BetOnline Now Has U.S. Senate Head-to-Head Betting Odds, Another Gambler Pleads Guilty in Porter Case

• US Senate head to head betting odds now up at BetOnline.

• Bloodbath for affiliate content firms as layoffs hit more than hundred.

• Another bettor pleads guilty to wire fraud in gambling scheme involving ex-Raptors player Jontay Porter.

• Robin Hood app enters gambling space with election contracts.

Politics

BetOnline Now Has U.S. Senate Head-to-Head Betting Odds

U.S. SENATE ELECTION (HEAD-TO-HEAD)

All Courtesy of BetOnline Here

Gambling News

Bloodbath at Gaming Affiliate Content Firms

It's a dark time for gambling affiliates.

Following last week's announcement that one of the largest affiliate content providers in the gaming space, Catena Media, had let go dozens of employees, another firm followed suit.

This week we are learning that Better Collective, too, laid off a significant percentage of its staff.

And even before that, XLMedia announced the offloading of its North American business to Sport Radar for $30 million. 

Should XLMedia shareholders approve the deal at a meeting on 7 November, the sale will complete soon after. Sportradar has secured irrevocable undertakings from parties representing approximately 31.2% of XLMedia shares ahead of this.

While the board was confident of long-term potential in the US – as detailed in its 2023 results – it believes XLMedia’s current scale on a standalone basis “could impact its ability to compete in the evolving US market”.

The board also said after the European business’ sale, the North America business “may be considered too small to remain listed”. In line with the sale agreement, XLMedia will register as an ‘AIM Rule 15 Cash Shell’ without trading operations. This is an AIM company that has divested itself of all of its trading business.

“The board, management and staff have worked hard to successfully integrate the three acquired entities to create the North America business, including the development of the media partners business and the strong relationships with major US operators,” XLMedia said. “However, the growth of its US revenue streams did not match the group’s original plans.”

Gambling News

Trading App Robinhood is the Latest Platform to Allow Traders to Also Bet on the Election

Robinhood Markets, Inc., the American financial services company providing electronic trading of stocks, exchange-traded funds and cryptocurrency, as well as cryptocurrency wallets, credit cards and other banking services, is now allowing traders to also bet on the elections, much like our friends at BetOnline.

Robin Hood, the elections trading began on Monday (October 29) and presumably will extend far beyond next Tuesday's elections once the midterms get underway. 

Robin Hood offers what is known as events contracts, an agreement on the likelihood that an event will have a certain outcome, such as a Harris or Trump win come Tuesday (or more likely days after Election Day).

You put a monetary value on an outcome before it happens, the value of either outcome fluctuates based on the market sentiment and you get money from a contract if it pans out, if it doesn't it's worth zero dollars. It's like investing in the victory of one side or another. 

Read More Here

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Another Bettor Pleads Guilty to Wire Fraud in Gambling Scheme Involving ex-Raptors Player Jontay Porter

NEW YORK (AP) — A Pennsylvania man pleaded guilty Wednesday in a sports betting scheme that ended Toronto Raptors forward Jontay Porter’s NBA career.

With Mahmud Mollah ‘s plea Wednesday, three people — including Porter — have now publicly admitted their roles in the scandal. It worked like this: The player withdrew early from games so that tipped-off gamblers could win wagers that he would score fewer points than sportsbooks expected.

Porter, Mollah and Long Phi Pham have pleaded guilty to wire fraud conspiracy. Two other men also have been charged and haven’t entered any pleas.

Mollah, of Lansdale, Pennsylvania, is set to be sentenced May 2 in a federal court in Brooklyn. He could face anything from a no-jail punishment to 20 years in prison.

His attorney, Andrew Levin, declined to comment Wednesday.

Porter played only briefly and scored no points in games on Jan. 26 and March 20 before pulling himself out of play, saying he was injured or ill.
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According to a court complaint, Mollah used his knowledge of Porter’s March 20 plans to place bets that would have netted over $1 million to be split among the conspirators, including a 24% share to the player. But a betting company got suspicious and stopped Mollah from collecting most of the money.

The NBA ultimately investigated and banned Porter for life. He later told a court that he participated in the scam “to get out from under large gambling debts.”

Porter is awaiting sentencing Dec. 18.