Sports Betting Industry News & Market Updates

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.

A trade war has led to massive tariffs enacted worldwide, threatening to send the US into a recession and test the thriving sports betting industry. While online operators have been able to weather the storm so far, retail sportsbooks are already seeing massive losses.

Tribal leaders in the Golden State are attempting to restart negotiations over sports betting with a new proposal for a regulated market run by them. The proposal comes as sports prediction markets grow in popularity, giving bettors another way to wager on sports.

The Michigan Gaming Control Board (MGCB) has confirmed reports that they have opened an investigation into sports prediction markets operated by Kalshi and Robinhood. The sports betting regulator has not taken any action against the operators as of yet.

Hawaii’s Senate Ways and Means Committee passed online sports betting bill HB 1308 by a vote of 11-2, setting it up for a vote on the Senate Floor. While the bill passed by a wide margin, four lawmakers expressed reservations over their support.