betting

He added: “The Chancellor has listened to our concerns and rightly recognised that racing is a unique national asset – culturally, socially and economically – and we welcome this support.

“We recognise that the increase in general taxation on the betting industry may have trickle-down effects on racing. We will work with our partners in the betting industry to understand the implications of this.”

Details of the government’s plans were mistakenly released early by the Office for Budget Responsibility before Reeves’ statement in the House of Commons.

The measures are expected to generate £1.1bn from the gambling industry by 2031 and shares in major companies fell immediately after the announcement, although some recovered later.

Before the Budget, bookmakers warned of betting shop closures if Reeves hiked taxes on gambling firms.

Each shop provides thousands of pounds in funding to racing through the levy and media rights payments.

Racing’s bosses say if bookmakers needed to cut costs, this could impact the sport through reduced sponsorship and promotion, worse odds and reduced bonuses for customers, and potentially turn people towards the black market.

An additional £26m of funding will be provided by the government to the Gambling Commission over the next three years to tackle the illicit market.

The sport betting scandal that took hold of the Turkish Football Federation this week has put a spotlight on an endemic issue.

Hundreds of players and referees have been accused of illegally placing bets.

Authorities are trying to understand the scale and impact of a situation they’re calling a “moral crisis”.

But it’s not just Turkiye, it’s not just football, and it’s not just the lower leagues.

Betting scandals are increasingly hitting major sports leagues around the world.

Fans are being bombarded with sports gambling advertisements, and betting regulations are easing.

So, is sport still about the love of the game, or just the rush of placing a bet?

What impact is gambling having on the pitch, and what can authorities do to keep the game honest?

Presenter: Nick Clark

Guests: 

Ali Emre Dedeoglu – Sports commentator

Tancredi Palmeri – International sports analyst

Jamie Allen – Football journalist and writer

ESPN is shifting its strategy on online sports gambling, ending its partnership with Penn Entertainment.

The companies announced Thursday they were terminating an agreement that offered ESPN equity in Penn, which operated the ESPN Bet sportsbook app. The app will no longer carry the familiar red ESPN logo. It will operate under a new name.

ESPN said it will partner with DraftKings, a leading sports betting company, which will provide odds and other gaming-related data for the Walt Disney Co. unit’s programs and its digital platforms. ESPN’s on-air staff will use DraftKings’ odds starting Dec. 1.

According to people familiar with the ESPN-Penn arrangement, the app simply didn’t reach its financial targets in the highly competitive business, which operates in the 31 states where online gambling is legal.

In 2023, Penn agreed to pay $1.5 billion in cash over the next 10 years for the rights to use the ESPN name on its app. As part of the deal, ESPN promoted the product across its programming and provided access to on-air talent. ESPN had the right to purchase up to 31.8 million shares of Penn stock for $500 million over the 10-year period.

“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space,” said Jay Snowden, CEO and President of Penn Entertainment. “Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.”

The end of the deal comes shortly after an FBI investigation led to the arrest of Miami Heat player Terry Rozier, who allegedly pulled out of a game claiming injury to deliver a win on one of his prop bets.

ESPN’s decision is unrelated to the recent news, as the company has been in talks for months with DraftKings about a new partnership. But no longer having the ESPN name on a betting app will keep the brand out of the line of fire if the NBA case escalates.

Beginning in December, DraftKings will have its app exclusively integrated across ESPN’s platforms.

The companies said they will “collaborate to advance their shared commitment to responsible gaming, by dedicating prominent assets to educate, raise customer awareness and promote responsible play through campaigns and integrations.”

DraftKings will provide the betting tab within the ESPN app and its customers will receive special promotions for ESPN’s newly launched direct-to-consumer streaming product.

DraftKings operates in 28 states and in Washington, D.C., and Ontario, Canada, and has more than 10 million customers across its products.