Today in the Market (5/15/2023)

Good Evening! On Monday, U.S. stocks rose as investors tracked the debt-ceiling conflict, and analyzed statements from the Federal Reserve.

All three benchmarks finished in the red with S&P 500 declining by 0.16%, Dow Jones barely going under by 0.03%, and the Nasdaq Composite finishing down the most by 0.35%

THE DEAL CONTINUES

We have reported a lot on this topic but… In a press statement issued today, the European Commission has granted conditional approval to Microsoft’s (MSFT) $74.5 Billion deal to acquire Activision Blizzard (ATVI). It is however subject to its full compliance with agreements allowing long-term licensing plans

Let’s get into the deal! The approval comes with some strings attached, with the main one being that Microsoft must provide a licensing agreement to consumers in the European Economic Area(EEA) for 10 years. This lets users stream all current and future Activion Blizzard PC & console games. Also, the consumer can access any cloud game streaming service they prefer

It is not a done deal yet… Even with the ruling from the European Commission, the deal is still conflicted with the ruling made by the UK’s Competition and Markets Authority (CMA) back in April. The CMA denied the acquisition on the basis that it poses a risk to the development of the rapidly expanding cloud gaming industry. On another note, the deal still has to go through the U.S. Federal Trade Commission (FTC). The FTC filed a lawsuit to hinder the approval of the deal. However, the acquisition is still being assessed by the FTC.

5 YEARS ALREADY?

Source: Getty Images

Did you know… In May 2018 (5 years ago yesterday), the Supreme Court overturned a federal prohibition on sports betting in the U.S. This in turn led to the emergence of a lucrative industry that has significantly altered the way Americans engage with sports.

Here are some interesting facts to commemorate the 5-year anniversary:

  • According to Sportico, Americans wagered $95 billion on sports in legally regulated states. The money spent on betting surpasses that of ride-sharing, coffee or streaming.
  • DraftKings and FanDuel dominate over 70% of the US sports betting market, according to Eilers & Krejcik, a gambling analytics firm. 
  • The proportion of female users who registered for sportsbook applications increased by 45% in the previous year, continuing a three-year trend of surpassing the number of new male users. DraftKings reported a 61% annual increase in wagers on women’s sports in the previous year.

Going forward… The potential legalization of sports betting in California, Texas, and Florida could ramp up and contribute to the growth of these stats. As of current, Axios reports that the three states comprise 26% of teams in the major professional leagues in the U.S

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