Sports Betting News

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.

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.