Sports Betting Industry News & Market Updates

A controversial new per-bet tax is set to debut in Illinois on Tuesday. The state’s online sportsbook operators have been vehemently opposed to it, with two industry leaders adding new fees for bettors to cover the revenue lost.

Sports betting is in the spotlight for the wrong reasons once again after a federal investigation into NBA star Malik Beasley was announced on Sunday. The investigation is looking at unusual betting patterns around the guard last season.

The Rhode Island House failed to vote on a bill that would have expanded the state’s sports betting market. Concerns over the current contract the state has with IGT ultimately led to the bill being pushed off for at least one more year.

The Florida Attorney General’s office has filed a motion to dismiss a lawsuit challenging the state’s 2021 gaming compact with the Seminole Tribe. It claims that the compact is protected under the Constitution, as past court rulings have confirmed.

A group of 36 bipartisan state AGs has formed a coalition to help push out sports prediction market operator Kalshi. The group filed a strongly worded amicus brief in a New Jersey court where a lawsuit against Kalshi is being heard.

The Michigan Gaming Control Board has reported that sports betting generated $50 million in revenue last month, generating $2 million in tax revenue. The impressive total is 17% higher than April’s and up 19% compared to May 2024.

A Wyoming legislative committee has proposed doubling the state’s tax rate for online sportsbooks to 20%, putting the state at the national average. The rate is currently set at 10%, which has enabled the market to exceed expectations since its launch in 2021.

Reports surrounding the sports betting industry allege that FanDuel Sportsbook is in discussions with Kalshi as it explores launching a sports prediction market platform. While the company hasn’t confirmed this, leadership has expressed interest in pursuing this new industry.

Oklahoma Governor Kevin Stitt told reporters that he remains unwilling to support any sports betting bill that proposes a tribal-run market. He blamed the tribes for delaying the industry, pointing to their rejection of his previous proposals.

DraftKings and Underdog have both submitted applications for sports betting operating licenses in Missouri, with the market set to launch on December 1. They are the first sportsbooks to apply, though more are expected to join them soon.