From golf to the coronavirus to an update on the NBA, here are the top stories you need to know in sports and business news on this Wednesday, August 5.
Tiger Woods Returns
The PGA Championship takes place on Thursday, August 6 from TPC Harding Park in San Francisco. The biggest names on the tour will compete for not just the first Major on the revised 2020 schedule, but also for a $15 million dollar purse.
That’s an increase of $2.5 million from last year’s PGA Championship, and an increase of over $700,000 for each of the previous two tournaments.
Tiger Woods is 33/1 according to DraftKings Sportsbook to win the PGA Championship. Woods recently participated in his first PGA Tour event two weeks ago at the Memorial where he barely made the cut.
Notable favorites include last week’s winner and the number one ranked player in the world Justin Thomas at 9/1. Brooks Koepka, who finished runner-up to Thomas last week will look to defend his PGA Championship Title from 2019.
Daily Coronavirus Update
There are over 18.6 million cases of the virus worldwide, with over 702,000 deaths. The U.S. has 4.7 million cases with over 157,000 deaths. According to the COVID-19 Tracking Project, there were 51,568 new cases reported Tuesday. 695,586 new tests were reported. And 1,176 deaths were reported yesterday.
Private payrolls, which were released by ADP this morning, show payrolls increasing by only a fraction of what economists had been expecting, ADP reported on Wednesday.
Private payrolls grew by 167,000 last month, according to ADP, well below the 1.034 million expected from economists surveyed by FactSet and a big drop from the revised 4.3 million positions created in June, though the June number was revised significantly higher from an originally reported 2.37-million gain.
By category, businesses with between 50 and 499 employees reported an outright decline of 25,000, for the month. Big business added 129,000 jobs, while firms with fewer than 50 workers added 63,000, ADP said.
All but 1,000 of the jobs came from the services sector, as professional and business services led with 58,000. The hospitality sector, which has borne the brunt of the pandemic and ensuing shutdowns, posted 38,000 new positions.
These numbers help to paint a picture of businesses struggling to reopen and re-hire workers amid the now five-month-long pandemic that has thrown a wrench in the U.S. economic wheel—and has also forced businesses to re-assess if and how they can operate.
Virtual Signage in Play for NBA Bubble Sponsors
The first week has gone by without a hitch for the NBA restart in the Orlando bubble, and the league has gotten creative about ways to bring in more sponsorship opportunities.
According to Sports Business Daily, each of the 22 teams have the opportunity to showcase team partners and sponsors through virtual signage on the court, in front of the players benches, and on the sidelines.
Twenty-one of the 22 teams have used both on-court and virtual signage from the bench.
DraftKings and FanDuel have both invested heavily in virtual signage opportunities, as the two competing sportsbooks and daily fantasy providers continue to find new ways to go head-to-head.