FRANKFORT, Ky. – Prediction market platforms are banding together against a new tax law in Kentucky which would impose an unprecedented 14.25% tax on prediction market transaction fees. Three of the biggest prediction market platforms – Kalshi, Crypto.com, and Polymarket – have formed a coalition … Read more
MADISON, Wisc. – Wisconsin is the latest state to add to a pile of lawsuits on Kalshi’s desk. Attorney General Joshua Kaul’s lawsuit against the prediction company also includes Robinhood and Coinbase, claiming that these prediction market apps facilitate illegal sports betting through trading sports … Read more
Arizona is the first state to announce intentions to revoke the license of a sports betting operator, as Underdog has come under fire for their partnership with Crypto.com. Underdog never officially launched sports prediction markets in Arizona. PHOENIX – Arizona is set to revoke the … Read more
The Louisiana Gaming Control Board sent a letter to licensed sports betting sites in the state stating that it views sports prediction markets as illegal. In the letter, the board stated that licensed operators who are partnered with prediction services may have their licenses rescinded. … Read more
CEO of Fanatics, Michael Rubin, said that the sportsbook is launching a prediction market with Crypto.com for all states Maryland is one of the many states to warn operators that prediction markets are not licensed by gaming commissions NEW YORK CITY – Fanatics Sportsbook is … Read more
New York State Gaming Commission Chair Brian O’Dwyer calls out prediction markets, saying they are a “direct threat to the commission’s authority.” FanDuel and DraftKings have announced their intent to offer sports contracts in December. NEW YORK – Prediction markets are once again under the … Read more
U.S. District Judge Andrew P. Gordon ordered Crypto.com to halt its sports event contracts in Nevada. Gordon ruled the contracts are governed by state gambling laws, not federal commodities regulations. The case underscores ongoing legal battles over how prediction markets should be regulated. LAS VEGAS … Read more
PrizePicks will offer a new way to bet after receiving federal approval to enter prediction markets. ATLANTA – The daily fantasy sports operator PrizePicks was approved Monday as a futures commission merchant (FCM) by the Commodity Futures Trading Commission. In plain terms, that status allows … Read more
Underdog Sports struck a deal with Crypto.com’s derivatives affiliate to launch sports prediction markets on its platform. BROOKLYN – A partnership announced Tuesday makes sports event contracts from Crypto.com | Derivatives North America (CDNA) available inside the Underdog app. For Underdog, a company best known … Read more
Hawaii House Bill 1308 will undergo a public hearing, but many state agencies have submitted testimony in opposition to the Hawaii sports betting measure. Mississippi went back and forth about adding online sports betting to their laws but their measure SB 2510 died in a … Read more
The CFTC is cracking down on sports-related prediction markets, forcing Robinhood Derivatives to halt its Super Bowl betting contracts and investigating platforms like Crypto.com and Kalshi. If the CFTC rules against these platforms, bettors could see their Super Bowl 59 wagers frozen, refunded, or voided … Read more
This morning, South Carolina representatives Herbkersman and Rutherford introduced a bipartisan sports betting bill; it has been sent to the House Judiciary Committee. Under the bill, up to 12 mobile sportsbooks would be available in South Carolina, and cryptocurrency would be available for deposits and … Read more