Mobile sports betting money tempts cash-strapped states
By WAYNE PARRYApril 14, 2021 GMT
ATLANTIC CITY, N.J. (AP) States around the country are realizing what gamblers figured out long ago: The future of sports betting and tax money to be made from it is online.
But they’re also realizing that extra tax money isn’t nearly enough to turn seas of red ink into black. That was the case even before the coronavirus pandemic blew huge holes in state budgets.
Currently, 15 states plus Washington, D.C., offer mobile sports betting, and several others are considering adopting it. New York is poised to become one of the largest markets in the U.S., passing a budget last week that includes mobile sports wagering after years of opposition by Democratic Gov. Andrew Cuomo, who is expected to sign it.
Mobile sports betting money tempts cash-strapped states
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Draftkings, thriving in the pandemic, now sees better odds of success
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PropSwap Closes $2 Million Round of Funding
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LAS VEGAS, March 10, 2021 /PRNewswire/ PropSwap, Inc. - America s first and only secondary marketplace to buy and sell sports bets - closed a new round of funding this week, raising $2 Million of additional capital.
The company intends to use the funds to launch the marketplace in newly legalized states, accelerate product development, increase user acquisition efforts, and continue to partner with gaming operators around the country.
Participants of the round include: Boston-based Fama Ventures, Chris Grove (partner at Eilers & Krejcik Gaming, and investor/advisor focused on the legal U.S. sports betting and online gambling industry), David Freedman (founder of Inc. s fastest-growing company in 2019, Freestar), executives from each Airbnb and Instacart, executives in the private equity sector, along with continued follow-on investments from current investors.