Hey, Friends! Mobile sports betting officially went live in North Carolina this week. So today, we’ll break it all down, including how the equity market will analyze ESPN BET’s first real test and why DFS players like Underdog Sports could potentially steal market share from the industry’s biggest companies.

Plus, we’ll also cover Saudi Arabia’s $2 billion offer for professional tennis, the Chiefs’ threat to leave Kansas City, the Dodgers player making $0 annually, Caitlin Clark’s unique NIL offer, and more. Let’s get right into it.

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The Hurry Up: What I’m Thinking/Hearing/Watching…

1. Saudi Arabia’s sovereign wealth fund has reportedly made a $2 billion “take-it-or-leave-it” offer to merge the men’s and women’s professional tennis tours. The deal is said to be time-sensitive, with a 90-day expiration period if it is not accepted, and ATP Chairman Andrea Gaudenzi has already presented the offer to the relevant people. This shouldn’t surprise anyone, though. Saudi Arabia has already committed over $10 billion to investments across soccer, golf, Formula 1, WWE, and boxing. They own teams (Newcastle United) and have started leagues (LIV Golf), and I, along with others, have continuously said that tennis seemed like the next best option. That’s because the economics are very similar to golf — a globally recognized sport with thousands of competitors paying out of pocket for training and travel, and they only make money if they perform well. For instance, anyone outside the top 150 struggles to stay afloat financially, and an increase in prize money (or guaranteed salaries) would go a long way. That’s not to say Saudi Arabia taking over the sports is a good thing. But it provides context as to why they are interested. The sport’s governing bodies have already flown to Saudi Arabia for meetings over the last few months, recently closing a small (lol) $100 million sponsorship deal, and a complete takeover might be next.

2. Kansas City Chiefs president Mark Donovan made headlines this week when he said that the Chiefs would consider leaving Kansas City if they don’t get $500 million in taxpayer funds for stadium renovations. The renovations are estimated to cost $800 million, with the Clark family (Chiefs owners) paying $300 million and the rest coming via a 3/8-cent sales tax — or 38 cents for every $100 residents spend in the county. Many people are upset because the Chiefs have won back-to-back Super Bowls, and the Hunt family is worth $25 billion. Yet, they are still asking for a publicly funded handout for stadium renovations, which will surely have a positive impact on the team’s valuation. This is all true. But I’m still surprised this issue received as much attention as it did. Relocating the franchise is an empty threat because all the sexiest options (Los Angeles, NYC, Chicago, etc.) are already taken, and this isn’t even a new tax. Instead, the Chiefs and Royals are asking citizens to extend a tax they have already been paying for the last two decades. This will help them A) renovate Arrowhead Stadium and B) build a new ballpark for the Royals. My guess is that this will eventually get passed despite some public pressure. It’s important to remember there is a fundamental supply-and-demand imbalance in U.S. professional sports, with more cities wanting teams than available. These teams will continue to use the threat of relocation, whether real or not, as leverage for public financing on new real estate projects…