote, the opposition published tally sheets on a website indicating their candidate – Gonzalez – had won by a landslide.

In a letter posted on X on Monday, the Prosecutor’s Office said Gonzalez is suspected of “crimes associated with terrorism” including “usurpation of functions, forging a public document, instigation to disobedience of the laws (and) association to commit a crime and conspiracy.”

Gonzalez has denied the accusations against him. The Prosecutor’s Office has previously said it is also investigating opposition leader Maria Corina Machado for the same alleged crimes.

Machado said Monday that the threat of arrest would only help to unite the opposition.

“(The government) have lost all notion of reality. By threatening the president-elect they only manage to unite us more and increase the support of Venezuelans and the world for Edmundo González.”

“Serenity, courage and firmness. We move forward,” she added.

Venezuela’s electoral body, long stacked with regime allies, declared the strongman leader Maduro the winner of the election, but has yet to provide tallies proving his win.

Venezuela’s opposition and several other nations have refused to recognize Maduro’s victory until the release of the full vote tally.

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He is 87 years old and in recent years has battled health difficulties and begun using a wheelchair. But Pope Francis is currently on the longest trip of his pontificate.

On Tuesday, he landed in Indonesia kicking off a marathon 12-day visit of four countries in Southeast Asia and the South Pacific which also includes Papua New Guinea, East Timor and Singapore.

It is one of the longest foreign trips any pope has embarked on and marks the furthest geographical distance (32,814 kilometers or about 20,000 miles ) that Francis has traveled since his 2013 election. And on arrival in Jakarta, Pope Francis commented that the more than 13 hour flight over was the longest he has yet done.

The landmark visit will allow this pope to highlight key themes of his pontificate, including inter-religious dialogue and protection of the environment.

The trip also underscores a significant shift taking place inside the Catholic Church: its tilt to Asia.

During his pontificate, Francis’ 44 previous foreign visits have included South Korea, Japan, Philippines, Thailand, Myanmar and Bangladesh. He has also appointed cardinals from the Philippines (Luis Antonio Tagle) and South Korea (Lazarus You Heung-sik) to senior positions in the church’s central administration.

The Catholic Church is no longer a Eurocentric or western institution but one where churches in Asia, Africa and Latin America have a growing voice. Francis, who as a young man wanted to be a missionary in Japan, has spoken favorably about male and female church leaders coming from countries outside of Europe.

Catholics in Asia are often in the minority, although they frequently punch above their weight when it comes to running schools and charitable works.

“The pope is interested not so much in the number of Catholics as the vibrancy,”said Spadaro, who will be travelling with Francis. In many Asian countries, the Jesuit priest explained, the church seeks to act as a “leaven”in trying to serve the “common good,” while Asia “represents the future at this time in the world”.

Interfaith declaration

Often a minority, the churches in Asia are focused on dialogue with other religions, something that will be a central theme of the trip.

While in Indonesia, the world’s most populous Muslim majority country, the pope will take part in a meeting with religious leaders at the Istiqlal Mosque in Jakarta, the largest in Southeast Asia. Afterwards, Francis will sign an interfaith declaration with the grand imam of Indonesia and is also expected to visit an underpass linking the mosque and the Catholic cathedral next door known as the “tunnel of friendship.”

“The pulse of the churches here is quite different from say, those in Europe or US where issues like polarization, secularization and abuse have dominated the headlines,” she added.

Spadaro said the “pope wants to give a signal about dialogue with Islam,” and points out that in East Timor, the government has adopted a landmark human fraternity document — signed by Francis and the Grand Imam of Al-Azhar, Sheikh Ahmed al-Tayeb – as a national text.

East Timor is unusual for Asia as 97% the population identifies as Catholic, the highest proportion outside of the Vatican City State.

Michel Chambon, who works at the National University of Singapore and is an expert on Asian Catholicism, said the pope’s visit will help build relations and mutual understanding with these countries.

“The key thing is that the Vatican is not a European state, it is much more than that,” he said.

A giant in the background

Meanwhile, the Vatican’s relationship with China, an officially atheist state where religious practice is heavily curtailed by the government, will be in the background to this visit with Francis pushing ahead with trying to rebuild diplomatic relations with Beijing.

Catholicism is one of five state-recognized faiths in China. But, state-sanctioned Catholic churches were, for decades, run by bishops appointed by Beijing, not the Holy See, until the two sides reached an agreement in 2018. Details of the accord have never been made public and many within China’s underground congregations who have remained loyal to Rome and long faced persecution fear being abandoned.

Although the Holy See-China agreement has faced criticism, the Vatican says the deal is already paying off and hopes to open a permanent office in China. The pope has repeatedly said he would like to visit the country.

Supporters of the patient diplomacy strategy point to the Holy See’s improved relationship with another Communist-governed country: Vietnam. After years of talks, the pope was able to appoint the first resident ambassador in Hanoi at the end of last year.

Francis’ trip will also see him in a part of the world at risk of rising sea levels and natural disasters, with Papua New Guinea a country on the front line of the climate crisis. During his pontificate, the pope has insisted that the protection of the planet is a pressing moral issue, and his trip to the pacific is a chance once again to urge world leaders to take stronger action.

Making this lengthy trip now, after more than 11 years as pope, sends a message to those, including at senior levels in the church, hoping that this pontificate is running out of steam. Spadaro says it underlines the “liveliness of the pontificate at this moment.”

Francis will travel, as normal, with a doctor and two nurses. There are risks with making such a long and gruelling visit at his age. But this is a pope willing to take risks and pull off surprises. And he is determined to make one of the most ambitious trips of his pontificate.

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Two people have been rescued after a terrifying night at sea as six-meter (20-foot) waves tossed their stricken yacht nearly 200 miles (322 kilometers) off Australia’s eastern coast as they drifted at speed towards New Zealand.

Authorities were first alerted to the crew’s crisis around 1pm on Monday, when they deployed a distress beacon, but it was hours before the first rescue helicopters located the vessel.

The 20-meter yacht, the Spirit of Mateship, had lost power and communications and was being hit by winds of up to 90 kilometers an hour (56 mph) as well as waves up to six meters high.

“(The helicopter’s crew) were able to fly above the yacht, and they could communicate via radio to the yacht, but they were unable to pick them up,” said Ben Flight, duty manager at the Australian Maritime Safety Authority Response Center.

Another rescue attempt was later abandoned due to rough seas, forcing the two people – a man, 60, and woman, 48 – to spend what Flight described as a “horrible” night at sea.

“They weren’t injured, but the vessel had suffered a mechanical issue of some kind, and they couldn’t steer, and they couldn’t make their own way through the water, so they were drifting, and they were taking on water as well. So, they were in quite a serious situation,” said Flight.

“They were sort of just at the mercy of the elements. They would have been moving around quite uncomfortably. It would have been particularly windy, noisy, probably quite wet as well.”

Two Australian Navy ships – HMAS Arunta and HMAS Canberra – answered calls for help, as well as Royal Australian Air Force C-130J Hercules aircraft, according to the Australian Defence Force (ADF).

The ships, along with a nearby merchant vessel, monitored the yacht’s location overnight, and the rescue resumed in the early hours of the morning, when conditions had eased.

NSW Police vessel Nemesis arrived at the yacht about 3 a.m. Tuesday and deployed a smaller boat to rescue the sailors around 7:30 a.m. in choppy seas with swells of four meters to five meters.

“I don’t imagine they would have got any rest overnight, so I imagine they’d be quite tired and very relieved to be rescued,” Flight said.

Flight said the outcome would have been much worse if the crew hadn’t deployed the distress beacon, which issues a satellite alert to advise the rescue coordination center of their location.

The Spirit of Mateship has competed in the prestigious Sydney to Hobart yacht race several times, crewed by wounded veterans and army personnel.

Together they raised money to support army veterans. However, the yacht has changed hands since then, according to Flight.

The rescued sailors are expected to arrive back in Sydney Tuesday night after a 12-hour voyage.

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There are 64 days until Election Day on Tuesday, Nov. 5.

But if Americans vote like they did in the last two election cycles, most of them will have already cast a ballot before the big day.

Early voting starts as soon as Sept. 6 for eligible voters, with seven battleground states sending out ballots to at least some voters the same month.

It makes the next few months less a countdown to Election Day, and more the beginning of ‘election season.’

States have long allowed at least some Americans to vote early, like members of the military or people with illnesses. 

In some states, almost every voter casts a ballot by mail.

Many states expanded eligibility in 2020, when the COVID-19 pandemic made it riskier to vote in-person.

That year, the Fox News Voter Analysis found that 71% of voters cast their ballots before Election Day, with 30% voting early in-person and 41% voting by mail.

Early voting remained popular in the midterms, with 57% of voters casting a ballot before Election Day.

Elections officials stress that voting early is safe and secure. Recounts, investigations and lawsuits filed after the 2020 election did not reveal evidence of widespread fraud or corruption. 

The difference between ‘early in-person’ and ‘mail’ or ‘absentee’ voting.

There are a few ways to vote before Election Day.

The first is , where a voter casts a regular ballot in-person at a voting center before Election Day.

The second is , where the process and eligibility varies by state.

Eight states vote mostly by mail, including California, Colorado, Nevada and Utah. Registered voters receive ballots and send them back.

Most states allow any registered voter to request a mail ballot and send it back. This is also called mail voting, or sometimes absentee voting. Depending on the state, voters can return their ballot by mail, at a drop box, and/or at an office or facility that accepts mail ballots.

In 14 states, voters must have an excuse to vote by mail, ranging from illness, age, work hours or if a voter is out of their home county on Election Day.

States process and tabulate ballots at different times. Some states don’t begin counting ballots until election night, which delays the release of results.

Voting begins on Sept. 6 in North Carolina, with seven more battleground states starting that month

This list of early voting dates is for guidance only. For comprehensive and up-to-date information on voter eligibility, processes and deadlines, go to Vote.gov and your state’s elections website.

The first voters to be sent absentee ballots will be in North Carolina, which begins mailing out ballots for eligible voters on Sept. 6.

Seven more battleground states open up early voting the same month, including Pennsylvania, Georgia, Wisconsin, Michigan and Nevada.

September deadlines

In-person early voting in bold.

Sept. 6

  • North Carolina – Absentee ballots sent to voters

Sept. 16

  • Pennsylvania – Mail-in ballots sent to voters

Sept. 17

  • Georgia – Absentee ballots sent to military & overseas

Sept. 19

  • Wisconsin – Absentee ballots sent

Sept. 20

  • Arkansas, Montana, Nebraska, North Dakota, Ohio, Utah, Wyoming – Absentee ballots sent to military & overseas
  • Minnesota, South Dakota – In-person absentee voting begins
  • Virginia – In-person early voting begins
  • Indiana, Kentucky, West Virginia – Absentee ballots sent

Sept. 21

  • Alabama, Alaska, Colorado, Connecticut, Florida, Kansas, Massachusetts, Maryland, Michigan, New Hampshire, New York, Oregon, South Carolina, Washington – Absentee ballots sent to military & overseas
  • Indiana, New Mexico – Absentee ballots sent
  • Maryland, New Jersey – Mail-in ballots sent

Sept. 23

  • Mississippi – In-person absentee voting begins & absentee ballots sent
  • Oregon, Vermont – Absentee ballots sent

Sept. 26

  • Illinois – In-person early voting begins 
  • Michigan – Absentee ballots sent
  • Florida, Nevada – Mail-in ballots sent
  • North Dakota – Absentee & mail-in ballots sent

Sept. 30

  • Nebraska – Mail-in ballots sent

Oct. 4

  • Connecticut – Absentee ballots sent

Oct. 6

  • Michigan – In-person early voting begins 
  • Maine – In-person absentee voting begins & mail ballots sent
  • California – In-person absentee voting begins & mail ballots sent
  • Montana – In-person absentee voting begins
  • Nebraska – In-person early voting begins 
  • Georgia – Absentee ballots sent
  • Massachusetts – Mail-in ballots sent

Oct. 8

  • California – Ballot drop-offs open
  • New Mexico, Ohio – In-person absentee voting begins
  • Indiana – In-person early voting begins
  • Wyoming – In-person absentee voting begins & absentee ballots sent

Oct. 9

  • Arizona – In-person early voting begins & mail ballots sent

Oct. 11

  • Colorado – Mail-in ballots sent
  • Arkansas, Alaska – Absentee ballots sent

Oct. 15

  • Georgia – In-person early voting begins
  • Utah – Mail-in ballots sent

Oct. 16

  • Rhode Island, Kansas, Tennessee – In-person early voting begins
  • Iowa – In-person absentee voting begins
  • Oregon, Nevada – Mail-in ballots sent

Oct. 17

  • North Carolina – In-person early voting begins 

Oct. 18

  • Washington, Louisiana – In-person early voting begins
  • Hawaii – Mail-in ballots sent

Oct. 19

  • Nevada, Massachusetts – In-person early voting begins 
  • Alaska, Arkansas, Connecticut, Idaho, North Dakota, South Carolina, Texas – In-person early voting begins 
  • Colorado – Ballot drop-offs open

Oct. 22

  • Hawaii, Utah – In-person early voting begins 
  • Missouri, Wisconsin – In-person absentee voting begins

Oct. 23

  • West Virginia – In-person early voting begins

Oct. 24

  • Maryland – In-person early voting begins

Oct. 25

  • Delaware – In-person early voting begins

Oct. 26

  • Michigan, Florida, New Jersey, New York – In-person early voting begins 

Oct. 30

  • Oklahoma – In-person early voting begins 

Oct. 31

  • Kentucky – In-person absentee voting begins
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