Update on Sports Gambling Industry: NBA Voice on Prediction Market Developments

Let's Dish on the Latest in the US Sports Gambling Scene

Ready to dive into the latest updates from the crazy world of sports betting in the good ol' US of A? Buckle up, because it's been another wild ride this week!

National

Sporttrade is shaking things up, looking to take its sports-only prediction market to a national level. Operating in Arizona, Colorado, Iowa, New Jersey, and Virginia, Sporttrade has pleaded with the Commodity Futures Trading Commission (CFTC) to let them expand their empire. They claim that companies like Kalshi, offering similar services across all 50 states, are causing disproportional harm, so they're hoping for a green light from the CFTC.

The CFTC, known for its supportive stance on prediction markets amidst regulatory challenges from various states, may just grant Sporttrade's request. But don't hold your breath—this could take some time.

As for the NBA, they've caught wind of what's going on and sent a three-page letter to the CFTC's acting chair, Caroline Pham. The NBA wants the federal regulator to step up and regulate the ever-growing prediction market industry. It's putting pressure on the CFTC, but without a confirmed chair yet, don't expect answers any time soon.

Missouri

Missouri could become the first state to open sports betting in 2025, but the clock's a-ticking! With a deadline to launch looming on December 1, 2025, there's tension in the Show-Me State. Ideally, sports betting would open before the start of the NFL season on September 4, but with the calendar already on May, that goal's looking less likely.

The Missouri Gaming Commission has yet to receive rules from the Governor's office, meaning they can't begin licensing applications, which could take months with 19 retail and 21 online licenses available. They've stated they'll announce all licensees simultaneously, extending the process even further.

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Oklahoma

Things are heating up in the Sooner State, with two bills—HB 1047 and HB 1101—headed to the Senate. These bills aim to legalize sports gambling in Oklahoma, but with a twist. HB1047 would give tribes exclusive rights to operate Class III slots and roulette, while HB1101 would create a constitutional amendment, coming into effect only if HB1047 doesn't pass or is vetoed by Governor Kevin Stitt. Stitt has made it clear he doesn't want the tribes to have exclusive rights, so it's gonna be a showdown!

Massachusetts

Fanatics has scored a full five-year license in Massachusetts after completing its "durable suitability" review. All six of the state's books were previously operating with a temporary license. Fanatics was the second book to complete the process, with Massachusetts-based DraftKings being the first. Bally Bet, BetMGM, Caesars, ESPN Bet, and FanDuel still have their reviews pending.

Illinois

You might find it hard to score with credit cards in Illinois now, as the Illinois Gaming Board has approved a new rule banning credit card deposits into sportsbook accounts. They're hoping that preventing credit card deposits will encourage responsible gambling and deter compulsive gambling. Research shows that sports gambling increases credit card debt, and deposits from a credit card can incur hidden fees, so this seems like a no-brainer consumer protection win!

Sporttrade, a sports-only prediction market company, is aiming to expand its operations to a national level, with the Commodity Futures Trading Commission (CFTC) being their main hurdle.
Missouri is in a race against time as it seeks to open sports betting in 2025, but issues with getting the necessary rules from the Governor's office are causing delays.
Oklahoma is witnessing a political battle over two bills aimed at legalizing sports gambling in the state, with an emphasis on sharing rights between tribes and potential non-tribe operators.
Massachusetts has granted Fanatics a full five-year license for sports betting, leaving five other books—Bally Bet, BetMGM, Caesars, ESPN Bet, and FanDuel—with their reviews still pending. Illinois, meanwhile, has implemented a new rule that bans credit card deposits into sportsbook accounts as a form of responsible gaming measure.