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Good morning readers. A friendly reminder that we started our own “Get sh*t done” playlist on Spotify to help you power through your day. If you’re feeling a little sluggish and need a boost, make sure to check it out.

But then again its Friday, so if you’re feeling sluggish, let that be a sign its time to logoff early.

Let’s jump into today’s storylines.

In today’s digest:

• Overtime rules redefine the workweek for millions

• Headline Hustle: Dollar General has 48 hours to fix its store or pay big fines, Apple opens up its tap-and-pay technology to third-party companies, NFL opens up to the possibility of private equity team ownership

• Paris Olympics set to boost US betting industry

• Pulse Points: What’s Trending

WORK

Overtime pay gets a long-overdue update

As the calendar flipped to July 1, over a million hardworking Americans found a new reason to watch the clock: they're now eligible for overtime pay, thanks to updated regulations that have been stagnant for far too long.

Since the days of FDR, the 40-hour workweek has been a benchmark of American labor, with overtime pay kicking in beyond those hours for eligible workers. However, the criteria for who qualifies had grown as outdated as dial-up internet, leaving many grinding long hours without extra compensation. That is, until now.

Here’s the scoop

For decades, updates to the overtime eligibility threshold were as rare as an office without politics; the standard hadn't seen significant changes since 1975. By the time the rule changed this July, only about 15% of salaried workers qualified for overtime under the old salary cap of $35,568 per year. This meant a significant portion of the workforce, from healthcare to fast food, was putting in over 40 hours a week without seeing an extra dime on their paycheck.

But with the new rule, that threshold has jumped to $43,888, extending overtime protections to about a million more workers.

• The change aims to support those in the workforce who lack substantial bargaining power—a shift from the previous focus, which left many lower-wage earners unprotected.

• The update also impacts “highly compensated employees,” previously capped at $107,432, who have seen their threshold rise to $132,964.

This is just the beginning. The Department of Labor has set this change as the beginning of a series of updates, with another increase scheduled for January 2025, which will push the threshold to $58,656, covering an additional 3 million workers. The adjustments won't stop there, with planned updates scheduled every three years starting from July 2027.

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IN THE KNOW

Headline Hustle

🏪 Dollar General has 48 hours to make its stores safer or face paying big fines. Dollar General has agreed to a $12 million settlement with the Department of Labor to enhance safety measures in its stores, following reports of dangerous conditions that endangered workers and customers. The settlement mandates new safety protocols, including the hiring of safety managers, worker training, and the establishment of a safety committee. Additionally, the store will adjust merchandise storage to ensure unblocked fire exits within 48 hours, with potential fines of up to $500,000 per safety violation.

📱 Apple grants third-party developers access to its tap-and-go payment technology. EU regulators have concluded a four-year investigation into Apple by accepting the tech giant's proposal to open up its tap-and-go payments technology to competitors. The company has committed to granting third-party developers access to its NFC technology at no cost, allowing them to integrate key iPhone features like Face ID, and enabling users to choose their default payment wallet. The move, which Apple must implement by July 25, promises to enhance competition and consumer choice in Europe's digital wallet market for the next decade.

🏈 The NFL opens up to the possibility of private equity team ownership. The NFL is considering allowing up to 10% minority private equity ownership for its 32 teams, according to Commissioner Roger Goodell. Speaking at the Allen & Co. Sun Valley Conference, Goodell noted the league's evolving policies and significant interest from private equity firms. The NFL aims to finalize these policies by year-end, potentially raising the cap over time. Unlike other major U.S. sports leagues, the NFL has traditionally resisted private equity, but rising franchise valuations have prompted reconsideration.

SPORTS

This year, people are betting big on the Paris Olympics

Betting on the Olympics has always been more about patriotism than profit, but as the Paris Games approach, it's not just the athletes who are getting ready to compete. Sportsbooks and daily fantasy operators are gearing up for what they hope will be a gold rush of their own.

This summer marks a significant moment for the betting industry

With the broad legalization of sports gambling across many U.S. states, the Paris Olympics offers a unique opportunity during the quiet spell of major American sports leagues. The industry anticipates a surge in betting, especially in popular events like basketball, soccer, and tennis.

Sports betting giants like FanDuel and DraftKings, which dominate about 80% of the U.S. online betting market, might not see a dramatic shift in their overall annual metrics, but for smaller players, the Games could be a pivotal moment. "It's not going to be a game-changer," notes Jordan Bender, a senior equity analyst, "but every bit helps."

Interestingly, this year’s games could also test new waters with increased viewership thanks to more accessible streaming via NBCUniversal’s Peacock, alongside traditional broadcasts. This increased accessibility might just nudge betting figures upward, offering a glimmer of what the future of sports gambling could look like during global events.

Looking ahead…as the world tunes into Paris, betting booths and fantasy leagues are ready to roll the dice on Olympic-sized dreams, proving that when it comes to sports, passion and patriotism might just be the safest bets.

SNIPPETS

Pulse Points

• A U.S. appeals court ruled Thursday that Division I college athletes in revenue-generating sports like football and basketball cannot be categorically excluded from U.S. labor protections, qualifying them as employees deserving of pay.

• A federal judge dismissed a lawsuit against Elon Musk and his social-media company, which alleged that thousands of laid-off Twitter employees were owed at least $500 million in severance.

• The team at Google’s DeepMind division built a robot, baked Gemini 1.5 Pro into it, taught it commands and how to navigate around an office.

• Former President Donald Trump has requested a state court judge to dismiss his criminal conviction in New York, citing the Supreme Court’s recent decision on presidential immunity from prosecution.

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