• Gamblers watch sports on televisions at Monmouth Park Sports Book by William Hill, shortly after the opening of the first day of legal betting on sports in Oceanport, New Jersey, U.S., credit: Reuters

DraftKings, FanDuel and other online sports betting companies have ramped up election spending on the U.S. midterms to at least $72 million so far, the latest campaign election data shows, as prediction markets like Kalshi and Polymarket bring fresh scrutiny — and competition — to online betting.

Reuters reported that the lucrative ‌U.S. online sports gambling industry is confronting competition from what some see as a direct threat from a new breed of gambling across prediction markets, which the administration of President Donald Trump has embraced.

The industry has become the third-largest corporate donor in the U.S. midterms behind crypto and technology, corporate watchdog Public Citizen estimates, pushing to get candidates elected to office who it hopes will be sympathetic to its issues.

Online sports betting books DraftKings, FanDuel, Fanatics and UK-based bet365 have poured their money into Win for America, a so-called super political action committee (PAC) that has directed its funds into two affiliate PACs targeting Democratic and Republican state races: American Future and the American Conservative Fund, respectively.

Super PACs are U.S. political committees that can accept unlimited donations from corporations ⁠and individuals and spend unlimited sums supporting specific candidates, but they cannot coordinate directly with campaigns or donate directly to them.

Win for America launched late last year, according to Public Citizen, and such spending levels are unprecedented for the industry.

• FIFA President Gianni Infantino

FIFA plans to create a new commercial subsidiary valued at $20 billion, world soccer’s governing body said on Tuesday, as it seeks backing from its 211 member associations for the proposal in a move already criticised by UEFA.

The ambitious plan would ‌see FIFA establish FIFA Forward Enterprise (FFE), a wholly-owned subsidiary consolidating the organisation’s commercial and event operations.

FIFA said it would retain sole control as well as “exclusive authority” over football governance, competitions, the match calendar and all regulatory and sporting decisions.

Under the proposal, FIFA would invite external investors to purchase minority, non-controlling stakes in FFE to raise up to $4.2 billion.

FIFA is one of the world’s wealthiest sporting organisations, generating billions of dollars in revenue, largely from broadcasting rights, sponsorship and other commercial deals linked to the World Cup.

Source: Reuters

Josko Gvardiol has signed a new five-year contract at Manchester City, the Premier League club announced on Tuesday.

The Croatia international, whose previous deal had two years left to run, is now committed until 2031, with the option of an additional 12 months.

The central defender, who has made 122 appearances since arriving from RB Leipzig for £77 million ($102 million) in 2023, had been linked with Real Madrid and Bayern Munich.

“As soon as I knew City wanted to renew my contract, I felt straight away it was what I wanted,” said the 24-year-old.