Billionaire Ted Leonsis already owns two world championship sports teams, and now he wants to get into gambling.
... [+]Billionaire Ted Leonsis held court today on stage at the gargantuan Freemason Temple in Detroit, surrounded on either side by towering 40-foot-tall organ pipes engraved with cherubs holding symbols from the Knights Templar. Speaking from the top of a stone staircase that ended beneath a 100-foot-tall stone apse, Leonsis, who made a name for himself as president of America Online during its heyday, shared plans to turn his burgeoning sports empire, into a gambling empire.
Last year, Leonsis, who owns the current WNBA champions, the Washington Mystics, and NHL championship-winning Washington Capitals, worked with the United States Supreme Court in a landmark decision that laid the foundation for legalized gambling in the U.S.
“Let’s take this shadow economy which is going to explode even more with bitcoin and the dark web, and bring it into the light,” said Leonsis, alluding to the cryptocurrency used by some to make illicit transactions online. “And if we can do that it will generate more jobs, it will generate tax revenues.”
In June 2010, Leonsis founded Monumental Sports and Entertainment, a sports business conglomerate that owns the 2019 champion Mystics, the 2018 champion Capitals, a third of local cable channel NBC Sports Washington and two-thirds of streaming sports site Monumental Sports, just to name a few. As of December 2018, the Washington Capitals were valued at $725 million, according to
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