Utah
Ryan Smith of Utah Jazz, Utah Hockey Club launches new sports-tech investment fund
Ryan Smith and Ryan Sweeney have long had a close relationship that goes beyond just their shared name.
Sweeney, a longtime venture capitalist and partner at Accel, was the first to invest in Qualtrics, the tech company that gave Smith success and the wealth to buy the Utah Jazz. When he did that in 2020, Sweeney came in as a minority owner.
Over the last two years, Sweeney has been pushing Smith to join him on their next big idea, a fund devoted exclusively to the intersection of sports and technology. Finally, he got Smith to budge.
On Tuesday, Smith and Sweeney launched Halo Experience Co., a new investment firm that the two have founded together. The two believe that their sports holdings — and specifically the experiential elements of live events — can be a backbone for their investments and help pull tech companies into that space.
“Part of the evolution of this experience movement within sports and entertainment is that we are a microcosm of the entire economy,” Smith said. “We’re a healthcare company. The amount of money we’re spending on healthcare is insane within these sports franchises. We’re a payments company. We’re a security company for events and digital and everything else. We’re a streaming company; we have full over-air media, and we’re selling advertising.
“We are in the music industry because people are making money on live events now, not CDs like they used to. So, concerts are everything. We’re a social media company; I think 10 million followers between our brands. You look at the areas that we touch, it’s easy to be like, OK, would we be a buyer of this? Would this help us? Would it help one of our partners?”
While Smith owns the Jazz and Utah Hockey Club, along with Smith Entertainment Group, the firm will be separate from those properties, and it will not be a part of Accel, although it will operate with some of its support. Initial investors include Smith, Sweeney, Sweeney’s Accel partners investing as individuals and limited partners they declined to disclose.
The new firm, which Smith and Sweeney have nicknamed “HXCO,” plans to raise $750 million to $1 billion, Sweeney said, and already has 5-6 deals in its pipeline. The two intend to find companies that they can bring into the sports and live events ecosystem, or have a role in it and invest in them.
Halo Experience would be another example of how the sports world continues to bring in financial capital that had previously remained out of the sector. Private equity companies have started investing in North American professional sports teams in recent years, from the NBA to the NFL, and some, like Arctos Sports Partners, have even deployed funds centered around sports team ownership.
“There’s two revolutions going on,” Smith said. “One’s definitely in AI, where every venture capital firm is, you know, doing this movement where they’re renaming everything AI, dot ai, which is real and it’s not going away. We’ve also seen this movement in sports. We’ve seen it kind of come from the inverse of what we’re doing. We’re seeing a bunch of funds being created to buy a bunch of sports teams. And I understand why. I think the background of all those people are very different. It’s private equity, it’s everything else.
“We just have a unique background. We come from tech, and we’re still young, and we’re involved. If you look at consumer spending, if you look at where things are going, if you look at what people are prioritizing, everything is around experiences right now, and you know the amount of tech plays that have to tap into that to be successful is enormous. And so we’re bringing this kind of the other way, where, for the first time ever, there’s a tech fund that has the ability to lean into tech, do it with sports on that platform.”
Sweeney believes that the sports investment market is “massive” and growing. The surge in demand for live events since the pandemic has not stopped, Smith said.
They have also seen big tech companies come into the sports world recently and get involved in media, which, Smith believes, has led to media being nationalized and no longer local. Amazon, Netflix and Apple have all grabbed portions or all of significant league media rights packages over the last five years.
The Jazz have been an example of that, as their media distribution deal has morphed in recent years from a cable regional sports network to a combination of an over-the-air channel and a streaming app, Jazz+, both of which have created different needs for technology partnerships.
The two hope that by using their networks and their resources, they can pull companies into their orbit. The fund is going to be evaluating both early-stage and later-stage opportunities.
“This is going to be a fund that harnesses the power of sports, and it’s real, and it’s a real movement,” Sweeney said. “And as we started this conversation, you compare and contrast with a movement like AI, which gets a lot of press within the tech ecosystem right now, the size of this economy is very similar, and I would say, oftentimes less competitive, right?
“You can go disrupt it, and you can go become a player that gains significant market share relatively quickly as an investor, and that’s all you’re looking for. You’re looking for big untapped markets, and this feels like one where disruption from technology is certainly there for the taking.”
(Photo: Alex Goodlett / Getty Images)
Utah
Utah’s anti-gambling tradition meets Kalshi and Polymarket in a new legal fight
SALT LAKE CITY (AP) — For more than a century, Utah has kept gambling almost entirely out of the state. There are no casinos, no lotteries and no racetracks that allow bets, a prohibition rooted in the conservative ideals of The Church of Jesus Christ of Latter-day Saints, which views gambling as a vice that leads to selfishness and addiction.
But now, the state is fighting a new, more challenging battle to keep gambling outside its borders. It’s on the verge of enacting a law intended to undercut prediction markets like Kalshi and Polymarket, which allow anyone with a smartphone to wager on anything from whether it will rain in Los Angeles to whether the United States will go to war.
While regulators and other states are still debating whether those markets constitute finance or gambling, Utah has already made up its mind.
“We are putting a casino in the pocket of every single American, and they are targeting especially young people,” said Gov. Spencer Cox. “It is really awful what they are doing, and we are going to make sure this doesn’t happen in our state.”
Cox said he will sign the legislation, putting conservative Utah at odds with the federal government. Kalshi has already sued the state, and the company is backed by the Commodity Futures Trading Commission, the federal agency responsible for regulating financial markets.
The conflict puts Utah, a place that’s not known for picking fights, on the frontlines of a cultural, political and economic battle sweeping the country. On one side is a state deeply rooted in what is widely known as the Mormon church, where both politicians and faith leaders have treated the issue as a moral crusade. On the other is a growing industry — Kalshi and Polymarket are estimated to be worth $20 billion each after their last fundraising rounds — with connections in Washington that may offer some regulatory protection.
President Donald Trump’s eldest son is an adviser for both Kalshi and Polymarket and an investor in the latter. Trump’s social media platform Truth Social is also launching its own cryptocurrency-based prediction market called Truth Predict.
Whoever wins this round could shape how other states handle the issue in the future.
“What’s at stake here is whether states will be able to regulate gambling or if gambling is going to be subsumed into finance and ultimately regulated by Congress,” said Todd Phillips, a professor at Georgia State University who has written extensively about prediction market regulation.
Utah takes aim at prop betting
Polymarket and Kalshi allow participants to buy and sell contracts tied to the probable outcome of an event. Contracts are typically priced between one cent and 99 cents, which roughly translates to the percentage of customers who believe that event will happen.
The companies argue they offer products that allow customers to manage risk, like how farmers can buy corn futures to lock in the price of their crops ahead of time. And derivative markets like the Chicago Board of Trade and Chicago Mercantile Exchange have long offered what are known as binary options to investors, which bet on whether an event will or will not happen.
But unlike those derivative markets, the bulk of Kalshi’s trading volume and roughly half of Polymarket’s are now tied to sports. Kalshi said it saw more than $1 billion in volume traded on the Super Bowl alone.
Utah is seeking to limit prediction markets from doing business in the state by taking aim at proposition betting in sports, which can be a significant source of their revenue.
The bill that Cox plans to sign would expand the state’s gambling ban to include wagers on certain events happening in a game rather than the game’s outcome. An example of these “prop bets” would be how well a particular player performs, or a team hitting a specific threshold like rebounds or other metrics.
The legislation also aims to stop sportsbooks companies like FanDuel and DraftKings that have set up their own prediction markets, which analysts say could allow the companies to get around state gambling prohibitions.
Because of the vocal opposition of Utah officials, Kalshi preemptively sued the state in late February, asking a federal judge to stop Utah from enforcing its gambling restrictions on the platform. The judge has yet to rule on Kalshi’s request. Other judges in Nevada and Massachusetts have issued early rulings in favor of states looking to ban Kalshi and Polymarket from offering sports betting in their states, while judges in New Jersey in Tennessee have ruled in favor of Kalshi.
Kalshi argues its product is different from sportsbooks companies or casinos because customers are betting against each other instead of against the “house,” spokesperson Elisabeth Diana said.
The Commodity Futures Trading Commission under Trump has agreed with Kalshi and has asserted that it has exclusive regulatory oversight of prediction markets. The agency argues states cannot ban the products from operating in their jurisdiction just because they are morally opposed to them.
“To those who seek to challenge our authority in this space, let me be clear, we will see you in court,” chairman Michael Selig said recently in a video posted to social media.
A moral crusade with religious roots
It’s the first major issue in which Cox has clashed with Trump in the year and a half since the Republican governor worked his way into Trump’s good graces after not voting for him in 2016 and 2020.
Patrick Mason, the chair of Mormon history and culture at Utah State University, said he is not surprised to see Cox and other Utah Republicans take a stand against prediction markets, even if it means going against their own party’s leadership in Washington. In the state, where about half of the 3.5 million residents are Latter-day Saints, even a simple game of church bingo is a rare sight.
“Maybe they play for M&Ms, but never money,” he said.
All the state’s major politicians, including the governor, lieutenant governor and its entire congressional delegation, are members of the church headquartered in Salt Lake City. When they view an issue as moral rather than political, the faith’s teachings often take precedence over appeasing the party, Mason explained.
Church doctrine prohibits gambling in any form, saying it is motivated by “a desire to get something for nothing” and is destructive to individuals and families.
“The idea that it goes against a sense of work ethic, a kind of fair exchange, has always been at the heart of the way a lot of people think about themselves in terms of Utah identity, and certainly Latter-day Saint identity and ethics,” Mason said.
Because of Utah’s religious roots, the state has prohibited gambling since it was admitted to the Union in 1895. Along with Hawaii, it has the strictest gambling prohibitions in the country. Utah doesn’t even allow broad multi-state lotteries like Powerball or Mega Millions.
Utah leads on both state and federal fronts
Phillips, the professor focused on industry regulation, said if Congress does not step in to clarify whether these new prediction markets are legal, the issue will be left to the courts.
“The line between gambling and finance is very, very fine,” Phillips said. “There’s a reason why Congress has, over and over again, stepped in to define and regulate financial markets when the products skew too close to gambling.”
There is already some movement on Capitol Hill, led in part by another Utah Republican.
Republican Rep. Blake Moore of Utah and Democratic Rep. Salud Carbajal of California introduced bipartisan legislation this week to more aggressively regulate prediction markets. The bill would prohibit the platforms from allowing bets on war, assassinations, terrorist attacks or election outcomes, and allow states to ban sports-related betting.
“We, as a society, should not be taking bets on whether we are going to invade Cuba,” Moore said.
Democratic senators have also said they will introduce legislation to ban wagers on violence.
“It’s insane this is legal,” Sen. Chris Murphy of Connecticut said on social media.
In court filings, Kalshi has tried to argue that its sports prediction market has economic utility and usefulness. It uses an example of an insurance company that underwrites the careers of college athletes using prediction markets to hedge the risk. Kalshi also argues that hotels, travel agencies and stadium management companies may be able to use prediction markets to hedge their risk against underperforming sports.
Moore said he is not swayed by Kalshi and Polymarket’s economic arguments.
“Utah’s economic outlook has been strong for many years,” he said. “I see no need why we need to embrace these as an economic tool.”
Utah
Utah Mammoth sign forward Nick Schmaltz to an 8-year, $64 million contract extension
SALT LAKE CITY — Forward Nick Schmaltz re-signed with the Utah Mammoth on Wednesday, agreeing to an eight-year contract extension worth $64 million rather than going to free agency this summer.
Schmaltz will count $8 million against the salary cap annually through the 2033-34 NHL season.
“There was never a doubt that Utah is where I want to play the rest of my career, and I’m thrilled to sign an eight-year extension,” Schmaltz said. “We have a great core of players, and I know we can do some special things together here in Utah. We have a very bright future, and I am thankful to (owners) Ryan and Ashley Smith for wanting me to be a part of the group that will one day bring a Stanley Cup to Utah.”
Schmaltz, 30, is second on the team in scoring with 59 points in 64 games. His hot start of 16 points in 10 games helped put Utah on track to make the playoffs in the franchise’s second season since moving to Salt Lake City and its first as the Mammoth.
“Nick is a tremendous player and person, who is very deserving of this contract,” general manager Bill Armstrong said. “We expect him to continue producing on the ice and leading our young, skilled forwards for years to come.”
Last fall, the Mammoth signed Logan Cooley for $80 million over the next eight years. Schmaltz’s current contract, which paid him an average of just under $6 million a season, expired June 30.
“There’s a lot of momentum building around our team, and extending Nick Schmaltz is an important part of continuing that,” Ryan Smith said. “Utah is becoming a true destination in the NHL, and Nick’s long-term commitment reflects the excitement around what we’re building here.”
The Mammoth hold the first wild card spot in the Western Conference, six points ahead of second wild card Seattle through Tuesday’s games. The organization, formerly known as the Arizona Coyotes, has not made the playoffs since 2020 — when the field was expanded because of the pandemic — and last qualified for the traditional 16-team tournament in 2012.
Utah
‘It’s really cool’: Utah selected to lead federal pilot program testing electric aircraft
SALT LAKE CITY — The 2002 Winter Olympic Games in Salt Lake City were, in a way, Utah’s entrance onto the world stage.
While the Beehive State is no longer a secret, the return of the Winter Olympics in 2034 will give the state a chance to showcase what could very well be the future of flight after the Utah Department of Transportation and state partners on Monday were selected to lead a federal pilot program to test advanced electric aircraft and other emerging aviation technologies.
More specifically, the Federal Aviation Administration selected Utah as one of eight projects nationwide for the Electric Vertical Takeoff and Landing Integration Pilot Program, a three-year initiative designed to help safely integrate advanced aircraft into the national airspace.
“What this means for Utah and for advanced air mobility is that this enables us to work very closely with the FAA in testing the technology that makes up advanced air mobility,” said Matt Maass, director of UDOT’s Aeronautics Division. “So the vertical takeoff and landing aircraft will be used for moving passengers, these aircraft will be used for moving cargo, medical transport, and it’s all going to be done electrically.”
Specifically, through an initiative called “uFly,” Utah will lead a collaboration between Oregon, Idaho, Arizona and Oklahoma — along with industry partners and research institutions — to test new aviation technology and gather data that will inform the future of electric flight.
Partners in the initiative include BETA Technologies, Ampaire, Joby Aviation, Lockheed Martin, Future Flight Global, Alpine Air, Jump Aero and Utah aerospace and defense company 47G.
Utah has been selected by @SecDuffy and the FAA as one of eight national pilot sites for next-generation electric aircraft. We’re proud to help shape the future of aviation right here in Utah, creating jobs, strengthening mobility, and keeping America at the forefront of… pic.twitter.com/pV2envlxUt
— Governor Cox (@GovCox) March 9, 2026
BETA Technologies might sound familiar to a lot of Utahns, for good reason.
In May 2024, the company launched Project ALTA in conjunction with 47G. Technically known as the Air Logistics Transportation Alliance, the project’s goal is to establish an “advanced air mobility system” for the state.
According to 47G, advanced air mobility is a novel mode of transportation that uses electric aircraft to move people and packages throughout the state. BETA Technologies in March 2025 returned to the state to conduct six days of demonstration flights, showcasing its electric ALIA aircraft.
The federal project, although it doesn’t have any funding attached, brings together over 30 public and private partners to conduct real-world flight operations.
“It will focus on parcels and packages, but then eventually people,” said Aaron Starks, president and CEO of 47G. “This designation now allows us to, through a phased approach, begin implementing all of this right away.”
Utah’s diverse landscapes are another reason the FAA chose the state to lead one of eight projects, Maass explained, saying the electric aircraft can be tested at high-altitude, snowy settings, desert environments and more.
Starks added he’s excited by the prospect of Utah leading the way when it comes to building a functional air mobility system.
“I grew up in northern Utah and rural Utah, and I remember as a kid, coming down to Salt Lake was like a big deal. That was the big city, right? You can be in an air taxi in Provo and into Moab in 36 minutes,” Starks said. “(If) I’m a Utah Jazz fan, or I want to go catch an MLB game, I can get in an air taxi and my family and I can be in Salt Lake, and we can be part of what’s happening here in the state, and live further away from the metropolitan areas that exist on the Wasatch Front. It’s awesome. It’s really cool.”
Starks added that in addition to moving people and packages, the project is also looking into how electric aircraft can be used for avalanche detection and mitigation, organ transplant delivery, wildfire monitoring and other exciting applications.
“This is going to happen in a phased approach, and our goal is to democratize this form of transportation so all families can take advantage,” Starks said.
The pilot program, like the inaugural ventures into electric flight from players like 47G, UDOT and BETA Technologies, has strong legislative backing.
Utah Senate President Stuart Adams said that nearly a decade ago, he told the Legislature that someday, electric air taxis would be flying in Utah and that he wanted the state to lead that effort.
“That one day, that one day is here today. We are now leading the effort with other states to bring air mobility to Utah and I couldn’t be more excited,” Adams said. “Our goal, our vision, is, we hope to have this functioning to be able to show off air taxis delivering to our Olympic venues.”
The Key Takeaways for this article were generated with the assistance of large language models and reviewed by our editorial team. The article, itself, is solely human-written.
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