Photo by Greenstrat via Wikimedia Commons
A group of California tribes has filed a lawsuit against Kalshi and Robinhood, alleging that their sports prediction markets violate state and federal gambling laws. The tribes are requesting the court block them from operating in California.
The Senate Agriculture Committee confirmed it will convene before its August recess to vote on CFTC chair nominee Brian Quintez. The vote on the nomination was set for earlier this week, but had to be postponed due to the absence of one member.
California Attorney General Rob Bonta told local media that he plans to force out daily fantasy sports operators. The announcement comes two weeks after he released an opinion on the industry’s legality, finding it violates state gambling laws.
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.
The MLB has suspended Cleveland Guardians pitcher Luis Ortiz amid an investigation into unusual betting patterns around two of his pitches this season. The investigation focuses on micro-betting, which allows bettors to wager on specific moments in a game or event.
The California Attorney General released his opinion on the DFS industry and found that all forms of these competitions violate the state's gambling laws. The opinion suggests that DFS operators will likely be excluded from the country’s largest market.
Underdog has filed a lawsuit to stop California Attorney General Rob Bonta from releasing an opinion on the legality of the daily fantasy sports industry. The operator claims they were not given enough time to prepare for the damaging fallout expected to follow.
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.
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%.
