Sports Betting Industry News & Market Updates

The Coalition for Fair Markets has sued Kentucky over its new 14.25% tax on prediction operators passed by lawmakers back in April. The group argues the tax is discriminatory, despite Kentucky cracking down on all forms of sports betting.

Wisconsin’s Governor has opened talks with 11 local tribes to negotiate the launch of mobile sports betting. The two sides need to agree on a legal framework for the new market, including revenue-sharing requirements for commercial operators.

Nevada Rep. Dina Titus called out the CFTC’s defense of prediction markets on social media, accusing the regulator of corruption. She rejected the regulator’s proposed regulations for the industry and called for Congress to take action to rein it in.

New Mexico has filed a lawsuit against Kalshi over its sports prediction markets, arguing they violate state laws. It closely resembles lawsuits from several other states who have also targeted Kalshi and its rivals over the last year.

A Texas court ruling will allow Brenden Sorsby to play for Texas Tech this upcoming season, despite placing over 1,000 wagers with online sportsbooks in the last four years. The ruling sets a dangerous precedent that could haunt the NCAA.

Illinois lawmakers have approved a budget that will add a new per-transaction tax on sports contracts. The tax was added despite the state not having legal authority to enforce it, and is likely to result in more lawsuits from the industry.

Arkansas sports betting placed over $100 million in wagers in April, setting a new monthly record. The success came as FanDuel and DraftKings had its first full month in the market, though they didn’t contribute much tax revenue.

The Rhode Island Lottery has awarded Bally’s with a mobile betting license. It will launch in November, becoming the first new sportsbook to enter the market since 2019. However, lawmakers fear the state’s high tax rate will prevent future expansion.

Tennessee’s Attorney General has escalated its fight against Kalshi, arguing the operator is violating the state’s sports betting laws. A New Jersey judge allowed the operator’s platform to remain live, a decision the AG hopes an appeals court will overturn.

Polymarket has filed with the CFTC to launch a new parlay-style feature for its sports markets. The move is meant to help it compete with Kalshi and mobile sportsbooks, and was made despite the tumultuous future facing the prediction industry.