| Axios AM
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By
Mike Allen
·Oct 13, 2021
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Happy Wednesday. Smart Brevity™ count: 1,160 words ... 4½ minutes. Edited by Zachary Basu.  Situational awareness: William Shatner, 90, is scheduled to blast into space from West Texas at 10 a.m. ET, courtesy of "Star Trek" fan Jeff Bezos. The latest.
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1 big thing: Sports books' big bet
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Illustration: Annelise Capossela/Axios
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Online sports betting is a business loser so far. But flushly funded firms see a massive upside, and are spending big to gobble up market share. - The companies
are shoveling money into promotions — sometimes including hundreds of
dollars in free bets — to get you into their apps, Axios business editor
Kate Marino writes.
- "DraftKings and FanDuel are
really customer acquisition platforms, operating as sports books," Jed
Kelly, equity research analyst at Oppenheimer, tells Axios.
What's happening: The
companies are taking a page from Netflix, Amazon and Twitter —
sacrificing profit in the early days in the hope of becoming part of our
lives. - This NFL season will go a long way in determining which companies are the 3 or 4 survivors in the ultra-competitive arena.
State of play: The Supreme Court opened the door to widespread legal betting in 2018. So the sector is in its infancy. - 21 states, representing
40% of the population, allow sports betting, according to a Wells Fargo
research note. Another 8 states allow in-person betting.
Tale of the tape:
The weekly fantasy sports operators — FanDuel and DraftKings — have
taken the lead with respective market shares of 33% and 19% in the first
half of 2021, the Wells report says. - Legacy casino companies are also in the running — most notably BetMGM (13%) and Caesars Casino & Sportsbook (4%).
What we're watching: There's a Catch-22 for sports books. Making too little money is obviously bad for business. But if they start making too much, they'll attract more attention from regulators.
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2. First look: Fighting the chopping block
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Photo: Al Drago via Getty Images
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Progressive groups will rally tomorrow on the
Ellipse to press President Biden and Congress to keep paid family
medical leave in the slimmed-down social spending package, Axios' Hans
Nichols has learned. - Look for these and
other advocates to step up their public engagement to keep their
cherished programs from being axed, as congressional negotiators trim
the reconciliation package from $3.5 trillion to roughly $2 trillion.
Between the lines:
Supporters of a paid leave proposal, which could cost as much as $500
billion over 10 years, don't like the tea leaves. Biden didn't mention
the plan in a big speech in Michigan last week. - Speaker Pelosi appeared to be bracing her caucus for major proposals to be scrapped when she told colleagues in a memo Monday that Congress should do "fewer things well."
- But yesterday she said she was "disappointed"
with the prospect of cutting entire programs. She seemed to suggest
that Congress could instead shrink its package by "mostly cutting back
on the years" of committed spending.
- That's what progressives want. They want to see what subsidies become popular, then dare future Congresses to cut them.
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3. U.S. opening land borders for vaxxed
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San Ysidro Port of Entry on the Mexico-U.S. border, as seen from Tijuana. Photo: Guillermo Arias/AFP via Getty Images
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Early next month, non-essential travelers from
Mexico and Canada who provide proof of full vaccination will be allowed
into the U.S. at land ports of entry for the first time in 19 months,
Axios' Stef Kight reports. - Why it matters: Government officials and business leaders have decried the economic impact pandemic travel restrictions have had on border communities. Air travel restrictions will also be lifted in early November.
Between the lines: The
Biden administration continues to use a Trump-era policy tied to the
pandemic that has allowed the U.S. to quickly turn back hundreds of
thousands of migrants and asylum-seekers to Mexico.
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A message from Bank of America
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How Bank of America is helping women entrepreneurs
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Finding access to capital to operate and grow businesses isn’t always
easy, but is critical to success for women business owners.
Bank of America developed a database to help women entrepreneurs learn about sources of funding, including equity, loans and grant capital.
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4. Milestone: Boosters overtake first doses
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Data: CDC. Chart: Will Chase/Axios More Americans are getting a booster dose of coronavirus vaccine than are getting their first shot, Axios' Caitlin Owens reports. - Why it matters: Some experts say the priority should be convincing vaccine holdouts to get their first round.
Two-thirds of Americans have received at least one dose of the vaccine, as has about 77% of the eligible population, according to the CDC. - Only 4.6% of
the U.S. population has received a booster shot — most Americans aren't
yet eligible. Nearly 12% of people 65 and older have received a
booster.
What we're watching: An FDA
advisory panel is considering booster shots for some Moderna and J&J
recipients. If those shots are authorized, the number of Americans
receiving boosters each day will escalate.
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5. New overnight: Biden's port scramble
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A surfer waits for waves off Huntington Beach, Calif., on Sept. 25 as
container ships wait offshore. Photo: Frederic Brown/AFP via Getty
Images
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The Biden administration worked with private companies, port officials and unions to get the Port of L.A. running 24/7 to reduce the backlog of cargo ships floating in the Pacific, Axios' Hans Nichols reports. - Why it matters: The IMF yesterday cut its global growth forecast, citing supply-chain kinks. Shipping logjams are disrupting everything from retail to remodeling to rental cars.
President Biden will
meet today with leaders from the ports of L.A. and Long Beach, and the
International Longshore and Warehouse Union, to discuss how to fix
backlogs in Southern California. - Walmart, UPS, FedEx, Samsung, The Home Depot and Target will all be part of the effort, administration officials say.
White House fact sheet on Biden's "ship to shelf" plans ... Transcript of press briefing ... Share this story.
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6. FDA OKs first e-cig
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Photo: Daniel Acker/Bloomberg via Getty Images
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For the first time, the FDA authorized an e-cigarette, saying the R.J. Reynolds vaping device can help smokers cut back on regular cigarettes. - The decision applies only to Vuse's Solo e-cigarette and its tobacco-flavored nicotine cartridges, AP reports.
What's happening: Facing a court deadline, the FDA has been conducting a sweeping review of vaping products. - The agency said
in September it had rejected applications for more than a million
e-cigarettes and related products, mainly due to their potential appeal
to underage teens.
- But regulators delayed decisions on most of the major vaping companies — including market leader Juul, which is still pending.
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7. Obama to stump with Macker
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Former Virginia Gov. Terry McAuliffe (D) debates Glenn Youngkin (R) in Grundy, Va., on Sept. 16. Photo: Steve Helber/AP President Obama will join Terry McAuliffe in Richmond for a get-out-the-vote event on Saturday, Oct. 23 — 10 days before Election Day. - Why it matters: The Virginia governor's race, which will be read as a big midterm momentum boost for the winning party, is this tight.
Go deeper.
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8. 1 fun thing: Peppa's real-life debut
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Peppa
Pig gives a hard-hat tour of the construction site in Winter Haven,
Fla., in August. Photo: Ernst Peters/The (Lakeland) Ledger via Reuters The "World's First Peppa Pig Theme Park" — including a Muddy Puddles Splash Pad water play area — will open Feb. 24 at Legoland Florida Resort in Winter Haven, Fla. (ticketed separately). - Attractions will include
George's Fort, Grandpa Pig's Greenhouse, George's Tricycle Trail,
Madame Gazelle's Nature Trail, Mr. Potato's Showtime Arena, Peppa Pig's
Treehouse, Pirate Island Sand Play and Rebecca Rabbit's Playground. (AP)
- Peppa attractions ... Peppa tickets.
Why Peppa matters: The Wall Street Journal captured it this summer with the delightful read,
"Peppa Pig, a Pandemic Favorite, Has American Children Acting British
... Youngsters across the U.S. are surprising their parents with talk of
petrol stations and mince pies." - "The Peppa Effect,
as some parents call it, already had some children snorting like pigs
and using cheeky Britishisms before the pandemic," The Journal explains.
Keep reading (subscription).
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A message from Bank of America
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A new resource for women-owned businesses
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Bank of America’s Access to Capital Directory aims to help women-owned businesses navigate the capital landscape and identify funding sources.
Explore the platform and see why supporting women business owners is key to driving strong, healthy economies. |
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