Latest news with #sportsbetting
Yahoo
8 hours ago
- Business
- Yahoo
Jim Cramer and Wall Street Are Watching DraftKings Inc. (DKNG)
We recently published a list of . In this article, we are going to take a look at where DraftKings Inc. (NASDAQ:DKNG) stands against other stocks on Jim Cramer and Wall Street's radar. During the May 2 episode, Cramer mentioned DraftKings Inc. (NASDAQ:DKNG) and said: 'Will DraftKings make a comeback here? We like this company very much, but the stock does seem stalled, doesn't it? Maybe it needs more states to legalize sports betting.' A woman at a betting table paying out customers who won their sports bets. DraftKings Inc. (NASDAQ:DKNG) is a digital gaming company that focuses on online sports betting, daily fantasy sports, online casino games, and a digital collectibles marketplace. Additionally, the company develops software for sports betting and iGaming across both online and retail platforms. On May 30, Morgan Stanley analyst Stephen Grambling reduced the price target on DraftKings (NASDAQ:DKNG) from 53 to $51 while maintaining an Overweight rating. The firm slightly increased estimates for its Gaming & Lodging coverage due to stronger first-quarter results, expected guidance, and updated valuations based on higher multiples. The analyst noted that low valuations in the sector indicate the market remains cautious in the near term. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
RNZ News
9 hours ago
- Politics
- RNZ News
Football: A-League under scrutiny as betting allegations surface
Football Australia has suspended the pair charged by police Photo: Photosport An A-League football player in Australia among two men charged by police following an investigation into alleged cheating on bets involving the game. Victorian Police allege four matches in April and May were the subject of what they have described as "player to be carded wagering manipulation". Detectives from the Sporting Integrity Intelligence Unit executed warrants in Richmond, West Melbourne and Kingsville early on Friday morning. Two men in their 20s have been charged with engaging in conduct that corrupts or would corrupt a betting outcome, and using corrupt conduct information for betting. The pair have been released on bail to appear at Melbourne Magistrates' Court on 31 July. A statement from club Western United, which is based in the Melbourne suburb of Tarneit, acknowledged one of its men's players had been charged "in relation to an alleged breach of sports betting guidelines". "We take this matter seriously, condemn any actions that compromise the integrity of the game, and are cooperating fully with all relevant authorities," the statement read. A Victoria Police spokesperson said the detectives had been working closely with governing body Football Australia as part of the investigation. A Football Australia spokesperson said the body had imposed "no fault" interim suspensions on the two individuals, to remain in place until further notice. Under the body's code of conduct and ethics, such suspensions may be issued in circumstances where constituents have been charged with a serious criminal offence or where Football Australia's reputation is at risk of being damaged. "Football Australia takes the integrity of football extremely seriously, and behaviour that seeks to undermine that has no place in our sport or in society," the spokesperson said. "Football Australia is cooperating fully with external authorities." -ABC
News.com.au
11 hours ago
- General
- News.com.au
Player charged A-League betting scandal
Football: The Western United have put out a statement, admitting they are aware that a player has been charged in relation to a sports betting breach.
Daily Telegraph
11 hours ago
- General
- Daily Telegraph
Player charged A-League betting scandal
Football: The Western United have put out a statement, admitting they are aware that a player has been charged in relation to a sports betting breach.
Yahoo
2 days ago
- Politics
- Yahoo
Yasiel Puig Sports Betting Guilty Plea Overturned by Federal Court
The U.S. Court of Appeals for the Ninth Circuit on Thursday affirmed a trial court's evidence-based ruling in favor of former MLB All-Star outfielder Yasiel Puig. In 2022, Puig reneged on a pre-indictment plea agreement with federal prosecutors, and the DOJ demanded he should face repercussions for evidence revealed during plea negotiations. Puig, 34, played for the Los Angeles Dodgers from 2013 to 2018 before spending his last MLB season, 2019, with the Cincinnati Reds and Cleveland Guardians. The Cuban native has since played in South Korea, Mexico, the Dominican Republic and Venezuela. He recently announced he was leaving the Kiwoom Heroes of South Korea's KBO League to seek treatment in Los Angeles for an ailing shoulder. Advertisement More from Puig became entangled with the law in 2019, when he allegedly placed sports bets through an illegal gambling operation based in California. Although the U.S. Supreme Court's 2018 decision in Murphy v. NCAA held the federal ban on states' legalizing sports betting was unconstitutional, California continues to generally prohibit sports betting. Writing for himself, along with Ninth Circuit Judges Holly A. Thomas and Anthony D. Johnstone, Judge Daniel P. Collins noted that 'Puig's ensuing bets were not very successful. In fact, he accumulated nearly $282,900 in gambling debts in 2019. As part of a wider investigation into illegal sports betting, the DOJ interviewed Puig in January 2022 via Webex video conference. Before the interview started, a federal agent warned Puig that 'lying to federal law enforcement agents is a crime.' Puig responded that he understood. Puig nonetheless made 'materially false statements' during the interview, Collins explained. For example, Puig claimed that he had never discussed sports betting with a person identified as Agent 1 and described a former collegiate baseball player who became a baseball coach. The DOJ asserts that Puig lied about that topic. He and Agent 1 allegedly exchanged multiple phone calls and texts concerning sports betting and Agent 1 assisted Puig in placing 'at least 899 bets on sporting events' over a five-month period in 2019. Advertisement In May 2022, the DOJ informed Puig that he faced potential felony charges for false statements and obstruction of justice but expressed a willingness to negotiate a pre-indictment plea deal with him. Over several weeks, those discussions led to what appeared to be a plea deal. An interpreter for Puig signed a statement stating she 'had accurately translated the agreement' for Puig, who, along with his attorneys and a federal prosecutor, signed. Puig agreed to plead guilty 'at the earliest opportunity' to one count of making false statements. In exchange, prosecutors agreed to recommend a light sentence and to refrain from further criminally prosecuting him—namely for obstruction of justice—for conduct arising out of facts stated in the plea agreement. In August, the Justice Department filed paperwork in court indicating that Puig had been charged with one count of making false statements and had signed a plea deal to resolve that charge. The plea agreement contained nearly five pages of 'factual basis' for Puig's alleged criminal act. A factual basis explains what facts a defendant admits related to the charge. Collins noted that while the plea agreement's factual basis mostly tracked allegations in the criminal charge, it contained additional facts that Puig allegedly disclosed or acknowledged. Those additions concerned a photo, a copy of a cashier's check and an audio message Puig allegedly sent through WhatsApp in 2022 in which he assured an identified person that he didn't tell the feds anything incriminating about that person. Advertisement The plea agreement also featured a waiver provision outlining the potential impact of Puig breaching the agreement. Puig agreed to waive any legal protections for suppression or exclusion of new information in the factual basis. That provision is problematic, Collins explained, since Federal Rule of Evidence 410 renders inadmissible evidence of 'a statement made during plea negotiations with an attorney for the prosecuting authority' when the defendant participated in the plea discussions and when those discussions 'did not result in a guilty plea.' That language became very relevant in November 2022, when Puig notified the DOJ and the trial judge that he was withdrawing from the plea agreement and that he would not enter a guilty plea. His attorney explained that she and Puig had uncovered additional evidence that undermined some of the factual basis and strengthened Puig's legal defenses. In response, the DOJ said Puig breached his plea agreement and, given the waiver provision that the player signed, Puig had waived legal protections regarding incriminating statements made during the plea negotiations. The DOJ then obtained a new indictment, which added a charge for obstruction of justice and claimed Puig impeded the feds by providing false information and concealing key evidence. Not so fast, Puig maintained. He hadn't pleaded guilty. He had only agreed to plead guilty. Advertisement U.S. District Judge Dolly M. Gee concurred, finding that the court hadn't formally accepted the terms of Puig's plea deal because the court had 'never accepted' them. Therefore, the plea deal's terms—including the waiver—were unenforceable. The DOJ was thus informed prosecutors couldn't introduce at trial the factual basis recited in the plea agreement. The DOJ appealed to the Ninth Circuit, but the appellate court likewise found Puig hasn't waived his right to challenge the admissibility of evidence and testimony related to the plea agreement. Collins wrote the waiver was 'expressly contingent' on a court approving the plea and finding there was a breach. 'The waiver, by its own terms,' Collins wrote, 'therefore did not apply' and thus 'the factual basis of Puig's plea agreement is not admissible against Puig.' Collins was also critical of the government's assertion it suffered a form of detrimental reliance that warrants enforcement of the waiver. 'We reject this contention,' Collins explained, 'because no such showing of detrimental reliance has been or can be made here.' He added, 'it makes no sense to posit, as this argument necessarily does, that the government relied on Puig's not breaching the agreement when the government drafted the agreement's language about the consequences of a breach. By definition, such language assumes a breach.' Advertisement To be clear, Puig still faces criminal charges. A jury trial—which had been scheduled for August 2023 then pushed back to January 2024, and now still awaits a date—will eventually happen unless the case is resolved beforehand. Should the case go to trial, expect battles over the scope of what type of evidence stemmed from the charges or the factual basis. Best of Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
