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For the first time, U.S. spirits market share has eclipsed beer, according to the Distilled Spirits Council of the United States.
The trade group held its annual conference this week in Chicago where the industry reflected on key trends driving growth.
Rising costs for glass bottles, the oil used for freight shipping and other parts of the spirits industry’s complex ecosystem has been a challenge for some companies.

A bartender creates specialty cocktails made with Casamigos at the opening party for Alo Miami in Miami, December 16, 2021.
Jason Koerner | Getty Images

CHICAGO — The spirits industry is overcoming economic headwinds to meet changing consumer preferences as it chips away at the dominance of beer.
Spirits revenue market share grew from 28.7% in 2000 to 42.1% in 2022, surpassing beer for the first time ever, according to the Distilled Spirits Council of the United States. Beer holds a 41.9% market share, it said.

The trade organization, which is celebrating its 50th anniversary, held its annual conference this week in Chicago. The event saw spirits executives, trade leaders, distilling experts and industry stakeholders gather to reflect on the key trends driving, but also slowing, growth across the industry this year.
Despite supply chain issues and high inflation, the beverage alcohol industry has a lot to toast to these days, said Chris Swonger, president and CEO of DISCUS.
“This is a great American success story,” Swonger said of the industry’s market share supremacy. “We’re focused on continuing to stay ahead through perseverance and by ensuring all of the positive trends we’re seeing continue.”
As the spirits industry works to maintain its top spot this year amid fears of a recession, here are some key trends industry leaders who spoke to CNBC see shaping the business today.

1. Celebrity brands steal the spotlight

A growing number of celebrities are investing their time — and money — in the spirits business.

From movie stars to athletes, models and musicians, celebrities of all types are backing brands, getting involved with distillation, deciding on flavor profiles or forging partnerships within the industry.
Those agreements have proven lucrative. In 2017, actor George Clooney and his co-owners sold the fast-growing tequila brand Casamigos to Diageo for $1 billion in a cash out that has motivated others to get in on the action.
“I saw there was lots of success in the celebrity tequila space and that intrigued me,” said actor Mark Wahlberg during a panel at the Chicago conference.  
Wahlberg launched the tequila brand Flecha Azul earlier this year with Mexican co-founder Aron Marquez. The pair has been traveling across the country promoting the brand, which Wahlberg touted as “the drink of the summer.”

“I have some friends that are successful in this business, and I like to beat them at everything I do,” Wahlberg said.
“But it’s more than just the name,” he added. “Everything we’ve done from the beginning is about the quality of the product.” 
Wahlberg joins other high-profile individuals leveraging their celebrity in the liquor landscape including Ryan Reynolds, Sean “Diddy” Combs, Kendall Jenner, Dwayne Johnson, Michael Jordan and David Beckham.

2. Premiumization propels luxury spirits, RTDs

During the Covid-19 pandemic, consumers developed a taste for higher-quality spirits, and they became accustomed to drinking outside of the bar in the form of ready-to-drink cocktails.
Luxury brands rose 4% in 2022 compared with 2021, according to DISCUS. The group’s data does not track the share luxury brands have overall in the spirits market.
The trend, characterized by consumers’ willingness to spend more on premium bottles, has led to booming sales of tequila, American whiskey and other spirits.
Tequila sales rose 21%, while American whiskey climbed 19% in 2022, DISCUS said.
Meanwhile, pre-mixed cocktails, including spirit-based RTD beverages, rose on the heels of this trend. In 2022, the category grew 35.8% to $2.2 billion in sales.
Brands are satisfying the thirst for spirit-based RTDs by diversifying their product offerings.
Holla Spirits is a Pennsylvania-based vodka company that entered the RTD space last year with a line of vodka-based cocktail pouches blended with organic vodka and coconut water. Their flavors include lime, watermelon and papaya.
“These have been an excellent addition to our portfolio because it’s become such a common expectation of brands,” said Holla President Patrick Shorb.

3. No- and low-alcohol drinks are buzzy alternatives

In recent years, major alcohol companies including Heineken, Anheuser-Busch InBev and Molson Coors have joined in on the no- and low-alcohol drinks craze.
Demand for these alternatives has grown among consumers who want to drink less, or those who may want to abstain for health or personal reasons.
No- and low-alcohol beer and cider, wine, spirits and RTD products grew more than 7% in volume across 10 key global markets in 2022, according to IWSR Drinks Market Analysis.
“Younger generations especially are drinking less and drinking with more intention when they do,” said Tobin Ludwig, co-founder of Hella Cocktail Co.
The company uses botanical flavors and spices to give its line of nonalcoholic beverages a kick.
“You no longer need alcohol to socialize and have fun. In fact, for many, alcohol was viewed or experienced as a detractor and choosing nonalcoholic options is now socially acceptable and in some segments of the sober curious movement, it’s the norm, not the exception,” he added.

4. Conscious consumers want a story

Today’s consumers increasingly want to feel connected to brands that share their values. Companies are tapping into this opportunity by highlighting their efforts in sustainability, contributions to local communities and commitments to diversity.
The trend will continue as consumers become more vocal about their priorities and begin to hold companies accountable for their practices.
More brands than ever are using eco-friendly packaging for their products as a way of limiting their environmental footprint. Craft spirits, typically produced by small distilleries that use locally sourced ingredients and materials, have also gained popularity in recent years.
Moreover, brands are doubling down on initiatives tied to diversity.
Jomaree Pinkard, CEO and managing director at Pronghorn, said this “is not only a social good, but is good business for all.”
The company runs incubator and accelerator programs to develop Black talent within the spirits industry. Its research finds that while Black Americans represent 12% of alcohol consumers across categories, they make up only 7.8% of the sector’s labor force and 2% of executives in the industry.
Pinkard said this “should be alarming to shareholders” as consumers become more conscious of the ways brands interact with marginalized communities.

5. Supply chain and inflationary issues persist

Rising costs for glass bottles, the oil used for freight shipping and other parts of the spirits industry’s complex ecosystem has been a challenge for some companies. In certain cases, supply chain disturbances have led to price increases that consumers have absorbed.
The industry has seen some relief following the lifting of the EU and U.K. retaliatory tariffs on American whiskeys. This has allowed distillers to regain their footing in these key international markets, but some of the protections may soon expire.
Lisa Hawkins, chief of communications and public affairs at DISCUS, said it’s “critical that these tariffs are permanently removed” to keep momentum in the spirits industry going.
If a deal is not reached later this year, a 50% EU tariff will be placed on all American whiskeys beginning in January. More

The U.S. Food and Drug Administration recommended that Covid vaccine manufacturers make single-strain shots for the fall that target omicron subvariant XBB.1.5.
XBB.1.5 is the dominant strain of the coronavirus nationwide and is one of the most immune-evasive variants to date.
The FDA’s decision is a win for vaccine makers Pfizer, Moderna and Novavax, which have all been developing updated versions of their Covid shots to target XBB.1.5.

XBB.1.5 strain of Covid
CFOTO | Future Publishing | Getty Images

The U.S. Food and Drug Administration on Friday recommended that Covid vaccine manufacturers make single-strain shots for the fall that target omicron subvariant XBB.1.5, the dominant strain of the virus nationwide.
“Based on the totality of the evidence, FDA has advised manufacturers who will be updating their COVID-19 vaccines, that they should develop vaccines with a monovalent XBB 1.5 composition,” the agency said in a release, referring to pharmaceutical companies Pfizer, Moderna and Novavax.

Monovalent means a shot is designed to protect against one variant of Covid.
XBB.1.5 is a descendant of the omicron variant, which caused cases in the U.S. to spike to record levels early last year. It is also one of the most immune-evasive strains to date.
XBB.1.5 accounted for nearly 40% of all Covid cases in the U.S. in early June, according to data from the Centers for Disease Control and Prevention. That proportion is slowly declining, while cases of the related variants XBB.1.16 and XBB.2.3 are rising.
The FDA’s decision is consistent with what an advisory panel to the agency recommended on Thursday.
That panel unanimously voted that new jabs should be monovalent and target a member of the XBB family. Advisors also generally agreed that targeting XBB.1.5 would be the most ideal option.

The FDA’s selection is also good news for Pfizer, Moderna and Novavax.
The three companies have already been developing updated versions of their shots that target XBB.1.5. Preliminary data each company presented Thursday suggests that those jabs produce strong immune responses against all XBB variants.
“Novavax is encouraged by today’s FDA announcement, and the company’s XBB 1.5 COVID vaccine candidate is being manufactured at commercial scale with the intent to be in market for the fall vaccination campaign,” a Novavax spokesperson said in a statement to CNBC.
Pfizer said it will be able to deliver a monovalent shot targeting XBB.1.5 by July. Moderna and Novavax have not provided specific timelines for delivery.
Dr. Peter Marks, head of the FDA’s vaccine division, suggested Thursday that the updated vaccines could be available to the public around September. More

NBA legend Michael Jordan is selling his majority stake in the Charlotte Hornets.
Jordan will retain minority ownership of the team.
Gabe Plotkin and Rick Schnall are poised to become majority owners subject to league approval.

Charlotte Hornets owner Michael Jordan responds to a question during a news conference at Spectrum Center in Charlotte, North Carolina, Oct. 28, 2014.
Jeff Siner | Tribune News Service | Getty Images

Basketball legend Michael Jordan has agreed to sell his majority stake in the National Basketball Association’s Charlotte Hornets to wealthy investors Gabe Plotkin and Rick Schnall, a representative for Jordan confirmed Friday.
Jordan sold the stake for $3 billion, a source close to the deal told CNBC. Jordan will retain minority ownership of the team as part of the agreement.

Jordan took a majority stake in the Hornets in 2010 for $275 million after previously holding a minority interest in the team. If the sale is approved, that will mean Jordan made roughly 10 times his original investment.
Under the ownership of the six-time NBA champion Jordan, the Hornets have struggled, only making the playoffs two times.
Plotkin acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA Board of Governors. He’s the founder of investment management firm Tallwoods Capital.
Schnall is co-president of private equity firm Clayton, Dubilier & Rice, where he has worked for 27 years. He has been a minority owner of the NBA’s Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015.
He is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks. 

Billionaire Dan Sundheim, owner of D1 Capital, is also included in the buyer group, along with North Carolina musicians J. Cole and Eric Church.
The sale includes other assets in the Hornets Sports & Entertainment group, including its G League team, the Greensboro Swarm; its esports team, the Hornets Venom GT; and the management and operation of the Spectrum Center, where the Hornets play.
The transaction for the Hornets is subject to approval by the NBA Board of Governors.
Forbes values the Hornets at $1.7 billion, which ranks 27th out of 30 NBA teams. More

President Joe Biden said he will appoint Dr. Mandy Cohen as director of the Centers for Disease Control and Prevention.
Cohen previously served as head of North Carolina’s Department of Health and Human Services.
CDC directors do not currently require Senate confirmation, though that will change in January 2025.

Dr. Mandy Cohen speaks at a news conference at the Emergency Operations Center in Raleigh, North Carolina, Nov. 10, 2021.
Bryan Anderson | AP

President Joe Biden on Friday said he will appoint Dr. Mandy Cohen to lead the Centers for Disease Control and Prevention.
Cohen served as the head of North Carolina’s Department of Health and Human Services during the worst days of the Covid-19 pandemic. She previously helped implement Affordable Care Act programs as a senior official at the federal Centers for Medicare and Medicaid Services.

Cohen is a doctor of internal medicine.
“Dr. Cohen is one of the nation’s top physicians and health leaders with experience leading large and complex organizations, and a proven track-record protecting Americans’ health and safety,” Biden said in a statement Friday.
CDC directors do not currently require Senate confirmation, though that will change in January 2025 due to recent legislation passed by Congress.

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Cohen’s appointment comes as federal health leadership in the U.S. is in a period of transition after the Covid-19 public health emergency came to an end last month.
Dr. Rochelle Walensky, the current CDC director, is stepping down at the end of this month. She led the CDC through the Covid vaccine rollout, as well as the delta and omicron waves of Covid. Walensky cited the end of the Covid emergency in her resignation letter to Biden.

Cohen will take over a CDC that’s undergoing a restructuring to address criticisms that the agency acted too slowly during the pandemic and often gave health guidance that confused the public.
But the CDC isn’t the only health agency that’s going through changes.
Dr. Ashish Jha left the White House earlier this month after leading the Covid task force for more than a year.
Biden recently nominated Dr. Monica Bertagnolli to lead the National Institutes of Health. She is currently the head of the National Cancer Institute. The NIH has been without a Senate-confirmed leader since December 2021.
Sen. Bernie Sanders, chair of the Senate health committee, told The Washington Post earlier this week that he would oppose Bertagnolli’s nomination until the president adopts a clear strategy to lower drug prices. More

Trump lawyer Jim Trusty said he would no longer represent the former president in his $475 million defamation lawsuit against CNN.
Trusty had recently quit defending Trump in the Mar-a-Lago classified documents criminal case.
The defamation case accuses CNN of running a “smear campaign” against Trump, including by comparing him to Adolf Hitler.

James Trusty, attorney for Donald Trump, appears on “Meet the Press” in Washington, D.C., April 9, 2023.
NBCUniversal | Getty Images

An attorney who quit the team defending Donald Trump in the criminal classified documents case said Friday he would no longer represent the former president in a separate defamation lawsuit against CNN.
The lawyer, Jim Trusty, said in a court filing that his request to withdraw from the $475 million civil suit “is based upon irreconcilable differences” with Trump.

“Counsel can no longer effectively and properly represent Plaintiff,” Trusty wrote in the filing in U.S. District Court in Fort Lauderdale, Florida.
Neither Trusty nor lawyers for CNN immediately responded to requests for comment on Trusty’s move to withdraw as Trump’s counsel.
Lindsey Halligan, Trump’s remaining attorney in the defamation case, referred CNBC to the former president’s spokesman Steven Cheung, who said the defamation suit is “entering a new phase as more irrefutable facts are revealed.”
“We thank Mr. Trusty for his work on this case and wish him all the best,” Cheung said.
A week earlier, Trusty and another lawyer, John Rowley, tendered their resignations as Trump’s counsel in the federal criminal case that had just resulted in his indictment on charges related to his post-presidency efforts to keep a raft of classified documents at his resort home Mar-a-Lago.

“Now that the case has been filed in Miami, this is a logical moment for us to step aside and let others carry the cases through to completion,” Trusty and Rowley said in that statement.
Four days later, Trump pleaded not guilty to 37 counts including retaining national defense records, concealing documents and conspiracy to obstruct justice.
The attorneys’ statement also noted they would no longer defend Trump in another ongoing federal criminal investigation into the events surrounding the Jan. 6, 2021, Capitol riot. U.S. Department of Justice special counsel Jack Smith oversaw both probes.
They bear little resemblance to Trump’s civil defamation suit against CNN, which was filed in October.
Trump, who has a long track record of attacking media outlets and specific reporters over coverage he dislikes, accused CNN of running a “smear campaign” against him, including by comparing him to Adolf Hitler.
The lawsuit homed in on CNN’s frequent invocation of the Big Lie, a term used to refer to a variety of false claims of election fraud Trump and his allies have peddled as they claim President Joe Biden’s 2020 election victory was rigged.
“The ‘Big Lie’ is a direct reference to a tactic employed by Adolf Hitler and appearing in Hitler’s Mein Kampf,” asserted the complaint from Trump’s legal team, which at the time included Trusty.
CNN in November asked the court to dismiss the case, calling Trump’s claims “untenable and repugnant to a free press and open political debate.”
The outlet noted Trump’s lawsuit hinges on just five CNN pieces. It argued that none of them suggest he “has the character of Hitler.”
Trump’s complaint suggested CNN was defaming him to undermine his potential candidacy in the next presidential election. Trump launched his 2024 campaign the next month, and he has consistently led the Republican primary field in the polls.
Trump seeks $475 million in punitive damages and more than $75,000 in compensatory damages. More

The NBA has suspended Memphis Grizzlies star Ja Morant for 25 games.
A second livestreamed video of Morant wielding a gun surfaced last month.
Morant will have to meet unspecified conditions before he can return to the court.

Ja Morant of the Memphis Grizzlies brings the ball upcourt during the game against the Los Angeles Lakers during Game Five of the Western Conference playoffs at FedExForum in Memphis, Tennessee, April 26, 2023.
Justin Ford | Getty Images

The National Basketball Association suspended Ja Morant for 25 games after the Memphis Grizzlies star brandished a gun on a live video for the second time, the league said Friday.
Morant’s suspension will take effect at the start of the upcoming season. The NBA said Morant will have to meet unspecified “conditions” before he returns to the court and will not be able to participate in team or league activities, in addition to preseason games.

Morant, a 23-year-old NBA All-Star, first waved a gun in a livestream from a night club in March, prompting an eight-game suspension. He then displayed a firearm in a car with friends during a second video stream last month.
“Ja Morant’s decision to once again wield a firearm on social media is alarming and disconcerting given his similar conduct in March for which he was already suspended eight games,” NBA Commissioner Adam Silver said in a statement Friday.
Silver added that “basketball needs to take a back seat at this time. Prior to his return to play, he will be required to formulate and fulfill a program with the league that directly addresses the circumstances that led him to repeat this destructive behavior.”
In a statement to ESPN on Friday, Morant apologized and promised he is “going to be better.” He said he would spend the offseason working on his mental health.
“I hope you’ll give me the chance to prove to you over time I’m a better man than what I’ve been showing you,” he said.

Morant is endorsed by Nike. In a statement Friday, the athletic apparel giant said, “We are pleased that Ja is taking accountability and prioritizing his well-being. We will continue to support him on and off the court.”
He is also endorsed by Coca-Cola’s Powerade, but the drink company has pulled an ad featuring the NBA star and scrubbed him from social media.
— CNBC’s Jessica Golden contributed to this report
Subscribe to CNBC on YouTube. More

The U.S. Food and Drug Administration’s independent panel of advisors raised doubts about the need to “periodically” update Covid vaccines, noting that it’s unclear if the virus is seasonal like the flu. 
The advisory panel’s concerns are the latest pushback against the FDA’s proposed shift to an annual coronavirus shot schedule earlier this year.
That approach is backed by former White House health officials Dr. Ashish Jha and Dr. Anthony Fauci.
Vaccine manufacturers like Pfizer are also preparing for a shift to yearly jabs.

A person receives a COVID-19 vaccination dose, during a free distribution of COVID-19 rapid test kits for those who received vaccination shots or booster shots, at Union Station on January 7, 2022 in Los Angeles, California.
Mario Tama | Getty Images

The U.S. Food and Drug Administration’s independent panel of advisors raised doubts about the need to “periodically” update Covid vaccines, noting that it’s unclear if the virus is seasonal like the flu.
Advisors on Thursday unanimously voted that new jabs for the fall should be monovalent — meaning they are designed against one variant of Covid — and target one of the omicron XBB strains. Those are now the dominant variants nationwide. 

But the original voting question included language about whether the panel recommends a “periodic update” to Covid shots. 
Dr. Peter Marks, head of the FDA’s vaccine division, asked the panel’s chair to strike the wording from the question after several advisors raised concerns. 
“As worded, it seems to be saying, do we agree that there’s gonna be a regular need to update? And I don’t think that’s clear,” said Dr. Arthur Reingold, professor of epidemiology at the University of California, Berkeley. 
The panel’s concerns indicate there is still uncertainty around what the Covid pandemic will look like in the years ahead, even as cases and deaths decline nationwide.
The worries are also the latest pushback against the FDA’s proposed shift to annual Covid shots earlier this year – a simplified approach to vaccination that would involve yearly updates to the jabs. That’s similar to how the U.S. rolls out new flu vaccines every fall and winter, which is the season when cases flourish. 

But several advisors cautioned against calling Covid seasonal like the flu.
“It’s not clear to me that this is a seasonal virus yet,” said Henry Bernstein, a pediatrician at Cohen Children’s Medical Center. 
Dr. Mark Sawyer, professor of clinical pediatrics at the University of California, San Diego, added that describing Covid as “seasonal” could ultimately confuse the public about “when and where they should get vaccinated, and how frequently.” 
“I’ll join the choir here. I think using the word season is equally problematic,” said. Dr. Sawyer. “It links the campaign to the influenza vaccine. I understand that it may be convenient and most efficient to give the vaccines together, but it’s only been a few years and we really don’t know what the Covid season is.” 
Unlike the flu, Covid’s spread has often been erratic. The virus constantly mutates into new variants and has yet to settle into a predictable seasonal pattern. 
In response to the advisors, FDA’s Marks emphasized that Covid shots will likely require another update “at some point.” 
“This is not going to be the final formulation for this vaccine forevermore,” he said.

A pharmacist prepares to administer COVID-19 vaccine booster shots during an event hosted by the Chicago Department of Public Health at the Southwest Senior Center on September 09, 2022 in Chicago, Illinois.
Scott Olson | Getty Images

Shifting to an annually updated Covid vaccine is backed by former White House health officials Dr. Ashish Jha and Dr. Anthony Fauci, who believe the country can benefit from adopting a similar approach to the flu shot.
Each year, researchers assess strains of the flu in circulation and estimate which will be the most prevalent during the fall and winter before updating jabs. 
“People go and get their annual flu vaccine, if they see this as a routine part of care.  I don’t — every time I get a flu vaccine, I don’t think, is this my 28th flu shot or 29th flu — I just think, it’s my annual flu shot,” Jha said Wednesday in an interview on PBS News Hour. 
“For most people, if they think of it as their annual COVID vaccine, they get it when they get their flu shot, I think it’ll make it an important difference,” he continued. 
Recent polling suggests the public is open to the idea. 
More than half of about 1,200 U.S. adult respondents said they would likely get an annual Covid vaccine if it were offered similar to a yearly flu shot, according to an April survey by health policy organization KFF. That includes 32% who would be “very likely” to do so.
It’s unclear how many Americans will roll up their sleeves to get updated shots this fall and winter. 
The uptake of the most recent bivalent boosters — which target the original Covid strain and omicron BA.4 and BA.5 — has been sluggish.
Only about 17% of the U.S. population — roughly 56 million people —have received Pfizer and Moderna’s boosters since they were approved in September, according to the Centers for Disease Control and Prevention.
Leading Covid shot manufacturer Pfizer told CNBC last month that an annual Covid schedule could encourage more people to vaccinate each year. 
The shift could help people view Covid shots as just another “very natural part” of protecting their health, said Dr. Mikael Dolsten, Pfizer’s chief scientific officer.
Pfizer is already preparing to shift to an annual schedule by developing “next-generation” versions of its shot, which aim to broaden and extend the protection people get from the virus to a full year. More

Sports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet’s U.S. assets.
The offer comes a month after Fanatics agreed to buy the Australian company for $150 million in an effort to boost its presence in sports gambling.
Fanatics CEO Michael Rubin told CNBC after the announcement that he’s highly skeptical of the deal, which he views as DraftKings attempting to slow Fanatics down.

Omar Marques | LightRocket | Getty Images

Sports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet’s U.S. assets, it said on Friday, topping an earlier bid by Fanatics.
Last month Fanatics agreed to buy the Australian company’s U.S. operations for $150 million in an effort to boost its presence in sports gambling.

“While we continue to focus on operating more efficiently and driving substantial organic revenue growth in the United States, we will also look to prudently capitalize on compelling opportunities at attractive valuations, as is the case with PointsBet’s U.S. business,” said DraftKings CEO Jason Robins in a statement. “We believe DraftKings is uniquely positioned to submit this superior proposal due to our scale and corresponding ability to generate meaningful synergies from the acquisition.”
DraftKings, which is publicly traded, has a market cap of about $10 billion.
Robins told CNBC, while the deal wouldn’t be transformative for DraftKings, it would allow the company to grow market share.
“We do not expect this to have any impact on the path to profitability,” he added.
PointsBet is the seventh-largest sports betting operator in the U.S., but it’s rapidly been shedding cash. The company previously forecast a loss of between $77 million and $82 million for the second half of the year. 

If the deal moves forward, it would be a major blow to Fanatics’ sports betting efforts, as the company was looking to expand its reach ahead of the NFL season. The deal with Fanatics would have given the company access to at least 15 states where PointsBet already operates.
Fanatics CEO Michael Rubin told CNBC after the DraftKings announcement that he’s highly skeptical of the deal, which he views as DraftKings attempting to slow Fanatics down.
“It’s a move to delay our ability to enter the market,” Rubin said. “I guess they are more concerned about us than I would have thought.”
There are still some hurdles, though, for DraftKings. First, the deal has to be approved by the PointsBet board, which will review the new proposal and determine its next steps, according to the company.
The company said Friday, “subject to the outcome of the review being undertaken of the DraftKings Proposal, the Board continues to recommend that Shareholders vote in favour of the FBG (Fanatics Betting and Game) Transaction.”
And then there’s the potential for regulatory challenges: DraftKings and FanDuel dominate the U.S. sports betting market, which could make a deal to grab even more market share contentious. More