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DraftKings the Exception to Sports SPAC’s Dire Track Record

DraftKings, the company that sparked the sports SPAC craze in 2020, still stands as the best of the blank-check sports deals. The result for some 200 other sports-related special purpose acquisition companies is largely failure, as last week’s decision by football theme-park operator Hall of Fame Resort and Entertainment’s decision to sell itself for pennies […]

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DraftKings, the company that sparked the sports SPAC craze in 2020, still stands as the best of the blank-check sports deals. The result for some 200 other sports-related special purpose acquisition companies is largely failure, as last week’s decision by football theme-park operator Hall of Fame Resort and Entertainment’s decision to sell itself for pennies on the dollar demonstrates.

If you buried your memories of SPACs along with your COVID-19 face masks, here’s a refresher: SPACs are so-called blank check businesses that raise money at an IPO with the stated intent of finding another business to merge with, taking it public. DraftKings wasn’t the first sports-related SPAC—Hank Aaron helped lead an unsuccessful one to buy a sports franchise in the 2007—but it easily was the most successful. Its April 2020 emergence as a publicly traded company was an unexpected and resounding success: Six months after debuting, DraftKings stock had run up more than 600% from its initial price.

Whether you consider SPACs part of the meme stock madness of the pandemic or just another cyclical market mania, DraftKings’ success nevertheless helped the sector boom: During 2020 and 2021, some 466 SPACs held IPOs, according to data from the University of Florida’s Jay Ritter, who tracks IPOs. Hundreds more registered to come public during that time. Sports, driven by DraftKings’ success, was at the forefront: 184 sports-related SPACs were formed after DraftKings’ stock market debut.

Sports SPACs, broadly defined, are entities seeking to merge with a sports business, such as a team or sports tech, or one that has the management or advisory participation of an athlete, team owner or sports executive. The names involved could form the basis of a dominant starting five: NBA veterans Shaquille O’Neal, Kevin Durant, Shane Battier and Baron Davis all were part of a SPAC. Or if baseball is your thing, anchor your lineup with Alex Rodriguez, Dave Winfield and Justin Verlander. Quarterbacks were particularly popular participants in SPACs: Roger Staubach, Eli Manning, Steve Young, Patrick Mahomes, Oliver Luck and Colin Kaepernick had theirs too. More common were the presence of team owners, leaning on their business background: Jon Ledecky, Todd Boehly, Vivek Ranadivé and Tilman Fertitta were among the dozens of owners in SPACs. One of the vehicle’s biggest (or notorious, depending on your view) cheerleaders during the boom was Chamath Palihapitiya, who was a minority owner of the Golden State Warriors.

Despite all that talent, sports SPACs were mostly flops. Of 200 sports SPACs Sportico identified as being formed since 2005, just 70 ever completed a merger while another 70 couldn’t close a merger after having their IPO—by rule they dissolved and returned their capital back to shareholders. Another 51 never got to hold their IPO: Most formed during the height of the SPAC craze and got stuck when the bubble burst. Nine sports SPACs continue to persist, having received shareholder approved extensions to locate or close deals. Among them, the A-Rod-led Slam Corp., which raised $500 million in 2021 to seek a sports or media business. It’s now trying to close a merger with satellite phone company it’s had in the works for 18 months now.

It’s probably unfair to hang sports SPAC failures solely at the feet of their participants: after all, the state of the overall market is a tide that’s hard to swim against. After a run of spectacular implosions of SPAC deals, like EV maker Lordstown Motors and WeWork, both of which went into bankruptcy, investor appetite dried up for even quality SPAC mergers.

But the decision by Hall of Fame Resort last week to accept a 90-cents per share take-private offer shines light on just how bad sports SPACs deals have been overall. Hall of Fame, which seeks to popularize a football real estate and entertainment development at the Pro Football Hall of Fame in Canton, Ohio, is one of 23 sports SPACs that now trade under $1 a share. Vegas Knights owner Bill Foley took internet ad platform System1 public with a SPAC, it’s now at 51 cents. Islanders co-owner Jon Ledecky’s deal for data software KLD Discovery now trades at two cents. Two of Palihapitiya’s are also penny stocks. Others trade at fractions of a penny after being delisted by their stock exchange.

Another 10 sports SPACs are total losses for investors, having gone belly up or been sold for losses over 99% from their $10 merger price, the typical SPAC share valuation. Seven SPAC deals trade below $10, but at less than a 50% loss, our arbitrary cutoff. They include Betway parent Super Group, bowling alley and PBA Tour owner Lucky Strike Entertainment and theme park developer Falcon’s Beyond. Most of the balance trade between $1 and $5.

In fact, only eight sports SPACs can be considered successes, meaning shareholders received or sit on a profit, according to data compiled by Sportico. Three were acquired at a premium, including Fertitta’s Golden Nugget Online Gaming, which DraftKings acquired for a stock swap, now worth $14 today. Another is bad credit lender OppFi, taken public through a Joe Moglia SPAC, while a third is cruise ship line Lindblad Expeditions, taken public by tennis executive Mark Ein. Betting related Rush Street Interactive and Genius Sports are two more. Still, the share prices of those seven have spent significant time underwater at some point since going public. By comparison, DraftKings stock spent a few minutes trading below $10 one single day three years ago. Having closed trading Monday at $37.93, SPAC investors sit on a 279% profit.

Last year, 72 SPACs had an IPO, according to Ritter. None of those were sports related. Despite hundreds of SPACs formed and billions of dollars raised, DraftKings remains the best of the sports SPACs. That likely means it’s also the last.



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Innovations in Combat Sports Entertainment

Discover how Spinbara Casino Online is revolutionizing the combat sports experience with unique offerings that captivate enthusiasts and gamblers alike. In the dynamic world of combat sports, innovation is key to keeping fans engaged and excited. Spinbara Casino Online is at the forefront of this movement, integrating thrilling elements of combat sports into their gaming platform. This […]

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Discover how Spinbara Casino Online is revolutionizing the combat sports experience with unique offerings that captivate enthusiasts and gamblers alike.

In the dynamic world of combat sports, innovation is key to keeping fans engaged and excited. Spinbara Casino Online is at the forefront of this movement, integrating thrilling elements of combat sports into their gaming platform. This approach not only enhances the experience for sports enthusiasts but also attracts a broader audience eager to explore the adrenaline-pumping world of online casinos.

The Rise of Combat Sports-Themed Games

Spinbara Casino Online has tapped into the growing popularity of combat sports by developing themed games that resonate with fans. These games capture the essence of martial arts, boxing, and wrestling, providing players with an immersive experience that mirrors the intensity and excitement of live events. By incorporating realistic graphics and sound effects, Spinbara Casino Online ensures that players feel as though they are part of the action.



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Moreover, the casino’s focus on combat sports is not just about entertainment; it also offers educational insights into the sports themselves. Players can learn about different fighting styles, famous athletes, and historical matches, enriching their understanding and appreciation of the sport. This educational aspect sets Spinbara Casino Online apart from other platforms, as it combines gaming with learning in a seamless manner.

Engaging the Combat Sports Community

The platform has successfully engaged the combat sports community by offering exclusive promotions and events that cater specifically to this audience. These initiatives include virtual tournaments, live-streamed matches, and interactive betting opportunities that allow fans to participate in the action in real-time. By fostering a sense of community, it has created a loyal following among combat sports enthusiasts who appreciate the blend of gaming and sports entertainment.

Furthermore, the platform’s commitment to innovation is evident in its use of cutting-edge technology to enhance the user experience. From virtual reality simulations to augmented reality features, the platform continually pushes the boundaries of what is possible in online gaming. This dedication to technological advancement ensures that it remains a leader in the industry, offering unparalleled experiences for its users.

Future Trends in Combat Sports and Online Gaming

As the landscape of combat sports continues to evolve, the platform is poised to adapt and thrive. The integration of esports and traditional combat sports is one area where the platform sees significant potential for growth. By bridging the gap between these two worlds, it can attract a diverse audience that spans both gaming and sports fandoms.

Additionally, the platform is exploring new ways to incorporate social interaction into its offerings. Features such as live chat, community forums, and collaborative gameplay are being developed to enhance the social aspect of the gaming experience. This focus on community-building is expected to drive further engagement and loyalty among users, solidifying the platform’s position as a leader in the industry.

The platform is at the forefront of innovation in the realm of combat sports entertainment. By offering unique gaming experiences that captivate and educate, the platform continues to attract a wide audience of enthusiasts and gamblers alike. As technology and trends evolve, it remains committed to pushing the boundaries of what is possible, ensuring its place as a pioneer in the world of online gaming.



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Meta to stop selling political ads in the EU, citing regulation – The Mercury News

By Kurt Wagner, Bloomberg Meta Platforms Inc. will stop selling political and issue-focused advertising in the European Union, citing new regulations that the company believes creates “an untenable level of complexity and legal uncertainty.” The Facebook and Instagram parent will disband its political advertising business in the EU beginning in early October, according to a […]

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By Kurt Wagner, Bloomberg

Meta Platforms Inc. will stop selling political and issue-focused advertising in the European Union, citing new regulations that the company believes creates “an untenable level of complexity and legal uncertainty.”

The Facebook and Instagram parent will disband its political advertising business in the EU beginning in early October, according to a blog post released Friday. The company cited new rules on transparency and targeting of political advertising, which take effect in October and limit the data that can be used to aim political messages at individuals.

Meta wrote in its blog post that it had “extensive engagement with policymakers” about this issue before the regulation was finalized, but the rules will “effectively remove popular products and services from the market, reducing choice and competition.” Alphabet Inc.’s Google also announced late last year that it will stop selling political ads in the EU.

The decision on political ads marks the latest in a series of conflicts between Meta and European regulators, who are working to rein in the power and data collection of big tech companies. EU regulators have challenged Meta’s plans to offer an ad-free version of its social networking services, and have fined the company almost €1 billion in the past 12 months. They also challenged Meta’s artificial intelligence features, leading the company to pause their rollout in the bloc, and earlier this month Meta said it won’t sign the code of practice for Europe’s new set of laws governing AI.



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FloSports pins down new AI tech

AUSTIN — MLS Commissioner Don Garber offered the public a rare bit of data regarding viewership of live matches under its media deal with Apple, stating that its Season Pass streams are “averaging 120,000 unique viewers per match” in 2025. Apple and MLS have largely declined to share viewership data since the launch of Season […]

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AUSTIN — MLS Commissioner Don Garber offered the public a rare bit of data regarding viewership of live matches under its media deal with Apple, stating that its Season Pass streams are “averaging 120,000 unique viewers per match” in 2025. Apple and MLS have largely declined to share viewership data since the launch of Season Pass in early 2023, making Garber’s comment one of the few data points released to date.

The commissioner said during his midseason press conference prior to Wednesday’s All-Star Game in Austin that the figure is up 50% year over year, which he attributed in part to new efforts to increase distribution of those matches outside the Apple TV ecosystem through partnerships with Comcast’s Xfinity cable service, DirecTV and EA Sports.

Garber didn’t define what qualifies as a “unique viewer,” and the metric doesn’t appear directly comparable to average-minute audience figures produced by Nielsen for more traditional linear sports telecasts. In fact, unique viewers (the number of people who watch some portion of the match) is likely much higher than the average minute audience (the average number of viewers watching during any given minute of the broadcast).

The ambiguity left industry observers on the ground in Austin wondering what to make of the morsel of data following years of secrecy from Apple and MLS on the subject. Garber pointed out in response to a follow-up question that unlike some other sports, MLS plays the bulk of its matches simultaneously on Saturday nights, with multiple matches starting hourly throughout the evening.

“We’re not putting on one or two games on a Saturday and then the next game on a Saturday or a handful of games regionally on a Sunday. Other leagues have a game of the week, or the game of the night, or Friday Night Baseball on Apple TV. All of our games, for the most part, are on Saturday, all up against each other,” Garber said. “So, when you have 120,000 unique viewers across that, that’s a lot of people. Aggregate all that, depending on what week it is, we’ve got over a million people that are unique viewers to a match.”

A source with knowledge of the number said the average viewership figure is being buoyed by the introduction of “Sunday Night Soccer,” a featured standalone match that receives additional promotional support from Apple.

It’s unclear why Garber deemed Wednesday the right time to provide a rare look behind the curtain at Season Pass viewership, but he said the public can expect more regular updates going forward.

“I know it’s frustrating for those who are looking for more information, but we and Apple believe we need to start sharing more information so that you all can start looking at it and what does it really mean,” Garber said. “So, it’s the beginning, it’s not the end, and we’ll continue to share more and more in the next press conference I have, which won’t be until MLS Cup [in December].”



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Four Things I Already Like About the Galaxy Watch 8

We may earn a commission from links on this page. Samsung’s Galaxy Watch 8 starts shipping today, and I just got my hands on a Watch8 Classic model to start reviewing. You’ll have to wait a bit for the full report, but here’s what I’m enjoying (and questioning) so far.  I’m new to Galaxy Watches […]

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Samsung’s Galaxy Watch 8 starts shipping today, and I just got my hands on a Watch8 Classic model to start reviewing. You’ll have to wait a bit for the full report, but here’s what I’m enjoying (and questioning) so far. 

I’m new to Galaxy Watches in general, but I’ve reviewed Pixel and Apple watches, not to mention plenty of Garmins and other fitness watches. Here are my first impressions, including the things I like, and the things I’m most excited to test out in the coming days. 

Samsung galaxy watch 8 in use (during workout)


Credit: Beth Skwarecki

As promised, the Watch 8 Classic comes with a bezel that rotates, and this rotation is tied to scrolling behavior on whatever screen you’re looking at. On the main watch face, it takes you to the notifications or your tiles, which otherwise you would swipe sideways to see. 

The rotating bezel feels really nice to turn: it has a smooth motion with subtle, soft clicks. I showed it to my teenage son, who agreed it felt nice, but then he burst out laughing when I said “and it does the same thing as swiping like this.” 

The bezel isn’t really adding anything to your experience of the watch. I suppose that’s because the same OS is on all the Watch 8 models, but only the Classic has the rotating bezel. It still seems like a waste of effort, though. On watches with buttons and a crown, like a Coros or Suunto running watch, the scroll wheel gives you a way to easily scroll without taking your fingers off the buttons at the right. On the Galaxy, scrolling with the bezel is less convenient than just swiping over the screen. The watch even has a crown-shaped button on the side, which I kept being tempted to scroll. It’s surrounded by bumpers that keep you from getting your thumb and finger around it, which I have to speculate may be an attempt to control that temptation.

I also found the direction of scrolling felt backwards. Scrolling left (counterclockwise) is equivalent to swiping right. At least vertical scrolling makes more sense: clockwise takes you down the page.

Running dynamics actually kinda make sense

Plenty of watches these days will measure your running dynamics: how much time your foot spends on the ground, how much bounce you have in your stride, and so on. (Are they doing this accurately? I’m not so sure, but that’s a different question.) The Pixel watch and many Garmin watches do this as a matter of course.

The Galaxy Watch 8 is the first watch I’ve seen that displays this data in a clear enough way that you can tell what the heck it’s supposed to mean. Check out this result I got in my post-run summary after a trail run this morning: 

run dynamics

Orange metrics need improvement, green are good, and blue are great.
Credit: Beth Skwarecki

There was even a screen during the run that would show my stride’s symmetry in real time. (It was good, apparently.) I do wish they’d call it “symmetry” rather than “asymmetry,” though. I’m curious to see how different these metrics will be when I take it out for a fast road run on flat ground. 

Heart rate zones are transparent and adapt to you

Most devices display your heart rate zones without really telling you how they’re calculated. And, worse, most devices calculate your zones from an age-based formula that is wrong for many people

On the Watch 8, when I saw my zones for the first time, there was a little note at the top that they were based on my max heart rate, and the note also gave the number it assumed my max heart rate to be. 

After my run this morning, I got a notification that my max heart rate estimate had increased, based on the fact that the watch had recorded a higher heart rate during my run. Now, I know this isn’t my true max, since I didn’t do an all-out run, but it was nice to see the watch being proactive about keeping its zones up to date and letting me know. 

The watch faces are pretty cool

Watch faces and watch face gallery on samsung galaxy watch

The watch face at right is the running-specific one it suggested. I like it!
Credit: Beth Skwarecki

I’m a sucker for good aesthetics, so of course one of the first few things I did was to check out the watch face gallery. There were plenty of good ones, including several celestial-themed analog faces. I prefer digital, though, so I chose something with a clearly readable time and plenty of room for data complications. 


What do you think so far?

The best part, though, is that after my run I got a notification asking if I’d like to try a run-focused watch face. I tapped “Change” and instantly had a watch face that was similar to the one I had picked, but that featured my VO2max estimate, the length of my most recent run, and a button that I could tap to start a run. 

Of course I tried the antioxidant index

antioxidant index


Credit: Beth Skwarecki

I think this is clever, but I truly don’t know how accurate it is. To find out how healthy your diet is (in terms of vegetables and their antioxidants) you take off the watch, turn it away from you, and hold your thumb over the heart rate sensor. You can monitor the progress of the test, which only takes a few seconds, from your phone.

The watch is basically looking for an orange tone to your skin. The more orange, the more beta-carotene you’ve probably eaten lately. The more beta-carotene (which is an antioxidant), the more vegetables in general you’ve probably eaten. It’s a bit of a leap of logic. Victoria Song, over at the Verge, fooled this sensor with a Cheez-It.

The watch told me my antioxidant index is “very low.” So my watch thinks I should eat more carrots.

What I’m excited for as I work on my review

I can’t wait to try the running coach. I’ll need to do a 12-minute run (basically, a Cooper test) for the app to understand my fitness level and start prescribing workouts. 

I’m also looking forward to trying out the treadmill feature. It’s always frustrated me how running watches, like Garmins, can’t pull data from treadmills to know how fast you’re going. The Apple Watch has GymKit, which can, but it only works with the native Workout app. I know the treadmills at my gym can sync with Samsung Galaxy watches, so I’m looking forward to seeing whether Samsung can beat Apple on making this data more accessible to more apps.

I’m also curious about (and a bit skeptical of) some of the other metrics, like the vascular load index that Samsung announced. A strange thing about the wearables market is that companies can announce new health metrics that reviewers have no way of easily validating. I can tell you whether a watch measures heart rate as well as a chest strap, and with some effort I can tell you whether it estimates my VO2max as well as a lab test. But what is my antioxidant index really? That’s something you and I may have to give up on really knowing.





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BodyBase Launches at JW Marriott Marquis Dubai

Premium reformer fitness brand expands globally with flagship UAE location High-end reformer fitness brand BodyBase has officially launched its first international franchise studio inside the JW Marriott Marquis Hotel Dubai. This opening marks a significant step in the company’s global expansion and introduces its signature reformer experience to the Middle East. Founded in Rotterdam in […]

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Premium reformer fitness brand expands globally with flagship UAE location

High-end reformer fitness brand BodyBase has officially launched its first international franchise studio inside the JW Marriott Marquis Hotel Dubai. This opening marks a significant step in the company’s global expansion and introduces its signature reformer experience to the Middle East.

Founded in Rotterdam in 2019, BodyBase has earned a reputation for immersive, music-driven classes and its proprietary BaseLine Machine, developed in-house to support functional movement. The Dubai location debuts the brand’s dual-concept model: Black Label, which focuses on high-intensity strength training, and White Label, which blends yoga and Pilates for a slower-paced, breath-centered flow.

“This launch is more than a studio. It’s a vision for the future of luxury wellness,” said Sabrina Albert, founder of BodyBase. “We’re bringing together world-class hospitality and high-performance fitness to offer something new for global travelers and local communities.”

BodyBase Pilates studio
credit: BodyBase

Integrated into the wellness offerings of the JW Marriott Marquis—home to Saray Spa and the Health Club—the studio delivers an elevated fitness experience rooted in intention, design, and innovation. The new space also underscores BodyBase’s potential for rapid expansion across premium hospitality and real estate settings.

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Personal trainer working out with client





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President Donald Trump Moves To Ban ‘Woke AI’ In The Federal Government

President Donald Trump has signed another executive order pertaining to AI. However, this time, it’s requiring AI companies that work with the federal government to remove “ideological agendas” from their models. “Removing Barriers to American Leadership in Artificial Intelligence,” which was ordered on Jan. 25, 2025, mandates that agencies only use large language models (LLMs) […]

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President Donald Trump has signed another executive order pertaining to AI. However, this time, it’s requiring AI companies that work with the federal government to remove “ideological agendas” from their models.

“Removing Barriers to American Leadership in Artificial Intelligence,” which was ordered on Jan. 25, 2025, mandates that agencies only use large language models (LLMs) aligned with “Unbiased AI Principles” focused on truth-seeking and ideological neutrality, per a White House Fact Sheet released on Wednesday, July 23, 2025. On the same day, Trump unveiled his “AI Action Plan.”

“This order revokes certain existing AI policies and directives that act as barriers to American AI innovation, clearing a path for the United States to act decisively to retain global leadership in artificial intelligence,” the order states.

Under the order, AI tools must prioritize “historical accuracy, scientific inquiry, and objectivity” — while avoiding outputs influenced by frameworks like diversity, equity, and inclusion (DEI), the Fact Sheet reads. 

Developers must also avoid embedding partisan or ideological views unless specifically prompted by users.

“From now on, the U.S. government will deal only with AI that pursues truth, fairness, and strict impartiality,” Trump said at an AI summit in Washington, D.C., on Wednesday, according to NPR.

The outlet also pointed out that the executive order starkly contrasts with the Biden administration’s approach, which focused on preventing AI from reinforcing bias or violating civil rights — protections that Trump supporters argue amount to censorship of conservative views.

Neil Sahota, a technologist and advisor to the United Nations on AI, said the industry is deeply concerned about the situation.

“They’re already in a global arms race with AI, and now they’re being asked to put some very nebulous measures in place to undo protections because they might be seen as woke,” Sahota said, per NPR. “It’s freaking tech companies out.”

While some studies suggest chatbots occasionally give left-leaning answers, experts say it often depends on question phrasing or the sources being summarized, NPR reported. There’s no evidence that major models are deliberately biased against conservatives.

“Most of the examples I’ve seen conservatives cite of AI being too ‘woke’ are LLMs refusing to confirm conspiracy theories or racist claims,” said Talia Ringer, a computer science professor at the University of Illinois Urbana-Champaign, per NPR.

The White House also plans to revise federal AI safety guidelines put in place by the Biden administration, stripping references to DEI, climate change, and misinformation, the outlet reports.

“President Trump is protecting Americans from biased AI outputs driven by ideologies like diversity, equity, and inclusion (DEI) at the cost of accuracy,” per the Fact Sheet.

Since beginning his second term in January 2025, AFROTECH™ has kept up with the signing of multiple executive orders from Trump, rolling back “harmful” Biden-era policies — particularly those related to AI and efforts to dismantle DEI initiatives in the federal government and schools.

Only time will tell how these moves impact society.





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