WASHINGTON – The Senator and CFTC chairman responsible for the implementation of the 2010 Dodd-Frank Act told SCOTUS that the act didn’t grant the Commodity Futures Trading Commission as a regulator for sports betting. The pair of important figures made their points clear in respective … Read more
PROVO, UTAH – More than two months after a federal judge cleared Utah to enforce its gambling ban against prediction market Kalshi, the state has taken no public action against the company or against DraftKings and FanDuel. Utah is one of two states that ban … Read more
The complaint treats Robins as a defendant in his own right, not only the company and its prediction-market subsidiary. The Tribe says its 2021 compact reserves sports betting to Hard Rock Bet, and that DraftKings takes wagers from Floridians under the compact’s minimum age of … Read more
NEW YORK – The National Football League took to the Supreme Court of the United States (SCOTUS) to fight for state regulation of prediction markets. The amicus brief supports New Jersey regulators in their battle against Kalshi. The NFL argues that prediction markets offer sports … Read more
WASHINGTON – Lawmakers have requested that FanDuel provide them with more information regarding their 30+ personalized videos that they had famous athletes and entertainers record for their VIP bettors. The letter, written by Senator Richard Blumenthal (Connecticut) and U.S. Representatives Paul Tonko (New York) and … Read more
The Ohio Casino Control Commission issued cease-and-desist letters to prediction market operators like Underdog and Polymarket for unlicensed sports betting.
A federal suit filed Sept. 30 says a DraftKings machine-learning model steered promotions toward bettors likely to lose more. The complaint pleads three common-law counts, with a Chapter 93A consumer-protection claim to follow after 30 days absent a settlement tender. The suit cites a Massachusetts … Read more
The Senate passed the Protect College Sports Act 77-22 on Sept. 28, sending it to a House that returns Nov. 9. Section 113 lets athletic associations and conferences restrict eligibility for athletes who took part in sports wagering or sports-related event contracts. Section 123 applies … Read more
The panel found Kalshi’s sports contracts are not swaps because their events carry no inherent financial, economic or commercial consequence. The Commodity Exchange Act would leave both states’ gambling laws intact even if the contracts counted as swaps, the court held. Kalshi lost its bid … Read more
Only futures commission merchants and participants Klear admits as self-clearing members could carry margined positions. Event contracts built on sporting contests are excluded entirely from the proposed margin treatment. Kalshi also plans to keep its culture and mention markets off margin trading. The earliest the … Read more
The Ninth Circuit reversed a lower court’s denial of an injunction, siding with the Blue Lake Rancheria and Chicken Ranch Rancheria tribes against Kalshi. The panel held that on tribal land Kalshi’s sports-event contracts amount to Class III gaming, the category the Indian Gaming Regulatory … Read more
LAS VEGAS – Gamblers and professional poker players rejoice; the fix to restore the 100% tax deduction on gambling losses passed out of the Ways and Means Committee on Wednesday by a 38 to 5 vote. While the measure won’t get a full House vote … Read more