Sports Betting News

The NCAA has issued a show-cause penalty to ex-Baylor official Sam Hancock after he improperly wagered almost $3,000 on DFS sites. He will need to go through gambling programs and counseling before he can work for another NCAA school.

A SC House Subcommittee held its first hearing on bill H3625, which would create a regulated sports betting market. The bill faces staunch opposition, including from the Governor, who has promised to veto any bills expanding gambling in the state.

The Colorado House is currently reviewing bill HB 1311, which would tax online sportsbooks on promotional bets. This is projected to raise tax revenue generated by the industry by about 30%, helping to fund the state’s critical water projects.

An Ohio budget proposal was submitted to double the state’s tax rate from 20% to 40%, but it was stripped after failing to gain support among lawmakers. The state is now shifting focus to protecting the industry as sports prediction markets continue to rise.

The Tennessee Sports Wagering Council has sent a letter requesting that the CFTC shut down controversial sports prediction trading markets in the state. Tennessee is the ninth state to take action against these markets, but it may not have the authority to do so.

A group of North Carolina republicans has introduced a budget proposal that would make significant changes to the state’s sports betting tax revenue. The proposal would double the operator tax rate from 18% to 36%, and change how the revenue is distributed.

The HI House has rejected Senate changes to a sports betting bill, sending it to a conference where members from both bodies will attempt to reach a deal. The disagreement centers on operator tax rates and licensing fees set by the Senate.

The Kansas House of Representatives has passed an amendment prohibiting the Lottery from negotiating with sportsbooks to renew their sports betting licenses. The order covers the next two years, meaning no negotiations can occur until 2027.

Kalshi has announced that its March Madness prediction market saw over $500 million in contracts. The company also scored a key legal win this week when a Nevada Judge ruled that the state does not have the power to push the operator out.

Lawmakers in Hawaii’s Senate have surprised many by passing sports betting bill HB1308, which would legalize and set up a framework for the industry. The House must approve changes before the bill is sent to the Governor.