Santas Gifts Frenzy

What is Santas Gifts Frenzy?

The VGT dispute and construction reset are the latest chapters in a long and bumpy road for Bally’s since winning Chicago’s sole casino licence in 2022. Work has been halted for debris overflow and for unapproved contractors, and the company faced an $800 million funding gap that was eventually filled through a financing agreement with Gaming and Leisure Properties. Potential interference with city water lines also necessitated a significant redesign of the hotel plan.

At one point, the IGB ordered a temporary work stoppage at Bally’s permanent casino following reports of alleged ties between an unapproved dumpster service with organised crime.

Bally’s has been granted two years’ worth of extensions for the permanent project. State law allows for two-year temporary licences, but the Illinois Gaming Board approved an extension to three years in 2023. That pushed the deadline to this September, but Bally’s ultimately received another year’s worth of extensions through language included in the state’s omnibus revenue bill that was passed in June.

What is Santas Gifts Frenzy?

Fred Done, the 83-year-old founder of Betfred and Britain’s highest-paying taxpayer this year, has issued a stark warning about the impact of further tax increases on the gambling industry. 

In an interview with the Financial Times over the weekend, Done cautioned that additional tax hikes could result in widespread betting shop closures, harm related sectors such as horse racing and accelerate the decline of the high street.

Betfred currently operates approximately 1,094 retail shops across the UK. Done highlighted the concrete risks of Machine Gaming Duty – taxes on gambling machines – doubling from 20% to 40%, a move reportedly under consideration by Chancellor John Healey ahead of the Autumn Budget.

What is Santas Gifts Frenzy?

A similar scenario is playing out on the back of the MLB index introduction. Both LeagueShares and RexShares filed plans for ETFs tied to the FutureSports MLB indexes.

If approved, the funds would hold baskets of the CME-traded derivatives. LeagueShares went a step further by adding a filing for 2x leveraged MLB futures funds.

“Of course there’s already a filing for daily leveraged futures baseball ETFs — which are basically the equivalent of a corked bat with eight holes drilled in the handle that’s been dipped in pine tar,” wrote Ben Johnson, head of client solutions at Morningstar, on X.