Deals Reporter @FOS Subscribe to my Asset Class newsletter: https://xitter.twitterapi.xyz/t.co/FQsHj4USP6 Reach out and say hi, or share tips: ben.horney@frontofficesports.com
New York, NY
Joined December 2016
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“As we’ve grown and brought on new leadership, we’ve reorganized to set the company up for its next phase of growth, which has meant a lot of new hires, changes in personnel and letting some people go,” a Polymarket rep told @FOS.
“We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next.”
Polymarket underwent layoffs last week, but viral posts saying the company cut 30% of its staff were not accurate, sources tell FOS.
Details: frontofficesports.com/articl…
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NEW: Polymarket had layoffs last week, but viral posts saying it cut 30% of its staff were not accurate, sources tell @FOS.
The company has been hiring new execs to try and to “professionalize” ahead of a potential go-public deal as soon as 2027.
Story👇
frontofficesports.com/articl…
TO doubles down on what he said in a social media post that has since gotten him sued.
@FOS story on the Hall of Fame wide receiver being served a defamation lawsuit during a recent event promoting his new Amazon documentary:
frontofficesports.com/articl…
I CAN NOT WAIT UNTIL JUSTICE IS SERVED.
#JUSTICEFORNOLANWELLS
Hey Ed, you can’t save those kids and me saying what I said is freedom of speech.
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Ro Khanna, a Democratic Congressman representing California, calls for sports-event contracts to be banned.
Kalshi was responsible for 73% of total prediction-market volume the third quarter, according to a new report from Predicted.
Of the total $194.1B in notional volume on prediction markets in Q3, Kalshi and Polymarket were responsible for 91%, the report says.
Find and download the report, which I'm reading this very second, right here: newsletter.predicted.co
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First at @FOS: There's a new youth boys basketball league coming to town, backed by Nike athletes LeBron James & Kevin Durant.
Futures Basketball League will launch in April. Its season will overlap with Nike's competing EYBL.
Read about it in The Memo:
frontofficesports.com/newsle…
This has now been announced. You read about it first in @FOS: prnewswire.com/news-releases…
BigLaw news: Chuck Baker is moving from Sidley Austin to Clifford Chance.
Women's sports clients include the NWSL's LAFC & KC Current. He's advising on the Lakers' sale and previously worked on the T-Wolves Commanders sales.
Atty poaching continues:
frontofficesports.com/articl…
Tom Brady is no longer invested in U.K. soccer club Birmingham FC, the team said in a statement Monday.
Brady invested in 2023. He told @FOS in July 2025 that he was not in a “day-to-day operational role” with Birmingham.
That story:
frontofficesports.com/articl…
Birmingham's statement:
"It was truly amazing to have someone with Tom’s experience and passion associated with the Club, and the Club looks forward to continuing to build on that foundation from the training ground to the Birmingham community."
Link:bcfc.com/pages/en/media-arti…
The dispute over who is rightful chief of an Oklahoma Native American tribe that Kalshi is doing business with has spilled into court.
Kalshi & CEO Tarek Mansour are defendants in the lawsuit centered around who leads the Alabama-Quassarte Tribal Town.
frontofficesports.com/articl…
Terrell Owens had been evading service of a defamation lawsuit, the plaintiffs' atty tells @FOS.
A video of the service has gone viral.
The suit is tied to a social media post demanding the arrest of 3 of Nolan Wells' friends (Wells died this summer).
frontofficesports.com/articl…
These lawsuits were filed in April. This account appears to be posting old prediction market news as if it’s currently breaking.
Always gotta stay aware and be on your toes in these internet streets.
Gotham FC has raised $100M in a funding featuring 7 new minority investors.
The club, which finished the NWSL season in 1st place, opens the playoffs tmrw against the Seattle Reign.
My @FOS profile of owner Carolyn Tisch-Blodgett from earlier this year:
frontofficesports.com/articl…
The funding was raised with help from BigLaw firm Simpson Thacher.
The Simpson team included all 3 major sports attorneys the firm hired this year: Eric Geffner, Matthew Carpenter-Dennis, & Michael Kuh
@FOS story on BigLaw's sports frenzy:
frontofficesports.com/articl…
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LeBron defeated Bron AI, which teased a name change. The video that got the company cease and desists from both LeBron and Luka has been scrubbed from both Twitter and Instagram.
ICYMI, our @FOS scoop from yesterday about this whole saga:
frontofficesports.com/articl…
This is indeed significant news but the CFTC gives companies an out. They have 30 days to explain why they can’t comply.
It will be interesting to see what explanations the CFTC accepts, especially from companies like DraftKings and FanDuel.
Big news here that hasn’t gotten much attention @CFTC new rules say super apps — gambling apps that also act as prediction markets — don’t comply with their licensure. You either have to be a prediction market or a gambling company, not both: cftc.gov/PressRoom/PressRele…
“As businesses build year over year, they take on extra fat, and at a certain point you need to cut,” said one gaming industry source who asked not to be identified due to the nature of their work. “It’s fair to assume layoffs will be one of the first levers they’d pull.”
First at FOS: DraftKings has made at least its third round of job cuts this year, adding to a wave of layoffs across the sports betting industry.
The latest cuts came ahead of the company’s third-quarter earnings report, which included a lowered fiscal 2026 revenue outlook.
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NEW: DraftKings had layoffs this week, @FOS has learned. It's least the 3rd round of job cuts $DKNG has made this year.
The scope was not clear, but there may be more cuts on the horizon.
FanDuel, Underdog, & PrizePicks have also had layoffs in 2026.
frontofficesports.com/articl…
As a few commentators have pointed out, Robins wasn’t quite 100% accurate in saying DraftKings has completely avoided prediction-market litigation.
In October, $DKNG and Robins were sued in Florida by the Seminole tribe.
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DraftKings CEO Jason Robins, asked during the Q3 earnings call about the company pulling sports event contracts in Utah & the risk of needing to remove certain markets in other states, says he's not concerned.
"We’ve managed to stay completely out of the litigation everywhere."
Robins, on non-sports markets: "we've put basically no effort into it," yet it's already approaching 10% of the company's prediction-market volume.
He says at first he thought $DKNG had to "defend our turf" on sports, but now he's "pretty excited" about the non-sports piece.
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DraftKings lowered fiscal 2026 revenue guidance to btwn $6.35B and $6.55B, down from a range of $6.5B to $6.9B.
But CEO Jason Robins is bullish. He expects an "exceptional" 2027.
$DKNG added more than 1M prediction-market customers in Q3 & says it's the "clear" no. 3 exchange.
Press release here: ir.aboutdraftkings.com/news/…
Earnings call tomorrow morning.