Facebook announced the launch of Facebook Fantasy Games on Wednesday, a product that offers users the ability to create their own fantasy leagues.

The social media and technology giant is partnering with Whistle Sports and launching a daily sports prediction game called “Pick & Play Sports.”

Facebook is clearly interested in taking advantage of a global fantasy sports market estimated to grow 9.5% to $22.3 billion in 2021 and to $38.6 billion by 2025, partly due to the launch of fantasy sports applications, according to a Research & Markets report.

The online platform wants to bring a simpler format to traditional fantasy sports, engaging both new and “seasoned” players in categories that extend beyond sports.

• The social site has plans to introduce games based on CBS’ “Survivor,” ABC’s “The Bachelorette,” as well as MLB- and La Liga-themed ones.
• Players can create public and private leagues, with the ability to share picks, reactions, and comments.

Facebook sports media and league partnerships director Rob Shaw told Sportico the company has “no aspiration to make this into a betting product” and no intent to “put payments attached to this.”

Offered on iOS and Android, the platform will be available in the U.S. and Canada. North America was the largest region in the fantasy sports market in 2020.

The last month has been a rollercoaster for Tencent, and Chinese investors are buying the dip.

Traders from the world’s most populous country bought $745 million of the Shenzhen-based tech giant’s stock in August. Tencent’s stock tumbled 45.8% from an all-time high in February to a year low in mid-August.

The Chinese government has cracked down on the gaming industry with a series of measures, including Monday’s declaration that minors may only play video games for three hours a week, and not on school nights. 

Earlier in the month, global investors sold off Tencent and other Chinese video game stocks after a government-affiliated newspaper called video games “spiritual opium,” specifically calling out Tencent.

Tencent owns a slew of popular games, including “Honor of Kings,” “Clash of Clans,” and “League of Legends.”

• Gaming, its largest segment, accounted for $6.7 billion of Tencent’s $21.4 billion second-quarter revenue.
• Analysts, worried both about the short- and long-term impacts of China’s regulations, cut Tencent’s earnings forecast by 5% over the next 12 months.
• Tencent has shifted employees toward its own video game streaming app, Penguin eSports, after Chinese regulators scuttled a proposed merger between Huya and Douyu. Tencent has major investments in both companies. 

NetEase, China’s second-largest gaming company, dropped 31% from mid-July to mid-August but has recovered about halfway since then.

USA Gymnastics and a committee representing survivors of those abused by Larry Nassar have reached a proposed settlement that will see the governing body dole out $425 million to approximately 500 gymnasts.

Nassar, the former team doctor of the U.S. gymnastics team, sexually abused hundreds of girls and women, including Simone Biles, McKayla Maroney, and Aly Raisman. In 2017, he pleaded guilty in a Michigan court to sexually abusing 10 minors and is serving up to 175 years in prison.

• In 2018, Michigan State University agreed to pay $500 million to 332 girls and women abused by Nassar while he worked at the university.
• Last year, USA Gymnastics proposed a $215 million settlement, which was rejected by many victims. A court also rejected the proposal, in part because it did not include funds from the United States Olympic & Paralympic Committee.
• The current proposal includes remedial measures insisted on by the survivors committee to prevent such abuse and its enabling from happening again.

To be finalized, the settlement needs approval from the U.S. Bankruptcy Court for the Southern District of Indiana, a majority of claimants representing at least two-thirds of the settlement, and every insurance company involved, including the one that insures Martha and Bela Karolyi.

The Karolyis own the Karolyi ranch, a training center where some of the abuse took place. USA Gymnastics agreed to purchase the training facilities at the ranch for $3 million in 2016 but backed off the next year after reports surfaced of gymnasts’ accusations against Nassar.

The Buffalo Bills proposed a more detailed plan for the construction of a new stadium on Tuesday, suggesting a 17% reduced capacity at 60,000 seats as well as an opening date of 2027, according to The Associated Press. 

Built with a mix of public and private funding, the stadium — which would be one of the smallest venues in the NFL — would cost roughly $1.4 billion, the same price at which Terry Pegula purchased the team itself in 2014.

The team’s current home, Highmark Stadium, opened in 1973 and needs its electrical and water systems replaced, as well as the upper deck, according to Pegula Sports and Entertainment spokesperson Jim Wilkinson.

The Bills’ lease — which included a strict no-relocation clause — ends in 2023, but fans aren’t the only people who want the Bills to stay in place. 

• The county committed $227 million toward extensive renovations in 2013.
• The Pegulas spent $18 million on a training center three years ago.
• Gov. Kathy Hochul’s office released a statement “no one is more committed to keeping the Bills in Buffalo.”

The new venue would not include a roof and would stay in the same area as Highmark Stadium. 

It still needs approval, but NFL commissioner Roger Goodell expressed confidence last week that those involved will find a way to get the deal done.