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| Presented By Bank of America |
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| Axios AM |
| By Mike Allen ·Oct 13, 2021 |
| Happy Wednesday. Smart Brevity™ count: 1,160 words ... 4½ minutes. Edited by Zachary Basu. 🚀 Situational awareness: William Shatner, 90, is scheduled to blast into space from West Texas at 10 a.m. ET, courtesy of "Star Trek" fan Jeff Bezos. The latest. |
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| 1 big thing: Sports books' big bet |
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| Illustration: Annelise Capossela/Axios |
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| Online sports betting is a business loser so far. But flushly funded firms see a massive upside, and are spending big to gobble up market share. - The companies are shoveling money into promotions — sometimes including hundreds of dollars in free bets — to get you into their apps, Axios business editor Kate Marino writes.
- "DraftKings and FanDuel are really customer acquisition platforms, operating as sports books," Jed Kelly, equity research analyst at Oppenheimer, tells Axios.
What's happening: The companies are taking a page from Netflix, Amazon and Twitter — sacrificing profit in the early days in the hope of becoming part of our lives. - This NFL season will go a long way in determining which companies are the 3 or 4 survivors in the ultra-competitive arena.
State of play: The Supreme Court opened the door to widespread legal betting in 2018. So the sector is in its infancy. - 21 states, representing 40% of the population, allow sports betting, according to a Wells Fargo research note. Another 8 states allow in-person betting.
Tale of the tape: The weekly fantasy sports operators — FanDuel and DraftKings — have taken the lead with respective market shares of 33% and 19% in the first half of 2021, the Wells report says. - Legacy casino companies are also in the running — most notably BetMGM (13%) and Caesars Casino & Sportsbook (4%).
What we're watching: There's a Catch-22 for sports books. Making too little money is obviously bad for business. But if they start making too much, they'll attract more attention from regulators. |
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| 2. First look: Fighting the chopping block |
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| Photo: Al Drago via Getty Images |
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| Progressive groups will rally tomorrow on the Ellipse to press President Biden and Congress to keep paid family medical leave in the slimmed-down social spending package, Axios' Hans Nichols has learned. - Look for these and other advocates to step up their public engagement to keep their cherished programs from being axed, as congressional negotiators trim the reconciliation package from $3.5 trillion to roughly $2 trillion.
Between the lines: Supporters of a paid leave proposal, which could cost as much as $500 billion over 10 years, don't like the tea leaves. Biden didn't mention the plan in a big speech in Michigan last week. - Speaker Pelosi appeared to be bracing her caucus for major proposals to be scrapped when she told colleagues in a memo Monday that Congress should do "fewer things well."
- But yesterday she said she was "disappointed" with the prospect of cutting entire programs. She seemed to suggest that Congress could instead shrink its package by "mostly cutting back on the years" of committed spending.
- That's what progressives want. They want to see what subsidies become popular, then dare future Congresses to cut them.
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| 3. U.S. opening land borders for vaxxed |
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| San Ysidro Port of Entry on the Mexico-U.S. border, as seen from Tijuana. Photo: Guillermo Arias/AFP via Getty Images |
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| Early next month, non-essential travelers from Mexico and Canada who provide proof of full vaccination will be allowed into the U.S. at land ports of entry for the first time in 19 months, Axios' Stef Kight reports. - Why it matters: Government officials and business leaders have decried the economic impact pandemic travel restrictions have had on border communities. Air travel restrictions will also be lifted in early November.
Between the lines: The Biden administration continues to use a Trump-era policy tied to the pandemic that has allowed the U.S. to quickly turn back hundreds of thousands of migrants and asylum-seekers to Mexico. |
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| A message from Bank of America |
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| 4. Milestone: Boosters overtake first doses |
 Data: CDC. Chart: Will Chase/Axios More Americans are getting a booster dose of coronavirus vaccine than are getting their first shot, Axios' Caitlin Owens reports. - Why it matters: Some experts say the priority should be convincing vaccine holdouts to get their first round.
Two-thirds of Americans have received at least one dose of the vaccine, as has about 77% of the eligible population, according to the CDC. - Only 4.6% of the U.S. population has received a booster shot — most Americans aren't yet eligible. Nearly 12% of people 65 and older have received a booster.
What we're watching: An FDA advisory panel is considering booster shots for some Moderna and J&J recipients. If those shots are authorized, the number of Americans receiving boosters each day will escalate. |
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| 5. New overnight: Biden's port scramble |
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| A surfer waits for waves off Huntington Beach, Calif., on Sept. 25 as container ships wait offshore. Photo: Frederic Brown/AFP via Getty Images |
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| The Biden administration worked with private companies, port officials and unions to get the Port of L.A. running 24/7 to reduce the backlog of cargo ships floating in the Pacific, Axios' Hans Nichols reports. - Why it matters: The IMF yesterday cut its global growth forecast, citing supply-chain kinks. Shipping logjams are disrupting everything from retail to remodeling to rental cars.
President Biden will meet today with leaders from the ports of L.A. and Long Beach, and the International Longshore and Warehouse Union, to discuss how to fix backlogs in Southern California. - Walmart, UPS, FedEx, Samsung, The Home Depot and Target will all be part of the effort, administration officials say.
White House fact sheet on Biden's "ship to shelf" plans ... Transcript of press briefing ... Share this story. |
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| 6. FDA OKs first e-cig |
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| Photo: Daniel Acker/Bloomberg via Getty Images |
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| For the first time, the FDA authorized an e-cigarette, saying the R.J. Reynolds vaping device can help smokers cut back on regular cigarettes. - The decision applies only to Vuse's Solo e-cigarette and its tobacco-flavored nicotine cartridges, AP reports.
What's happening: Facing a court deadline, the FDA has been conducting a sweeping review of vaping products. - The agency said in September it had rejected applications for more than a million e-cigarettes and related products, mainly due to their potential appeal to underage teens.
- But regulators delayed decisions on most of the major vaping companies — including market leader Juul, which is still pending.
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| 7. Obama to stump with Macker |
| Former Virginia Gov. Terry McAuliffe (D) debates Glenn Youngkin (R) in Grundy, Va., on Sept. 16. Photo: Steve Helber/AP President Obama will join Terry McAuliffe in Richmond for a get-out-the-vote event on Saturday, Oct. 23 — 10 days before Election Day. - Why it matters: The Virginia governor's race, which will be read as a big midterm momentum boost for the winning party, is this tight.
Go deeper. |
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| 8. 1 fun thing: Peppa's real-life debut |
| Peppa Pig gives a hard-hat tour of the construction site in Winter Haven, Fla., in August. Photo: Ernst Peters/The (Lakeland) Ledger via Reuters The "World's First Peppa Pig Theme Park" — including a Muddy Puddles Splash Pad water play area — will open Feb. 24 at Legoland Florida Resort in Winter Haven, Fla. (ticketed separately). - Attractions will include George's Fort, Grandpa Pig's Greenhouse, George's Tricycle Trail, Madame Gazelle's Nature Trail, Mr. Potato's Showtime Arena, Peppa Pig's Treehouse, Pirate Island Sand Play and Rebecca Rabbit's Playground. (AP)
- Peppa attractions ... Peppa tickets.
Why Peppa matters: The Wall Street Journal captured it this summer with the delightful read, "Peppa Pig, a Pandemic Favorite, Has American Children Acting British ... Youngsters across the U.S. are surprising their parents with talk of petrol stations and mince pies." - "The Peppa Effect, as some parents call it, already had some children snorting like pigs and using cheeky Britishisms before the pandemic," The Journal explains. Keep reading (subscription).
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| A message from Bank of America |
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