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| Hello Insiders!! Today's Business newsletter covers: - 🏈 NFL gambling to reach record high in 2023
- 💰 Deep Dive: State-Backed firms drive Gulf's investment boom
- 🕶️ Meta's ad campaign aims to demystify VR
If you enjoy reading this newsletter, please share it with your friends and colleagues. Make sure to continue reading for Quick Hits and the Knowledge Hub. Thank you!! Shriram
p/Shriram | |
| 1 | | According to an American Gaming Association survey, a record-breaking 73.5 million Americans are anticipated to wager on the NFL this season, a 60% increase over the 46 million wagers made a year ago. Additionally, the study results show that 19% of American adults plan to make NFL bets this year, representing a significant 56% rise from the previous year, with 14% aiming to bet online and 5% at physical sportsbooks. More: - A total of 34 states and Washington, D.C., have legalized sports betting, while four more have done so but have yet to begin providing it to their citizens.
- The NFL has embraced sports betting, inking multibillion-dollar agreements to become an official partner with big bookmakers like DraftKings, FanDuel, and Caesars.
- On game days, the league also permits sportsbooks in places where sports betting is legal to operate inside stadiums.
- In the upcoming season, 37% of NFL fans are expected to lay bets, a 42% rise from the previous year.
- However, the expansion of sports betting in the NFL has created problems, such as player suspensions for breaking the league's gambling rules.
- BetMGM says bettors favor clubs like the Kansas City Chiefs to win the Super Bowl, placing heavy bets on the Cincinnati Bengals, Philadelphia Eagles, Buffalo Bills, and Detroit Lions.
Q: What are the reasons you think are driving the significant increase in NFL betting this year? Join the conversation here. |     | |
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What the numbers say: Persian Gulf entities spent most of their money (70%) in the Americas over the previous year. Gulf governments are moving foreign businesses from sovereign wealth funds to state-backed businesses to diversify their economies and strengthen their position internationally. State-run businesses from the UAE and Saudi Arabia, frequently backed by wealth funds, completed more than $50B in transactions in 2023, representing a 39% increase in regional dealmaking. Relevance: Dealmaking has changed, reflecting the Gulf states' desire to diversify economies, go worldwide, and build powerful enterprises. It fits their more significant strategies to draw capital, create new markets, and contend globally. Corporates from the Gulf are becoming more important players in international dealmaking, concentrating on strategic acquisitions. More data: A significant U.K. hospital operator, Circle, was purchased by Abu Dhabi's ADQ-owned Pure Health for $1.2B, while Standard Chartered Plc's aviation finance division was acquired by Saudi Arabia's Public Investment Fund-owned AviLease for $3.6B. | | | |
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| 3 | | With a new advertising campaign, "The Impact Is Real," Meta Platforms is moving away from futuristic portrayals of the metaverse and concentrating on practical and current virtual reality (VR) uses. Meta seeks to engage software developers across various industries to broaden VR and AR adoption by dispelling the misconception that these technologies are solely gaming-oriented and highlighting their practical, real-world applications. More: - The commercial highlights numerous real-world applications of VR, such as welders practicing with virtual metals, surgeons doing operations on mannequin eyes, and soccer player Marcus Rashford using VR to rehabilitate from an injury.
- By focusing on practical, real-world uses for VR, Meta's new marketing approach departs from its earlier metaverse-centered ads and reminds executives, governments, and the general public about the technology's current essential utilization.
- Low user and adoption rates have hampered Meta's Horizon Worlds metaverse app and Quest headset sales.
- The business has shifted its attention away from the metaverse notion and toward the mixed-reality and commercial parts of VR and AR that may have more lucrative uses.
Zoom Out: - IDC reports that in Q1 of 2023, the market for AR/VR headsets shrank 54.4% YoY.
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| 4 | | The video game retailer GameStop reported a slight increase in sales for its fiscal second quarter, from $1.14B to $1.16B, compared to the same period last year. Due to cost-cutting measures, the corporation has drastically decreased its reported loss from $108.7M in the prior year to $2.8M this year. More: - GameStop has been undergoing turnaround efforts due to changes in the gaming industry, such as digital game downloads and new business models by game publishers.
- Since the gaming industry has changed owing to things like digital game downloads and new business models used by game publishers, GameStop has been undergoing turnaround efforts.
- About half of all sales comprised flat-lined hardware sales, 25% higher-than-average software sales, and 24% lower-than-average collectibles sales.
- Selling, general, and administrative expenses dropped to $322.5M, making up 27.7% of net sales, compared to $387.5M, or 34.1% of net sales, from the previous year and $4.3M in transition costs for European store closures.
Zoom Out: | | | |
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| 5 | | Chinese exports decreased by 8.8% YoY in August, and the renminbi (RMB) plummeted to its lowest level versus the U.S. dollar since 2007. Though worse than expected at 9.2%, this export decline improved over July's 14.5% decline and co-occurred as the RMB lost 6% of its value against the U.S. dollar this year. More: - Concerns are raised regarding China's post-pandemic recovery due to its ongoing weakness in trade and manufacturing, two critical areas of its economy.
- Despite these worries, Chinese officials have been wary about using large stimulus measures to stimulate GDP.
- According to China's customs department, imports fell 7.3% in August, and the country's trade surplus for the month was $68.36B, a 13.2% decrease YoY.
- Analysts contend that even if the trade figures indicated signs of progress, additional steps might be required to meet the government's 5% annual growth target.
- Oxford Economics analysts claimed there were indications that the steep decline in semiconductors, an essential component of trade in Asia, was dropping out.
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| 6 | | In Alaska's Arctic National Wildlife Refuge (ANWR), the Biden administration has revoked seven oil and gas leases, erasing sales that occurred under the Trump administration. Additionally, focusing on maintaining wildlife, subsistence, and scenic qualities, the administration has suggested stricter protections in several locations within the National Petroleum Reserve-Alaska to stop future leasing and development. More: - The coastal plain of the Arctic National Wildlife Refuge, which the Gwich'in Native Americans revere, is an essential habitat for animals, including caribou, polar bears, and migrating birds.
- No drilling rights will be granted in one of the most delicate ecosystems in the world, according to Interior Secretary Deb Haaland, but a 2017 law requires another lease sale by the end of 2024, which the administration intends to follow.
- However, political figures in Alaska said drilling for oil and gas in the refuge would benefit Indigenous people economically.
- The 2021 ANWR sale netted seven leases for the Alaska Industrial Development and Export Authority, which nevertheless filed a lawsuit due to the leasing program's suspension.
- President Biden ordered a temporary halt to lease program operations after taking office, which prompted Secretary Haaland to call for a new environmental evaluation.
- Central banks' pronouncements that they would not finance Arctic oil and gas projects led significant oil firms to withdraw from the ANWR sale.
Zoom Out: - The Biden administration earlier this year approved the ConocoPhillips Alaska Willow oil project, which has the potential to produce up to 180,000 barrels of oil per day and disappointed some environmental organizations.
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- Roku is planning to cut 10% of its workforce as part of its cost-cutting efforts, with the company's shares closing approximately 3% higher on Wednesday.
- Early ticket sales are brisk following Taylor Swift's announcement that her Eras Tour concert film will be shown in domestic theatres in October, and some box office pundits predict a possible $100M opening for the movie.
- Following the company's announcement of plans to sell up to 40 million new shares to raise capital, AMC Entertainment's shares plunged by 36.8% to $8.62 per share, a record low on a split-adjusted basis.
- SAP, the German business software maker, has acquired software management company LeanIX from investors as part of its strategy to enhance its business transformation portfolio.
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Term of the Day Cryptocurrency: A cryptocurrency is a decentralized virtual currency built using a blockchain. Cryptocurrency tokens can be traded or used to make purchases. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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