Here are the stories driving sports and business on June 10.
Major League Soccer Is Back
Major League Soccer is ready to resume its season. The MLS took to Twitter to announce they are back, with the season kicking off again on July 8 from Disney World’s Wide World of Sports Complex which will also be the home when the NBA resumes its season on July 31.
The MLS is adopting a World Cup type format to play out its season. Group stage starts on July 8 with three games per club. Twenty-six teams make up six groups. The top two teams in each group and the four best third-place teams advance to the knockout round.
The Round of 16 starts on July 25, Quarterfinals on July 30, Semis on August 5 and the final on August 11. The winner earns a league spot in the 2021 Concacaf Champions League.
The MLS also released its coronavirus safety guidelines which includes COVID-19 testing, temperature screenings and social distancing.
A Coronavirus Update
There are 7.2 million cases of the virus worldwide, with over 412,000 deaths. The U.S. has 1.98 million cases of the coronavirus, with over 112,000 deaths.
Texas has seen a recent spike in cases, with the total number of cases there at around 77,000 to 79,000, depending on the database you’re looking at. As of Wednesday, Texas health authorities say that there are 2,153 people with COVID-19 in hospitals in the state. That’s up from 2,056 yesterday.
Texas relaxed its stay-at-home orders and started reopening back on May 1. It’s important to note that these case counts are starting to rise following the two week period after the Memorial Day weekend, which is when experts warned that we could see a rise in cases due to the lack of practicing social distancing.
Roundhill Sports Betting and iGaming ETF
There has been a massive increase in states legalizing sports gambling ever since the Supreme Court’s decision to lift the federal ban in 2018. Since the ruling, 17 states have already approved its legislation and there’s about a dozen of other states with plans to vote it into law. Wall Street is certainly taking note of the growing sports gambling trend.
In the last six weeks we’ve seen DraftKings go public and casino and sports book stocks like Penn National Gaming (PENN) - Get Free Report, MGM Resorts International (MGM) - Get Free Report, and Wynn Las Vegas (WYNN) - Get Free Report all see a big boost with the news of casinos reopening and sports coming back on the schedule.
Just last week, a sports betting ETF by RoundHill Investments, which trades under BETZ, hit the stock market and quickly gained a lot of interest from investors on Robinhood. In fact, on June 5, it was the most-added asset on Robinhood according to RobinTrack.
With the NBA and NHL set to resume their seasons in July and the NFL scheduled to kick-off in September, sports books will see a heavy return of action after gamblers essentially took the last three months off due to the lack of sports.
The Roundhill Sports Betting and iGaming ETF is trading around $15.89, and the stocks high was $17.39. This is still a relatively new ETF, so we'll keep our eyes on it.
Taking a look at RobinTrack, which is how you can see how many users are invested in the ETF. As of yesterday, per the site, around 18,000 users on Robinhood are invested in the stock.