Sports Betting Industry News & Market Updates

The Tennessee Sports Wagering Council confirmed it has issued $50,000 fines to five offshore sportsbooks for offering illegal gambling in the state. The penalties are the latest action the state has taken to crack down on the unregulated gambling market.

A recent report shows that DraftKings Sportsbook has opened negotiations to purchase Railbird Exchange. The sports prediction market operator was recently licensed by the CFTC, meaning DraftKings would be clear to launch if a deal can be reached.

Hard Rock and BetMGM have added a new minimum bet requirement for all Illinois sports wagers. The move is in response to the state’s new “per-bet” tax, joining an effort by FanDuel, Fanatics, and DraftKings to have it overturned.

Flutter has reached a deal to purchase Boyd Gaming’s 5% share of FanDuel Sportsbook for over $1.7 billion, giving it full ownership of the platform. The two companies started a partnership over the sportsbook back in 2018.

The Indiana Gaming Commission has reported a sports betting handle of over $350 million for June, which is a decrease of 19% compared to the month before. The number was still up year-over-year, thanks largely to the Pacers' run to the NBA Finals.

The North Carolina Lottery Commission has reported that the state saw over $6.4 billion in sports betting wagers in its first fiscal year. When the state legalized the industry in 2023, it was projected to take three years to surpass $6 billion.

FanDuel Sportsbook has applied for one of Missouri’s two direct mobile licenses, which allows it access to the new market without an in-state partnership. They join DraftKings, bet365, Underdog, and BetMGM in pursuing operating licenses ahead of the December 1 launch.

New Jersey Governor Phil Murphy has signed bill A4113 into law, which will ban 30 in-state colleges from partnering with sports betting operators. The ban comes as lawmakers also consider a bill to eliminate college player prop betting.

Bet365 Sportsbook has announced a new partnership with the WNBA’s Indiana Fever, just one month after reaching a similar deal with rival Chicago Sky. The deal will allow the sportsbook to advertise with the team and offer exclusive in-app content.

The sports betting industry is on edge after DC lawmakers approved a tax change and seem likely to protect controversial sports prediction markets. Industry proponents believe this will lead to irreversible damage to the industry, resulting in less tax revenue for states.