Sports Betting Industry News & Market Updates

The Senate Agriculture Committee held a hearing to question Brian Quintez, who has been nominated to take over the CFTC. Most of the questions focused on sports prediction markets and his ties to prominent operator Kalshi.

A battle is brewing between the Illinois lawmakers and online sportsbooks over a new “per bet” tax included in the state’s budget. FanDuel has fired the first volley by announcing a new surcharge for all bets placed in the state.

BetMGM has partnered with Century Casinos in Missouri to pursue an online sports betting license. The operator is the second to reach a deal in the state, whose sports betting market is set to launch on December 1.

A Maryland judge questioned Kalshi’s claim that only the CFTC has jurisdiction over sports prediction markets. He cited the company’s previous legal arguments, which claimed that sports betting doesn’t have the economic impact to qualify as a commodity.

The Sports Betting Alliance has accused Illinois lawmakers of discriminatory practices for approving a new tax on each wager accepted by online sportsbooks. The group warned that bettors in the state will feel the impact the most.

The Rhode Island Senate passed a bill to allow for the creation of two to five additional sports betting licenses by a vote of 30-2. The bill will now head to the House, where leadership has opposed previous expansion proposals.

Tennessee has reported a sports betting handle of $463.6 million for April. That number is down compared to the month before, but up 21.7% year-over-year. The state’s 1.85% privilege tax generated approximately $8.5 million in tax revenue.

Governor Wes Moore signed the state’s new budget into law, which raises the tax rate for online sports betting operators from 15% to 20%. This is a far smaller hike after Moore’s initial proposal called for the rate to double to 30%.

The North Carolina House released a budget that did not include a tax hike for sportsbook operators, rejecting a Senate proposal to double it. Both sides want to increase funding for UNC-system schools, but disagree on how.

The Tennessee Sports Wagering Council sent a cease-and-desist letter to offshore sportsbook BetOnline as part of a wider effort to protect its regulated market. The sports betting regulator has also contacted the CFTC to shut down sports prediction markets.