Latest Updates on Wagering in Sports
Going After Kalshi: A Nationwide showdown
Get ready for a dramatic legal showdown as a coalition of 36 Attorney Generals take on sports prediction market operator Kalshi. The coalition, a mix of Republicans and Democrats, have banded together to push Kalshi out of the market. They've filed an amicus brief in a New Jersey court where Kalshi is currently embroiled in a lawsuit.
Michigan Steals the Show
Michigan is in the sports betting limelight again, this time boasting a whopping $50 million in sports betting revenue last month. This impressive total generated $2 million in tax revenue, marking an impressive 17% increase compared to April and an even more significant 19% surge compared to May 2024.
Wyoming Joins the Race
Wyoming is making waves in the sports betting industry with its legislative committee proposing to double the state's tax rate for online sportsbooks to 20%. Currently at 10%, this higher rate will put Wyoming in line with the national average, a move that's expected to boost the market's growth since its launch in 2021.
Rumors Fly About FanDuel and Kalshi
There's a buzz surrounding the sports betting industry about FanDuel Sportsbook potentially partnering with Kalshi to launch a sports prediction market platform. While FanDuel hasn't confirmed this yet, their leadership has expressed interest in venturing into this new industry.
Oklahoma's Sports Betting Saga Continues
The ongoing battle over Oklahoma's sports betting industry reached a new high when Governor Kevin Stitt openly expressed his unwillingness to support any sports betting bill that proposes a tribal-run market. He blames the tribes for the industry's delay, pointing to their rejection of his previous proposals.
Missouri's Sports Betting Market Heats Up
DraftKings and Underdog have thrown their hats in the ring by submitting applications for sports betting operating licenses in Missouri. With the market set to launch on December 1, they are the first of many expected applicants.
Senate Grills Nominee over Prediction Markets
Brian Quintez, nominated to head the CFTC, faced tough questions during a Senate Agriculture Committee hearing, with most of the questions revolving around sports prediction markets and his ties to Kalshi.
Illinois: A Battle Unfolds
A heated battle is underway between Illinois lawmakers and online sportsbooks over a new "per bet" tax included in the state's budget. FanDuel was the first to respond, announcing a new surcharge for all bets placed in the state.
BetMGM Sets Sights on Missouri
BetMGM has formed a strategic partnership with Century Casinos in Missouri, aiming to pursue an online sports betting license. This makes them the second operator to reach a deal in the state, whose sports betting market is set to launch on December 1.
Kalshi Faces Tough Questions in Maryland
Kalshi's operations in Maryland are under scrutiny following a cease-and-desist order over concerns about its event contracts. In response, Kalshi filed a lawsuit seeking a preliminary injunction to continue operations in Maryland. However, this lawsuit faces challenges from federally recognized tribes who are opposing Kalshi's interpretation of federal jurisdiction.
Sports betting companies are keenly watching the legal showdown against sports prediction market operator Kalshi in the New Jersey court, as the outcome could greatly impact the industry. In Michigan, the sports betting market has been thriving, with a substantial $50 million revenue last month and a significant surge compared to previous years.
