Fresh Take: State Attorneys General Band Together to Take Down Sports Prediction Market Operator Kalshi
Betting Updates in the Sports World
Ready to rumble! A coalition of 36 state Attorneys General are joining forces to put the kibosh on sports prediction market operator Kalshi. They've filed a strongly worded brief in a New Jersey court, where a lawsuit against Kalshi is currently playing out. (Spoiler alert: they're not exactly fans.) 06/19/2025 03:49
Sports Betting in Michigan Breaks Records
Michigan's gaming control board went hey, look at us! Last month, sports betting brought in a whopping $50 million in revenue. Tax time? That's right! The state pocketed a cool $2 million. And get this—that's more than 17% above April's numbers and a cheeky 19% higher than May's figures from 2024. 06/19/2025 03:42
Wyoming The New kid on the Sports Betting Block
Lawmakers in Wyoming are throwing their hats into the sports betting ring, proposing a hike in the state's online sportsbooks tax rate to 20%. That puts 'em right smack in the middle of the national average. The current rate of 10% has helped the market soar since its 2021 launch. 06/17/2025 03:24
FanDuel and Kalshi, a Match Made in Prediction Market Heaven?
Rumors are swirling in the sports betting world that FanDuel's Sportsbook is in cahoots with Kalshi, exploring the idea of launching a sports prediction market platform. But ain't no confirmation just yet. When asked, the big wigs at FanDuel have kept their cards close to their chest. 06/17/2025 03:15
Oklahoma's Sports Betting Shenanigans Continue
In Oklahoma, Governor Kevin Stitt is keeping his foot on the brakes when it comes to sports betting bills. He's blaming the tribes for holding things up, pointin' fingers at past rejections of his proposals. 06/13/2025 05:49
Missouri's Sports Betting Market, Ready for Takeoff
Two operators, DraftKings and Underdog, have thrown their hats into the ring in Missouri's sports betting market. Dec. 1 is the launch date, and these two gamesters are the first to throw down their applications. Expect more contenders to join the fray soon. 06/12/2025 06:15
CFTC Nominee Grilled on Prediction Markets
Brian Quintez, nominated to head the CFTC, found himself in the hot seat during a Senate hearing. Questions focused on sports prediction markets and his ties to Kalshi. 06/12/2025 06:10
Illinois's Sports Betting Battle Brews
A battle is shapin' up between Illinois lawmakers and online sportsbooks. The state's budget includes a "per bet" tax that is causing quite a stir. FanDuel has already fired the first salvo by announcin' a new surcharge for all bets placed in the state. 06/11/2025 09:08
BetMGM Gets Cozy with Missouri for Online Sports Betting
BetMGM's herdin' up partnerships in Missouri to snag an online sports betting license. They just discPhone the deal with Century Casinos, the second such partnership in the state, which is eyein' a Dec. 1 launch for its sports betting market. 06/08/2025 01:21
Past Arguments Comin' Back to Haunt Kalshi in Maryland
A Maryland judge's curious questions cast a shadow over Kalshi's claim to be immune from state regulation due to CFTC oversight. The judge referenced Kalshi's past statements minimizing the economic impact of sports betting, which they once used as an argument. 06/06/2025 07:15
Insights:
- Kalshi, a controversial sports prediction market operator, is embroiled in legal battles with multiple states, including Arizona, New Jersey, Maryland, Illinois, and Nevada. These states allege Kalshi's event contracts resemble regulated online wagering and should be subject to state regulations and taxes.[5]
- Kalshi argues that the Commodity Futures Trading Commission (CFTC)'s federal authority over event contracts under the Commodity Exchange Act trumps state regulations.[2][5] Federally recognized tribes have shown interest in cases related to Kalshi's legal challenges, such as Maryland litigation.[5]
- States such as Wyoming are considering increasing sportsbook tax rates to reach the national average, but no specific states are currently looking at policy changes in search results.[1][4][5] The active and evolving regulatory environment could indirectly influence these discussions as states scrutinize emerging betting markets.
Sports prediction market operator Kalshi could potentially face opposition in Wyoming, as legislators consider raising the state's online sportsbooks tax rate to match the national average, similar to the actions taken by other states. Meanwhile, the ongoing legal battle between Kalshi and multiple states, including New Jersey, continues to unfold in a New Jersey court, with a coalition of 36 state Attorneys General recently filing a strong brief against Kalshi.
