Tennessee Gambles on Sports Gambling: Top Sports, Business News - August 19

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Here are the top stories driving sports and business on Wednesday, August 19.

Two shocking upsets in the NBA playoffs on Tuesday night with both the East and West’s top-seeded teams losing in game one of their playoff match-ups. The Lakers lost to the Blazers 100-93 and the Magic beat the Bucks 122-110. Tuesday night features Game 2 for eight teams including the Raptors and Nets, Nuggets and Jazz, 76ers and Celtics and Mavericks and Clippers. 

Now, over on the NHL where four teams are on the brink of elimination. The Blue Jackets, Hurricanes, Coyotes, and Canadiens all need to beat their opponents on Tuesday night as they trail 3-to-1 in their series. The Canucks and Blues also take the ice, that match-up is tied at two games apiece.

Apple Hits a $2 Trillion Market Cap

It's official. Apple is the first U.S. company to surpass a $2 trillion market cap. 

As of July 31, Apple passed oil titan Saudi Aramco for No. 1 market cap in the world. Over the past year, Apple is up nearly 120%. 

Wedbush Securities' Dan Ives, who is a longtime Apple bull, boosted his price target to $515 a share just last week, $35 higher than his prior estimate and the highest on Wall Street.

He argued that the market is underestimating the buildup in consumer demand for Apple’s next product cycle, which he expects to consist entirely of 5G-compatible devices.

"While the soft macro and COVID backdrop are weighing on near-term consumer demand trends, Apple has a ‘once in a decade’ opportunity over the next 12 to 18 months, as we estimate roughly 350 million of Cupertino's 950 million iPhones worldwide are in the window of an upgrade opportunity," Ives wrote.

And Deutsche Bank analyst Jeriel Ong also raised his price target last week by $40 to $480 a share, calling Apple "one of the highest quality stocks in our coverage."

And a Look at Sports Gambling

Sports gamblers in Tennessee finally get an update on when they can legally place bets. According to Tennessee Education Lottery CEO Rebecca Hargrove, online gambling platforms will go live by November 1. That date is about 18 months after the state legalized gambling in May of 2019. According to Legal Sports Report, six other states including 

Colorado and Illinois, legalized and launched their gambling platform during the time it took Tennessee to announce a date of their launch. Tennessee is the only state without a brick and mortar sportsbook. All bets will be placed via online and mobile platforms. Tennessee also will not put a cap on the number of gaming operators. DraftKings, FanDuel, Penn National, and BetMGM are the digital gaming leaders across the country.

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