It is the first major online launch since March 2024 and operators large and small are hopeful it can provide a fruitful expansion to the US sports betting market as the online gambling industry continues to evolve.

“This is an important launch for BetMGM and the broader industry,” said Matt Prevost, BetMGM chief revenue officer. “For us, it marks our 30th launch since we started in 2018 and also tips us into serving an addressable market of 50% of the adult US population.

“We have thousands of existing customers in the state, as they have travelled to the border states of Kansas, Illinois and Kentucky to engage with BetMGM.”

BetMGM launched online Monday morning and opened its BetMGM Sportsbook at the Century Casino & Hotel Cape Girardeau. The sportsbook is partnered with the Kansas City Chiefs.

While some of BetMGM’s competitors are launching prediction markets and will be able to use that product to capture more customers, even in states where sports betting is not legal, Prevost believes there is plenty of sustainable sports betting growth ahead. DraftKings, FanDuel and Underdog are all in the process of deploying prediction markets, and Underdog pulled out of the Missouri launch process to do so despite having received a licence.

Prevost cited Grand View Research data that projects 10.9% to 12.2% compound annual sports betting growth rate and a projected US market of more than $33 billion by 2030.

“We believe that this is a healthy, sustainable growth rate and the presence of prediction markets might actually increase the rate of adoption of legislation to promote regulated gaming in US states,” he said.

Circa treads new territory

In August, Missouri regulators awarded Circa, a niche brand which is now in six states, with one of the two untethered sports betting licences available. The other went to DraftKings, one of the two US market leaders.

Circa prides itself on going after different bettors than major sportsbooks by advertising high limits and “player-friendly pricing”. Circa founder Derek Stevens told the Missouri Gaming Commission the sportsbook’s hold is approximately 3.5% compared to the national companies, which hold around 10%. The lower hold means less revenue for the operator.

That approach to attract different customers was enough for the MGC to award the licence to Circa.

Circa Director of Operations Jeff Benson said the untethered licence is helpful for the sportsbook as it allows entry with just the $500,000 licence fee, not extra market entry deals and revenue share with casino or sports team partners.

“It allows us to offer a more competitive product to users,” Benson said. “As many [options as possible] leads to competition, which breeds better bonuses and comps.”

Benson said the untethered licence alone likely will not help gain market share, but a new app with added user friendliness could help. It will also help free up some costs for marketing or ancillary spends that could boost handle and revenue.

Benson said the four other launches outside its home state of Nevada have helped shape this rollout.

“We’ve continued to get better each and every time,” he said. “Whether that’s deal points we get, figuring out how to tailor our marketing efforts or boots on the ground, there’s a number of things we looked at to figure out and get better.”

DraftKings goes big with party

The other untethered licence holder, DraftKings, held a party highlighted by Missouri sports legends for its launch at The Palladium, an event space in St Louis.

Former St Louis Rams receiver Isaac Bruce, Kansas City Chiefs tight end Tony Gonzalez and St Louis Blues forward Brett Hull placed the first bets on DraftKings. Missouri House Speaker Jon Patterson was also at the DraftKings launch party.

“DraftKings is built for passionate sports fans, making Missouri an exciting jurisdiction for us to enter with its rich sports culture and several professional teams across the state,” DraftKings Chief Revenue Officer Greg Karamitis said. “This is an incredible time of year for sports fans with NFL, NBA, NHL, college football and college basketball all in-season, and we look forward to elevating the experience for Missouri sports fans, responsibly, with our top-rated online sportsbook.”

Fanatics rolled out its own Missouri sports star, former Kansas City Royals outfielder Alex Gordon, to place the first bet at the brand’s in-person sportsbook at Ameristar Casino Hotel Kansas City. Fanatics also has an in-person sportsbook at Ameristar Casino Resort Spa St Charles.

FanDuel, which applied unsuccessfully for an untethered licence, enters the state through a deal with St Louis City FC. FanDuel announced a $300,000 donation to Guns ‘N Hoses, a St.Louis first responders nonprofit organisation. It also announced a $300,000 donation to the Veterans Community Project in Kansas City.

Bet365’s key Missouri sports betting partner

Bet365 enters the Missouri market partnered with the St Louis Cardinals. The Cardinals were a key cog in the process that legalised sports betting. Cardinals President Bill DeWitt III helped launch the ballot initiative in 2024.

“We’re thrilled to bring our world-class mobile sports betting experience to Missouri and to partner with one of Major League Baseball’s most storied franchises,” said Trip Stoddard, Bet365 head of development. “Missouri has a passionate sports community, and we think fans will love Bet365’s unique betting features and industry-leading odds.”

It is the 16th US state for Bet365.

Ceasars, Penn go live in casinos

Ceasars and Penn Entertainment each operate casinos in Missouri. Their online brands have licences through the land-based casinos.

For Penn, it marks the switchover from ESPN Bet to theScore Bet, which was announced last month. Customers who previously downloaded ESPN Bet will see it update automatically to theScore Bet. Penn opened in-person theScore Bet sportsbooks at River City Casino and Hollywood Casino.

Along with its app, Caesars launched its in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis. Harrah’s hosted a party on Monday morning with former Kansas City Chiefs star Christian Okoye. Former Chiefs and St Louis Rams quarterback Trent Green began the day at Horseshoe, but he made a stop at Harrah’s and Isle of Capri Boonville.

“Caesars Sportsbook is proud to deliver a premier sports wagering experience to Missouri and a special promotion that’s true to the experience sports fans in the state should come to expect,” Caesars Digital President Eric Hession said in a release. “From our intuitive mobile app to our in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis, we’re committed to providing a secure and responsible way for fans to engage with the sports they love.”

Long and winding road to Missouri sports betting

There have been multiple legislative attempts over the past five years to legalise sports betting in Missouri. Senator Denny Hoskins played foil each year, filibustering the legislation in hopes of adding language to legalise video lottery terminals in the state.

Eventually, the professional sports teams launched a ballot initiative to go around the legislature. It gained enough signatures with millions of dollars from FanDuel and DraftKings.

The ballot push also had to survive a legal battle that pit major industry players against one another.

Once on the ballot, it barely passed with 50.05% of the votes.

That same election elevated Hoskins to secretary of state, a position in which he denied emergency rules for sports betting. If emergency rules had been permitted, the MGC hoped for a summer 2025 launch.

Instead, the MGC settled on Monday’s launch date.

The state has a 10% tax rate on sports betting revenue, which is lower than in most states. The majority of proceeds will be used to fund public education in the state, with a portion also allocated to responsible gambling awareness and treatment programmes.

Couple arrested over AU$1.2 million fraudulent casino win

A husband and wife from Kazakhstan have been arrested over allegations they defrauded an Australian casino out of AU$1.2million (US$786,059).

The BBC reports that the couple was caught cheating at Crown Sydney. Dilnoza Israilova was found to be wearing a discreet camera on her T-shirt while gambling at the venue.

Police also found “magnetised probes” and a mirror attachment for a phone allegedly used to rig games. Both she and her husband, Alisherykhoja Israilov, were arrested shortly after.

New South Wales Police charged the pair with dishonestly obtaining a financial advantage. They remain in custody over the matter.

Malta regulator issues further warning over illegal sites

The Malta Gaming Authority (MGA) has distanced itself from two websites that claim to be licensed by the regulator.

Both Lavbet321.com and Kasinoseta.com claimed to have been approved by the MGA and that they hold a Malta licence. However, the regulator said this was not the case with either site.

The MGA said that any reference to the regulator or a Malta gaming licence is “false and misleading”.

“The MGA would like to remind consumers not to utilise services provided by an entity unless they have ascertained that the entity in question is authorised to provide such services by the MGA,” the regulator said.

London councils join anti-gambling ad campaign on Underground

Five more London councils have declared their support for a campaign to stop gambling advertising on the city’s Underground.

Barnet, Brent, Enfield, Hackney and Lewisham councils joined the Coalition to End Gambling Ads (CEGA), the BBC reported. The group campaigns against the spread of harmful gambling promotions, with the Underground one of its focus areas.

Haringey Council was the first council to join CEGA in January 2025. The ongoing campaign calls for the end of advertising for all forms of gambling.

In 2021, Mayor of London Sir Sadiq Khan pledged to implement such a ban as part of his re-election manifesto. However, this has yet to come to fruition.

Evoplay welcomes Mantsiou as chief financial officer

The game development studio Evoplay has promoted Vasilena Mantsiou to the role of chief financial officer.

As CFO, she will oversee the studio’s financial strategy, planning and operations. This, Evoplay said, will support sustainable growth and stability as part of its global expansion plans.

Mantsiou joined Evoplay in May 2022 and was promoted to head of the accounting department in January 2024.

“Vasilena’s been an integral part of Evoplay’s journey, demonstrating exceptional leadership and deep financial expertise,” said Ivan Kravchuk, CEO at Evoplay, “Her promotion to CFO is a natural step forward. We’re confident that her strategic vision will continue to support our long-term goals as we expand into new markets.”

Caesars launches sports betting in Missouri

On the first day online sports betting became available in Missouri Monday, Caesars Entertainment has announced its launch.

Players in the state can now download the Caesars Sportsbook mobile app and place bets on a range of markets. They can also visit physical locations at both Harrah’s Kansas City and Horseshoe St Louis.

Missouri was also the first state where Caesars launched with Universal Digital Wallet on the first day of wagering. This enables deposits and withdrawals across Caesars platforms in all regulated states.

Eric Hession, president of Caesars Digital, said: “From our intuitive mobile app to our in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis, we’re committed to providing a secure and responsible way for fans to engage with the sports they love.”

The agreement will run for three years, covering the 2025-26, 2026-27 and 2027-28 seasons. RMG, which has overseen television production for the Dubai Racing Club for over a decade, will work with long-term partner ARC for the new venture.

This will include distributing Dubai Racing Club content through GBI Racing, the international partnership of ARC and RMG. Content will be made available across global territories. GBI Racing is broadcast in approximately 10,000 venues worldwide and with more than 100 digital customers.

Meydan Racecourse is among the largest horse racing venues in the world. Its half-mile long main grandstand can accommodate over 80,000 spectators, while the facility hosts several major events including the Dubai Racing Carnival and Dubai World Cup.

The 2025-26 Dubai World Cup will be the 30th edition of the race. Some $30.5 million in prize money will be on offer across six group 1 and three group 2 races on 28 March next year.

RMG and ARC talk up revenue potential

RMG CEO Nick Mills welcomed the new partnership. He said he was pleased to build on the company’s prior relationship with Dubai Racing Club and explore new revenue opportunities with ARC.

“Combined, RMG and ARC are among the largest – and most established – distributors of horse racing content globally,” he said. “This extensive reach delivers unmatched metrics in terms of eyeballs and engagement levels on content, and will result in the highest potential revenue generation.”

Brendan Parnell, managing director, media and international at ARC, made similar comments on the deal. He said the three-way agreement will expand Dubai Racing Club’s footprint in regions around the world.

“Meydan Racecourse is an incredible facility, and its content is a huge draw around the world for racing fans,” he said. “Via our retail and GBI networks, we look forward to working alongside RMG to enhance DRC’s footprint and distribution globally.”

Erwan Charpy, head of racing operations and international relations at Dubai Racing Club, added: “We look forward to working with RMG and ARC to grow further interest in our world-class and competitive racing from Meydan Racecourse.”

More expansion for the UAE gambling landscape

The deal represents the latest step of evolution for gambling in the UAE. Just last week, Play 971 launched in the UAE, becoming the first fully licensed and regulated iGaming site in the market.

Play 971 is one of several websites licensed by the General Commercial Gaming Regulatory Authority (GCGRA). Sources suggested it was undergoing a trial rollout in a limited area, with the site only available in certain areas of the UAE.

Prior to this launch, the UAE Lottery was the only legal gambling product. Wynn’s Al Marjan Island, a new land-based resort, is not due to open until early 2027.

It is not just the market that has evolved, with the setup of regulator GCGRA also changing in recent weeks. In November, founding CEO Kevin Mullally stepped down from his role at the organisation. Mullally oversaw the establishment of the regulator’s core governance and regulatory structures but is exiting to spend more time with his family. Chairman Jim Murren has taken over in the interim.

In the role, the government confirmed that Eldhagen will support the minister for financial markets, Niklas Wykman. Alongside gambling regulation, Eldhagen will oversee the financial market, state properties and the financing of new nuclear power.

Eldhagen takes on the new position having most recently served as head of international secretariat Sveriges Riksbank. Previously, he worked in various management roles at the Ministry of Finance and as an advisor at the World Bank.

The government said Eldhagen will commence his new role with effect from 1 December.

Another new face in gambling regulatory leadership

The appointment comes after the Swedish gambling regulator in September also announced a change in leadership. Johan Röhr is now its acting director general following the departure of Camilla Rosenberg.

Röhr took on the temporary role from 1 November and is overseeing Spelinspektionen until further notice. He has worked as chief legal officer at the regulator since June 2008.

Spelinspektionen confirmed that Rosenberg would be stepping down as director general on 31 October. She had led the body as its director general since 2017.

Changing face of Swedish gambling market

Aside from regulatory leadership, the Swedish market has also seen several changes to laws and rules over the past year.

In September, Sweden’s Ministry of Finance published Marcus Isgren’s report, outlining amendments designed to strengthen the country’s regulatory framework. This included closing loopholes that enabled illegal operators to market to locals via English-language sites with payments accepted in euros.

Other proposed amendments included broadening the prohibition on promoting illegal gambling in Sweden. Beyond advertising, this would extend to payment processors, financial services and other providers that support unlicensed operations.

The memorandum also proposes adjustments to criminal provisions, meaning unlicensed gambling and the promotion of unlicensed services would be made illegal and subject to criminal charges.

Aside from this, the government in October published the full text of legislation imposing a blanket ban on using credit for gambling. This will extend the Swedish Gambling Act, which already prevents players from using credit to gamble with licensed operators.

The new rules will come into effect from 1 April 2026.

This year also saw the end of the country’s land-based market. Svenska Spel confirmed the closure of its final land-based casino in Stockholm, after the Swedish Parliament voted to end land-based casinos in April.

A dominant global force in gaming, the operator has become market leader in the US through its FanDuel brand and has expressed similar lofty ambitions in Latin America.   

In September 2024, Flutter acquired a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. That same month, the company insisted the deal boosted its market share to 11%. NSX provided the operator with a wealth of local talent and experience.

The deal was completed in May, when NSX CEO Joao Studart stepped into the top job at the newly formed Flutter Brazil.

The agreement mirrored Flutter’s strategy across Europe and the US, combining local brand strength and the group’s financial and technology firepower and global structure. For Studart, the deal made perfect sense and marked a new chapter for the Brazil sports betting market.  

“Flutter saw in Brazil not only an opportunity for strategic expansion, but also a market with real prominence within the global sector,” Studart tells iGB. “It recognised in Betnacional a successful example of genuine connection with Brazilian fans – a popular, culturally rooted and fast-growing brand.” 

M&A specialist Christian Tirabassi, founder and senior partner of Ficom Leisure, believes Betnacional was a top-10 player in Brazil’s pre-regulated market.

Acquiring a local hero of this size meant Flutter could achieve an early-mover advantage, a key benefit in such a highly competitive market.

“The opening of other markets has shown us that whoever is early into the market has an important market share and will probably stay there or even increase that leading position,” Tirabassi says. 

Local prowess 

Stakeholders have noted just how important localisation is to succeed in Brazil, which differs culturally from its LatAm neighbours even beyond the language distinctions.

Pre-regulation, many shared the belief that international entrants could struggle in Brazil unless they properly localised through a boots-on-the-ground approach that differs vastly from their other markets. 

Studart believes Flutter Brazil combines NSX and Betnacional’s local prowess and the Flutter Edge technology stack, bringing scale and local autonomy.

“Flutter Brazil [is] an operation that remains Brazilian at its core, with local leadership and a deep understanding of the consumer,” Studart explains. “At the same time, it operates with the resources, governance and technology of a global group. 

“Through the Flutter Edge, we brought to Brazil state-of-the-art tools, a robust infrastructure, high-level compliance standards and a responsible gaming programme tailored to the country’s reality.

“At the same time, we preserved Betnacional’s essence as a local hero – a brand that represents the Brazilian spirit of football, entertainment and popular culture.”

Brazil’s launch has dominated gaming news in the last couple of years. A huge nation with a population of around 213 million, Brazil has a vibrant sporting culture, and many expected its opening to provide an entry into LatAm’s growing gambling opportunity.  

H2 Gambling Capital ranks Betano, Superbet and Bet365 as its top three players by market share, according to its revenue estimates. International entrants are clearly gaining a strong foothold in the market.

Since the launch, operator revenue figures for Brazil have varied. In Q1 most listed players reported strong numbers as early entrants, but as competition has increased, and KYC pressures remain, some have seen that growth slow slightly.  

In Q3 London-listed Entain warned that iGaming was not performing as well as it could be, due to a slow and arduous certification process, which meant few games were available in the market during the period. Flutter reported revenue of $87 million in Brazil in Q3, marking a 412% uptick on the same period in 2024, prior to regulation.  

Of course, this year the company has included NSX’s revenues within its mix, with Betnacional reportedly achieving record iGaming revenues during the quarter. Excluding NSX’s revenue, Flutter saw a 18% year-on-year revenue drop across its Betfair brand in Brazil.

Group CEO Peter Jackson said this was due to its continued recovery from bottlenecks that occurred during and following the regulatory process.

Ed Birkin, H2 Gambling Capital managing director, estimates Flutter Brazil is currently sitting in fifth position in the market with a 4.5% market share. 

“While it’s still very competitive at the moment, I would imagine Flutter’s strategy will be focused on getting the best product [out],” Birkin explains. “And then as other people start to pull back, which is going to happen at some point because the losses that I’d imagine a lot of companies are making aren’t sustainable, that’s when they will start to leverage their financial firepower, start to lean in as they call it and pick up the slack.” 

A slice of the pie 

The Flutter Edge platform is the core function powering the operator’s “local heroes” strategy, through which it has acquired numerous leading brands in various markets and integrated them into the central platform.

Analysts are bullish on the power of the Edge platform. In December 2024 Macquarie senior gaming analyst Chad Beynon estimated the platform would help Flutter gain up to 25% market share in Brazil by 2030.  

In his December note Beynon said the platform had proven to affect market share gains in new markets quickly. He also said further M&A was on the cards for Flutter in LatAm.  

“Flutter Edge brings to Brazil state-of-the-art resources in infrastructure, data intelligence, innovation and compliance – ensuring that our brands operate with robustness, speed and security,” Studart says. “At the same time, we have the freedom to adapt products, experiences and strategies to local realities, delivering tailored solutions that truly connect with our audience.  

“It is precisely this combination of global structure and local leadership that positions Flutter Brazil among the most prepared companies to lead the sector – with consistency, credibility and a positive impact on the entire ecosystem.” 

Birkin expects Flutter will invest heavily in marketing further down the line, as competition slows and others pull back from the market. This will enable it to capitalise on waning competition, a strategy that worked for Flutter in stunning fashion in the US. 

“My view is the best strategy would be to focus on integrating their very strong technology and know-how into the Betnacional business to improve the product,” Birkin says. “Once they’ve got the product where they want it, then to spend their money on marketing as others pull back on it. 

“What you’d notice in the US is that as people started pulling back on bonusing and marketing, as lots of operators were loss-making, they pull back, then FanDuel starts to lean in and kind of use their scale to take customers.”

Birkin notes Bet365 employed a similar strategy in the US, where the operator avoided spending huge amounts to gain brand awareness. Instead, it operated efficiently in the background, waiting to make market share gains when others pulled back. 

The sheer scale of Flutter Brazil compared to smaller operators is demonstrated by its massive local workforce of over 500. The business operates multiple functions locally, including technology, marketing and customer services. The company also recently changed its corporate structure, with a raft of new C-level appointments to work alongside Studart. 

Flutter Brazil has drawn from other sectors to build out its executive team, while also ensuring a combination of international expertise with a “deep cultural connection” to Brazil.

“The IT team is a great example of this integration, with professionals from Flutter’s international structure working remotely in collaboration with the local team, expanding our capacity for innovation and integration,” Studart adds. 

“The new executives bring extensive experience in their fields, foster local reach and lead highly qualified teams that are already recognised as industry benchmarks, always operating with responsibility and a long-term vision. With Betnacional as part of its brand ecosystem, the goal is to sustain an operation centred on Brazilian talent and local insight.” 

Further M&A 

Tirabassi shares Benyon’s view that Flutter will make other acquisitions in LatAm, in part due to their strong history of successful M&A across its global portfolio and with the company’s sights set on reaching the summit of the regulated Brazil sector.

“Their objective, clearly, is to become number one, and that’s why I think they’re going to make other acquisitions,” Tirabassi says. “Large ones that would allow them to be quickly number one or number two, so something of the same size or similar size. I think that Flutter is actively looking for an [M&A] target. I know that for sure.” 

But Tirabassi knows well that this process isn’t easy.

“We believe the issue [in Brazil] is finding a target which is ready to transact,” Tirabassi adds. “Being on the sell side, the majority of the work we do is prepare the target, because they’re not ready. We understand the priority is business. But then again, very big business, very small corporate. So that’s why we’re trying to kind of help them to realign the size of the corporate together with the size of the business.  

“They need at least a couple of quarters to organise the company. So, we expect that in 2026 you will see some additional M&A in the market, because targets will be in a better position than now to engage in a transaction with a company like Flutter.” 

With Birkin currently ranking Flutter Brazil and its Betnacional and Betfair brands at number five in the market, he has reservations over whether they can scramble to the top spot. H2’s numbers give Betano, Superbet and Bet365 a combined 47% of the market, and Birkin feels that could be a tough trio to crack for Flutter. 

“They want to be in a podium position,” Birkin explains. “On our numbers that would involve them overtaking Sportingbet and Superbet. Is that possible? Yes. Do I see them being able to capture in a year, five years, Betano and Bet365? That would involve a significant change in market structure.” 

Tirabassi, however, is a little more confident and believes in the value of the NSX acquisition. Add to that Flutter’s capability to conduct more M&A, and Flutter could certainly buy its way to the top.  

“I think the difference is that culturally, the Flutter group has been extremely capable in M&A, they have a very strong team and also the guys that come after the deal. Betano has basically no experience in M&A or very little so it’s not really their culture.” 

Ultimately, Studart is confident Flutter Brazil will continue to make strides in the new and exciting Brazil market.

“The Brazilian market is going through a phase of consolidation that brings great opportunities for operators who invest with seriousness, a consumer-first mindset and a commitment to best practices,” Studart concludes.  

“The progress of regulation has laid the foundation for a more balanced ecosystem – one that combines innovation with responsibility. Flutter Brazil sees this new scenario as fertile ground for sustainable growth. By combining global scale with a deep understanding of local specificities, we aim to actively contribute to the sector’s maturation – offering relevant and safe experiences to users while reinforcing the pillars of trust, transparency and Brazilian culture that underpin our brands.” 

An SGP, also called a Same Game Multi or Bet Builder, lets bettors combine multiple outcomes within a single match. Instead of just betting on Barcelona to win, a punter can add: over eight corners, a specific player to score and both teams to get a card – all in one bet with compounding odds. The format turns every bet into a potential payday story.

The appeal is obvious. Recreational bettors aren’t always satisfied with a $20 profit on a straight match bet. They want the $10-into-$500 story. SGPs deliver that lottery-style format.

For operators, SGPs solve a critical problem. Rising costs – licences, taxes, compliance, data fees – squeeze margins on traditional betting. Head-to-head bets return 4%-6% on turnover; SGPs consistently deliver high-teen margins, often exceeding 20%.

This margin expansion isn’t luck. Because SGP outcomes are correlated (if Barcelona wins, they’re more likely to have had shots on target), pricing becomes complex. Punters can’t benchmark value across operators and the house edge compounds with each added leg. The huge appeal to bettors and structural margin advantage have made SGPs the most important product innovation in modern sports betting.

The margin multiplier

In the US, parlays have grown to more than a quarter of total handle and more than half of revenue. For Flutter, SGPs accounted for 19.2% of stakes in 2019, rising to 24.3% in 2023, with margins on these bets increasing from 13.1% to 18.5% as bettors added more legs. In 2023, 262 million SGPs were placed across its brands, up 75% year-over-year (Source: Flutter).

Entain reports that in Spain, about 20% of football bets are now bet builders, while in Brazil the figure approaches 40%. Overall bet builder stakes more than doubled in 2024 and their share doubled again in the first half of 2025. DraftKings’ path to profitability has been driven largely by mix-shift towards parlays and SGPs.

Illustrative margin impact on $1 billion handle (assuming 5% single hold, 25% SGP hold)

How we got here

Given their impact, it is striking how recent SGP growth has been. When bookmakers first transitioned online in the 2000s, priorities centred on replicating retail. It was functional and familiar, with no major incentive to build differently.

The 2010s shifted focus to mobile and in-play. Apps, streaming, cash out and fast data feeds absorbed investment, while regulators pressed compliance hurdles and costs onto operators.

In-play looked like the natural growth engine. It delivered higher hold than straight pre-match 1X2, and made it harder for customers to benchmark fair prices in real time, producing margins in the 8%-12% range. Retail shop windows had long advertised high-margin combinations like “Team A to win to nil and Player X to score”, prefiguring the modern SGP, but there was no infrastructure to price correlated legs dynamically.

Request a bet

The first signal of changing preferences came from Twitter (now X). Sky Bet noticed customers asking for prices on markets that didn’t exist, turned the feed into ‘Request A Bet’, and put traders on it full-time, with other competitors soon following suit. Manually pricing thousands of requests was not scalable, so operators pre-packaged popular combos, but the demand was for self-service.

Coxy85’s question reached John Maguire at Sportsbet, then Paddy Power’s emerging Australian brand. Maguire’s team used correlation models developed by Paddy Power and launched SGPs for the 2016 AFL Grand Final. A $50,000 win from two $20 bets showed the pull of long-odds, small-stake builders. Flutter rolled the product across Europe and what began as manual Twitter quotes became a systematised, high-margin core product.

Engineering problem

The complexity of what Flutter and a few other operators and suppliers have built is easy to underestimate – and that complexity is the moat. When FanDuel launched SGP in the US in 2019, the core engine had been hardened in European football. By month five, SGPs were 5% of online sports betting wagered. DraftKings took two years to release their own version.

Today, the majority of SGP legs are player props. A typical ticket is no longer ‘player to score, team to win and over 2.5 goals’. It is: ‘team to win, over 2.5 goals, striker to score, defender 2+ fouls, winger 3+ shots, midfielder to be carded and 10+ corners’. Every leg pulls on the others. If the winger shoots more, the striker is more likely to score, the team is more likely to win and the game is more likely to go over.

To handle that, you need a single model that sees the whole match. Historical data has to be ingested and refreshed. Live feeds have to be mapped in real time. On top sits a projection layer that simulates how the game will play out and produces prices for every market. The SGP layer then takes the customer’s selections and asks that engine for the combined probability, instantly, every time a leg is added or removed.

Product market fit

SGPs succeed because every event becomes an opportunity to express a view. Few understand implied probabilities, but they hold opinions about the players and their attributes, and those opinions – not mathematical expectation – drive behaviour. When it comes to Ashes cricket, they talk about Joe Root and Marcus Labuschagne’s recent form, Bazball aggression, and Nathan Lyon on a deteriorating pitch.

As legs tick off, there is the same satisfaction as working through a checklist. When one leg loses, it feels like a near miss rather than a clean loss which is a powerful retention mechanic. DraftKings have even introduced a GhostLeg feature that still pays out if one leg loses.

On a seven-leg builder at 18.0, benchmarking value is tough. The true price might be 30.0, but few will rebuild across operators to check. The margin builds as small pricing errors compound and customers pay a convenience premium for doing everything in one app.

For most recreational bettors, correctly “calling the game” is more satisfying than being validated on price. FanDuel reports that around 90% of its SGP tickets are 30 dollars or less, with roughly 60% at $5 or less (Source: WSJ). This small-stake structure is suited to restrictive markets like the UK, where financial vulnerability concerns have constrained high-limit bookmaking. In Australia, where there is no online casino, or in-play online, operators need high-margin formats to avoid margin compression.

The risks for operators

The format’s popularity creates new risks operators are still learning to manage. Most SGP action is recreational – punters aren’t thinking about correlation pricing. That makes them interesting for sharps, who can disguise themselves in the flow. Books are happier to take SGP action than straight bets and thinking laterally can surface angles.

AK Bets highlighted one example: goalkeeper cards in specific game states. If a heavy favourite was trailing late, the opposing goalkeeper was often priced at 200-1 to be booked in the last 10 minutes – prime time-wasting territory. The model priced 200-1 across all game states rather than differentiating for specific situations.

Popularity also creates concentration risk. Gambling influencers regularly post their picks to large followings. Thousands of individuals backing the same 100-1+ combinations could eventually land and expose a small operator to significant liability – particularly when the correlated outcomes all hit at once.

The opportunity

For Waterhouse VC, SGPs are a case study in how regulation, consumer behaviour and innovation can align. The same forces will shape the next wave of products that let fans go deeper into the sports they care about, while giving operators defensible margins in heavily regulated markets.

Data is the starting point for any modern betting product – from pricing correlation in SGPs to creating entirely new markets and experiences. That is one of the reasons why we believe a business like Racing and Sports is particularly exciting. Those who own the data, can build the best pricing engines and control the product layer that will set the terms for everyone else.

SGPs are also a product that sportsbooks currently will offer better than any prediction market. Every contract requires full cash backing up front, limiting the breadth of combinations they can offer compared with a sportsbook’s risk model. In the near term, product depth and differentiation will remain with the books.

Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,880% (annualised at 81%), as at 31 October 2025, assuming the reinvestment of all distributions.

October’s total surpassed the prior record – $800.3 million set this September – by 11.5%. It was also 19.3% ahead of the $748.1 million wagered in October 2024, figures from the Massachusetts Gaming Commission showed.

Players spent $879.2 million betting online and a further $12.6 million at retail sportsbooks.

As for revenue, the October total amounted to $71.3 million. This comfortably surpassed the prior October by 47.6% and September’s haul by 36.3%. However, taxable gaming revenue fell some way short of the all-time high of $96.4 million, set in January 2025.

Online wagers accounted for $70.7 million of all sports betting revenue during the month, with retail contributing just $598,901.

Based on these figures, the monthly statewide hold for Massachusetts was 7.99%.

Massachusetts was by no means the only state to see betting handle reach a record level in October. Pennsylvania also reported record betting activity, while betting revenue in Michigan hit an all-time high.

No stopping DraftKings in Massachusetts

Turning to operators, DraftKings remained the online market leader in its home state by some margin. Taking $38.5 million off $447.4 million in bets meant a hold of 8.61%.

FanDuel was again the closest challenger, posting $17.3 million in revenue from a $237.3 million handle, resulting in a 7.38% hold. Fanatics moved up a place to third with $7.5 million off $82.4 million for a 9.1% hold.

BetMGM took $3.6 million in revenue from handle of $55 million, which meant a hold of 6.55%. ESPN Bet followed with $2.1 million from $27.7 million for a 7.58% hold. Next was Caesars at $1.4 million off $25 million, meaning a 5.6% hold.

Bally Bet was the only other online operator, taking $314,452 from $4.8 million for a 6.69% monthly hold.

As for the land-based market, Plainridge Park Casino narrowly took top spot with $306,328 in revenue. Based on a $5.4 million handle, this meant a hold of 5.72%. Encore Boston Harbor posted $292,573 off $6 million for a 4.91% hold, but MGM Springfield failed to post any revenue despite a $1.3 million handle.

Massachusetts casino revenue exceeds $96 million

In terms of casino gaming activity, total revenue for the month was $96.9 million. This beat last year by 2.3% and September by 1.3%.

Gross gaming revenue from slots topped $71.7 million while table games revenue hit $25.1 million. Encore Boston Harbor was the market leader with $57.6 million in casino revenue, ahead of MGM with $24.1 million and Plainridge Park with $15.2 million.

Looking to tax revenue, the total collected by the state in October was $42.1 million. This included $27.9 million from casino gaming and $14.2 million from sports betting.

Thirty Illinois representatives have warned Chicago’s 50 alderpersons that layering a steep city levy on top of the state’s new tiered and per‑bet taxes risks driving bettors to untaxed offshore sites and shrinking overall revenue.

Their intervention comes after a full month of per‑wager fees led to fewer bets but higher average stake. It also resulted in a slight increase in tax revenue, underscoring how fragile the balance has become between maximising tax collections and keeping the legal market competitive.

Johnson proposed the local tax in his $16.6 billion budget last month, projecting it would help boost the city’s revenue by $26 million.

State lawmakers suggest Illinois could lose out on tax revenue, however, as the increasing costs of betting could cause bettors to go offshore.

“If you increase the tax so it becomes cost prohibitive for gamblers, they will seek out overseas sites that … are more dangerous, more predatory, untaxed and unregulated,” Rep. Dan Didech, chair of the House Gaming Committee, told the Chicago Sun-Times. “That’s a direct loss in tax revenue for the state. That impacts our ability to invest in infrastructure.”

Didech introduced a bill prohibiting local taxes on sports betting after Johnson’s initial proposal.

The City Council Finance Committee has already rejected a new corporate tax that Johnson hoped to implement. That was projected to help generate $100 million in revenue.

Illinois sports betting taxes already an issue

When Illinois launched sports betting, lawmakers implemented a 15% flat tax on sportsbook revenue. In 2024, however, lawmakers changed it to a tiered system of 20% to 40%, depending on revenue volume.

This year, the state added a per-wager tax. Sportsbooks pay 25 cents for each of their first 20 million bets taken, and 50 cents for every bet thereafter. The sportsbooks have come up with various tactics to mitigate their losses, such as charging per-bet fees or imposing minimum bet values.

Sportsbooks were responsible for their first full month of per-wager taxes in September.

Bettors placed 30.6 million bets statewide in September. That was approximately 5 million fewer bets compared to September 2024, or about 15% less. But bettors are wagering more per bet, with the average size climbing 28% and the overall handle growing to $1.42 billion, a 9% year-over-year increase.

The state collected $28.7 million in taxes in September, with $10.6 million coming from the new per-wager tax. Ultimately, the state gained $740,920 in taxes, as sportsbooks generated $103 million in revenue compared to $135 million last September.

Flutter CEO Peter Jackson said the fees had “no impact” on FanDuel during his recent third quarter earnings call.

“As you’d expect, we’re seeing a reduction in the number of bets but increasing handle per bet,” Jackson said during the call. “When we look to the September data, Illinois is definitely behaving in line with other states.”

Tax increases pile up

Recent legislative sessions have seen multiple states reexamine their tax rates, with several of them increasing their burdens on sportsbooks.

In Maryland, lawmakers raised the sports betting tax from 15% to 20% after Governor Wes Moore proposed a jump to 30% in his budget.

In 2023, Ohio Governor Mike DeWine successfully pushed to double the state’s tax rate from 10% to 20%. He wanted to double the rate again this year, but legislators denied that move. DeWine has since come out against sports betting following several recent scandals, including one involving Cleveland Guardians pitchers Emmanuel Clase and Luis Ortiz.

New Jersey lawmakers scaled back Governor Phil Murphy’s proposed jump to a 25% tax rate, instead raising the rate from 13% to 19.75%. Louisiana, meanwhile, increased the sports betting tax from 15% to 21.5%.

Industry stakeholders tell iGB that with states needing to increase revenue, they expect lawmakers to propose more tax increases in the 2026 legislative sessions.  

Billups, a five-time NBA All-Star, uttered several one-word replies at his New York arraignment in response to a series of questions from US District Judge Ramon Reyes. The 2024 Basketball Hall of Fame inductee is facing felony charges of money laundering conspiracy and wire fraud conspiracy. Each charge carries a potential sentence of up to 20 years in federal prison if convicted.

Billups appeared as part of a status conference in US vs Aiello, a sweeping probe into an alleged mob-backed illegal poker network. All 31 defendants in the case were present at Monday’s hearing including Angelo Ruggiero Jr and Thomas Gelardo, two mob figures who have been denied bail. The conference was held in an expansive ceremonial courtroom, usually reserved for immigration naturalisation proceedings.

Billups and attorney Marc Mukasey declined comment as they walked to a van outside a Brooklyn courthouse. Billups retained Mukasey, a former attorney for US President Donald Trump, following his arrest in Oregon last month.

Chris Heywood, an attorney who represented Billups last month in Portland, referred to the former NBA star at guard as a “man of integrity” and denied the allegations against him. Billups also fits the profile of an unindicted co-conspirator described in US vs Earnest, a parallel case being prosecuted out of Brooklyn concerning illegal sports betting.

A complex case

In the poker case, Reyes addressed several procedural matters at the status conference that lasted nearly two hours. Billups and Jones are not the only athletes indicted in the case. An attorney for boxer Curtis Meeks unsuccessfully petitioned the court to modify the bail restrictions for his client. Meeks has pleaded not guilty to charges that he worked with other defendants to provide poker cheating technology for the rigged games.

Reyes declared it a “complex case” of multiple schemes involving the rigged poker games and alleged extortion and robbery. He denied a petition from Assistant US Attorney Michael Gibaldi seeking to break the case into three different groups of 10-11 defendants in order to streamline proceedings.

Gibaldi said at Monday’s hearing that several defendants have begun plea negotiations with the government.

Reyes scheduled the next status conference for 4 March 2026.

Update on Jontay Porter case

Separately, federal prosecutors submitted a pre-sentencing letter against a defendant on Tuesday in an illegal sports betting conspiracy involving former Toronto Raptors center Jontay Porter. In July 2024, Porter pleaded guilty to wire fraud in connection with charges that he manipulated the outcome of a prop bet to defraud a gambling company. Prosecutors charged five other defendants – Timothy McCormack, Mahmud Mollah, Long Phi Pham, Shane Hennen and Ammar Awawdeh – in the brazen scheme.

The government recommended a prison term of 41 months to 51 months for McCormack, whose sentencing is scheduled for January. McCormack and two other defendants conspired to place “under” bets on Porter’s performance in two games during the 2023-24 NBA season, resulting in profits of $33,250 and $36,000 from the wagers.

Joseph Nocella, interim US Attorney for the Eastern District of New York, stated at a press conference last month that Porter may have been a victim of extortion. In a 2024 complaint, prosecutors accused Awawdeh of pressuring an NBA athlete, referred to in court records as “Player 1”, to extinguish his gambling debts. It was suggested the player could reduce the debts by leaving several games prematurely to secure the outcomes on the prop bets.

From hearings and information demands to renewed pitches for the SAFE Bet Act, members of Congress are using cases involving MLB and NBA figures to argue that state-by-state oversight has left dangerous gaps in consumer protection and game integrity.

But operators and lobbyists counter that regulated books have helped uncover the misconduct now driving the headlines. They also see Washington’s partisan dysfunction as a major obstacle to any serious move toward a national sports betting framework.

“You have a situation where there is interest in the topic and will remain a lot of interest,” said Brandt Iden, vice president of government affairs at Fanatics Betting & Gaming and a former state representative in Michigan.

“Congress will do its job and there will be a committee hearing and air things out. What I hope is this is not a situation where it’s finger-pointing [and is instead] more a collaborative discussion on how it works. The reality is these things are uncovered because of the regulated market, and together it becomes an education process.”

Are more sports betting hearings coming?

In December 2024, the Senate Judiciary Committee held a hearing on sports betting that lasted approximately two hours and ventured off track into partisan arguments. Senator Dick Durbin, committee chairman at the time, said it was just the beginning of discussions on sports betting, but the committee did not hold another hearing.

Following the recent scandals, however, legislators are calling for information from leagues. The US Senate Committee on Commerce, Science and Transportation sent a letter to MLB Commissioner Rob Manfred with six questions. The committee set a 5 December deadline for response.

“MLB has every interest in ensuring baseball is free from influence and manipulation,” the letter reads. “But in light of these recent developments, MLB must clearly demonstrate how it is meeting its responsibility to safeguard America’s pastime.”

The MLB plans to cooperate in the questioning around Cleveland Guardians pitchers Emmanuel Clase and Luis Ortiz, who are accused of manipulating pitches to enable sports betting profits.

The same committee and members of the House Committee on Energy and Commerce also requested answers from NBA Commissioner Adam Silver. NBA staff members were reportedly on Capitol Hill earlier this month.

The House committee is also looking into the NCAA, which has had its own slew of sports betting scandals.

Could discussions highlight benefits of regulated market?

The sports betting scandals have caused lawmakers, as well as the general public, to question the integrity of sports and blame – at least in part – the widespread legalisation of sports betting. Many, including Durbin, have specifically called out the potential for manipulation of prop bets. Recently, major sportsbooks agreed at MLB’s urging to place a $200 cap on pitch-level microbets.

Some state regulatory agencies, including the Michigan Gaming Control Board, are reassessing the market and what bets should be available. MGCB Executive Director Henry Williams said the integrity of the industry requires “proactive safeguards designed to detect and deter misconduct before it occurs”.

Still, Williams stressed his belief that the regulatory system in place “prioritises transparency, accountability and consumer protection”.

Former New Jersey governor Chris Christie, who was the lead plaintiff in the 2018 PASPA case, wrote in an essay for The New York Times that legal sports betting strengthens integrity.

Iden said any discussions with lawmakers will likely be positive, because it will help them understand that the increase in legal sports betting and illegal activity is not the correlation it might appear to be.

“Too many lawmakers don’t understand how it works. It’s not a negative, just a fact,” Iden said, explaining sports betting is not a topic national lawmakers prioritise. “They want to be involved. They see headlines that there might be something there. We’ll see some committee hearings where leagues get up and provide public testimony.

“It’s a regulated system that works and it will likely happen again. If athletes continue to commit crimes, they’ll be uncovered. [Legal] sports betting is something that didn’t exist, and now it exists, and we’re uncovering nefarious activity that already existed.”

National framework unlikely to move

Lawmakers on Capitol Hill have filed numerous gambling-related bills over the past several years, but Congress has shown little interest in taking any up. That includes the SAFE Bet Act, first introduced last year by two Democrats, Paul Tonko in the House and Richard Blumenthal in the Senate. The pair held an event this month highlighting the human impact of sports betting.

“In order to truly address this rising crisis, the federal government must act to establish minimum safety standards. I’ll continue to highlight the importance of this issue to my colleagues and push for this common-sense legislation,” Tonko said in a recent statement to iGB.

State lawmakers and regulators are in a better position to alter existing laws and regulations. Ohio Governor Mike DeWine, who signed the law legalising sports betting in the Buckeye State, recently expressed regret about it to the Associated Press. DeWine also said the recent limits agreed to on MLB microbets do not go far enough. While he knows the votes to repeal sports betting in Ohio do not exist, he said he would sign a bill sent to him to do so. Lawmakers have filed bills in Maryland and Vermont to repeal their laws, but they did not advance.

One reason industry stakeholders are doubtful anything moves at a nationwide level is the divisive partisanship in Washington. When the initial NBA scandal broke last month, Congress was in a record-long shutdown.

“We have to put into perspective that we have a Congress that is basically not functional, and it’s not even functional when they have a government that’s funded,” one industry source told iGB. “There will be some congressional discussions. What that leads to in terms of federal solution, I think it’s unlikely in the near term.”

In total, consumers in Ontario spent CA$9.25 billion (US$6.56 billion) on iGaming last month. This beat the previous record of $8.55 billion, set in September, by 8% and surpassed the prior October’s total spend by 24%.

Data from iGaming Ontario showed online casino games remain the most popular form of iGaming among Ontarians by some margin. Players spent $7.89 billion in total, which accounted for 85% of the entire market.

Internet sports betting drew $1.23 billion in wagers, or 13% of the overall spend and 16% more than September. However, online poker wagers dipped 9% month-on-month to $131 million in October.

Ontario iGaming revenue surpassed $360 million

Turning to revenue, non-adjusted gross revenue from iGaming during October was $367.7 million. This was 9% more than the previous record of $338 million in May 2025.

October’s total was also up 38% up year-on-year and 12% ahead of September this year,

Revenue from online casino topped $303.8 million, up 9% from September. Sports betting revenue climbed 25% month-on-month, while online poker revenue was 10% higher at $5.6 million despite a fall in spending.

iGaming Ontario also reported that active player accounts for the month totalled 1.3 million, up 9% from September. Average revenue per player account edged up 2% to $286 for the month.

FanDuel, BetMGM, Bet365 and BetRivers are among the major operators active in the province.

Data from ATG placed channelisation at between 74% and 85% for the third quarter of 2025. This was ahead of the 70% to 82% range the operator reported in the same period last year.

The upper end of the estimate also lined up with the 85% rate stated by Spelinspektionen for all of 2024. The regulator published its estimated rate in September, placing it behind the 86% figure of 2023.

However, both the latest ATG rate and Spelinspektionen’s estimate for 2024 fall short of the government’s channelisation target of 90%. This was set in 2019 when the country opened its regulated iGaming market.

Sports betting channelisation continues to lead casino

The 74% to 85% range stated by ATG covers the entire online gambling sector. However, when this is broken down, a clear gap remains between online casino and sports betting.

Assuming average revenue per visit (ARPV) was 10 times higher for unlicensed operators, the overall rate was 85%. However, sports betting scored higher at 90% whereas casino came in lower at 79%

Should ARPV be raised to 20 times higher for unlicensed operators, the overall rate was set at the bottom end of the range for 74%. Based on the same assumption, sports betting rate was 82% and online casino 65%.

All rates, however, have shown constant improvement since “bottoming out” early last year. In Q1 of 2024, online casino channelisation was estimated as low as 56% based on ARPV being 20 times higher for unlicensed operators. Sports betting was around 77% and overall market rate 67%.

Unlicensed website visits down in Q3

Visits to unlicensed websites have also been on a steady decline since Q1 last year, the ATG report said. The proportion of visits to unapproved sites stood at 2.3%, compared to a peak of around 3.4% in Q1 2024.

As for which unlicensed websites are most popular with Swedish players, Infiniza Limited owned the top three. Unlimitcasino.co led the way in Q3 with 174,391 total visits, ahead of Luckyjungle.com on 144,992, then Refuelcasino.com with 139,097 visits.

Of the 20 most visited, unlicensed websites, ATG said 16 offered games from leading content providers. The operator also noted eight offered direct deposit and withdrawal from Swedish bank accounts with BankID via payment technology company Krofort.

In addition, three of the top-20 sites featured on the Spelinspektionen’s prohibited list.

ATG CEO reiterates call for bonus ban

Hasse Lord Skarplöth, CEO of ATG, welcomed the rise in channelisation and downward trend in unlicensed website visits. However, he said more must be done to tackle illegal gambling in Sweden.

“It is pleasing to see a positive trend,” Skarplöth said. “The work against unlicensed players is starting to have an effect.”

He also referred to ATG’s joint proposal with Svenska Spel for a blanket ban on bonuses in the country’s iGaming market. This has drawn criticism from some quarters, including BOS, Sweden’s Trade Association for Online Gambling, that such a move could push players to illegal gambling.

However, Skarplöth maintained that if efforts are increased to block unlicensed websites, it will create an even safer online gambling environment for players in Sweden.

“I have long advocated a total bonus ban,” he said. “I am often met with the argument that it would drive players to the unlicensed market where bonuses flow. But if we succeed in strangling unlicensed gaming further, that protest will lose its force.”

Following uproar over a proposed policy change that would have allowed student-athletes to wager on professional sports, the NCAA reversed the decision last week. After a procedural 30-day period, two-thirds of Division I member schools voted to rescind the rule change.

In a separate release, the NCAA Committee on Infractions announced betting violations involving three individuals who have been connected with the Temple men’s basketball programme, including former guard Hysier Miller. According to the findings, Miller placed 42 impermissible wagers on Temple basketball, including three against his own team.

Miller, Temple’s leading scorer in the 2023-24 college basketball season, has been declared permanently ineligible by the NCAA.

A policy reversal

Last month, SEC Commissioner Greg Sankey wrote a letter to NCAA President Charlie Baker urging him to rescind a policy change intended to allow student-athletes to bet on professional sports, while keeping college wagers off limits. Days earlier, the NCAA’s Division I cabinet had approved the modification, which received support from management councils in Division II and Division III. In the end, other schools joined Sankey and SEC schools in undoing the planned change.

Sankey’s letter had informed Baker that the majority of SEC university presidents and chancellors at a 13 October meeting reached a consensus that the rule change represented a shift in the wrong direction. Sankey’s letter was dated 25 October, two days after Brooklyn federal prosecutors announced charges against 34 defendants in a joint sports betting-illegal poker investigation that involved NBA participants.

Charles Barkley, now a broadcaster for ESPN, had not been shy expressing his views about the NCAA’s planned policy change, describing it as foolish. Another broadcaster, CBS Sports sports betting expert Todd Fuhrman, also took exception with the change, telling iGB that it creates a “slippery slope” for further issues down the road.

The proposed policy change apparently stemmed from legal complexities surrounding an Iowa collegiate betting investigation in 2023. More than two dozen student-athletes faced criminal charges over betting, including then Iowa State quarterback Hunter Dekkers. During an investigation by the Iowa Division of Criminal Investigation, state authorities used technology from a geofencing company without a warrant. The practise raised legal and privacy questions, leading to the dismissal of some of the charges.

The issue of betting by collegiate athletes is not the only hot gambling topic the NCAA has been dealing with. Over the last two years, Baker has barnstormed the nation in an attempt to convince lawmakers to issue a blanket prohibition on college player props. Earlier this month, Baker applauded the NFL’s own efforts to work with regulators and sportsbook operators on efforts to limit prop bets that are vulnerable to manipulation.

Attorney: No evidence of point shaving in NCAA probe

The NCAA, meanwhile, released details of an investigation connected to participants in Temple’s programme, most notably Miller.

Over a two-year period through 2 March 2024, Miller placed a total of $473 in wagers involving his former team, an NCAA investigation found. Miller interviewed with NCAA enforcement staff and admitted to placing bets on Temple men’s basketball games but did not recall betting against the team, the NCAA wrote in a statement. The window closed several days before a Temple-UAB matchup that drew scrutiny due to the rapid movement of the betting line in the hours leading up to the game.

He never placed a standalone bet on Temple men’s basketball games, the NCAA’s investigation determined. Rather, Miller’s wagers were all individual components of several larger, multi-leg parlays. On Friday, ESPN reported that the wagers pertained to a 22 November 2023 game against Mississippi, as well as an 8 February 2024 game against Memphis.

A source, who spoke with iGB on the condition of anonymity, confirmed Miller’s wagering patterns on the contests. Miller appeared to bet small amounts on the three wagers, with none exceeding $20.

Before the Ole Miss contest, a 77-76 win by the Rebels, Miller wagered $6 on a 12-leg parlay with a regulated sportsbook. Miller went 7-of-21 from the floor for 21 points, considerably above his 15.9 per game average. Mississippi closed as a 3.5-point favourite  but led at halftime by five to cover the first-half line.

The guard also bet against the Owls on a $12, 10-leg parlay that included the Memphis matchup. Finally, he took Memphis on the same night as part of a $5, 7-leg parlay. Miller finished 4-of-15 for 12 points in an 84-77 loss to the Tigers.

Bet structure anathema to point shaving

One view of the patterns is that it may not be indicative of point shaving since the wagers contained numerous games, beyond ones involving the Owls. Because the multi-leg parlays required outcomes outside of Miller’s control, the structure of the wager undercuts the likelihood of a potential payout.

A single wager on a fixed outcome, such as allegations that NBA player Terry Rozier prematurely left a game to guarantee a result, usually clinches a financial reward. An instance of alleged match fixing as part of a larger parlay does not.

“The key takeaway here is the NCAA found no evidence that Hysier shaved points,” Miller’s attorney, Jason Bologna, told iGB. “The NCAA conducted a long and thorough investigation before reaching that conclusion.”

Rozier, a former Charlotte Hornets guard, is facing federal charges in connection with alleged match manipulation in 2023.

Others from Temple involved

Besides Miller, the committee’s Temple investigation found that Camren Wynter and Jaylen Bond also made impermissible wagers while on the Owls’ staff. Wynter, a former special assistant to head coach Adam Fisher, is accused of making at least 52 impermissible bets for approximately $9,642.

Bond, a former Temple graduate assistant, placed 546 impermissible bets totaling approximately $5,597, according to the committee. The wagers included roughly $200 in bets on college football and basketball. Neither Wynter nor Bond were accused of betting against Temple.

Bologna added that Miller gave the NCAA full access to his cellphone and bank account and answered every question posed to him.

“He admitted to placing parlay bets, but he denied shaving points in any game, and the NCAA’s findings confirm that they accept Hysier was honest and cooperative with their investigation,” Bologna wrote.

Miller has not been charged criminally in the matter. Over the summer, multiple outlets reported that the US Attorney’s Office for the Eastern District of Pennsylvania had launched an inquiry into alleged point shaving in college basketball.

When reached by iGB, a spokesperson for the district declined comment. As of Monday, a grand jury in the district has yet to issue any indictments in the matter.

Allwyn and UK National Lottery set for Christmas

Allwyn has launched a new scratchcards campaign for the UK National Lottery for the 2026 festive season.

The fully integrated campaign focuses on how scratchcards can help bring people together at Christmas. This includes playing Musical Scratchcards at the dinner table and other games in a variety of settings.

The campaign has gone live in the week that the National Lottery also celebrates its 30th anniversary.

“Christmas is all about shared moments, many times involving games and a healthy dose of competitiveness,” said Steve Parkinson, brand and marketing director at Allwyn. “Scratchcards are all about adding some fun and excitement – so are the perfect thing to bring along to festive gatherings.”

LeoVegas scores Valletta FC deal

LeoVegas Group has entered into a partnership with Malta Premier League football club Valletta FC.

LeoVegas will serve as the team’s exclusive online gaming partner for the 2025-26 and 2026-27 seasons. The deal includes match kit sleeve branding for the men’s squad.

Other aspects of the agreement include visibility across all club facilities such as the training grounds and the matchday fanzone. LeoVegas branding will also appear on the squad’s training bags.

“Our Group has considered itself a partly Maltese company almost since its inception,” said Stefan Nelson, LeoVegas Group CFO and Malta managing director. “We are thrilled to collaborate with the capital’s club to create exciting opportunities for fans, employees and future talent alike.”

William Hill launches Racing Bet Builder

William Hill has announced the launch of its Racing Bet Builder product in the UK and Ireland.

Bettors can combine multiple selections from the same race into one customised bet. This will be the first time an option like this will be available to customers.

Same-race bets include horses to finish in the top three, beat one another, exact finishing positions, betting without runners, and winning distance.

“Our customers have been asking for more customisable ways to bet on racing,” said Mark Howarth, William Hill’s director of racing. “We’re delighted to deliver this fantastic product.”

Swintt to expand Italian offering

Swintt has announced plans to extends its offering in Italy following early success in the country’s iGaming market.

The software provider entered Italy in October via an exclusive partnership with Eurobet.it. This included an initial roll-out of content such as Pirates Pledge Hold & Win, Battle of Myths, Supa Crew, Wizardz World and Crystalium.

Swintt will now seek approval from the regulator to roll out a second round of releases from Elysium Studios on the Italian platform. Additional games may include A Hopping Kiss and Enigma of Egypt.

David Mann, chief executive officer at Swintt, said: “Having only launched with Eurobet.it at the end of October, we’ve been really encouraged by the reception our Elysium Studios titles have received from Italian players, and work is already under way to roll out our next round of releases.”

Stakelogic eyes engagement with mini games

Stakelogic has launched five new mini games with a focus on player engagement and instant-win excitement.

Golden Kick, Mouse on the Run, Gold Pick Legend, Flip N Win and Tiki Tiki Twist are all now available from Stakelogic.

The developer said the collection blends “simple play with high engagement”. This, it added, gives players something “compelling” to dip in and out of between longer sessions.

James Jelliffe, head of slots at Stakelogic, said: “This latest collection showcases just how much personality and excitement can be delivered in short-form play. We’re excited to see them live across our operator network.”

Gross gambling revenue in Pennsylvania from all types of commercial gaming reached $597 million in October, according to the Pennsylvania Gaming Control Board (PGCB). This surpassed the same month last year by 20.2% and was 11.4% higher than this September.

While record iGaming revenue was the headline figure in the month, the sports betting haul also turned heads. This followed a disappointing September when sports betting revenue fell to a six-month low.

Pennsylvania iCasino revenue jumps 32.8%

Starting with online casinos, revenue in this segment was 32.8% higher year-on-year. It was also a new state record, surpassing the previous all-time high – $238.2 million in March 2025 – by 5.4%.

Of this, $190.8 million came from online slots, 35.5% ahead of the previous year. Internet table games revenue climbed 25.7% to $57.7 million and online poker revenue was 13.6% higher at $2.5 million.

Hollywood Casino at Penn National Race Course and its online gaming partners again led the market. Their monthly revenue reached $98.7 million, up 42.2% from last year.

Valley Forge Casino Resort and partners remained second with $71.4 million, 37.5% ahead of October 2024. 40.8%. Rivers Casino Philadelphia completed the top three with $38.2 million, an increase of 15%.

Pennsylvania was not the first state to report record revenue from the online sector in October. Both New Jersey and Michigan saw revenue reach new heights during the month.

Record handle drives sports betting recovery

Turning to sports betting, revenue more than doubled year-on-year during October to $60.7 million. This included $56.2 million from online betting and a further $4.5 million from retail sportsbooks across Pennsylvania.

This was helped by player spending reaching a record $968.5 million. This beat the previous high of $935.5 million in November 2024 and was ahead of October last year by 9%. Last month, $926.1 million was bet online and $42.4 million at retail locations.

As such, monthly hold for the state stood at 6.27%.

Looking to operators, DraftKings and Hollywood Casino at the Meadows climbed into top spot in October by posting $21.8 million off a $300.1 million handle, resulting in a 7.26% hold.

FanDuel and Valley Forge Casino Resort, which typically lead, slipped to second. With $18.2 million in revenue from $357.6 million in bets, this left a hold of 5.09%. BetMGM and Hollywood Casino Morgantown remained third with $4 million off a $59.6 million handle for a hold of 6.71%.

Land-based slots remain king in Pennsylvania

While expansion within the iGaming market shows no signs of slowing in Pennsylvania, land-based slots remain a key source of gambling revenue. In October, revenue in this sector was 1.4% higher year-on-year at $203.5 million.

Retail table games revenue edged up 3% to $76.1 million but video gaming terminal dipped 1% to $3.5 million. The PGCB also noted a 1.1% drop in sports fantasy contest revenue to $2.1 million.

In terms of tax for state and local governments, $252.3 million was collected during the month. Of this, online casinos provided $112.7 million, sports betting $21.8 million, land-based slots $102.8 million and retail table games $12.8 million.

Revenue for the year was on par with 2023, data from national regulator Kansspelautoriteit (KSA) showed. The published figures cover both online and land-based gambling, including casinos, sports betting and lotteries.

It was bad news for land-based casinos, which have been in steady decline since the Covid-19 pandemic. Revenue for the sector as a whole was 5.5% lower at €1.30 billion but still represented 30% of the total market.

Physical slot machine revenue dropped 5.4% to €654.4 million. However, machines placed in Holland Casino venues also posted a rise, with revenue edging up 0.5% to €396.1 million. Table games revenue, meanwhile, fell 9.3% to €247.6 million.

The KSA also reported a decline in the number of player positions in most land-based venues. Arcade machine player positions dropped 15% to 20,997, while Holland Casino places fell 0.3% to 6,233. There was, however, an uptick in machines in “catering” venues, with the total rising 17.35% to 7,992.

As was the case in 2023, lotteries drew the most revenue at €1.5 billion, a year-on-year rise of 3.%. This represented 34% of total gambling revenue for the year, while lottery turnover edged up 4.2% to €2.43 billion.

Dutch online casino revenue edges down

Elsewhere, the KSA reported a 1.1% drop in revenue from online casino in 2024. It did not publish a breakdown for the area but did note that the segment drew 26% of total market revenue for the year.

Turning to sports betting, growth was reported across both the online and land-based areas. Online sports betting revenue increased 17.7% to €352.6 million while land-based revenue was 27.4% higher at €77.1 million for the year.

Horse racing accounted for just €3.9 million of the online total, with the rest spread across other sports. It also generated €1.6 million worth of online revenue.

Land-based player losses continue to outweigh online

Player losses data was also released by the KSA in its update on Thursday. On average, players lost €197 each from land-based gambling during the year, only slightly lower than €198 in 2023. In contrast, online loss reached an average of €101, up from €99 in the previous year.

As for tax, the total collected for the year topped €1.03 billion. Despite a decline in revenue, land-based casinos generated the most income for the country. In total, tax from land-based casino activity in 2024 was €396.1 million, only slightly lower than 2023.

Online casino followed with a tax contribution of €342 million, up 2.2%, then lotteries with €156.3 million. Internet sports betting generated €107.5 million in tax and land-based betting €23.4 million.

Tax is very much a hot topic of discussion in the Netherlands at present, with another gambling tax rise on the horizon. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. Operators already faced an increase to 34.2%, which came into effect in January 2025.

Brazil has captured much of the gambling sector’s interest this year after regulation launched on 1 January, with a number of international giants entering the market.

One such company was Flutter, which created its new Flutter Brazil business after acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional.

That deal was concluded in May and, in Q3, Flutter achieved $87 million in revenue from its Brazil venture. This was 412% higher than the $17 million it generated in the same quarter last year prior to the completion of the NSX deal, which largely came from its existing Betfair business.

But while Betnacional achieved record iGaming revenues in Q3, excluding M&A Flutter’s revenue during the quarter was actually down 18%, which Flutter attributed to the fact that Betfair Brazil was still continuing its recovery from the friction derived from the re-registration required at the start of regulation in January.

Despite the Betfair struggles, Flutter CEO Peter Jackson remains confident the company will succeed in Brazil.

“Brazil is an exciting growth opportunity for Flutter and we retain a strong conviction that scale operators with the best products will win the largest share of the market,” Jackson said in the Q3 report.

Entain hampered by poor sports margin

Entain, meanwhile, enjoyed a successful transition to the regulated market with its Sportingbet brand, reporting a 21% year-on-year NGR rise in Brazil during H1.

But Q3 was a different story, with NGR in Brazil down 11% despite 14% volume growth.

Entain deputy CEO and CFO Rob Wood put this down to “genuine bad luck from sports results”, stating the company is still trading on the right side of expectations when it comes to volume.

He expects sports margin to normalise over time, with the volume growth demonstrating why Flutter continues to be enthused about its future in Brazil.

It’s not just sports betting where Entain struggled during Q3, however, with Wood saying slow game authentication has hampered the company’s iGaming efforts in Brazil.

“iGaming is not particularly strong at the moment and all the growth is coming from sports,” Wood said on the earnings call. “We think this is a market-wide phenomenon, not just Entain.

“The good news is we think there’s a lot more growth to come out of gaming as we look forward. But so far in 2025, it’s been slow.”

BetMGM investing heavily in Brazil

Last August, MGM Resorts International struck a partnership with Grupo Globo, LatAm’s largest media group, to introduce the BetMGM brand to the Brazilian market as a joint venture.

The company has stated on a number of occasions that it is aiming to reach 10% market share in Brazil, and it reiterated this target in its Q3 presentation.

MGM achieved “strong growth” in Brazil during Q3 without giving direct figures. The company is focused on efficiently building brand awareness and customer acquisition, powered by its on-the-ground team led by MGM Brazil CEO Almir Ribeiro.

However, MGM Resorts International CFO Jonathan Halkyard said the company’s heavy investment in Brazil will likely lead to MGM Digital reaching an EBITDA loss of close to $100 million for the year.

Halkyard explained the company’s investment is in line with its roughly 50% stake in the JV, which is already showing positive signs.

“The venture has seen encouraging growth quarter-over-quarter throughout the year in active players, deposits and GGR,” Halkyard said on the company’s earnings call.

Record LatAm casino revenue for Betsson in Q3

Betsson continues to make significant efforts in LatAm, launching in Brazil and Paraguay during 2025 to add to its existing markets which include Argentina, Colombia and Peru.

It is proving a successful venture, with Betsson achieving year-on-year revenue growth of 10.2% to €76.5 million in LatAm over Q3.

This was powered by record casino revenue in the region, rising from €46.1 million in Q3 2024 to €56.6 million in the same period this year.

Casino growth helped to offset a year-on-year drop in sportsbook revenue from €23.1 million to €19.8 million. Betsson put this down to tough comparisons with last year’s Q3 which included the European Championship and Copa America football tournaments.

LatAm accounted for 26% of Betsson’s revenue in Q3, down from 28% in Q2.

Betsson CEO Pontus Lindwall pointed to Argentina, Peru and Colombia as key areas of focus, with the former continuing to show strong underlying growth in terms of deposits and turnover.

Codere Online positioned to become a leading player

Codere Online is currently operating in the LatAm markets of Mexico, Colombia and Panama, as well as certain provinces in Argentina.

Its current total addressable market (TAM) is €4.8 billion, although it noted in its Q3 presentation the combined TAM of online expansion markets, which includes Brazil, Peru and Uruguay, could be €8.4 billion by 2029.

In the presentation, the company said: “Codere Online is especially well positioned to become a leading player across the region.”

Mexico continues to be Codere Online’s biggest market, achieving market revenue of €26.8 million in Q3. This is ahead of the €22 million generated in its home market of Spain.

However, with Mexico’s government weighing up increasing the gambling tax rate from 30% to 50%, Codere Online said it may have to reconsider its investment into the market.

Outgoing CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects the tax to come in from 1 January.

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” Iglesias told analysts.

“The tax obviously factors into … our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Codere Online is also working under the assumption that the 19% VAT in Colombia, which is set to end from the start of 2026, will be renewed.

Codere Online Executive Vice Chairman Moshe Edree explained the operator’s short- to mid-term strategy “does not include Colombia”, echoing CEO Aviv Sher’s post-Q2 comments that the company was pulling back in the market.

RSI confident Colombia VAT won’t be renewed

But while Codere Online is expecting the VAT to be renewed, Rush Street Interactive CEO Richard Schwartz said on the company’s post-Q3 earnings call that the business is predicting the tax will be scrapped.

Rush Street Interactive followed many other operators in absorbing the tax through player bonusing. This meant in Q3, while GGR from Colombia grew over 50%, net revenue was down 27%. Revenue across LatAm fell 11%.

Despite this, Rush Street Interactive believes it holds second place in Colombia, while it also claims to be among the top seven operators in Mexico.

Monthly active users in LatAm during Q3 were up 30% year-on-year to around 415,000.

Rush Street Interactive listed Brazil, Ecuador, Argentina and Chile as potential expansion opportunities.

When asked on the earnings call whether the situation in Colombia may dampen the company’s interest in further LatAm expansion, Schwartz responded by saying the company was still excited by the region.

“We believe those markets are at the infancy of growth,” Schwartz said. “And as we see in our growth ourselves, there’s lots of opportunity there, and it’s a very large population across Latin America that are in the process of or will be legalising online gaming in the future. So we certainly remain very excited for it.”

Kambi lowers FY2025 guidance due to slow Brazil progress

In its Q3 report, Kambi announced it was lowering its full-year 2025 guidance from an adjusted EBITDA of €20 million-€25 million to approximately €17 million.

The company said this was in part down to the Brazilian market developing more slowly than expected, with CFO David Kenyon stating the company isn’t seeing the growth in Brazil it had “hoped for”.

Kambi CEO Werner Becher said on the earnings call that while the Brazil market is continuously growing, he believes the overall pre-regulation market size was overstated.

“There’s a little bit of disappointment, I would say, in the entire industry about the Brazilian market,” Becher claimed.

“The legalised regulated market grew slower than expected because the black market is still very big there.”

As Wednesday’s Wisconsin Assembly floor session went into closed caucus, Dominic Ortiz, CEO of the Potawatomi Casinos & Hotels, stated on The New Normal podcast that a vote on Assembly Bill 601 would move to the full legislative session in January. Ortiz said the legislative proposal creates a “fair playing field and unites the tribes” as the Sports Betting Alliance argues for a different framework.

“We’re about partnership, not ownership,” Ortiz told The New Normal. “The clear indication from the SBA is if they can’t have their rules, they’re going to come in and burn down the market.”

Assembly Majority Leader Tyler August said the sports betting proposal was pulled from the agenda during a press conference Wednesday morning. He said lawmakers would have approved the bill if they voted. The Senate will not reconvene before the January session.

August sent a memo this week urging support from lawmakers as a road to keeping sports betting revenue in Wisconsin as prediction markets take hold across the US.

“There’s really no rush on this,” August said at a news conference Wednesday. “I had a conversation with a couple of members over the weekend that brought up some points that I hadn’t considered yet, so we’re going to work through those and I expect that we will be voting on it early next year.”

Wisconsin sports betting proposal

In-person sportsbooks are already legal in Wisconsin, after Governor Tony Evers agreed to tribal compact additions in 2021 allowing sports betting. Evers told UpFront Sunday this week that tribal control of sports betting is “the ultimate goal”.

If passed, the latest proposal would create a “hub-and-spoke system” for online sports betting. It would allow the 11 Wisconsin tribes to partner with sportsbook operators, if the server is on tribal land. A similar setup is how the Seminole tribe in Florida holds a sports betting monopoly for Hard Rock Bet.

Ortiz said the Milwaukee Brewers and Milwaukee Bucks are in full support of the tribal proposal. He also said the push for sports betting expansion is to help raise revenue to offset inflation and rising costs. The Potawatomi are longtime sponsors of the teams.

The bill would require the tribes to renegotiate their gaming compacts with the state. The expansion would also require approval from the federal Bureau of Indian Affairs.

Tribes push to stop prediction markets

Earlier this month, lawmakers began discussing the expansion of sports betting in Wisconsin. Senator Howard Marklein told the Senate Committee on Agriculture and Revenue the proposal would legalise what Wisconsinites are already doing illegally.

Several lawmakers have expressed concerns with legalising additional forms of gambling in Wisconsin.

While the Sports Betting Alliance, made up of major national sportsbook operators, supports expanding sports betting in Wisconsin, it does not agree with the current legislative proposal. A representative from the SBA told the committee that operators would need to send 60% of revenue to the partner tribes under the proposed framework.

The representative pointed to the framework of tribal-commercial partnerships in Michigan as a more positive example.

Ortiz said the recent development of national sportsbook operators such as DraftKings and FanDuel planning to launch prediction markets highlights a potential end-around in the Wisconsin market. Prediction markets operate under the regulation of the Commodity Futures Trading Commission, which allows them to operate nationally.

There are multiple court cases in which state regulators argue that sports event markets violate state gaming laws. There are also tribal lawsuits, including from Wisconsin’s Ho-Chunk Nation, contending prediction markets violate the Indian Gaming Regulatory Act. Regulators have also sent sportsbooks warnings that their licences could be in jeopardy if they offer prediction markets.

“They have indicated and made public statements that they can and will operate prediction markets where sports betting is not legal,” Ortiz said of the major commercial sportsbooks. “Their clear intent is to have ownership of Wisconsin. They’re not here to be our partner.”

Player spending was up 16.3% year-on-year, figures from the Arizona Department of Gaming showed. The September total was also 39.4% ahead of the $610.7 million spent in August of this year.

Of this, $847 million was bet online, while players spent $4.4 million at retail sportsbooks across the state.

As to revenue, however, adjusted gross receipts before free bet and promotional deductions reached $55 million. This, calculated after operators paid out $794.3 million in winnings, fell 28.9% short of last year and was 8.2% behind August.

After deducting $35.4 million in free bets and promotional credits, final adjusted revenue for September was $19.6 million, the lowest monthly total since July 2022. This was also 48% less than the same month last year and 53.1% behind this August.

In terms of the state’s hold, based on revenue before free bet deductions, this was 6.46%. After promotional-related deductions, hold was just 2.3%.

FanDuel still the one to beat in Arizona

As for active operators, FanDuel again led the market in September. It posted $8.5 million in adjusted revenue off $254.5 million in bets for a monthly hold of 3.34%.

DraftKings remained second with $4.3 million in adjusted revenue but with a larger handle of $270.2 million. This resulted in a September hold of 1.59%.

Not far behind in third was BetMGM, which took $4.2 million in adjusted revenue off $98.3 million in sports bets for a 4.07% hold. Caesars followed with $1.7 million from $45.5 million, resulting in a hold of 3.74%.

No other operator was able to post six-figure adjusted revenue. Fanatics, which was fourth in revenue terms in August, failed to report any revenue, while Bet365 also drew a blank for the month.

Tax-wise, sports betting generated $1.9 million for Arizona in September. All but $79,416 of this came from online betting.

The House Industries and Professional Activities Subcommittee approved PCS for HB 189 Tuesday afternoon. HB 189 is a nearly 100-page gambling bill that would overhaul Florida’s gambling laws, including provisions related to match-fixing.

The proposal creates new felony offences tied to sports betting integrity, including betting with knowledge of a fixed result and bribery-related conduct. That includes felonies for anyone who conspires or promises a bribe to influence a game, anyone who accepts a bribe as part of a match-fixing scheme and anyone making a bet with knowledge of the bribe. Those newly proposed felonies come after the arrest of Miami Heat guard Terry Rozier last month as part of an FBI sports betting probe.

The subcommittee’s approval comes two months ahead of the start of Florida’s legislative session in January. The measure was referred to the Commerce Committee and the Criminal Justice Subcommittee.

Lawmakers discussed the bill little on Tuesday, and nationwide industry stakeholders were absent from the hearing. A variety of nonprofit organisations from the state, including the VFW, American Legion and Florida Moose Association, testified in opposition. However, they are in support of “getting illegal gaming out of the state” and hope for clear definitions of charitable gambling.

Rep Dana Trabulsy filed the bill and guided it through Tuesday’s hearing. She said she is willing to work with concerned parties and lawmakers to make it a stronger bill.

Florida fantasy sports defined

The gambling bill would regulate daily fantasy sports operators, which have operated in the grey market in Florida. It defines fantasy sports as a contest with an entry fee where a user controls a simulated sports team.

It includes language that outcomes cannot be based on individual performance and the contests cannot involve collegiate participants.

The Florida Attorney General’s Office sent cease-and-desist letters to Betr, PrizePicks and Underdog for offering prop-style games in 2024.

The Seminole tribe of Florida does not comment on proposed legislation but does support efforts to eliminate illegal gambling. The Seminoles hold sports betting exclusivity in the state through a state-tribal compact, in addition to operating Las Vegas-style resort casinos. FanDuel and DraftKings pumped nearly $40 million into a failed ballot initiative attempt to legalise commercial sports betting in 2022.

Along with its daily fantasy sports language, the bill cleans up portions of state law concerning live racing taxes and provides definitions for penalties for online gambling and illegal sports betting. A bill penalising operators outside of the tribal compact was shelved earlier this year.

The bill would also increase criminal penalties against illegal slot machines. Last week, Carl Herold, director of law enforcement for the Florida Gaming Control Commission, told a Florida House panel it needs more help. He said the existing misdemeanours are not enough for proper enforcement.

Michigan surpassed by 12.7% the previous record of $312.5 million set in August this year for combined online casinos and sports betting. Revenue, referred to by the Michigan Gaming Control Board as gross online gambling receipts, was also 38.9% ahead of October 2024 and 16.4% more than September this year.

This was helped by record gross receipts from mobile casino play. In October, $278.5 million in gross revenue was drawn from this segment, a new monthly high and 26.2% more than last year.

As for online sports betting, gross revenue rocketed by 123.6% year-on-year to $73.8 million. This was one of the highest monthly totals since Michigan launched its legal market in August 2020.

In terms of adjusted gross receipts, which accounts for promotional spending, the market total was 49.1% higher than last year at $310.9 million. Adjusted icasino gross receipts climbed 31.8%, while adjusted sport betting gross receipts jumped 397%.

The regulator also published data on player spending within the sports betting market. In October, the handle reached $605.9 million, an increase of 8.1%. This meant Michigan ended the month with a hold of 12.18% based on gross receipts and 8.12% for adjusted revenue.

FanDuel and MotorCity continue to lead in Michigan

Looking to operators, FanDuel and MotorCity retained top spot in the online casino market. In total, the partnership generated $76 million in gross revenue and $71.4 million in adjusted revenue.

MGM and BetMGM remained second with $68.8 million and $64.7 million in gross and adjusted revenue, respectively. DraftKings and the Bay Mills Indian Community were again third with $44.7 million and $42.1 million.

FanDuel and MotorCity also led the way in the online sports betting market in Michigan. The duo took $29.9 million in gross receipts and $17.5 million adjusted receipts. Based on gross revenue and a $230.5 million handle, this left a hold of 12.97%.

DraftKings posted the second-highest gross revenue monthly total at $21.4 million and $16.8 million in adjusted revenue. Hold, based on gross receipts and $180.5 million in wagers, was 11.86%.

BetMGM completed the top three with $10.7 million in gross revenue and adjusted revenue of $7.3 million. Having processed $70.5 million in bets, hold for the month was 15.18%.

Tax-wise, the state took $58 million from online gambling activities. This included $54.6 million from casinos and $3.4 million in sports betting payments. A further $15 million was paid to the city of Detroit by its three commercial casino operators, while tribal payments topped $6.5 million,

Detroit casino revenue back above $100 million

Data for the three land-based casinos in Detroit was also made public. In October, they posted $107.4 million in revenue, up 4.4% year-on-year and 8.6% more than September.

Revenue from slots and table games edged up 2.2% to $105.9 million. However, qualified adjusted gross receipts from sports betting revenue fell 33.3% to $1.6 million. Monthly sports betting hold, after $13.5 million in bets, was 11.59%.

MGM Grand Detroit retained its healthy lead in the city with a 49% market share. MotorCity Casino followed with 29%, then Hollywood Casino at Greektown with 22%.

Christie, a former New Jersey governor, served as the lead plaintiff in the 2018 PASPA case, one that led to the largest expansion of legalised sports betting in US history. Following 2017 oral arguments before the Supreme Court, Christie argued on the famed steps that the federal government overstepped the Constitution with its 1992 ban of sports gambling.

Now, as players from the NBA and MLB are facing a slew of criminal charges in connection with match manipulation, Christie contends that the system is working. The players are among more than three dozen defendants charged by the US Attorney’s Office of the Eastern District of New York in a sweeping illegal poker-sports betting case. Last week, Christie went on a media blitz to double down on his position.

In stating his claims, Christie wrote in a guest essay for The New York Times that when it comes to “ensuring the integrity of sports”, legal betting has achieved more in seven years than “prohibition did for decades before”.

Concerns about sports betting integrity

Last month, two days after the start of the NBA regular season, prosecutors from the Eastern District named 38 defendants in the comprehensive case, including three figures from the NBA. Among them are Miami Heat guard Terry Rozier, who is accused of deliberately underperforming in several statistical categories to ensure the outcome of a prop bet. Interim US Attorney Joseph Nocella Jr. described the case as the largest investigation of the sports betting market since the PASPA decision.

The Rozier case and others are not signs of a “system in crisis”, Christie wrote, but rather confirmation that proper mechanisms are in place to “catch the cheating”.

In response to the indictments, the US House Committee on Energy and Commerce wrote a letter to NBA Commissioner Adam Silver seeking information on the actions the league plans to take to limit the “disclosure of non-public information” for betting purposes. The committee is examining allegations of illegal gambling and sports rigging that resulted in “tens of millions of dollars in fraud, theft and robbery”, according to the letter.

The allegations raise “serious concerns about sports betting and the integrity of sport in the NBA, which harms fans and legal sports bettors”, stated the letter from congressmen Brett Guthrie of Kentucky and Frank Pallone Jr of New Jersey.

Tonko: Voluntary self-policing has failed

Since PASPA’s repeal, leading proponents of the regulated markets have called on the US Justice Department to crack down on betting in the offshore black market, where Americans still wager billions per year. Still, some argue that offshore sites maintain guardrails on betting that legal apps do not offer.

One insider, who spoke with iGB on Monday, said the limits for player props, if offered at all, are very low on the offshore sites. By comparison, the defendants in the current case allegedly placed five-figure wagers on a litany of props.

Representative Paul Tonko of New York has also contacted the NBA to express his discontent with the uptick in criminal allegations. Tonko, co-author of the Supporting Affordability and Fairness with Every Bet (SAFE Bet) Act, has sought to establish a federal framework for the legal sports wagering market. Alarmed by the criminal accusations, Tonko contends that professional sports leagues have prioritised commercial partnerships with gambling operators over integrity.

“Claims of prioritising integrity ring hollow when leagues have sold credibility to gambling operators, integrated betting content into broadcasts, normalised wagering for teenagers, glorified it in advertising, and then failed to prevent criminal conduct from taking hold within the sport,” Tonko wrote in a series of letters to Silver and six other commissioners.

Tonko took it one step further, contending that the reliance on “voluntary self-policing” in the legal sports betting industry has failed. If the integrity of professional sports depends on federal law enforcement alone, the current system is already broken, Tonko mused.

“The choice before you is now explicit. Either engage directly with Congress to establish mandatory federal guardrails that restore integrity and protect the public, or stand in opposition and accept responsibility when the next scandal breaks and more families and lives are destroyed,” he wrote.

Pitch-by-pitch wagering

However, Christie countered concerns about integrity in his pointed op-ed piece, as he enumerated the detection capabilities at the disposal of sportsbook operators. In using sophisticated high-tech software, several sportsbooks detected unusual betting patterns in recent cases and flagged them to regulators, Christie wrote.

The former New Jersey governor also discussed the transparency of the regulated market in an interview on ESPN with Stephen A Smith. In the poker matter, three New York mob families backed the rigged games, then took a cut of the action, prosecutors allege. If an organised crime family detects illegal sports betting activity, it is foolish to believe that they will “pick up the phone” and call NFL Commissioner Roger Goodell, or his counterparts at the NBA and MLB, Christie argued.

After the NBA case broke, a judge unsealed further indictments that resulted in the arrests of two pitchers from the Cleveland Guardians. The MLB pitchers, Emmanuel Clase and Luis Ortiz, are accused of conspiring with gamblers to rig the outcomes of pitch-by-pitch betting props. The bettors won approximately $450,000 on the wagers in question, including roughly $38,000 on a single pitch from Clase, according to prosecutors.

“Regulated betting didn’t create these integrity issues, it has revealed them,” Christie stated.

NBA launches internal investigation

One defendant in the recent NBA sports betting case, former guard Damon Jones, has ties to the Los Angeles Lakers. A close friend of LeBron James, Jones served as an unofficial assistant on the Lakers’ bench in 2022-23. Jones is accused of disseminating non-public information of a James injury to a bettor, who capitalised on the inside info. Jones has pleaded not guilty to several felony charges related to the gambling probe.

The NBA has hired an independent law firm to investigate the allegations in the indictment. Multiple teams have been approached by investigators, including the Lakers, ESPN reported. In addition, a Lakers assistant trainer and an executive administrator voluntarily gave up their phones to investigators, according to The Athletic.

“As is standard in these kinds of investigations, a number of different individuals and organisations were asked to preserve documents and records,” the NBA wrote in a statement. “Everyone has been fully cooperative.”

Former college player admits to point shaving

On Monday, former University of New Orleans guard Cedquavious “Dae Dae” Hunter admitted that he manipulated the outcome of several games in the 2024-25 season. Appearing on ABC’s “Good Morning America”, Hunter explained that he devised code words with a teammate to indicate that they planned to shave points.

Hunter also admitted that he previously lied to NCAA investigators about his participation in the scheme. Investigators from the NCAA also determined that players from Arizona State and Mississippi Valley State allegedly took part in separate point-shaving schemes.

“I just had a child, and the school wasn’t paying me money,” Hunter said. “ I was trying to get money to actually take care of my child.”

While several defendants from the federal case based in Brooklyn have reportedly been tied to the college point-shaving scandal, Nocella said his office is not investigating the college probe.

Christie, meanwhile, appears to discourage the federal government from intervening in the legal sports betting market.

“New Jersey has built a system that doesn’t just collect taxes, it builds trust,” he wrote. “There’s no denying that sports betting is more visible than it was a decade ago – that’s by design. Legal markets bring sunlight, they create standards and they bring better accountability.”

Total gambling revenue for the month amounted to $611.1 million, the New Jersey Division of Gaming Enforcement reported. This was 22.3% ahead of October 2024 and 8.4% ahead of this September.

iGaming was the main source of gambling revenue in New Jersey, ahead of the land-based and sports betting segments. However, it was the sports wagering market that reported the largest year-on-year growth.

Another iGaming record for New Jersey

Breaking down the monthly figures, iGaming revenue was 21.8% above last year’s total while clearing $250 million for the first time. It surpassed the state’s prior record – $248.8 million this August – by 4.8%.

Some $257.7 million of iGaming revenue came from online slots and table games, up 22% from last year. Peer-to-peer internet poker revenue also increased 11.1% to $2.6 million.

FanDuel and partner Golden Nugget remained the frontrunners in this market, posting $60.9 million in revenue. DraftKings and Resorts World were second at $48.5 million and BetMGM and the Borgata took third with $33.2 million.

Sports betting revenue rises 49.8% in October

Turning to sports betting, monthly revenue was 49.8% higher year-on-year at $116.1 million. Of this, $110.7 million came from online betting, up 45.9%, while retail revenue rocketed by 242.5% to $5.4 million.

In terms of customer spending, total handle for the month was $1.24 billion, a 10.7% increase from last October. This total included $1.19 billion in online wagers and retail spend of $43.8 million.

As such, New Jersey ended October 2025 with a statewide betting hold of 9.39%.

Operator-wise, FanDuel and Meadowlands again led the online sector, posting $39.9 million in revenue. DraftKings and Resorts World remained second at $30.5 million, followed by BetFanatics and Bally’s with $11.4 million.

As for retail locations, Meadowlands retained top spot with $2.3 million in revenue. Borgata was again its closest challenger, reporting $1.5 million in total monthly revenue. New Jersey does not publish handle information for individual operators.

Double-digit land-based casino growth

The remaining $234.7 million in revenue came from land-based casinos, up 12.5% from last year.

This included $174.4 million from physical slot machines, an increase of 9.1%. In addition, the land-based table games sector posted $60.3 million in revenue, some 23.5% higher than October 2024.

As for the year-to-date, total gambling revenue in New Jersey for the 10 months through the end of October was $5.74 billion. This was 10% higher than at the same point last year.

iGaming revenue was 22.6% higher at $2.39 billion, while sports betting revenue was 0.2% ahead at $914.6 million. Land-based casinos generated $2.44 billion in the same period, up 3.4% year-on-year.

The university released findings last week from a poll that found 79% of sports bettors said the recent sports betting scandals are affecting their trust in the integrity of NBA games. Nearly 40% of those bettors said the investigations are impacting their trust “a lot”.

Sacred Heart partnered with GreatBlue Research on the 23-question survey of 500 US sports bettors conducted during the first week of November. The survey has a 4.3% margin of error and was weighted according to age, gender and education.

With their trust impacted, nearly 36% of respondents said the investigations make them less likely to bet on the NBA. Of those, 45% plan a shift to other professional leagues like the NFL. More than 27% said they intend to reduce sports betting overall.

Still, nearly 30% said they are more likely to bet on NBA games.

“The kneejerk reaction among nearly a third of respondents to switch, at least temporarily, from betting on NBA games isn’t surprising,” Andrew Miller, director of Sacred Heart’s sports communication and media graduate programme, said in a release. “What was interesting is how many – close to 30% – said they’re now more likely to bet on NBA games, perhaps assuming games will be more closely monitored.”

With recent NCAA and MLB investigations also emerging, 75% of the respondents said they believe corruption extends beyond the NBA. A similar percentage said they now question the integrity of college athletics.

NBA gambling scandal hits earlier concerns

Sacred Heart previously released an Effects of Sports Gambling Poll in the spring. That poll, conducted well before the latest NBA scandals, found more than 60% of Americans were concerned that legalised sports betting increases the risk of corruption in sports.

“While sports betting is now widely accepted and easily accessible, a clear majority of Americans are uneasy about the potential for corruption and the erosion of fair play,” Miller said at the time. “And while the question wasn’t included in the survey, obvious solutions might include advocacy for regulators, legislators and law and game enforcement to be more vigilant and more public service outreach around potential gambling problems such as addiction.”

Coaches, players should take responsibility

Nearly half of the respondents said they believe individual players and coaches should be more accountable for gambling violations.

Leagues and sportsbooks took smaller blame, with 20% of bettors saying leagues should take responsibility. Just over 13% of bettors said sports betting platforms should take the heat.

More than 80% of respondents said they support stricter enforcement, including 44% “strongly” supporting more oversight.

Older respondents were more likely to place responsibility on individual players and coaches. Younger demographics placed accountability with the sportsbooks.

Sports betting advertising increases risks

Nearly 70% of bettors believe that sports betting advertising might encourage “risky or unethical behaviour”. More than 30% of those bettors are “very concerned”. The concerns are higher in older gamblers, men and college-aged bettors.

Fewer than 10% of bettors reported having no concern about the effect of sports betting advertising.

In Sacred Heart’s poll from the spring, more than 26% of Americans believe the amount of gambling-related coverage in sports is “too much”.

“Gambling is making sports more interactive for viewers, but many people – especially those most engaged – are seeing firsthand how quickly it can become problematic,” Sacred Heart Sport Management Program Director Josh Shuart said then.

Lawmakers in the US are wary of the deluge of sports betting advertising since the overturning of PASPA in 2018. Gambling advertising is at the heart of several legislative proposals, including the SAFE Bet Act from US Rep. Paul Tonko and Senator Richard Blumenthal.

Sacred Heart, located in Connecticut, plans to conduct a follow-up survey in spring 2026.  

Acquisitions, aggressive expansion into retail betting and a determination to navigate Germany’s highly complex regulatory framework have turned it into one of the country’s most ambitious emerging challengers. 

Under the direction of 54-year-old CEO Pierre Hofer, who has been on the board since 2010, the company is accelerating a wave of consolidation that is reshaping the German betting landscape. 

The major acquisition by Pferdewetten AG subsidiary NetX Betting of the HappyBet franchise from Playtech, as part of the latter’s B2C exit, marked a major pivot for Pferdewetten.de AG. The deal was announced in late May and includes approximately 600 hardware units, such as betting terminals and POS systems. The main strategy is a simple question of gaining market share, explains Hofer to iGB. 

“We knew we could make the shops perform better with our product, improving revenues for franchisees. Playtech also wanted a fast and simple deal,” he says. But for Pferdewetten.de AG, it is only the beginning. A joint venture with Bet3000, another retail heavyweight, is already under way. 

“This [next] deal is actually five to six times bigger than the HappyBet deal. They will switch to our licence. Contracts are ready to sign and several dozen shops are already in the process of switching.” 

And yet another deal is on the horizon, Hofer says. He reveals that his company is in talks with another important player. “But I cannot talk about it for now. It’s consolidation.” He insists an announcement is imminent. 

Reshaping the German betting landscape 

For a company long in the shadow of national giants such as Tipico, the prospect of a sudden leap in scale is dramatic. Hofer admits that the past year has been transformational: “We have seen more or less every single part of a life with ups and downs,” he says. Yet the ups increasingly outweigh the downs. 

Pferdewetten.de AG began modestly during the early days of online betting. In its formative years, it offered general sports betting – until a lack of regulation forced a retreat. “Because we didn’t have a law or regulation for sports betting, management decided to pull out of the sports betting market and focus on horse racing,” says Hofer.

It was a fateful decision. Rivals pressed on in the regulatory grey zone, eventually becoming today’s industry giants, Hofer remarks. Pferdewetten.de AG remained a niche business, profitable but limited by the scale of Germany’s horse racing market. 

The pivot back to sports betting came only in 2018, facilitated by the acquisition of the Sportwetten.de domain (sportswetten means sports betting). “ It’s more or less the best domain you can have in the German market,” Hofer says.

Revenues from the racing business financed the relaunch. “We took positive results and cash from the horse racing business and invested them into the sportsbook in Germany,” he says. The firm grew cautiously, “in line with predictions”, while biding its time for a larger opportunity. 

That opportunity arrived in 2021. “The entire team of a leading sports betting operator in Germany – offering land-based shop betting and online betting – was looking for a new home. They had major discussions with the owner and decided to split,” Hofer explains. The move signalled turbulence among competitors – several foreign firms were shrinking their German exposure or withdrawing outright as compliance pressures mounted. Yet Pferdewetten.de began amassing talent, technology and shop expertise. 

The company’s business model shifted too. “We transformed from a stable, ‘boring’ horse racing operator into a sports betting startup, investing heavily. We moved from paying dividends to issuing capital increases and convertible bonds,” Hofer notes – a clear signal to investors Pferdewetten.de was preparing to scale. 

HappyBet: The deal that set the pace 

The next turning point was the aforementioned acquisition of HappyBet. Following Flutter’s purchase of Snaitech, the German HappyBet business was left in limbo and with Playtech, eager to complete its B2C exit, it sought a buyer. Hofer moved quickly. 

“Around a year ago, we started negotiating with Snaitech and Playtech to get hold of these franchise shops,” he recounts. The final agreement brought over a substantial portion of the HappyBet retail estate – along with the Maltese HQ, employees and several hundred betting terminals. Compatibility with Pferdewetten.de’s systems was a lucky bonus. “Our supplier is the same, so terminals are 100% compatible without major investments,” Hofer applauds.

HappyBet’s steady decline meant the portfolio required selective pruning. “There were maybe 90–95 shops available. We didn’t want around 30–35 of them – too small,” Hofer says. Even so, the remainder represents meaningful scale: “Yes, as expected, we are integrating a mid-double-digit number of shops.”

Pferdewetten.de wants to be number two behind Tipico

Perhaps it is the next chapter that signals a more profound shift. Alongside HappyBet, Pferdewetten.de is finalising a joint venture with Bet3000, one of Germany’s most recognised retail operators. Hofer outlines the scale: “They run 68 owned shops and 120 franchise shops.” 

Contracts are “ready to sign”, he says, with several dozen shops already migrating. If executed as outlined, the group could operate approximately 400 shops by mid next year – a remarkable escalation for a company that entered the retail market only in 2022. 

And then comes the tantalising hint of the new as-of-yet unannounced deal. The implication is clear: Pferdewetten.de is lining up a third acquisition, potentially larger than HappyBet, in a market where weaker operators are seeking exits. 

Hofer’s ambition is now explicit: “Three or four years ago, there were 11 players in the retail market. Now we are down to six. The Bet3000 deal will make it five. Another deal may make it four. Our goal is to become number two in the market – after Tipico – within four years of operations.” Tipico has a current market share of around 50%. 

For a company that once abandoned sports betting entirely, the target is bold. And Hofer’s enthusiasm suggests that he sees consolidation not as opportunism, but as a once-in-a-generation chance to model Pferdewetten.de AG’s trajectory. 

Germany’s regulatory knot 

The obstacle, as always, is regulation. Since the introduction of the Interstate Treaty on Gambling in 2021, Germany has imposed strict monthly deposit limits which narrow product offerings and require heavy compliance reporting. 

Hofer is blunt about the challenges. “Deposit limits make things complicated. It’s overregulated,” he says. He points to the flood of offshore competition. “There are more than 430 illegal betting platforms targeting Germany.” With restricted odds and capped deposits, “many high-volume customers go to illegal platforms. The online casino market is hit very hard.” 

Even fully compliant operators pay a steep price. “Compliance costs are huge – seven digits per year,” he says. “Last quarter alone we spent €300,000 on lawyers and consultants, excluding employees.”

He hopes that next year’s planned update to the treaty may ease restrictions. “Authorities believed they had 95% channelisation – this was unrealistic,” Hofer says. In reality, “the market appears to shrink but actually grows underground.” 

On whether regulation will improve, his answer is measured: “We hope so. Authorities are slow, but starting to understand reality.” 

Performance and prospects 

Despite regulatory pressures, the company’s underlying business is strengthening. “Third-quarter numbers were presented today — we didn’t expect to disappoint. We are at more or less break-even now,”  Hofer notes, adding that next year it should deliver “record EBIT”. 

Growth has been helped by a broadening retail base and a strong sportsbook product built specifically for domestic preferences. “We focus on the German market nationwide – from Munich to Hamburg to Berlin,” he says. 

There is tentative expansion abroad. The company also operates in Denmark under JackpotBet.dk, licensed for sports betting and casino, and maintains a small presence in Austria. But Germany remains the overwhelming priority. 

Asked whether the model is sustainable amid regulatory change, Hofer replies: “Yes, definitely for the next few years. Regulation can change, but we don’t expect it to get worse.” 

The company that in 2007 stepped back from sports betting now stands on the verge of becoming Germany’s second-largest retail operator. In one of Europe’s strictest markets, Pferdewetten.de AG is betting not on luck, but on timing – and on the sudden availability of competitors’ assets. 

If Hofer’s instincts prove correct, the horse racing specialist may soon find itself racing among giants. 

Svenska Spel and ATG on 7 November submitted a joint op-ed article to the Svenska Dagbladet newspaper, outlining their support for a possible ban, which would put an end to any form of online bonuses awarded by licensed operators in Sweden.

In the article, Svenska Spel’s Anna Johnson and Hasse Lord Skarplöth of ATG argued bonuses could lead to gambling-related problems. They noted the particular appeal of the bonuses to younger people, drawing them to gambling and causing long-term issues.

The op-ed also highlighted certain statistics from a recent report by the Swedish Association for Alcohol and Drug Education. One piece of data suggested gambling among boys in their second year of high school increased from 27% to 43% in five years.

While BOS Secretary General Gustaf Hoffstedt shared concerns over young people and gambling, he rejected the direct link to bonuses. He said a ban on bonuses in online gambling would not solve the problem.

“We believe that everyone agrees and is concerned that gambling among young people under the age of 18 is a growing problem,” he said.

“But to claim that this is due to the welcome bonuses that are currently offered to adult players, without mentioning how today’s young people learn to play for money through so-called skins and loot boxes in their favourite games, is not serious.”

Gambling monopolies’ motive

Hoffstedt insisted the ban would benefit both Svenska Spel and ATG by reducing the size of Sweden’s legal market and pushing more players to play with the gambling monopolies.

“Both of these gambling companies, which emerged from the Swedish gambling monopoly, took significant market shares with them from the start when the Swedish gambling market was re-regulated in 2019,” he said.

“The fact that their competitors, who in many cases start with zero customers on their data base, are prohibited from offering a bonus when a new customer is recruited is of course tempting for the old monopolists.

“But they bite their own tail. Because with demands for further restrictions on the legal licensed gambling market, they can only defend their market share in an increasingly shrinking licence market.”

“These two companies could have brought together the gambling market, or at least the members of their own trade association, for some common good. However, they ignore this and run solo games for short-term benefit for themselves, but not for Sweden and above all not for consumer protection in the gambling market,” Hoffstedt added.

Black market concerns from bonus ban

Hoffstedt also flagged concerns over how a ban could drive players to unlicensed sites, which may offer bonuses but not the same protection measures as approved brands.

With this, he called for balance in gambling regulations to consider both consumer protection and gambling pleasure. This, he said, would ensure a higher proportion of users gambling with regulated websites.

“A high proportion of legally licensed gambling is achieved through striking a balance between consumer protection and gambling pleasure,” he said. “The gambling consumers must themselves want to be in the licensed gambling market. If this is not achieved, the entire system will collapse.

“Now Johnson and Lord Skarplöth also want to remove the possibility of giving a bonus to a new gambling customer. If they get their way, we probably haven’t seen the bottom yet in how low the proportion of legally licensed gambling can fall.”

Sweden is in the process of overhauling part of its gambling regulation to deepen enforcement against the black market.

A review of the Gambling Act reached a milestone in September when the Ministry of Finance published investigator Marcus Isgren’s report, outlining amendments designed to strengthen the country’s regulatory framework and close loopholes that enabled illegal operators to market to locals.

But Hoffstedt previously told iGB the long-awaited update was unlikely to solve some of the market’s deeper-rooted struggles relating to the proliferation of illegal gambling.

In a memo disseminated to all 32 teams on Thursday, the league wrote that it is working with legislators and regulators on the state level to limit and, where possible, “prohibit altogether” prop bets on the sport. The NFL cited the criminal probe as impetus for engaging with state leaders in reviewing props it views as detrimental to the integrity of the sport.

The league drew particular attention to props that can be controlled by one player on a specific play. The NFL alluded to wagers on a kicker to miss a field goal or for the next pass to fall incomplete, as examples that fit the criteria.

“Our commercial agreements are regularly reviewed and updated to prohibit wagers that are tied to the kind of conduct that was identified in recent federal law enforcement activity,” the NFL wrote in the memo. “We maintain regular contact with state officials to ensure that these wagers are appropriately addressed.”

Potential prohibited NFL prop bets

The league outlined several categories of prop wagers for further review:

• Inherently objectionable props: The NFL views these props as markets or bets that are inherently designed to be “derogatory, inflammatory or otherwise based on subject matter against public policy”. Props on player injuries, fan safety and misconduct fall within the category, according to the memo.
• Officiating-related bets: The league is pushing for restrictions on props associated with officiating. The NFL alluded to wagers on officiating assignments, penalties and replays there.
• Pre-determined outcome props: In this category, the NFL flagged wagering activity on pre-determined outcomes directly related to on-field competition. The NFL has frowned upon props on whether the first offensive play will be a run or a pass. The league is also deterring operators from offering props on which quarterback will start in a given week. On Polymarket, a leading prediction market website, customers can trade on whether Shedeur Sanders will start a game this season. The NFL issued a memo over the summer stating that it believes that trading on prediction markets constitutes “prohibited gambling activity”.

On the collegiate level, NCAA President Charlie Baker has barnstormed the country to advocate for a nationwide ban on props involving student-athletes. In response to Thursday’s memo, Baker commended the NFL for its vigilance toward protecting the integrity of the sport.

NFL discussions with state gambling regulators

While the NFL said it has met with various state regulators on prop activity, the league did not disclose the names of the actual states. At the moment, sports betting is legal in more than 35 states nationwide.

Given the fragmented landscape, it is up to each state to develop a sports wagering catalogue for the approval of certain props. In Colorado, for instance, the Division of Gaming rejected a proposed wager on whether any scoring drive in the Super Bowl would be shorter than the length of the national anthem. Last month, the division rejected a proposed wager on whether the jersey number of a touchdown scorer would be odd or even. However, the division approved a prop that enables customers to bet on whether the first offensive play will result in a safety.

On Friday, iGB spoke with a regulator from another state on the condition of anonymity who indicated that he is in favour of any action by a professional sports league that contains positive steps to “ensure the integrity” of its betting products.

Landscape for NFL prop bets memo

The NFL memo comes amid a number of gambling scandals involving US pro leagues.

The federal investigation in the Eastern District of New York has ensnared more than three dozen defendants in a joint poker and illegal sports betting probe involving prominent NBA players.

Separately, Cleveland Guardians pitcher Emmanuel Clase made an initial appearance on Thursday at a federal courthouse in Brooklyn. Both Clase and teammate Luis Ortiz have pleaded not guilty to a slew of charges in connection with a comprehensive pitch-rigging scheme.

Since the 2018 PASPA decision on sports betting, the NFL has suspended several prominent players for league violations on sports wagering, most notably Calvin Ridley, Jameson Williams and Isaiah Rodgers Sr.

“From the earliest days of legal sports betting, we have recognised the particular risks associated with prop bets and the corrosive effect they have on fan perceptions, league reputation and the safety of players, club staff and game officials,” the NFL wrote in the memo.

Revenue for the three months to the end of September was marginally higher than SEK6.68 billion in Q3 2024. However, the monthly total fell 4.4% short of the SEK7.02 billion posted in Q2 of this year.

Figures from regulator Spelinspektionen showed commercial online gambling remained the primary source of gambling revenue by some margin. Total revenue from the sector, which includes online casino, topped SEK4.51 billion in Q3, up 3.5% year-on-year.

This segment also covers online sports betting, with the increase coming despite a tough comparable period last year. Q3 of 2024 included the latter stages of football’s Euro 2024 tournament, as well as the 2024 summer Olympic Games.

Mixed news from the land-based sector in Sweden

Turning to land-based gambling, revenue from the state lottery and physical slot machines was 7.2% lower year-on-year at SEK1.26 billion.

Revenue from lotteries classified as “gaming for public benefit” edged up 0.5% to SEK822 million. Meanwhile, bingo games under the public benefit umbrella generated SEK48 million, which was level year-on-year.

Elsewhere, land-based commercial gaming, including restaurant casinos, drew SEK67 million in revenue, a rise of 3.1%.

Finally, Q3 was the first quarter in which the former Casino Cosmopol land-based operations did not generate any gambling revenue. Svenska Spel closed its final physical casino in April, just weeks after Sweden’s government voted to abolish land-based casinos. 

Land-based casinos will officially be banned in Sweden from 1 January 2026.

Extended credit gambling ban edges closer in Sweden

Also soon to be banned in Sweden will be gambling with credit. The Swedish Gambling Act already prevents players from using credit to gamble with licensed operators. However, a change in regulation will take this further.

From 1 April 2026, both licensees and gambling agents will be banned from processing transactions that involve any form of credit. This will extend to credit agreements with other actors, such as loan agreements and bank overdrafts, where they may be misappropriated for the purpose of gambling.

Licensees and agents must also take measures to counteract gambling with credit. This could include blocking credit card payments and not promoting third-party lenders to customers.

However, the government said Spelinspektionen could make certain exceptions to the ban. This may cover licensed operators running gambling for public benefit, like charity lotteries.

The October total surpassed the prior record of $685 million, set in March this year, by a comfortable 18.5%. It was also 32.6% higher than October 2024 and 18.3% ahead of this September.

Data from the North Carolina State Lottery Commission showed paid wagering during the month topped $784.3 million. Some $27.1 million was also put through by operators as promotional wagers.

Cancelled and voided wagers amounted to $4.3 million, while players received back a total of $729 million. This resulted in $78.1 million in gross wagering revenue for October.

The revenue total beat last year by 60.4% and was also 16.9% more than this September. However, it was not enough to surpass the record $105.3 million set in April 2024, falling 25.8% short of the all-time high.

As such, hold for the month stood at 11.4%. The commission also noted $14.1 million in tax income from sports betting during the month.

North Carolina wagers surpass $2 billion in year-to-date

The state’s regulator does not publish data for individual operators. However, it did issue an update on the market’s performance during the financial year-to-date.

In July-October, total spend on sports betting amounted to $2.35 billion. This comprised $2.26 billion in paid wagering and $82.8 million in promotional bets.

Voided and cancelled bets amounted to $15.5 million, with player winnings topping $2.11 billion. This resulted in $221.7 million in revenue for operators active in the state, with a hold of 9.45%. Total tax collected for the period was $39.9 million.

FanDuel, DraftKings, Fanatics, ESPN Bet, Bet365 and BetMGM are among the operators that are active in North Carolina.

Addressing analysts on a third-quarter earnings call, Flutter CEO Peter Jackson noted that the company will launch a prediction market, FanDuel Predicts, at some point next month. Just about five minutes before the call began, Nevada regulators issued a statement that the company had agreed to surrender its gaming licence due to the leap into prediction markets.

FanDuel has only one retail sportsbook in Nevada, a small book in partnership with Boyd Gaming at the Fremont Hotel and Casino in Las Vegas. The company does not have any online sportsbook offerings in the state.  

As with DraftKings, FanDuel intends to accept trading on sports event contracts in states that have yet to legalise sports wagering. That covers just 11 states, but they represent a large portion of the US population.

While Jackson acknowledged that Nevada regulators needed to “protect their interests”, he emphasised that FanDuel must also do so. He said that FanDuel Predicts will allow the company to go after “half the market”, which has previously been untapped. Without mentioning the names of any states, Jackson hinted that FanDuel will target California and Texas as primary markets for event contracts on sports.

Quarterly earnings

For the three-month period that ended 30 September, Flutter generated revenue of $3.79 billion, a decline of 5% from the year-ago quarter. Flutter failed to meet analysts’ estimates of $3.9 billion. The company blamed a series of customer-friendly sportsbook outcomes at the start of the NFL season for the decline in revenue.

However, Flutter still reported adjusted earnings per share of $1.64, far above per share estimates of $0.79. In the US, a metric for FanDuel’s volume of sportsbook customers per month rose by 5% on average for the quarter.

Despite the revenue decline, FanDuel still maintained a 38% share of the US sportsbook market by gross gaming revenue and remains the top company in the US by market share, according to Flutter. In terms of net gaming revenue, FanDuel’s share ticked slightly higher at 41%.

By 2030, Flutter projects that the total addressable market for US gambling will balloon to $63 billion. An analyst from Third Bridge finds the projection credible, supported by new state openings and further expansion throughout the market.

Elevated spending abroad

With the launch of FanDuel Predicts, Flutter anticipates an EBITDA cost of $40 million to $50 million for the fourth quarter, said Flutter Chief Financial Officer Rob Coldrake. Flutter is also allocating about $200 million to $300 million in investments into the prediction market for full-year 2026.

In August, Flutter bought back a 5% stake in FanDuel from Boyd Entertainment for $1.8 billion. Outside of the US, the company has also invested heavily in Brazil and Italy in recent months, Citizens JMP analyst Jordan Bender wrote in a research note. The spending spree has dampened available resources, with free cash flow down 43% year-to-date, according to Bender. In response, Citizens has lowered its 2026 EBITDA model for Flutter by 7%.

Jackson also expressed disappointment with the enactment of the Promotion and Regulation of Online Gaming Act in India. The act led to the shutdown of real-money operations at Junglee, an Indian subsidiary. Flutter acquired Junglee in 2021 for approximately $200 million.

FanDuel Predicts launch

During an earnings call on 7 November, DraftKings CEO Jason Robins noted that he sees prediction markets as a significant incremental opportunity for the company. While DraftKings has not set an exact launch date, Robins indicated that it will occur in the coming months.

Flutter predated DraftKings’ entry into prediction markets with the announcement of a partnership with the CME Group over the summer. However, at the time, Flutter did not indicate if it planned to offer event contracts on sports.

Under the terms of the deal, the CME Group will receive 50% of gross revenue from FanDuel Predicts, Truist Securities analyst Barry Jonas wrote in a research note. FanDuel will be responsible for 100% of costs to support the FanDuel Predicts app while CME will be responsible for all exchange-related costs, according to Jonas.

Over the last year, prediction markets have generated considerable buzz throughout the gambling industry amid concerns that sports event contracts could threaten the commercial interests of legal sportsbooks. Bender, the analyst from Citizens JMP, wrote Wednesday that he views prediction markets as a meaningful earnings driver for Flutter in 2027.

Lower guidance

Jackson indicated that Flutter will not have a parlay offering for FanDuel Predicts upon the initial launch. Instead, he anticipates that a pre-packaged offering will be available by early 2026. With the added investment in FanDuel Predicts, Flutter now expects full-year 2025 EBITDA in the range of $2.8 billion to $3.1 billion.

Flutter also lowered its full-year revenue in part due to the unfavourable sports outcomes. The company now expects full-year 2025 revenue to fall within the range of $16.4 billion to $17.3 billion.

In pre-market trading on Thursday, Flutter fell 3.4% to $226 per share. Since clearing $300 a share in July, Flutter has dropped by nearly 25%.

The Nevada Gaming Control Board on Thursday announced FanDuel had surrendered its Order of Registration and related licences and approvals for sportsbooks in the state. Meanwhile, the board approved DraftKings’ request to withdraw its pending sports betting licence applications. FanDuel has one in-person sportsbook in Nevada.

“It has been made clear to the board that Flutter Entertainment/FanDuel and DraftKings intend to engage in unlawful activities related to sports event contracts,” an NGCB release reads. “The conduct is incompatible with their ability to participate in Nevada’s gaming industry.

“The board takes seriously its obligations to operate a thriving gaming industry and to protect Nevada citizens.”

Nevada has been steadfast in its opposition to the unchecked nationwide growth of the prediction market industry, particularly sports event contracts. The NGCB previously warned licensees about potential disciplinary measures related to offering sports event contracts. The regulator said that offering prediction markets constitutes unsanctioned gambling activity.

That warning came after the NGCB sent a cease-and-desist letter to prediction market operator Kalshi in March. Kalshi sued and won a preliminary injunction in April. The NGCB also sent letters to Crypto.com and Robinhood – both of whom sued in response. Unlike Kalshi, a judge denied Crypto.com’s injunction request in October.

Prediction market operators argue they can operate nationally under the federal purview of the Commodity Futures Trading Commission (CFTC).

FanDuel, DraftKings prep sports event trading

During Flutter’s third quarter earnings call Wednesday, CEO Peter Jackson said FanDuel Predicts will launch sometime in December. This summer, FanDuel announced a partnership with CME Group for a prediction markets product.

FanDuel Predicts will offer sports event contracts in states without legal sports betting, such as Texas and California.

“While we’re sad to have to surrender the licence, that’s what we’ve done,” Jackson said during Wednesday’s call. “Nevada were protecting their interest. We need to protect our interest. And FanDuel Predicts will allow us to go after the half of the market that we haven’t previously been able to go after.”

Last week, DraftKings CEO Jason Robins said DraftKings will launch its prediction markets offering, including sports event contracts, in the coming months. Robins said it represents a significant opportunity for the company.

Underdog announced in September it would integrate sports prediction markets into its app. The operator is partnered with Cypto.com, which is registered with the CFTC.

Legacy land-based gambling operators, like Caesars and MGM, have not jumped into the prediction markets industry.

Growing battle between states, prediction markets

This summer, an outgoing CFTC commissioner warned of the unchecked prediction market growth.

Nevada is just one front in the battle between sports betting regulators and prediction markets. Other regulators and attorneys general have entered lawsuits against prediction market operators, including Maryland, Massachusetts, New Jersey, New York and Ohio. Likewise, several tribes have sued prediction markets contending they are violating the Indian Gaming Regulatory Act by offering their products on tribal land.

Other state regulators have also sent warnings to sports betting licence holders similar to Nevada’s warning, with Ohio, Arizona, Michigan and Illinois having done so.

All the state actions come as prediction markets continue a push into the mainstream. The National Hockey League recently partnered with Kalshi and Polymarket. Google Finance also now includes prediction market data from the companies. This week, Yahoo also partnered with Polymarket for similar uses.

Data from the Gambling Commission on Wednesday reported GGY was up 8% from £1.32 billion in Q3 2024 but 5% behind £1.49 billion in Q2 of this year.

Total bets and spins for the quarter increased 3% year-on-year to 26.1 billion. However, the commission noted a 7% decline in the average monthly active accounts for the three-month period.

Online slots remain king although monthly actives drop

Breaking down the market, online slots remained the main source of GGY by some distance in Q3. Total GGY for the segment was £747 million, marginally ahead of the existing record – £745 million – in Q2 and 9% higher than last year.

Total spins were up 4% year-on-year, and on par with Q2’s record, at 24.4 billion. However, average monthly active accounts fell 0.4% from last year to 4.4 million per month.

Average session times were slightly shorter than the previous year at 16 minutes. The number of slot sessions over an hour dropped 15% to 8.6 million, although total sessions were 13% higher at 188.8 million for Q2.

Growth within the sector came despite the introduction of new measures for online slots in Britain. Refreshed online slot stake limits came in at the start of Q2, with players aged 25 or over now only able to wager a maximum of £5 per spin. Players below the age of 25 face a lower limit of £2 per spin.

Improvement in real event betting GGY

Elsewhere, the real event betting segment recovered from a year-on-year decline during Q2 to report growth. GGY for this sector increased 12% to £508 million, although this was 11% less than Q2.

The total number of real event bets was down 3% from last year, while the average monthly active accounts dropped 14%.

Meanwhile, other online gaming GGY, including table games, dipped 4% from Q2 of 2024 to £141 million. Internet poker GGY fell 15% to £11 million, while virtual betting GGY was down 17% to £8 million.

A further £4 million of GGY came from esports betting, a drop of 5%, although GGY from other activities climbed 35% to £2 million.

Betting shop GGY drops 5% in Q3

Turning to the land-based sector, betting premises GGY for the quarter was 5% lower at £508 million. Bets and spins in this segment were also down 2% year-on-year to 3.1 billion.

Machines again generated the most GGY at £272 million, although this was 3% less than the previous year. Over-the-counter GGY dropped 10% to £137 million, but self-service betting terminal GGY climbed 14% to £115 million.

Focusing on machines, sessions total dipped 1% to 22 million but the number of sessions that lasted more than an hour increased 4% to 575,063.

A total of 1,024 players have been suspended, the TFF confirmed on Monday as an investigation is carried out, including footballers from some of the leading teams in Turkey including Galatasaray, Besiktas and Trabzonspor.  

All players were referred to the Professional Football Disciplinary Board (PFDK) as part of the process.

One of the most high-profile names on the list is Turkish international Eren Elmali, who plays for Galatasaray. The club currently sits first in the Süper Lig, the country’s top division. Following publication of the list, Elmali was withdrawn from the Turkish national team squad ahead of the upcoming World Cup qualification matches against Spain and Bulgaria.

Elmali has since posted a statement on social media, in which he claimed his name appeared on the list in reference to a bet made five years ago. He denied placing any other bets since this wager.

“I want to make clear that my name is included in this file because of a betting transaction I made about five years ago involving someone other than my own team,” Elmali said on Instagram. “Since then, I have neither placed a bet nor had any connection to this matter.”

Lower Turkish leagues suspended amid betting probe

To support clubs during the suspension, the TFF has agreed with Fifa to grant a 15-day transfer and registration period. This will allow clubs to sign new players for a limited time outside the traditional transfer window.

In addition, the TFF has elected to suspend all matches in two lower divisions for two weeks. No games will take place in either the TFF 2. Lig or TFF 3. Lig for at least the next fortnight.

All scheduled matches across the top-tier Süper Lig and TFF 1. Lig will run as planned. No matches are due to take place this coming weekend due to the international break.

“The TFF is continuing correspondence with official institutions, and the investigation will be expanded and continued based on these responses,” the TFF said.

Potential damage to football in Turkey

In terms of the wider impact on Turkish football, Bıçak Law Firm founder Vahit Bıçak tells iGB it could damage the reputation of Turkish football, both reputationally and structurally.

“If the allegations prove accurate, this suggests that betting-related misconduct is not confined to isolated incidents but may indicate systemic weaknesses in integrity education, monitoring and enforcement mechanisms across the football pyramid,” Bıçak says

“The investigation’s scale risks undermining public trust in the fairness and transparency of domestic competitions. Sponsors, broadcasters and fans all expect clear evidence that the sport is governed by strong ethics and accountability. Hence, the PFDK’s proactive stance – although dramatic in scale – should also be viewed as a reaffirmation of Turkey’s commitment to protecting the integrity of the game.”

TFF regulations state any player found to have participated in betting or gambling on football matches, domestic or international, could face disciplinary penalties. These can range from match suspensions and monetary fines to long-term or permanent bans.

However, Bıçak says there are broader criminal law implications. If a player is found to have participated in, facilitated, or benefited from illegal betting, this could trigger prosecution under Law No 7258, which may lead to fines or imprisonment.

A turning point for Turkish football?

He believes the case is so serious that betting regulations in Turkey could be overhauled. This, he said, would introduce clearer oversight mechanisms and reduce the appeal of unregulated markets.

“This investigation has the potential to become a turning point for Turkish football,” Bıçak said. “While it exposes serious integrity concerns, it also presents an opportunity to strengthen regulatory frameworks, improve compliance culture and restore confidence in the sport.

“The key will be ensuring that enforcement is balanced with education and preventive measures, so that future generations of players understand both the ethical and legal consequences of betting activity.

“The distinction between casual betting and organised illegal betting activity is crucial in determining the level of liability and potential criminal exposure,” Bıçak adds.

He explains the case could lead to widespread reform of Turkish sport, as well as the approach towards betting regulation and education. This could include improved education and integrity programmes, closer cooperation between regulators and law enforcement and increased transparency and digital monitoring.

The charges against Emmanuel Clase and Luis Ortiz arguably represent the most serious gambling infractions against any Major League Baseball players since the historic PASPA decision in 2018. As set forth in the indictment, the defendants rigged specific pitches in advance of their appearances on the mound. According to prosecutors, the pitchers then provided non-public information to their co-conspirators, who used the information to place hundreds of fraudulent bets on the pitches.

On at least five occasions dating back to May 2023, Clase provided information to co-conspirators that was used to place thousands of dollars in bets. The bettors won approximately $450,000 on the wagers in question, with about $400,000 from information provided by Clase, prosecutors allege.

“When corruption infiltrates the sport, it brings disgrace not only to the participants but damages the public trust in an institution that is vital and dear to all of us,” said Joseph Nocella Jr, who serves as interim US Attorney for the Eastern District of New York. “Today’s charges make clear that our office will continue to vigorously prosecute those who corrupt sports through illegal means.”

Allegations of rigged microbets

Clase, a three-time MLB All Star, received American League Relief Pitcher of the Year honours in 2022, a season in which he led MLB in saves. Prior to that season, he agreed to a five-year, $20 million extension that included a $2 million signing bonus. It did not deter him from allegedly conspiring with a bettor as early as 2023.

In furtherance of the conspiracy, Clase informed an individual identified as “Bettor 1” of the type of pitches he planned on throwing at certain points of a sequence. In most cases, they agreed that Clase would miss the strike zone, usually on the first pitch when he entered a game. Before a Guardians game against the Mets on 19 May 2023, Clase provided advanced information to a bettor on a specific pitch that he intended to throw.

In many instances, Clase informed his co-conspirators of the type of pitch he intended to throw, enabling the bettors to win large wagers on a pitch speed prop. Against the Mets, “Bettor 1” and several other bettors won $27,000 by wagering that a pitch by Clase would exceed 94.95 miles per hour.

Deliberately hurling pitches into the dirt

According to the indictment:

– On  3 June 2023, Clase faced the Twins, the Guardians’ AL Central rival. The bettor and several co-conspirators won $38,000 on multiple parlays that Clase would throw a ball and his pitch would be clocked at under 94.95 mph. Federal authorities captured screenshots of the pitch that landed low and in the dirt.

– Nearly two years later, Clase “requested and received” a kickback payment in exchange for agreeing to throw certain pitches. On 12 April 2025, several bettors won $15,000 on a parlay that Clase’s pitch would be a ball and would be clocked at under 98.45 mph. Clase threw the pitch into the grass well before home plate. On the following day, Clase directed the bettor to send some of the winnings to the Dominican Republic.

– On 15 June 2025, Clase and Ortiz conspired to rig a pitch from Ortiz. Before the game, Ortiz agreed to throw a ball on his first pitch in the second inning. In exchange, Ortiz received $5,000, prosecutors allege. Under the arrangement, Clase also received $5,000. The bettors wagered approximately $13,000 on the microbet for a payout of $26,000.

A push to ban microbetting

The indictments were unsealed in the Eastern District of New York, which has become an epicentre for cracking down on illegal sports betting. Last week, the first of three NBA figures were arraigned in a dual sports betting-poker scheme that has rocked basketball. In light of the historic indictments, multiple federal lawmakers have called for a ban on prop bets.

Also this month, Ohio Governor Mike DeWine has resumed calls to prohibit microbetting on baseball. Over the summer, DeWine wrote a bulletin to the Ohio Casino Control Commission urging the regulatory agency to remove prop bets on “highly specific events” within games that are “completely controlled by one player”. During the MLB All-Star break, MLB Commissioner Rob Manfred remarked that certain microbets, specifically ones on pitches, are “particularly vulnerable” to manipulation.

MLB released a statement on Sunday that said: “MLB contacted federal law enforcement at the outset of its investigation and has fully cooperated throughout the process. We are aware of the indictment and today’s arrest, and our investigation is ongoing.”

The indictments represent the fourth integrity case against a major US sport over the last month, following stories involving the NBA, college basketball and the UFC.

A lengthy prison sentence

Both pitchers are facing several charges – including wire fraud conspiracy, honest services wire fraud conspiracy, conspiracy to influence sporting contests by bribery and money laundering conspiracy – for their roles in the alleged schemes. Ortiz, 26, was arrested on Sunday at Logan International Airport in Boston. The Guardians pitcher was scheduled to appear in federal court in Boston on Monday.

In a statement provided to ESPN, an attorney for Ortiz said that the pitcher is innocent of the charges and that he “would never improperly influence a game”. Chris Georgalis, an attorney for Ortiz, wrote that the charges relate to only two pitches thrown by his client.

MLB suspended both pitchers over the summer, pending further investigation. If convicted, the pitchers each face up to 65 years in prison. As of Sunday afternoon, Clase was not in US custody, according to a press release from prosecutors.

October’s handle surpassed the previous record of $2.49 billion – set in January this year – by 6.02%. It was also 13.3% higher than October 2024 and 15.3% ahead of this September.

Data from the New York State Gaming Commission also revealed mobile sportsbook revenue for the month hit $238.7 million. This surpassed last year’s total by 35.4% and beat September by 23.2%.

September’s revenue haul was also the third-highest on record in New York, behind $247 million in January and the state’s all-time high of $248.9 million, set in May this year.

In terms of hold, the statewide figure for October stood at 9.03%.

FanDuel sets operator handle record in New York

Turning to operators, FanDuel was again the market leader, retaining first position with some style. It posted $100.6 million revenue off a $1.01 billion handle for a hold of 10%.

This was the first time an operator had taken over $1 billion worth of online sports bets in New York in a single month.

Longtime rival DraftKings also set a new handle record in October. It took $938 million in bets, more than in any other month in New York, and posted $82.9 million in revenue. This left a hold of 8.84%.

Fanatics was again the next closest challenger in third. It reported $18.7 million in revenue off a $205.7 million handle for a 9.09% monthly hold.

BetMGM edges clear of Caesars

As for the rest of the chasing pack, BetMGM was next in terms of revenue. It reported $14.4 million in revenue from $187.5 million in wagers, leaving a hold of 7.68%.

Caesars, which tied with BetMGM for revenue in September, was next with $13.2 million off a $175.8 million handle, resulting in a 7.51% hold. Rush Street Interactive followed with $4.4 million from $53 million for a hold of 8.30%

Next was ESPN Bet, taking $3.4 million from $60.3 million for a 5.64% hold. Incidentally, ESPN Bet will soon cease to exist as a brand after ESPN and Penn Entertainment mutually agreed this week to end their partnership. Penn plans to relaunch its theScore Bet product in the US by the start of December.

Elsewhere, Bally Bet posted $1.1 million from $16.6 million in bets for a 6.63% hold. Resorts World Bet again rounded off the New York market with $229,357 in revenue from a $2.8 million handle, resulting in an 8.33% hold.

The company indicated in an SEC 10-Q filing on Friday that Matt Kalish will depart from his role effective 31 March 2026. Kalish will remain as a director on the DraftKings board after the transition date. Kalish and DraftKings mutually agreed on the transition earlier this month, according to the filing, and financial terms of his agreement were referenced but not disclosed.

DraftKings prepares to enter 2026 in something of a transition phase. Kalish’s departure comes a few months after DraftKings announced a $10 million settlement around its Reignmakers NFT product. The company also expects the launch of a new prediction market offering following the acquisition of Railbird and it has several new media partnerships

Perhaps most notably, ahead of its third-quarter earnings release this week, DraftKings signed a multi-year partnership with ESPN in a deal that designates the company as the official sportsbook and odds provider of the network.

Robins bullish on DraftKings future

Despite a partnership that links two of the largest sports media and entertainment companies across the nation, the ESPN deal took a back seat to prediction markets on Friday’s earnings call.

Wall Street analysts spent the majority of the call discussing the offering, in light of DraftKings’ acquisition of Railbird Technologies last month. The purchase of Railbird Exchange, a federally licensed exchange designated by the US Commodity Futures Trading Commission, enables DraftKings to make its highly anticipated entry into prediction markets.

On Friday’s call, DraftKings CEO Jason Robins noted that he sees the offering as a significant incremental opportunity for the company. In spite of a down quarter due to a series of unfavourable sports outcomes, Robins told analysts that he has never been more bullish about the future of the company.

“That may sound surprising given we are revising our fiscal year 2025 guidance ranges today. However, underlying growth in our business is accelerating,” Robins said. “Overall, I believe that our long-term financial potential has never been brighter.”

Launch of DraftKings Predict upcoming

Robins said that the company will launch DraftKings Predict in the coming months, but he did not specify an exact date.

Over the last 10 months, prediction markets have created significant buzz as traditional sportsbooks grapple with a new competitor. The markets offer sports event contracts that mirror financial derivatives such as oil and grain futures. Kalshi, a leading prediction market, has faced a wave of litigation across numerous jurisdictions, which claim that the site is violating various state laws by offering an illegal product.

Robins told analysts that DraftKings has had numerous conversations with state regulators as trends on prediction markets evolve. He stressed that the company treats its relationships with those regulators with the utmost respect. As such, DraftKings only plans to offer sports event contracts in states without legal sports betting.

DraftKings disclosed in the 10-Q filing that it paid $48.6 million for the Railbird acquisition, consisting of approximately $19.9 million in cash and 0.9 million shares of the Company’s Class A common stock valued at $28.7 million. The acquisition contains additional considerations of up to $200 million, according to the filing.

Other highlights from DraftKings Q3 earnings

• DraftKings’ metric known as “monthly unique payers” (MUPs) came in at 3.6 million average customers in the third quarter, remaining unchanged from the same period in 2024. When excluding Jackpocket, the metric on monthly unique players increased by 6% year-over-year to 3.1 million.
• Another metric with the abbreviation “ARPMUPS” came in at $106, representing a slight increase from the same period in 2024. The abbreviation stands for “average revenue per monthly unique player”. DraftKings reported average revenue of $103 per monthly unique player in last year’s third quarter.
• DraftKings’ NBA handle is up 19% season-to-date, while its season-to-date handle for NFL wagering has increased by 13%. Overall, DraftKings’ sportsbook handle for October jumped 17%. For the NFL season-to-date, DraftKings’ parlay mix is up 800 basis points.
• DraftKings’ announcement of the ESPN deal coincided with news that it would mutually terminate a multi-year partnership with Penn Entertainment. DraftKings will begin its marketing partnership with ESPN effective 1 December. “Our betting approach has focused on offering an integrated experience within our products,” ESPN Chairman Jimmy Pitaro said. “Working with DraftKings will allow us to build on that foundation.”
• DraftKings’ board authorised an increase in the company’s repurchase programme from $1 billion to $2 billion. Since the inception of the programme, DraftKings has bought back 9.3 million shares, the company announced.

DKNG Q3 earnings miss

In a letter to shareholders, Robins wrote that a series of “customer friendly” outcomes negatively impacted company revenues by more than $300 million in the most recent quarter. DraftKings indicated that a handful of NFL outcomes had a “pronounced effect” on its revenue. Throughout the industry, sportsbooks have felt a pinch as favourites opened the season covering at a high rate.

While DraftKings increased revenue by 4.4% to $1.14 billion, the company still missed analysts’ consensus estimates of $1.21 billion on the quarter. DraftKings also reported adjusted EBITDA of -$126.5 million, below expectations of -$68.8 million. DraftKings’ adjusted earnings per share of -$0.26 fell in line with estimates.

As a result, DraftKings lowered its full-year 2025 revenue guidance at the midpoint by nearly 5% to $6 billion. DraftKings’ full-year EBITDA guidance of $500 million at the midpoint falls below analysts’ estimates of $746.3 million. The guidance includes the launch of DraftKings Predict, Truist Securities analyst Barry Jonas wrote in a research note. The impending launch was not factored into the guidance in the second quarter, he noted.

More than $1B in media obligations

Under the marketing partnership with ESPN, DraftKings will integrate its product across numerous channels, including its online sportsbook, fantasy and DraftKings Pick6 products. An integration through ESPN’s mobile app will link to DraftKings Sportsbook.

According to the filing, DraftKings has about $1.3 billion of expected contractual obligations over the next five years with three media counterparties. Terms of the ESPN partnership were not disclosed. DraftKings also entered into a multi-year advertising partnership with NBCUniversal in September.

As of noon ET on Friday, DraftKings traded around $28 a share, up fractionally on the session. DraftKings is down approximately 27% over the last 12 months.

The regulator mapped out its concerns in the fourth and final chapter of its research into illegal online gambling. The report considered the challenges of estimating the size of the market and the commission’s recommendations for further progress.

The report considered three approaches to estimating the scale of illegal online gambling in Britain, including dwell time approach, which converts data on engagement and ‘time-spent-on-site’ into expenditure estimates.

The second method is the channelisation approach, based on comparing data on legal and illegal ‘channels’ of engagement with gambling. Finally, the survey-based approach involves players responding to pre-set questions.

Of these three, the Gambling Commission only pursued the dwell time and channelisation methodologies in its four-part report. It said underlying data from surveys was unreliable as consumers’ recall of past expenditure in gambling surveys is “generally poor”.

However, the regulator said neither of the other two approaches presented enough data to allow it to form an accurate view of the illegal market, saying more work is required to make progress.

Minimal findings from dwell time approach

From the data drawn from dwell time and channelisation approaches, the regulator was able to present some findings.

Referencing dwell time results, it looked at the activity of 117 players gambling with illegal websites. Sports betting was the most popular activity with an average of 34% of players taking part, ahead of bingo on 14% and slot and instant win, both with 13%.

However, the primary limitation here was the size of the sample and it not being fully representative.

Also within this section was ‘Patterns of Play’ research on expenditure per minute in the legal market. This showed casino as the main vertical, with £1.12 gross gambling yield (GGY) per minute, ahead of slots on £0.32. However, with the data coming from 2018-19, it was seen as outdated compared to the current market.

The final piece of research looked at online slots GGY per minute between 2020 and 2025. This remained relatively steady throughout, with the most recent rate being £0.24 in March this year.

“Dwell time approach allows us to attempt to convert objective estimates of engagement data using known data from legal market,” the regulator said. “This requires several assumptions to be made – each introducing additional uncertainty to these estimates. Further work on these actions is required before we will reach a position where reliable estimates can be published.”

Channelisation rate far from clear for Gambling Commission

Turning to the channelisation approach, the regulator said while there is potential with this method, more work is needed to verify the accuracy of estimates of web traffic and app use in the legal market to allow reliable channelisation rates to be estimated.

It created a list of all websites associated with operators licensed by the commission and can use digital data company SimilarWeb for estimates of numbers of visits and duration. However, there are some limitations, including that it does not usually observe app versions of illegal websites

“Given the likely strong degree of app-based spend in the legal market, we also need to obtain web traffic data for both apps-based and website-based engagement with legal sites,” it said. “SimilarWeb provides estimates of both. Ideally, we would benefit from operators’ insights to help us verify the accuracy of these estimates.”

Then there were limitations on GGY data and using this to estimate activity within the illegal market. This, it said, related to the margins of error associated with each estimate. It gave the example of statistics covering the period April 2023 to March 2024, which showed total online GGY of £6.9 billion. If channelisation rate estimate was out by just 0.5%, this would be a difference of £34.5 million in the associated estimate of GGY.

What does the Commission plan to do?

In its conclusion, the regulator said while each method has limitations, there are options to open-up a pathway to allow a “robust estimate” of illegal online gambling in Britain.

For the dwell time approach, these options include using data from consumers who have used illegal websites to understand how they differ from legal operators. It will also consider using data from licensed operators to shed light on betting spend and engagement, as well as updating the Pattern of Play report with fresh data.

The Commission also said it could look at trends in VPN downloads to see how many players could be accessing illegal, overseas sites. In relation to this is a potential focus on key search terms for unlicensed sites and the volume of these within search engines.

“Developing this estimate is a worthwhile exercise,” the regulator said. “We recognise that several third parties have published estimates.

“While we welcome the focus on this issue, and recognise the concern stakeholders have about illegal gambling, we urge caution over use of estimates where the methodologies are not clear and levels of uncertainty are not set out.”

Ongoing commitment by the Gambling Commission

The report’s conclusion echoed comments from John Pierce, director of enforcement and intelligence at the regulator. In a recent blog, he set out the commission’s commitment to improving its approach to researching and tackling illegal gambling in Britain.

Among these efforts, Pierce said, are strengthening intelligence capabilities and forging new partnerships across technological and financial sectors and with international regulators. He also noted investment in organisational resilience such as developing new tools, equipping its teams with the right skills and targeted research and data.

“Illegal gambling is not a static threat,” Pierce said. “It is adaptive, opportunistic and increasingly embedded in digital ecosystems on the international stage. Through targeted disruption, strategic partnerships and continued investment in capability, we are building a resilient and effective framework to protect consumers and uphold the integrity of the regulated sector.

“We are making progress; and we are committed to going further.”

Damon Jones, a longtime friend of Los Angeles Lakers star LeBron James, appeared before two judges on Thursday – exactly two weeks after indictments were unsealed in a sweeping case tied to allegations of criminal sports betting and poker schemes. Jones, a former Cleveland Cavaliers guard accused of involvement in both activities, pleaded not guilty on multiple counts.

Initially, Portland Trail Blazers coach Chauncey Billups was scheduled to make an appearance on Thursday in the same courthouse for charges stemming from illegal poker games. But less than 36 hours before the arraignment, Billups received a continuance that moved his appearance back several weeks.

Jones is accused of illegally disseminating non-public information on the injury status of a Lakers player. While James is not charged in the complaint, he matches the description of the player.

Jones’ arraignment came one day after several NBA representatives met with staffers of the US House Energy and Commerce Committee in Washington DC. The historic sports betting scheme in which he was charged has spawned an inquiry from Congress on a litany of integrity concerns about the connection between sports and gambling.

Jones’ ties to King James

Last month, a Brooklyn grand jury unsealed indictments against more than three dozen defendants in a combined illegal poker-sports betting investigation. Joseph Nocella Jr, interim US Attorney for the Eastern District of New York, described the illegal activity as the “most brazen” sports betting scheme since the 2018 PASPA decision.

Jones served as an unofficial assistant with the Lakers in 2023, more than a decade after he teamed with James in Cleveland to win the 2007 Eastern Conference title. Two days after setting the league’s all-time scoring record for career points as a member of the Lakers, James missed a February 2023 tilt against the Milwaukee Bucks. Jones, according to the indictment, received $2,500 for passing information that a particular Lakers player would not appear in the game. James missed the game with an ankle injury.

Jones is one of three defendants who is charged in both the sports betting and poker cases. Jones first appeared Thursday before Judge Ramon Reyes in US vs Aiello, the poker case. From there, he walked across the hall to appear before Judge Taryn Merkl in US vs Earnest, the sports betting case.

During a brief bail hearing, Reyes released Jones on a $200,000 bond. Jones’ mother plans to post a surety bond against her Houston home by Friday, according to his attorney.

When Jones made an initial court appearance last month in Las Vegas, a federal prosecutor told a presiding judge that the former basketball player had a “serious gambling” problem. Following his arrest, the New York Post reported that Jones spent long hours at the ARIA’s high limit room where he sought out successful gamblers for loans. When asked by iGB if he could expound on the compulsive gambling aspects of the case, Jones declined to comment.

Other arraignments on Thursday

Marves Fairley, a Mississippi resident, also appeared before Merkl on Thursday. Fairley, according to the indictment, paid Jones the $2,500 fee via a peer-to-peer mobile payment platform. In addition, Fairley allegedly took part in another scheme involving Miami Heat guard Terry Rozier. While a member of the Charlotte Hornets, Rozier deliberately underperformed in a March 2023 game to enable a group of bettors to win more than $200,000 collectively on a series of props, according to prosecutors.

Deniro Laster, another defendant, allegedly sold information on Rozier’s plans to leave the game early, enabling the bettors to collect on their “under” wagers. Fairley and another co-conspirator agreed to pay Laster $100,000 from the expected winnings, prosecutors allege.

Fairley, who pleaded not guilty to several charges, also posted a bond of $200,000. A professional sports betting tout, Fairley declined comment on the case to iGB. Fairley has also been reportedly tied to an investigation on suspicious betting activity in college basketball, but he has not been charged in that matter.

NBA meeting in nation’s capital

On Wednesday, NBA officials met with staffers from the House Energy Committee for a briefing on the league’s response to the scandal. The meeting included discussion of the NBA’s partnerships with legal sportsbooks, as well as efforts to prevent the dissemination of material non-public information related to odds movements, ESPN reported. Neither Commissioner Adam Silver nor Deputy Commission Mark Tatum took part in the meeting, iGB has learned.

Separately, a Senate committee wrote a letter to the NBA last month asking the league to provide documentation regarding its internal gambling investigations dating back to 2020.

In total, 31 defendants are charged in US vs Aiello, a case that centres on a series of rigged illegal poker games. According to prosecutors, several members of New York organised crime families received a cut of the poker profits. Over the past two days, six defendants in the cases made appearances at the Brooklyn courthouse. Alleged Gambino crime family soldier Anthony Ruggiero Jr’s application to be released on a $5 million bond in the rigged poker games case was denied by Reyes.

While Billups is charged only in the poker case, he also fits the description of an unindicted co-conspirator in the sports betting investigation. Billups, an NBA Hall of Famer, is now scheduled for arraignment on 24 November. Marc Mukasey, Billups’ attorney, did not respond to a request for comment.

On the same date, Jones is scheduled to appear at a status conference with several other defendants. Rozier is scheduled to be arraigned next month.

On Wednesday Attorney General Keith Ellison announced that he has sent cease-and-desist letters to 14 illegal gambling websites. The sites targeted include offshore sports betting and casino operators as well as dual-currency sweepstakes operators.

“Online platforms offering sportsbooks and casino games run by out-of-state and overseas operators may make it look as though online gambling is legal and safe in Minnesota, but let me be clear: it is not,” Ellison said in a release.

“Trying to rebrand poker chips as virtual currencies does not change the fact that these online gambling operations are unlawful. By continuing to operate online gambling sites in Minnesota, these operators are likely openly defying our state’s laws and I will not stand for it.”

Ellison’s letters were sent to:

• BetAnySports
• BetNow
• BetOnline
• BetUS
• BetWhale
• Bovada
• EveryGame Sportsbook
• Fortune Coins
• MyBookie.com
• Slotsandcasino
• Sportsbetting.com
• VG Luckyland
• XBet
• Zula Casino

Law enforcement sent letters this summer

According to the release, the Minnesota Department of Public Safety’s Alcohol and Gambling Enforcement Division sent letters to the same 14 operators in June.

Those letters alerted the sites to potential legal violations, but Ellison said they have continued their operations. Along with the previously mentioned criminal violations, Ellison’s letters highlighted civil consumer protection laws the sites might violate.

“Illegal online casinos and sweepstakes sites make big promises but deliver only risk to Minnesota consumers,” Minnesota Department of Public Safety Commissioner Bob Jacobson said in the release. “Most are based outside the United States to avoid laws, regulation and enforcement measures. There’s no accountability, no protection for players and no way to know if the betting will be run fairly.”

Minnesota sports betting legislative attempts

Minnesota lawmakers have repeatedly introduced sports betting legislation and were reportedly close to a bipartisan deal with every stakeholder on board as the 2024 session ended.

Despite the 2025 session beginning with a similar deal essentially in place, a bipartisan group of legislators against sports betting solidified and prevented passage of a bill sponsored by Senator Matt Klein this year. The Senate Finance Committee held a hearing in January that focused on the harms of sports betting.

Klein, a member of the Democratic-Farmer-Labor Party, said this year that lawmakers are “abandoning” Minnesotans and the state’s 11 tribes by failing to act. The DFL and Republicans have been at odds in their support for various gambling industry stakeholders. The DFL supports tribal exclusivity, while the Republicans want to include the state’s horse racing tracks as part of sports betting operations. The deal in place had the various stakeholders in agreement before the opposition reared its head this year.

Heading into 2026, Minnesota still might be the best shot for a state without legal sports betting to pass some form of legislation, according to multiple industry sources. One source put the odds at 50-50.

Unregulated sportsbook crackdowns continue

Multiple state legislatures passed sweepstakes prohibition bills this session, including California, Connecticut, Montana and New Jersey. California accounted for an estimated 20% of US revenue for sweepstakes companies, according to panellists at the Global Gaming Expo last month.

Lawmakers in Louisiana and New York also passed similar legislation. New York Governor Kathy Hochul has yet to sign S5935, but New York Attorney General Letitia James sent 26 cease-and-desist letters to sweepstakes operators this summer.

Louisiana Governor Jeff Landry vetoed his state’s bill while stating that regulators already had the power to enforce gambling laws. The Louisiana Gaming Control Board then sent 40 cease-and-desist letters to unregulated operators, including sweepstakes sites.

Other states including Maryland, Michigan and Arizona have also taken significant action against sweepstakes operators.

ESPN and Penn mutually agreed to the early termination of their partnership, which initially was a 10-year deal set to go through 2033, according to Penn’s third quarter report on Thursday. Penn paid $150 million per year for ESPN’s media, marketing and the exclusive right to ESPN Bet. The deal gave either company the option to end the partnership after the third year if market share performances were not met. The companies had aimed to secure 10%-20% market share after three years.

“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space,” Penn President and CEO Jay Snowden said in a statement. “Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration. We plan to realign our digital focus on our growing iCasino business, while continuing to capitalise on our omnichannel advantage as the nation’s leading regional retail casino operator.”

Penn readies theScore Bet for US relaunch

In ESPN Bet’s place, Penn will relaunch its theScore Bet product in the United States, with a goal of having it ready by 1 December to coincide with the start of Missouri sports betting. The ESPN Bet app will be automatically updated to theScore Bet when opened on the date of transition, according to Snowden.

Snowden said theScore Bet will “leverage connectivity with theScore media app”. He said the media app has four million monthly users in North America.

Penn purchased theScore in 2021 for $2 billion. The sportsbook then ended its US operations in 2022 to focus on the Canadian market.

In a previous sportsbook partnership that proved costly, Penn purchased Barstool Sports to use that company’s brand before giving it up – after similarly dismal performance – to restart in the new relationship with ESPN.

Penn shelves ESPN Bet

Penn will pay $38.1 million in the fourth quarter to Disney-owned ESPN, as well as an additional $5 million for marketing of theScore Bet and Hollywood Casino, according to the company’s 8-K filing.

The company must stop using the ESPN brand by 15 December. Disney, meanwhile, cannot license the ESPN Bet brand for at least 15 months after 1 December.

“Together, ESPN and Penn created a truly unique offering with unparalleled integrations across our various media assets,” ESPN Chairman Jimmy Pitaro said. “ESPN drove over 2.9 million new users into the Penn ecosystem, with a strong uptick in first time bettors this fall. We appreciate the collaboration we had with Penn and are now pursuing other media and marketing opportunities within this space.”

Penn retains the 2.9 million users acquired during the ESPN relationship. ESPN retains vested warrants to purchase nearly eight million shares with a strike price of $28.95.

The release said the two companies will continue to work together in marketing and media. ESPN also announced a new marketing agreement with DraftKings on Thursday morning.

Penn refocuses on iCasino

Snowden said theScore will continue to act as a funnel to Penn’s Hollywood Casino iCasino app and the company will continue to focus on cross-selling its 33 million Penn Play programme members.

“Our OSB offerings will continue to provide top of funnel acquisition and cross-sell opportunities for our Hollywood-branded iCasino, which will remain integrated into our OSB product in states where legal, in addition to serving as a standalone iCasino app,” he said.

“We will operate with a more efficient cost structure, including replacing fixed media spending with performance based and regionally targeted marketing that complement our casino footprint. The realignment will free up resources to strategically invest in the North American markets with strong return potential which we expect will drive enhanced unit economics and profitability.”

In the third quarter, the land-based business was stable with $1.4 billion in revenue, according to the company’s earnings report.

Online struggled, with revenues of $297.7 million and an adjusted EBITDA loss of $76.6 million, which were below expectations. Snowden said the loss was because of “customer-friendly hold” and lower than anticipated online sports betting volumes.

Still, he highlighted the strength of Penn’s iCasino products, including a 40% year-over-year boost in quarterly revenue.

“The momentum in our iCasino business continues to benefit from growing average MAUs, which experienced the third consecutive quarter of year-over-year and quarter-over-quarter increases,” Snowden said.

Second failed media partnership

It is the second partnership Penn has ended based on poor performance in the sports betting space despite strong potential and goals.

In 2023, the company ended its partnership with Barstool Sports, which it initially purchased a share of in 2020. The company later acquired the remaining shares in 2022 for a total of $551 million.

Penn sold Barstool back to founder Dave Portnoy for $1 in 2023, following disappointing conversion of the media company’s audience into meaningful sports betting market share.

DraftKings snaps up ESPN partnership

Shortly after Penn and ESPN announced the ESPN Bet termination, ESPN and DraftKings announced a new partnership. The deal makes DraftKings the official sportsbook and odds provider of ESPN, beginning 1 December.

“Our betting approach has focused on offering an integrated experience within our products,” Pitaro said. “Working with DraftKings, a leader in the space, will allow us to build upon that foundation, continue to super-serve passionate sports fans and grow our ESPN direct-to-consumer business. We are excited about this new collaboration with DraftKings.”

DraftKings products will be integrated across the ESPN ecosystem, including access to sportsbook, daily fantasy and DraftKings Pick6 products. That includes a betting tab within the ESPN app.

“ESPN’s unmatched visibility across the world of sports make this collaboration a natural fit,” DraftKings co-founder and CEO Jason Robins said. “As an innovative leader in digital sports entertainment, DraftKings is uniquely positioned to integrate our technology and products with ESPN’s iconic brand and storytelling power. Together, we’re delivering a seamless, engaging, and responsible experience that elevates how fans connect with live sports.”

ESPN Bet will turn to a sports betting content brand with DraftKings Sportsbook integrations, including “ESPN Bet Live”, the network’s sports betting show.

For Q3, covering the three months to 30 September, revenue hit $166.3 million, up 38.2% from last year. This, Genius said, came following growth across each of its three core operating segments.

Betting technology, content and services remained the primary source of revenue for the group. However, it was media technology, content and services that stole the show, with revenue rocketing 88.9% year-on-year.

It was not all smooth sailing for Genius which, despite growth, ended the quarter at a net loss. This was primarily due to a negative foreign currency, while the group also saw certain operating expenses increase.

On the whole though, co-founder and CEO Mark Locke was upbeat about the quarter, with the hike in revenue his main focus. This, he said, was enough to make the group increase its full-year guidance with less than two months until the year ends.

“Our growth this quarter reflects our unique ability to combine sports data with audience intelligence to deliver personalised fan experiences at scale,” he said. “We’re extending our leadership in online sports betting and sports advertising through richer content, rapid product adoption and strong commercial momentum, driving continued growth and long-term value for our partners.”

Genius considers expansion into predictions

Locke also touched on one of the key talking points in the US sports betting market in recent months: the prediction markets.

Rather than make any commitment about whether Genius will into this sector, Locke said on an earnings call that the group will continue to observe developments before making a decision.

“As they evolve and mature, prediction markets may provide a meaningful new opportunity for us in expanding the addressable market,” he said. “While these products are nascent, they are evolving rapidly and the need for Genius official league data, marks and logos and integrity solutions will only grow as prediction markets become more sophisticated. This means that we are extremely well placed should we decide to engage.

“With regard to timing, we are being extremely considered and deliberate in our approach. We will work closely with key stakeholders across the ecosystem, our league partners, regulators, existing customers and, indeed, the prediction markets themselves to determine the next steps, and we are confident in our ability to capitalise on this opportunity in a responsible and sustainable way if we feel all of the requirements we need to be in place to participate in this market are met.

“Given the early and evolving nature of this market, we won’t be providing additional detail on this call, but I want to be clear, if we are confident that prediction markets will meet our robust regulatory and commercial thresholds, these developments could result in positive developments for Genius Sports and our future growth.”

What drove revenue growth?

Switching focus back to Q3, and beginning with the core betting segment, revenue jumped 38.3% to $110 million.

Genius attributed this to growth among existing customers after price increases on contract renewals and renegotiations. It also noted the positive impact of the expansion of value-add services, growth and expansion in existing markets, new service offerings, as well as new customer acquisitions.

As for the media business, revenue almost doubled from $22.1 million to $41.8 million. The group said this was mainly driven by higher programmatic advertising services during Q3.

The remaining $14.5 million came from the sports technology and services business, a rise of 16.4%. This was primarily attributed to an increase in sales of products built on GeniusIQ technology.

In terms of stand-put developments in Q3, Genius noted its acquisition of Sports Innovation Lab, strengthening its fan activation platform. It also expanded its partnerships with Hard Rock Bet Sportsbook and ESPN Bet, launched the BetVision product for global basketball competitions, and secured exclusive official data and streaming rights with Italy’s Serie A.

Genius in the red in Q3

However, looking towards the bottom line, this is where the results did not read as positively for Genius.

Gross profit edged up year-on-year in Q3 but higher operating expenses meant the group posted an operating loss of $25.6 million, compared to $6.1 million in 2024. Spending was higher in almost all areas, with general and administrative expenditures amounting to $45.7 million, some 50.3% higher.

There was also a $7.5 million loss on foreign currency, in contrast to last year’s $21.1 million gain. As such, pre-tax loss stood at $33.2 million, compared to a $15 million profit in Q3 of 2024.

Genius received $2.6 million in income tax benefit and gained $1.8 million from equity method investment. This meant it ended Q3 with a net loss of $28.8 million, versus a $12.5 million profit last year. However, adjusted EBITDA was 32.3% higher at $34 million, at a margin of 20.4%.

In terms of the year-to-date, results made for similar reading. For the nine months through 30 September, group revenue was 27.9% higher at $429 million. Gross profit was higher but higher expenses offset revenue growth, leaving a net operating loss of $126.7 million, wider than last year’s $51.3 million loss.

Genius did note a $32.6 million foreign currency gain but still posted a pre-tax loss of $94.1 million, almost three times the $33.2 million loss at the same point in 2024.

The group took $302,000 in tax benefit and $2.9 million in equity method investment gain, with this resulting in a net loss of $91 million for the period, compared to the $34.8 million loss last year.

Adjusted EBITDA, on the other hand, climbed 64.7% to $87.9 million, at a margin of 20.5%.

Firm on improved full-year guidance

While net loss widened in Q3 and the year-to-date, Genius was steadfast in its confidence in raising full-year guidance for both revenue and adjusted EBITDA.

For 2025, revenue is now expected to reach $655 million. This would surpass the restated target of $645 million after H1 and would beat last year’s actual revenue haul by 28%.

As for adjusted EBITDA, this is forecast to amount to approximately $136 million for the full year. Again, this is up from refreshed guidance of $135 million in the summer and would beat the previous year by 59%. Genius added that it also expects to generate positive annual cash flow in the full year.

“We are continuously proving the value of our platform – both in betting and in media – and this success is reflected in the results we’ve delivered to date,” Locke said. “We’re gaining significant momentum with brands and agencies and remain optimistic about the long-term potential of this business.”

Under the deal, the terms of which were undisclosed, Kambi will acquire source code for a PAM platform from OMEGA. Kambi said it selected OMEGA after a “rigorous” request for proposal processes.

At first, Kambi will focus on the Nevada sports betting market, where it secured licensure earlier in 2025. It has already started commercial discussions with prospective partners in the state and will now submit the platform for licensing.

Kambi also made reference to existing integrations between its sportsbook and the OMEGA platform, which is already being used by several partners and is connected to the Kambi front-end. As such, the provider expects only “minimal” resource requirements to bring it to market in Nevada, with the aim of it being product-ready in Nevada by the end of H1 2026.

Kambi to unlock commercial opportunities

Outside Nevada, Kambi said the acquisition would potentially open up opportunities in other jurisdictions where third-party PAM options are limited. This viewpoint was reflected by Kambi CEO Werner Becher in his comments on the deal.

“Kambi is already the trusted home of premium sports betting solutions, and this acquisition reinforces that leadership position,” Becher said. “While we remain platform-agnostic, the addition of an in-house PAM solution to our turnkey sportsbook ensures we can unlock commercial opportunities in Nevada and potentially in other jurisdictions as they arise.”

Jim Godsell, founder and CEO of OMEGA, said the deal would see Kambi “take control” of its PAM solution.

“Over the years, OMEGA and Kambi have provided combined solutions to operators in multiple jurisdictions,” Godsell said. “This acquisition allows Kambi to build on the OMEGA PAM architecture and enter new markets quickly.

“As is the case with other OMEGA licensees, Kambi is “Taking Control” of its PAM solution.”

Revenue and net profit down in Q3

In other news, Kambi published its results for the third quarter, revealing a decline in both revenue and net profit.

Revenue for the three months to 30 September reached €37.4 million ($42.9 million), down 13.1%. Kambi said while new partner launches had a positive impact, it was hit by a quieter sporting calendar, deposit limits in the Netherlands, increased taxes in several jurisdictions – such as in the Netherlands – and new commercial terms of certain renewed contracts.

“Since the start of Q3, Kambi has signed seven turnkey sportsbook partners, three Odds Feed+ deals and two partner renewals – a clear reflection of the commercial progress we are making,” Becher said

“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América and the Olympics, and the ongoing increased impact of gaming-related taxes.”

Operator turnover in the quarter decreased by 6% year-on-year, with performances mixed across Kambi’s active markets. Operator turnover in Americas climbed 8.9%, helped by going live in the newly regulated Brazil market. However, turnover in Europe dropped by 21.8%, again on the back of higher taxes and fewer sporting events.

In terms of costs, spending was lower on the whole, but reduced revenue meant operating profit slipped 54.6% to €1.6 million. Pre-tax profit was also down 50.9% to €1.8 million.

Kambi paid €820,000 in tax, leaving €1 million in net profit, a drop of 61.5%. In addition, adjusted EBITDA dropped 14.1% to €11.6 million.

Kambi heading for full-year decline?

As for the year-to-date, revenue in the nine months to the end of September sat 9.6% lower at €119.3 million. Gross profit was also down 11.8% to €104.3 million and operating profit 71.8% to €4 million on the back of this.

Pre-tax profit declined 70.1% to €4.3 million while after €2.3 million in tax, net profit hit €2.1 million, a drop of 79.8%. Adjusted EBITDA for the period was also 19.7% lower at €35.1 million.

However, despite the declines, Becher was upbeat on future prospects, including the new opportunities with the PAM.

“With the busy sporting calendar upon us, we continue to focus on delivering an unbeatable product and service to our partners while building the foundations for long-term growth,” he said. “The recent commercial wins, ongoing improvements to our market-leading product, the opportunities that the PAM will create, as well as the continued progress of our efficiency programme are, together, evidence of the positive momentum we are building.

“When coupled with the exciting opportunities we continue to pursue, I have growing confidence we will deliver sustainable growth and long-term returns for our shareholders.”

What was once a familiar fixture of local life and working-class leisure could soon become a casualty of what the gambling industry has called a shortsighted fiscal ambition. 

Even before the threat of new levies, the retail segment was faltering as the nation’s gambling habits migrated largely online. Quarterly updates from Entain – with over 2,000 stores across its Ladbrokes and Coral brands – have repeatedly described retail as a “stable” but low-growth segment, although the group insists it “treasures” its shops as the backbone of its brand.

Major operators have issued stark warnings against a hike, insisting the impact could wipe out retail betting in the country, with thousands of jobs and hundreds of shops at stake. Aside from Flutter’s recent closures, Evoke, which operates 1,300 William Hill outlets, has also threatened to close as many as 200 shops – 15% of its estate – if taxes rise. As have Entain and Betfred.

“If [the tax rate] went up to anywhere like 40% or even 35% there is no profit in the business,” Betfred founder Fred Done said in an interview with the BBC on 19 October. “We would have to close it down … probably 7,500 job losses.”

Speaking to iGB, a spokesperson for Flutter UK & Ireland reiterates the impact a rise could have on its retail business, noting it has already had to close shops even before any tax increase. “We unfortunately had to close 57 Paddy Power shops last month – and that’s before any increase in gambling duty. Any tax increase on business isn’t a free hit, it comes with consequences,” they warn.

Tax hike will ‘devastate’ UK high street bookmaker jobs

A rise in gambling duty will have a significant effect on jobs and sports sponsorships, as well as offering a huge boost to an illegal black market that has almost tripled in size in the UK in the past three years. 

A report commissioned by the UK’s Betting and Gaming Council (BGC) in October claimed such a “tax raid” could wipe out £3.1 billion from the UK’s economic output and threaten more than 40,000 jobs.

The analysis by EY found that once lost employment, reduced corporation tax and lower National Insurance contributions are considered, the Treasury’s net gain from the proposed UK gambling tax hikes could fall below £500 million.

“Further tax hikes would devastate jobs, reduce Treasury revenues and drive billions into the hands of the black market,” the BGC tells iGB.

The impact of a possible UK gambling tax rise on the already suffering retail sector has been clearly outlined by stakeholders, but some parliamentarians appear skeptical of the sector’s warnings.

Treasury committee doubts impact of remote tax hike on retail

During a Treasury committee session held in Parliament on 28 October, committee members probed BGC CEO Grainne Hurst and the trade body’s tax policy advisor, Stephen Hodgson, on the issue, seemingly expressing doubts over the sector’s threats that retail would take a hit even if remote taxes were to increase.

Hurst confirmed that UK gambling companies operated a “circular economy” and a single profit-and-loss model, meaning any impact to one side of the business would inherently be felt across the group.

“They will be reinvesting money they make in one part of their business into another. And so if we see any additional further tax increases on any part of the sector, it is likely to have an effect on the retail side of the business,” Hurst told the panel.

“These are businesses that operate in an integrated manner. So if you were to increase remote taxes and leave land-based taxes untouched, you would still see a consequence on the overall ecosystem,” Hodgson added.

“If you look at some of the larger businesses the BGC represents, they are quite integrated. That’s how they manage to achieve economies of scale and become the large, successful businesses they are. And they will look at costs across the board.”

Could the retail sector be shielded from the impact?

Elsewhere, the panel discussed the potential of specifically shielding the retail sector from any tax increase by establishing a separate rate for online and retail betting activities.

Currently the sector pays a flat 15% General Betting Duty across profits made from bets made both online and in-person. But during the meeting Paddy Power co-founder Stewart Kenny proposed a separate lower rate for retail activities to help protect high street bookies from extinction.

“I believe there should be provisions in any taxation [model] that betting shops will be lower, because I think they can be a real social [hub] for people who don’t drink, to have fun. Betting shops do have a future, but obviously like [everything] on the high street they are going to suffer,” he said.

A social institution under threat 

Operators have equally raised concerns over the human impact of shop closures. In an interview with The Times, Entain CEO Stella David said closures would be a blow to community identity. “We don’t want to close shops,” she said. “These are part of Britain’s cultural fabric – not just places to bet, but places where people come together.” 

The sense of loss is echoed across the industry, says Bethan Lloyd, senior associate at Wiggin LLP who previously worked in William Hill’s legal team. She points to the special place the high street bookmakers hold in the lives of punters.  

“Many of these bookies serve as something of a social base for their regular customers; it is sad that this will be taken away,” she notes.

“Many of our shops play a central role in communities and we are committed to our retail estate, but clearly any duty rise in the upcoming budget could impact our plans,” the Flutter spokesperson adds.

Dan Waugh, a partner at Regulus Partners, believes the disappearance of the betting shop will have real social consequences. “Millions of people choose to bet and watch racing in shops despite the fact they can do both at home. A meaningful number of consumers will find their lives negatively impacted by the withdrawal of an activity that brings them pleasure,” he says. 

Impact on mental health 

Mark Pearson, Betfred’s head of corporate affairs and communications, stresses there is a lot more at stake than just a line on a balance sheet. “Retail is the very heartbeat of our business,” he says. “Fred [Done] started with just one shop in 1967. Betting shops are a massive part of communities and high streets.”

He also warns the knock-on effects would be profound. An impacted retail sector would mean reduced investment in horse racing and sport, and not least “a free pass for the black market that offers no protection for vulnerable players.” 

The BGC estimates that 1.5 million Britons stake up to £4.3bn annually with unlicensed operators in a growing black market.

Dan Waugh at Regulus Partners also adds a sobering warning that funding for treatment of gambling disorders, as well as harm prevention initiatives and research, is at risk of falling too. Under the new statutory levy, around 90% of funding comes from betting shops, online betting and online gaming.  

“If consumer spending in these channels falls as a result of tax increases, then we may see essential mental health treatment services collapse.”

The human cost 

The threat to the UK land-based gambling sector is not just about betting shops. The proposed UK gambling tax structures from think tanks such as the IPPR and Social Market Foundation (SMF) would hit all land-based gambling venues – from casinos and bingo clubs to seaside arcades.

Dan Waugh believes the SMF and IPPR reports which propose more than doubling current UK gambling tax rates are of “extremely poor quality”.

“Neither think tank appears to have considered the impact of shutting down large swathes of the land-based industry,” he laments. “Clearly, omnichannel incentives will be far less relevant if there are far fewer shops,” he says of crucial player retention strategies that operators have built over years.

But Lloyd acknowledges that successfully converting customers between online and retail has been a challenge for all the major operators. She says many retail clients don’t regularly bet online and stricter marketing rules have added a layer of complexity to omnichannel approaches.

Behind UK high street bookmakers lie thousands of British employees, many of whom have spent decades in the same communities and companies. Lloyd notes the personal cost is that these staffers will unlikely be redeployed as the industry is tightening its belt across the board.  

UK high street bookmaker employees won’t be redeployed

This will also negatively impact the consumer experience, Lloyd says: “This route will be minimised or removed, and with it, the grassroots knowledge of the punter and the product.”  

Waugh agrees that political advocates of the tax hike underestimate this disruption. “It is easy for people in Westminster think tanks to say that betting shop employees can easily find work elsewhere,” he says. “This ignores the fact that unemployment is rising, that in some parts of the country jobs simply aren’t there.”  

The industry’s geography aggravates the issue. “Online gambling – as with ecommerce in general – tends to concentrate employment in a small number of locations,” Waugh notes. “There might be some opportunities for shop workers in places like Stoke-on-Trent and Leeds, but these are exceptions.” 

The end of an era? 

Retail betting shop closures could have a ripple effect across British racing and related industries. A quarter of racing turnover occurs in betting shops, meaning their disappearance would erode media rights revenues and levy receipts.

“Racing will be the most impacted,” says Lloyd. “Given the demographic of the shops’ customers and their betting patterns.” 

As the chancellor’s autumn budget approaches, the industry’s lobbying has reached fever pitch. Entain’s David has urged policymakers to look beyond short-term revenue. “When you start damaging the regulated market, you don’t get less gambling, you just get less safe gambling,” she has told the media.

The image of the British bookmaker has endured for decades. But it now stands at a crossroads. Taxation that aims to boost public finances could instead hollow out the very communities it is meant to serve and, if the environment becomes unsustainable for the operators, policymakers may soon witness the disappearance of one of Britain’s last surviving high street institutions.  

NetBet, which operates the UK’s Netbet.co.uk website, will pay the fine as part of a settlement with the regulator. All funds will go to socially responsible causes, the commission said.

Setting out the failings, identified between November 2023 and July 2024, the regulator noted several issues related to AML. All referred to paragraphs 1, 2 and 3 of Licence Condition 2.1.1, covering preventing money laundering and terrorist financing.

Among the issues was how NetBet was “over reliant” on financial triggers, with examples of customers spending disproportionally compared to their reported net income.

In one instance, a customer was not referred to the money laundering reporting officer and remained as low-risk for AML despite depositing around £2,000 within four active days, via an e-wallet and working in a higher-risk occupation.

The regulator noted how a pay slip submitted later by the user showed monthly net pay of approximately £2,800, but disproportionate spend was not considered when they deposited £1,650 within a two-hour period.

The commission also flagged examples of “significant” gambling activity taking place where users showed concerning behaviours. However, the operator still considered them low risk, and no action was taken.

NetBet was also criticised for its money laundering and terrorist financing risk assessment, with the regulator saying this omitted some key risks. These included management of third-party business relationships, high stakes gambling and controls relating to third-country nationals residing in Britain.

NetBet failed to minimise harm risks

As for social responsibility failures, the commission focused on two primary areas of concern at NetBet.

Firstly, it said the operator had failed to implement “effective” customer interaction systems and processes to minimise gambling harms risks.

Concerns were also raised over how NetBet did not identify indicators of harm in a “timely manner”. Expanding on this, the regulator noted how signs such as overnight play, velocity of deposits, exhausting limits and escalated gameplay were not flagged until after a manual review.

In addition, NetBet was discovered to have submitted inaccurate information when filing regulatory returns. The Gambling Commission said it had breached Licence Condition 15.3.1, in reference to providing timely and accurate information to the regulator.

Commission flags ‘serious consequences’ of non-compliance

Based on these findings, the commission deemed it necessary to penalise NetBet, with the payment being in lieu of a financial penalty. The operator will also undertake an independent audit of the flagged policies, procedures and controls, as well as help cover the costs of the investigation.

John Pierce, director of enforcement at the commission, said the case should serve as a warning to other operators. He said the regulator will intervene when standards slip and rules are broken.

“This case highlights the serious consequences of failing to meet AML and social responsibility obligations,” he said. “We expect all operators to take note and ensure their systems are not only well-designed but are working effectively to protect consumers and to keep crime out of gambling.

“The operator was instructed to take immediate action and make significant improvements to its systems and controls. This included strengthening their risk assessments, improving how they identify and respond to indicators of harm and ensuring the accuracy of the data they report to us.

“Our focus is on ensuring operators meet the standards we expect and, where they fall short, we will intervene.”

Another intervention by the Gambling Commission

The commission has taken action against several operators in recent weeks over failures.

In October, the regulator suspended Spribe OÜ’s software licence for failing to comply with hosting requirements. It said this was necessary on “grounds of suitability” due to “serious” non-compliance.

Spribe was required to immediately halt all hosting activity in line with the suspension. It may not resume hosting activities until the suspension is lifted and a suitable hosting licence is issued by the regulator.

Meanwhile, the regulator suspended the operating licence of VGC Leeds Limited, which operates the Victoria Gate Casino land-based venue in Leeds, England.

A compliance assessment of the venue uncovered failures to maintain and implement effective anti-money laundering policies, procedures and controls, as required by licence.

The Senate Committee on Agriculture and Revenue heard testimony on Senate Bill 592, which would legalise online sports betting through the state’s tribes. One of the proposal’s co-authors, Senator Howard Marklein, sits on the committee.

“If we do this, it will legalise what a lot of people do right now illegally,” Marklein said during the hearing. “We’ll make this legal and collect taxes on this, which we certainly need.”

The bill, which was not voted upon Tuesday, would legalise sports betting through a “hub-and-spoke system”. It would allow 11 Wisconsin tribes to partner with online sports betting operators, as long as the server used for wagering is on federally recognised tribal land. It would legalise a system similar to the one used in Florida, where the Seminole tribe has a monopoly.

The bill would require the tribes to renegotiate their gaming compacts with the state, with approval also required from the federal Bureau of Indian Affairs.

Marklein co-authored the proposal with representatives Kalan Haywood and Tyler August and Senator Kristin Dassler-Alfheim.

“For too long, illegal, offshore entities have profited from consumers through unregulated sports wagering, without generating revenue for local economies,” Haywood said in a statement last month to iGB. “By regulating this multi-billion-dollar industry, we can provide a safer mobile wagering experience for Wisconsin consumers and generate much-needed revenue to invest into our communities.”

Tribes support sports betting

The Ho-Chunk Nation, which filed a lawsuit against prediction market operator Kalshi contending it was offering illegal sports betting on tribal land, testified in favour of the bill on Tuesday, explaining its extensive tribal government could use the additional funds.

Forest County Potawatomi Community Attorney General Jeff Crawford said the Milwaukee Bucks, Milwaukee Brewers and Green Bay Packers want to see sports betting legalised. The tribe has partnerships with the professional sports teams.

Crawford also said Wisconsin residents already bet millions of dollars each year and a regulated industry would provide consumer protection. He said the regulated market can provide protections against problem gambling and implement responsible gambling measures.

Opponents express Wisconsin sports betting concerns

Senator Andre Jacque expressed worry about legalising additional forms of gambling in the state.

The Sports Betting Alliance testified during the hearing on behalf of major sportsbook operators, acknowledging it hopes to legalise online sports betting in Wisconsin but does not agree with specifics in the proposed legislation. The SBA representative said the framework is set up under the Indian Gaming Regulatory Act (IGRA) and it would have operators send 60% of revenue to partner tribes. The counsel said major operators like DraftKings and FanDuel would not find it to be economically attractive.

“That number is so large, they would lose money – it just won’t work for them,” the SBA counsel said, adding that tethering to tribes in relationships not dictated by IGRA would be more friendly. He noted sportsbook operators have thriving relationships with tribes in Michigan. He also believes the Wisconsin legislators are rushing the legislation.

DraftKings already has a partnership with the Lac du Flambeau Band of Lake Superior Chippewa Indians and operates an in-person sportsbook at Lake of the Torches Resort Casino.

Wisconsin Governor Tony Evers agreed to in-person sports betting in negotiated compacts with the state’s tribes in 2021.

Multiple federal lawmakers urged bans on prop bets following FBI arrests last month tied to a gambling scheme involving NBA games, but others are now taking a more nuanced approach. Major League Baseball is reportedly working to eliminate microbets, while a New Jersey lawmaker recently proposed a ban on the bet type.

Meanwhile, US Representative Paul Tonko of New York sent a letter to professional league commissioners asking for support of his SAFE Bet Act, which includes a prohibition of AI use to create microbets.

Microbets are specific prop bets that occur throughout a sporting event, for instance whether a pitch will be a ball or a strike or who scores on a team’s next possession in a game.

MLB pursuing microbet ban?

Ohio Governor Mike DeWine told the Columbus Dispatch last week that MLB Commissioner Rob Manfred is working with the other leagues to pursue a ban on microbets. DeWine said Manfred’s office told him there was agreement with all but one sports betting company, according to the report.

“These micro prop bets are just very dangerous,” DeWine told the Dispatch. “They’re really a great threat to the integrity of sports. And they can occur in baseball, but they can also occur in other sports as well. And they do occur in other sports as well.”

DeWine called for a microbet ban this summer. That followed the suspension of Cleveland Guardians pitchers Luis Ortiz and Emmanuel Clase as part of a gambling investigation.

DeWine said he would wait to hear back from MLB before urging further state regulatory action against the bet type. Last year, the Ohio Casino Control Commission banned college prop bets after NCAA President Charlie Baker began campaigning for the prohibition.

New Jersey microbet ban proposed

New Jersey State Senator Paul Moriarty last week introduced S4794, which aims to ban microbets. It is a similar bill to Assemblyman Dan Hutchison’s AB5971, which was introduced in July.

Moriarty’s bill adds fines for operators who offer microbets. The bill defines a microbet as:

“A proposition bet which is wagered live, while a sport or athletic event is ongoing and concerns the outcome of the next play or action occurring in the sport or athletic event.”

Operators would be fined “not less than $500 and not more than $1,000 per offence”.

Hutchinson told CBS Philadelphia he is not against sports betting, but that this proposal is to stop “excessive and impulsive gambling”.

Tonko pushes for SAFE Bet Act support following NBA gambling scandal

Tonko first introduced the SAFE Bet Act last year and reintroduced it this year with Senator Richard Blumenthal. Included in the SAFE Bet Act is a ban on the use of AI to create gambling products, including microbets.

Last week, Tonko sent letters to multiple major professional sports leagues “demanding they support implementing federal gambling safety standards”.

“Claims of prioritising integrity ring hollow when leagues have sold credibility to gambling operators, integrated betting content into broadcasts, normalised wagering for teenagers, glorified it in advertising, and then failed to prevent criminal conduct from taking hold within the sport,” the letter read.

“The choice before you is now explicit. Either engage directly with Congress to establish mandatory federal guardrails that restore integrity and protect the public or stand in opposition and accept responsibility when the next scandal breaks and more families and lives are destroyed.”

The letters were sent to:

• Major League Baseball Commissioner Robert Manfred
• Major League Soccer Commissioner Donald Garber
• National Basketball Association Commissioner Adam Silver
• National Football League Commissioner Roger Goodell
• National Hockey League Commissioner Gary Bettman
• National Women’s Soccer League Commissioner Jessica Berman
• Women’s National Basketball Association Commissioner Cathy Englebert

A House committee requested a briefing from Silver following the NBA gambling arrests. A Senate committee asked the NBA to produce information related to internal gambling investigations by 10 November.

The SAFE Bet Act includes creating federal standards for sports betting, including:

• No sportsbook marketing during live sporting events.
• No programming designed to induce gambling, like “bonus,” “no sweat” or odds boosts.
• Prohibition of operators accepting more than five deposits in a 24-hour period.
• Requirement that operators perform “affordability checks” on customers.
• Prohibition on using AI to track players’ gambling habits and offer individualised offers.
• A ban on collegiate and amateur prop bets.
• Requirement that the surgeon general report on public health challenges related to sports betting.

Customers spent $737.2 million betting on sports in September, the Virginia Lottery reported. This was 18.4% more than the same month last year and 44.5% ahead of August this year. Only November 2024 drew more wagers at $761 million.

Of the total handle, $731.5 million was bet online and $5.6 million at retail sportsbooks.

Revenue dips year-on-year in Virginia

Players received back $667.4 million from sports betting while the Virginia Lottery accounted for $5.3 million in undisclosed other dedications.

This resulted in $64.5 million in adjusted gross revenue, marginally lower than the $65.9 million in September 2024 but 10.6% more than this August. Online betting generated $63.6 million of this total, with retail’s share at $891,650.

The sportsbooks’ combined monthly hold stood at 8.75%. This was lower than August’s 11.43% hold and the 11.5% hold in the prior September.

As for tax, some $9.7 million was drawn from sports betting during the month. Of this, $9.4 million went to the General Fund Allocation, while the remaining $241,716 was sent to the Problem Gambling Treatment and Support Fund Allocation.

The Virginia Lottery does not publish a breakdown of individual operators. Some 14 mobile operators and three casinos were active in September.

Malta regulator warns of unlicensed websites

The Malta Gaming Authority has warned that several websites are falsely claiming they hold licences in the country.  

The MGA denied any connection with PangaGames.com, Casino1bet.online, PalmsBet1.com, Flexiblesport.com and Casino-Europa.eu. It also denied links with a longer domain operating under the Memo Casino brand.

The regulator said that any reference to the MGA or licences issued by the MGA is “false and misleading”. It cautioned consumers not to gamble with any unauthorised websites or operators.

“The activities of unlicensed entities are unregulated and do not provide the necessary safeguards delineated by virtue of the framework, making transactions with such entities risky for consumers,” the MGA said.

Kambi scores Superbet deal

Kambi Group has entered into an Odds Feed+ partnership with multi-channel sports betting and gaming operator Superbet Group.

Under the deal, Kambi will provide Superbet with access to its full library of traded odds. This includes the ability to expand its odds package to meet player demand and support evolving strategic needs.

Founded in Romania in 2008, Superbet has a presence in several European countries as well as in Brazil.

“This partnership reflects the strength of our trading capability and the trust Superbet Group has placed in Kambi to support their long-term growth,” Kambi CEO Werner Becher said.

North Dakota Lottery switches with Scientific Games

Scientific Games has announced the conversion of the North Dakota Lottery’s system technology.

Scientific Games is powering the lottery with its latest central gaming system and iLottery solution. This, the provider said, will modernise both retail lottery and digital sales.

The omnichannel solution is delivered through Scientific Games’ Momentum integrated ecosystem. This also includes a player account management and CRM solution, featuring an integrated loyalty program, bonusing engine and achievement-based rewards

“We are committed to making the North Dakota Lottery relevant for generations to come and by doing so we achieve our mission to benefit programs meant to improve the quality of life in our state,” said Thomas Lawler, director of the North Dakota Lottery.

SIS lands Racing WA rights deal

Sports Information Services has agreed to a long-term international media rights deal with Racing WA.

SIS will deliver horse and greyhound racing fixtures from Western Australia to its partners around the world. This covers 283 meetings from 31 tracks across the state, including the Perth Cup.

All races will be delivered as an end-to-end solution, including livestreamed pictures, data and on-screen graphics with betting triggers. SIS already offers racing content from both Victoria and South Australia.

“By expanding our content to three major states through this deal with such a well-regarded partner, we are confident the comprehensive offering will be strongly received around the world,” said Conall McSorley, head of racing at SIS.

ENJOY extends reach with Groove Technologies

New software developer ENJOY has secured a strategic partnership with Groove Technologies.

The deal will see Groove offer ENJOY’s content to its network of operator customers around the world. ENJOY develops both slot and live game show titles.

Content such as slot games Hot Fire Coins 2, Fire Express, 3 Mariachi and Bison Strike will be made available to Groove’s partners. Also on offer will be game shows such as Enchanted Forest and Egypt Roulette.

“Our portfolio is growing every month, and to sustain that momentum, we need our titles in front of the right people in the right markets,” said Christos Zoulianitis, chief commercial officer at ENJOY. “Groove enables exactly that, and we’re confident this will be another successful collaboration that will drive both brands forward.”

The conviction of Christopher Scott King underscores a longstanding push by federal authorities to crack down on the California illegal sports betting market. On Tuesday, a U.S. District Court judge sentenced King to 21 months in prison, imposing a sentence recommended by prosecutors earlier this month. The period of incarceration is nearly double the sentence Matt Bowyer received in August.

Bowyer, a longtime bookmaker and professional gambler, accepted roughly $325 million in wagers from Ippei Mizuhara, the former interpreter of Los Angeles Dodgers star Shohei Ohtani. While Bowyer’s case received considerable fanfare given his ties to Mizuhara, the King matter mostly flew under the radar. The convictions of King and Bowyer remove two of the largest players from the California illegal sports betting market, one of the largest in the nation.   

California bookie forfeits $10 million in plea deal

Over a four-year period through 2022, King generated more than $13 million in unreported income from his illegal bookmaking business and other sources, according to court filings. In April, King pleaded guilty to operating an illegal gambling business, tax evasion and money laundering.

The bookmaker, through false tax returns, told the Internal Revenue Service that he collectively had $1,681,461 in taxable income for those years, prosecutors said.

As part of his plea agreement, King agreed to a $10 million forfeiture and to pay restitution covering the $3.8 million tax loss he caused to the federal government. King already paid the restitution and the forfeiture, a spokesman from the U.S. Attorney’s Office for the Central District of California told iGB.

Before reporting to FCI Lompoc, a minimum-security prison camp, on 10 October, Bowyer told iGB that he maintained some of the same sports betting clients as King. Although numerous professional athletes wagered with Bowyer’s operation, it is unclear if any bet with King.

While Bowyer’s client list contained at least 700 bettors at the peak of his operation, prosecutors did not disclose the size of King’s book. Both bookmakers funneled customer wagers to offshore websites whose servers are located in Costa Rica.

King appeared in federal court for sentencing Tuesday, less than a week after federal prosecutors in Brooklyn unsealed indictments against 34 defendants in a joint poker-sports betting investigation. Three NBA figures, including Trail Blazers coach Chauncey Billups and Heat guard Terry Rozier, are among the defendants.

King’s vast real estate portfolio

According to prosecutors, King owned several multimillion-dollar residential properties in southern California, most notably a $15 million house in Pacific Palisades. King also owned a home and condo in Santa Monica worth an estimated $8 million, along with a $3.8 million property in Palm Desert.

Federal prosecutors accused King of using gambling profits to launder money by channeling it through real estate projects and gold. King allegedly bought the properties, used illegal gambling funds to improve them, then subsequently sold the properties, according to prosecutors.

In one instance, King wrote a $50,000 check to a contracting company, two days after he deposited an $84,500 check from a bettor into a bank account, prosecutors said. King at times received cryptocurrency payments from customers in the course of their illegal gambling.

Contrition from bookie at sentencing

Attorneys for King wrote in a pre-sentence memo that their client is working to navigate a challenging period. King is a recovering gambling addict, according to his attorneys, and nearly lost his home in the Palisades wildfire, they wrote. Nevertheless, they stated that he took “full responsibility,” for his actions and cooperated with the government in the investigation.

King received credit for providing information to the government on an unnamed associate. By comparison, Bowyer’s substantial cooperation resulted in an eight-level downward departure in sentencing guidelines, which U.S. District Judge John Holcomb deemed “extraordinary.”

Two other bookmakers in the sweeping probe await sentencing. As with Bowyer, poker player Damien Leforbes pleaded guilty to laundering millions of dollars through a Las Vegas casino. Another defendant, Wayne Nix, has seen his sentencing delayed numerous times over the last few years.

While U.S. District Court Judge Stanley Blumenthal Jr. also sentenced King to three years supervised release, he did not impose additional fines beyond the forfeiture. King, who is scheduled to surrender by 6 January, did not comment outside a federal courthouse on Tuesday.  

Proposals span a nationwide ban on collegiate prop bets, federal advertising and affordability standards, and stepped‑up action against illegal offshore operators. Despite repeated introductions over recent sessions, Congress has shown negligible follow‑through since the 2018 repeal of PASPA.

A sports betting hearing in the Senate Committee on the Judiciary in December 2024 quickly turned off topic. The committee has not reconvened on the issue, despite Senator Dick Durbin (D-Ill), who chairs the committee, saying it was not the end of the discussion.

Some lawmakers are reviving dormant bills, while others are entering the debate for the first time.

House panel seeks NBA gambling briefing

After the NBA gambling news broke last week, the House Committee on Energy and Commerce requested a briefing from NBA Commissioner Adam Silver.

The committee seeks details about the situation. It also wants to know the actions the NBA intends to take and whether the league’s current code of conduct is effective. Committee members also want to know whether the NBA is reevaluating its position on partnerships with sports betting companies.

“These allegations raise serious concerns about sports betting and the integrity of the sport in the NBA, which harms fans and legal sports bettors,” the letter reads. “The committee has jurisdiction over interstate commerce, consumer protection, and sports.”

The letter details the committee’s investigations of MLB steroid use, Olympic anti-doping measures and sexual abuse of Olympic athletes.

Senate committee wants NBA gambling information

Senators Ted Cruz (R‑Tex) and Maria Cantwell (D‑Wash) asked the NBA to produce documents on any internal investigations into illegal gambling by players and coaches since 2020, with a 10 November deadline.

The senators sent a letter to Silver this week.

“This is a matter of congressional concern,” the letter reads. “The integrity of NBA games must be trustworthy and free from the influence of organised crime or gambling-related activity. Sports betting scandals like this one may lead the American public to assume that all sports are corrupt.”

Durbin backs nationwide prop bet ban

Durbin said in a statement he is committed to banning prop bets nationwide to strengthen sports integrity. Durbin’s office did not return a request for comment from iGB.

“The temptation for athletes, seasoned coaches and professional officials to adjust performances is real,” Durbin said. “Sadly, scandals are becoming more and more frequent. Congress, states and sports leagues must all work to maintain the integrity of sports and prevent future sports betting scandals.”

League compliance teams, regulated sportsbooks and integrity monitors have flagged suspicious wagering that aided investigations.

NCAA President Charlie Baker is leading a campaign to ban college player prop bets across the country. While some states already had the collegiate prop prohibition in place, other state regulators retroactively banned the bet-type, including those in Ohio, Louisiana and Maryland.

But professional prop bets might be a harder lift. US Rep Michael Baumgartner did not include professional props in his bill to ban collegiate prop bets in the US, introduced earlier this year. He told the Washington Post a professional prop ban would be “unlikely” to pass.

Opponents warn bans could push demand for prop bets to offshore markets.

Senators urge DOJ offshore crackdown

Senators Richard Blumenthal (D-Conn) and Katie Britt (R-Ala) led a group of 11 bipartisan lawmakers in sending a letter this week to Attorney General Pam Bondi urging the Department of Justice to crack down on illegal gambling operators.

“We write regarding the concerning use of illegal offshore gaming operations by America’s youth, and to ask the DOJ to take action to protect young people from these illegal gaming operations,” the letter reads.

The letter notes all 50 state attorneys general sent a letter to the DoJ earlier this year asking for it to block offshore gambling websites using the Unlawful Internet Gambling Enforcement Act.

The letter comes after regulators from across the US have sent hundreds of cease-and-desist letters to illegal gambling operators. In 2023, a group of state regulators sent a letter to the DoJ asking for support in an illegal market crackdown.

Britt recently asked Bondi during a recent Senate Judiciary hearing about offshore gambling.

“Senator Britt remains open to conversations and potential solutions for tackling how sports gambling adversely affects the next generation,” her office said in a statement to iGB. “Her current priority is addressing the alarming rise of illegal sports betting among our youth, especially when it comes to illegal offshore gaming operations. The Senator recognizes that access to offshore sites is one of the main culprits behind the rise in sports gambling among minors and will be taking steps to address it.”

The other sponsors signed to the letter are:

• Marsha Blackburn (R-Tenn)
• Cory Booker (D-NJ)
• John Cornyn (R-Tex)
• Chuck Grassley (R-Iowa)
• Josh Hawley (R-Mo)
• Mazie Hirono (D-Hawaii)
• Amy Klobuchar (D-Minn)
• Mike Lee (R-Utah)
• Thom Tillis (R-NC)
• Peter Welch (D-Vt)

SAFE Bet Act sponsors renew push

Blumenthal and Rep Paul Tonko (D-NY) sponsored the Supporting Affordability and Fairness with Every Bet Act (SAFE Bet Act) for the past two sessions. The bills have sat dormant in their respective committees since reintroduction in March.

The proposal would establish national advertising standards and affordability checks. It would also ban collegiate prop bets and restrict the use of AI to target bettors.

The lawmakers used the NBA gambling scandal last week to renew calls for their proposal. Tonko released a statement last week, blaming the scandal on the “unchecked explosion” of the legalised sports betting industry. He said the “unfettered access to sports gambling destroys public trust in the game”.

Tonko called for the NBA and other leagues to commit to minimum federal safety standards.

“The sad reality is that these scandals will only increase so long as the sports betting industry goes unchecked,” Tonko said in a statement to iGB. “In order to truly address this rising crisis, the federal government must act to establish minimum safety standards. I’ll continue to highlight the importance of this issue to my colleagues and push for this common-sense legislation.”

Blumenthal said in a statement last week the SAFE Bet Act would prevent coaches and athletes from betting on their own games, prohibit prop bets and “ensure that there is finally vigorous oversight of gambling companies”.

“These troubling indictments are the most recent signal that the sports betting industry has corrupted the game to the detriment of fans and victims of gambling addiction,” Blumenthal said last week in a statement. “Letting gambling companies turn sports into the wild west has been an abysmal and absolute failure – it’s time for Congress to enact the SAFE Bet Act into law.”

Under the deal with Crypto.com, Trump Media’s Truth Social will become the first social media platform technology to give users access to embedded prediction market capabilities through its exchange.

The new platform, “Truth Predict”, will give users the ability to trade event contracts in numerous areas, including:

• Political elections
• Sports
• Commodity prices on oil and gold
• Inflation
• Interest rate fluctuations

“We are thrilled to become the world’s first publicly traded social media platform to offer our users access to prediction markets,” said former California congressman Devin Nunes, who serves as chairman and CEO of Trump Media.  “Truth Predict will allow our users to engage in prediction markets with a trusted network, while harnessing our social media platform to provide unique ways for users to discuss and compare their predictions.”

Election betting on Truth Social prediction markets?

The announcement comes several days after Trump named Michael Selig as his nominee to serve as chair of the US Commodity Futures Trading Commission (CFTC). Selig, chief counsel of the US Securities and Exchange Commission’s Crypto Task Force, reportedly emerged as a candidate to receive the nod last month.

According to a joint press release, Truth Predict will offer the contracts through Crypto.com’s Derivatives North America platform, a CFTC-registered exchange and clearinghouse.

As of Tuesday afternoon, Crypto.com only offered pricing on one election event contract: next month’s New York City mayoral election. Zohran Mamdani, the Democratic nominee, has a commanding lead on the exchange, with a 93% probability to win.

While Crypto.com does not offer a derivative for the 2028 US Presidential election, other leading prediction markets have made the contract available since Trump took office. Trump is the consensus third choice to become the Republican nominee even though he is not eligible to serve again because of Constitutional term limits.

Views on prediction markets abroad

Over the last 10 months, jurisdictional debate on the regulation of sports event contracts has dominated the sports betting landscape. Kalshi, an upstart prediction market, is embroiled in litigation in numerous states over the legality of sports derivatives on the state level.

In response, Kalshi has argued that the contracts are federally regulated through the CFTC. Donald Trump Jr, the son of the US president, joined Kalshi as a strategic advisor in January.

Polymarket also revealed its intent to relaunch inside the United States on Tuesday.

Outside the US, several countries throughout Europe typically take a more conservative view of prediction markets. In Germany, the Joint Gambling Authority of the federal states, a body responsible for regulating transnational gaming, has stated that prediction markets are not compliant with federal regulations on gambling. The authority asserts that some markets are “susceptible” to manipulation because of certain outcomes it deems subjective.

Polymarket agreed to geofence users from accessing its product in France. The decision came after the French National Gaming Authority (ANJ) determined that Polymarket’s trading products likely violated national law. Regulators in the UK, however, typically view event contracts as gambling products, given that election betting has been widely available on sports gambling websites.

Truth Social will begin beta testing in the relative near future, the companies wrote in the joint statement. Trump Media plans to launch the service globally once all the requisite requirements are met.

“We are thrilled to integrate Truth Social’s pioneering social media platform and technology with our industry-leading technology and regulated prediction market trading,” wrote Kris Marszalek, CEO of Crypto.com, in the statement.

While the scandal gave some lawmakers new momentum to call for federal oversight and to summon NBA Commissioner Adam Silver for additional information, Congress has rarely discussed sports betting issues since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018. Meanwhile, state lawmakers have been slow to make changes to the actual function of sports betting once it is legal in a market, often leaving alterations to regulators.

Aside from a Congressional hearing in December, the industry has largely avoided significant federal scrutiny since PASPA fell. Senator Dick Durbin, who chairs the Senate Committee on the Judiciary where the hearing was held, said at the time it was not the end of the sports betting discussion. However, that hearing veered off topic and there has not been another meeting scheduled.

States tighten sports betting industry

Seven years after PASPA fell, 39 states offer some form of legal sports betting. As the industry has matured, some state lawmakers across the country have looked to rein the industry in. State legislators at large, though, appear to want to take a hands-off approach on the industry once it is legalized.

Most extreme was a bill in Maryland earlier this year that proposed an outright repeal of online sports betting. The proposal did not receive a committee hearing. Maryland’s online sportsbooks launched in November 2022. A Vermont lawmaker introduced a similar bill this year but also did not receive a hearing.

In Connecticut, lawmakers looked at shoring up the industry this session, including a maximum hold for sportsbooks and allowing consumers to opt out of viewing certain types of wagers. The multiple bills, however, did not advance.

Where legislatures have acted, it is often to help a state’s fiscal situation, as several states have also increased sports betting taxes since market launches. Illinois moved from a flat 15% initial tax to a tiered system of 20% to 40% based on revenue. The state also implemented per-bet fees. Ohio, Louisiana and Maryland also have increased their tax rates.

Are state regulators most efficient for change?

State regulators have been most active in shaping the industry, with agencies like the Massachusetts Gaming Commission and Ohio Casino Control Commission watching sportsbooks closely monitoring, shaping and enforcing industry rules as issues arise.

New York and Illinois regulators have also tightened advertising rules.

Regulators have also been the most efficient in changing prop bet rules, largely related to college sports. The OCCC, Maryland Lottery and Gaming, and Louisiana Gaming Control Board changed their rules to prohibit the bet type for NCAA games last year.

Bills pushing federal sports betting guidelines

The most comprehensive federal proposal filed is the Supporting Affordability and Fairness with Every Bet Act (SAFE Bet Act), which Senator Richard Blumenthal and Rep Paul Tonko have introduced the past two sessions. Blumenthal’s Senate version was referred to the Committee on the Judiciary in March. Tonko’s version was sent to the Committee on Energy and Commerce. The committees have not heard the bills.

The lawmakers believe federal oversight is important to mitigate public health risks.

“We are not here because we want to stop the industry from breaking [revenue] records, nor are we here to prevent Americans from wagering on sports should they choose to,” Tonko said when they reintroduced the bill in March 2025. “We’re here today because government, at every level, has failed to pay attention to or understand the impact of gambling-related harms.”

The legislation:

• Calls for a national advertising framework for gambling industry TV ads between 8am and 10pm. It would prohibit words like “bonus”, “risk-free” and “no-sweat”.
• Prohibits collegiate player prop bets and in-play betting.
• Restricts artificial intelligence helping target bettors.

In the 2025 version, Tonko said the proposal requires states to work with federal agencies to crack down on illegal operators. State regulators sent hundreds of cease-and-desist orders to illegal operators this year and asked for federal assistance in the past.

Prop bets major target after NBA gambling arrests

Perhaps the loudest champion for nationwide action to institute nationwide guidelines is NCAA President Charlie Baker. He advocates for a nationwide ban on collegiate prop bets.

Rep. Michael Baumgartner introduced a college prop bet ban in February. He does not call for a ban on professional prop bets. Several states, including North Carolina and New Jersey, have introduced bills to prohibit collegiate prop bets, but few have advanced far.

“The world of prop bets has opened up a lot of potential for illegal activity and issues that can threaten games,” Baumgartner said in an interview with the Washington Post last week.

However, regulated sportsbooks and integrity monitors helped uncover the illegal activity, underscoring how the legal market can detect suspicious betting patterns.

Other federal bills on gambling similarly parked

Tonko began targeting sports betting in bills in 2023, starting with the Betting on Our Future Act. It would have treated sports betting ads with a complete FCC ban, the same as cigarettes. It was referred to the Subcommittee on Communications and Technology but did not move.

Blumenthal began calling for colleges to end sports betting partnerships in 2022. He also co-sponsors the Gambling Addiction Recovery, Investment and Treatment Act, or GRIT Act, which would dedicate the 0.25% federal excise tax on sports betting handle to problem gambling treatment and research. He first introduced the GRIT Act in 2024.

Nevada Rep Dina Titus has worked to repeal the federal excise tax since at least 2014. Other lawmakers have since co-sponsored similar legislation. Titus said the tax, which has been in place since 1951, gives offshore and illegal operators an advantage. Sportsbook operators have paid more than $500 million in excise tax since 2018.

Players spent $610.7 million betting on sports in August, according to data from the Arizona Department of Gaming. This was 23.0% more than in the same month last year and 31.7% ahead of July 2025.

Of this total, $608.9 million was bet online, while just $1.8 million was wagered at retail sportsbooks in Arizona.

Gross event wagering revenue for the month hit $59.9 million, up 61.5% from last year and 9.9% more than July. This was calculated after players won some $594.3 million from sports betting during the month.

After taking away $18.4 million in free bets and promotional credits, adjusted gross event wagering revenue hit $41.5 million. This surpassed last year’s total by 85.3% and was 2.0% ahead of July.

Online betting accounted for $41.1 million of August’s revenue total, while retail wagering contributed $382,816.

Based on adjusted revenue, monthly hold in Arizona reached 6.80%. As for non-adjusted revenue, hold stood at 9.81%.

FanDuel remains on top in Arizona

Looking to operators, FanDuel remained ahead of long-time rival to keep hold of top spot in August. Posting $14.2 million in adjusted revenue off $178.5 million in bets, this resulted in a 7.96% hold.

DraftKings again placed second with $13.0 million in combined online and retail revenue. Having taken $184.0 million in bets, it was left with a hold of 7.07% for the month.

BetMGM remained in third with $6.0 million in revenue off a $67.5 million handle, meaning an 8.89% hold.

Elsewhere, Fanatics drew $2.6 million in revenue from $48.1 million in bets for a 5.41% hold. Caesars rounded off the top five with $2.5 million off $31.3 million for a monthly hold of 7.99%.

As for tax, betting activity generated $4.1 million for the month, almost all of which came from online wagering. Retail sportsbooks paid just $30,625 in monthly tax.

In a short trading update released on Monday it said proceeds from Term Loan B will be used to fund the acquisition and associated fees and expenses. Allwyn agreed to acquire the stake in September, in a deal marking its entrance into US daily fantasy sports market.

Should the acquisition proceed as expected, Allwyn will take a 62.3% majority holding in the business, paying an initial cash consideration of $1.6 billion for the stake.

This implies an enterprise value of $2.5 billion for PrizePicks. However, should it hit certain performance metrics over the next three years, this could increase to $4.15 billion.

PrizePicks’ current CEO Mike Ybarra and the existing leadership team will continue to run the brand as a standalone within Allwyn. They will also retain the majority of their ownership interest in the business.

Subject to certain closing conditions, the deal will complete in the first quarter of next year.

Allwyn talks up ‘positive’ Q3 performance

Meanwhile, Allwyn has issued a short trading update on its performance in Q3, ahead of the group publishing results the quarter on 30 October.

Allwyn noted a somewhat challenging September for its sports betting operations. It said its business was affected by “exceptionally” customer-friendly sports results during the month, with this impacting sports betting margins.

However, it said this was an industry-wide phenomenon and not limited to its business. The group also played down any long-term impact, saying variation in sports margins due to customer or operator-friendly sports results “average out over time”.

On this, it noted its diversification, particularly with lottery and other verticals, also reduced the impact of these resultd. As such, it said other underlying trends remain “positive”.

Acquisitions aplenty for Allwyn

The PrizePicks acquisition is one of just major developments announced by Allwyn in recent months. In October, Allwyn International and OPAP agreed to merge and create a lottery and gaming business worth an estimated €16 billion. The deal also includes plans to list on another global international exchange such as London or New York.

In addition, in July, Allwyn International announced the sale of its land-based casino assets in Germany and Australia. It also acquired the remaining minority stake in Greece- and Cyprus-facing online operator Stoiximan.

The group also recently established the new Allwyn Digital division. Headed by ex-Betfred US CEO Kresimir Spajic, the business aims to evolve Allwyn digitally, providing bettors with engaging experiences.

Now, the NBA’s Oklahoma City Thunder wants a seat at the table.

Lawmakers discussed sports betting options last week during a legislative study committee, including a Thunder representative suggesting the state authorise either the team or a tribal consortium to offer one statewide retail and mobile sports betting licence in the state, according to KOSU.

The proposal included sharing revenue among the parties, with 0.25% of the total betting handle directed to the NBA franchise.

While lawmakers remain interested in legalising the industry, Stitt has vowed to veto any sports betting bill that gives tribes sports betting exclusivity. Meanwhile, tribes already hold gaming exclusivity in the state and do not want to relinquish that position, believing that including a non-tribal operator would violate tribal gaming compacts. The tribes paid the state $210 million in 2024 for gambling exclusivity as part of their compact.

“Any breakdown in the gaming compacts would create major uncertainty for both the casino industry in Oklahoma, a major economic driver for both the tribes and the state, leading to legal challenges, legal costs that threaten the operational stability of the casinos,” Rep Ken Luttrell said at the meeting.

Because of the dispute between the governor and the tribes, recent legislation attempts to legalise sports betting through the tribes have been unsuccessful despite strong support in Oklahoma City.

This year’s Oklahoma sports betting legalisation attempt

Despite Stitt’s pledge to veto any tribal sports betting bills, Luttrell’s proposal this year made it further than any previous attempts. The proposal was developed in concert with the Oklahoma Indian Gaming Association, allowing tribes to amend their compacts to include sports betting.

The bills passed the House and made it to the Senate floor, where they did not receive a vote before the legislature adjourned.

Luttrell’s HB 1047 would have created a sports betting framework. If Stitt had vetoed that bill, HB 1101 would have sent the issue to voters, mirroring a 2003 move to create a state lottery. Luttrell guided similar framework legislation through the House in 2003.

While Oklahoma sports betting remains illegal, the Choctaw Nation of Oklahoma signed a multi-state sportsbook agreement with Kambi in 2024. The tribe’s flagship casino is near the Texas border. It also has a number of sponsorship deals in Texas, including with the Texas Rangers, Dallas Mavericks, Dallas Stars and the ATP’s Dallas Open.

Stitt stays strong on commercial Oklahoma sports betting

Stitt told media he was not disappointed in the 2025 failure to legalise. He believes the tribes are waiting until he is out of office in 2027.

He attempted to legalise sports betting in 2020 through compacts with two state tribes. Other tribes in the state opposed the move and the state’s courts ultimately rejected the compacts. That ordeal left Stitt and the tribes at odds.

In 2023, Stitt revealed a sports betting plan that opens the market to commercial operators. It gives online sports betting control to commercial entities, while allowing the tribal casinos to have in-person sportsbooks. He pointed to that plan again this year when legalisation talks heated up.

Frustrated GOP lawmakers even floated taking over compact negotiations themselves, reflecting the depth of the rift between Stitt and tribal leaders.

Kambi scores with Holland Gaming Technology

First, Kambi Group has signed a multi-year agreement with Holland Gaming Technology in the Netherlands.

Under the deal, Kambi will provide its full turnkey sportsbook solution to the operator. This includes advanced trading capabilities, an open platform and bet builder product.

The partnership comes after Holland Gaming secured a sports betting licence from Dutch regulator, Kansspelautoriteit. It is already active within the county’s online casino space.

“We’re excited to partner Holland Gaming Technology as they expand into sports betting,” Kambi CEO Werner Becher said. “Their strong marketing and deep industry expertise make them an ideal fit for our turnkey sportsbook solution.”

BetGoodwin launches EveryMatrix sports betting product

Next, EveryMatrix has also detailed a new sports betting venture, linking up with UK-facing BetGoodwin.

The operator has rolled out a full turnkey sports solution from EveryMatrix. This followed the signing of a multi-year full turnkey agreement signed in 2024.

The platform offers more than 200,000 monthly live events and up to 800 live markets on English Premier League fixtures. Betting options include pre-live and live bet builder across 11 sports, cash out functions and odds boost.

Julian Head, CEO of BetGoodwin, said: “This is a milestone launch for us. EveryMatrix’s modern sportsbook gives us a feature-rich platform that will help deliver an outstanding betting experience to our customers.”

Pragmatic Play opens Colombia studio

In other news, Pragmatic Play has expanded its reach in Latin America by launching a new live casino studio in Colombia.

Delivered and operated by ARRISE, the Bogotá-based studio will deliver localised, premium live casino experiences in Latin America. Supported by an investment of over $15 million, the facility is set to create over 1,500 new jobs.

More than 100 tables will be located at the studio. These include roulette and blackjack, all customised to local preferences and hosted by Spanish and Portuguese-speaking dealers.

Irina Cornides, chief operating officer at Pragmatic Play, said: “This new live casino studio in Colombia represents a major milestone in our native content expansion strategy across Latin America.” 

Michigan regulator targets illegal websites

Into the US, the Michigan Gaming Control Board (MGCB) has taken further action against unlicensed gambling operators.

The regulator issued cease-and-desist letters to eight online casinos found to be illegally offering iGaming to Michigan residents. The MGCB regularly sends these notices to tackle unlicensed activities.

Aussie Play, CryptoGames, FortuneJack, Hugewin Casino, My Stake Casino, Play at Harry’s Casino, RuneChat and Slots Garden were all contacted by the regulator.

“These unauthorised websites often appear sophisticated and legitimate, but they operate outside of Michigan law, MGCB Executive Director Henry Williams said. “The MGCB will not hesitate to intervene when we find operators ignoring our state’s gambling laws.”

NCPG welcomes affiliates in Texas and Vermont  

And finally, the National Council on Problem Gambling (NCPG) in the US has announced two new members.

The Texas Coalition on Problem Gambling and the Vermont Council on Gaming and Health have joined the organisation. Both groups will work with the NCPG and other members on supporting those impacted by problem gambling.

While the NCPG advocates for problem gambling support at the national level, its state affiliates focus on regional efforts. With the new additions, NCPG now has affiliates in 37 states.

“Every state has a unique gambling landscape, but the need for prevention and support is universal, NCPG Board President Derek Longmeier said. “Affiliate organisations are vital partners in NCPG’s mission.”

The regulator detailed its latest actions in the third chapter of its research into illegal online gambling. This focused on the disruption of the market, with the commission running several schemes to combat illegal operators.

For the fourth quarter, ended 30 June, some 321 websites were referred to search engines for removal. This was almost 200 more than in Q3 and more than double both Q1 and Q2.

On top of this, 147 referrals were made to registrars or hosts, while cease-and-desist notices were issued to 145 illegal operators. A further 77 cease-and-desist notices were sent out to advertisers.

As for outcomes of this action, some 214 of the flagged websites were removed from search engines, while 108 other sites were geo-blocked or ring-fenced. The commission also noted 42 advertisements or affiliates linked to black market sites were removed, and 22 others suspended by registrars or hosts.

“Geo-blocking and blocks by registrars appear to be more effective methods of disruption,” the Commission said. “Removals from search engines still have an impact, but to a lesser extent. This is likely because removal from search engines make the website harder to find, but do not fully block access.

“Geo-blocking and registrar blocks are more effective, provided that consumers are not accessing these sites using a virtual private network (VPN) in the case of geo-IP blocking.” 

Long-term impact of disruption

Since April 2024, the regulator’s black market team has issued 3,140 cease-and-desist disruption notices. Cease-and-desist orders hit 2,032 by Q3, while 774 registrar referrals were made, 402 to host and three to payment providers.

In total, 447,778 URLs were referred to Bing and Google since last April. URLs differ to websites in that they are a specific web address for a single page or file, with operators able to run many URLs to the same website. Of those referred, 287,961 have been removed since April last year.

In terms of illustrating wider impact, the Gambling Commission used data from 160 websites that had disruption activities taken against them.  On average, across the 160 sites, there was a 32% decrease in engagement following disruption.

“We recognise that this work is at an early stage, but the signs of progress are encouraging,” the regulator said. “We remain committed to building our capability, sharing our approach internationally and working with industry to protect consumers and uphold the integrity of the regulated market.”

Commission aware of emerging threats

However, despite upping its actions, the Commission said illegal operators are beginning to adapt their tactics in response to interventions.

Among its primary concerns are changes to how URLs are structured, rotating domains and embedding gambling content within unrelated websites. As such, the regulator said it would continue to evolve its methods to effectively tackle illegal operations.

“These behaviours indicate our disruption efforts are having an effect and are prompting evasive action,” it said. “As the illegal marketplace evolves, we will remain alert to these changes and continue to adapt our strategy to ensure we respond quickly to emerging threats.”

What new methods is the Gambling Commission using to combat black market?

As to how the regulator is responding, it is seeking new referral routes with platforms used to host unlicensed gambling content. With this, it will continue to work with host platforms, search engines and content platforms to remove illegal content and obtain data about the operators.

The Commission also flagged evolving efforts in terms of international coordination and cross-border jurisdiction, given that many illegal sites targeting the UK are licensed overseas or have operators based abroad. It is running joint projects with other regulators, including the Dutch Kansspelautoriteit, to align disruption efforts and share intelligence.

Others steps include using machine-learning and scripting to automate scraping of data from illegal sites and compile intelligence. This, the regulator said, supports deeper analysis, helps with removal requests and offers greater insight into large-scale patterns.

The Commission is also seeking to work more closely with financial and payment providers to tackle illegal sites. In January, it made its first referral to Visa for illegal sites facilitating Visa payments. It plans to extend this to Mastercard, as well as digital wallets such as PayPal, Google Pay and Apple Pay.

In addition, it is developing a focused cease-and-desist route for digital marketing associated with illegal sites. This, it said will help tackle aggressive digital marketing and manipulation by such websites.

“We also see a valuable opportunity for industry to continue to support our efforts by sharing intelligence about illegal markets activity having an impact and to also gather insight into marketing and advertising strategies associated with the regulated sector,” the regulator said.

“Alongside our existing approach, this collaboration will be vital in ensuring we continue to tackle illegal activity causing the most harm and develop our wider understanding of the marketing and advertising techniques being deployed or copied by illegal markets actors.”

The September total edged out August’s $8.14 billion by 5%, according to monthly figures from iGaming Ontario. It was also 30.7% ahead of September 2024.

Casino was by far the most popular vertical among players, drawing $7.34 billion in wagers. Sports betting followed with $1.06 billion worth of bets, then peer-to-peer poker at $144 million for the month.

As for non-adjusted gross revenue, this amounted to $329 million in September. The total fell 1.8% short of August but was 18.8% ahead of last year. It was also the sixth straight month revenue exceeded $300 million in Ontario.

Some $277.8 million came from casino gaming, making up 84.4% of all revenue during the month. Sports betting generated $46.5 million in revenue and poker $5.1 million.

Record active player accounts in Ontario

Going hand-in-hand with record spending was an all-time monthly high for active player accounts. In September, some 1.2 million accounts were reported as active, more than in any other month in the market’s history.

However, average revenue per active account slipped to $282. This was down from $330 in August and $320 in September 2024, and the lowest monthly total since February this year.

Several major iGaming brands are among those licensed to operate in Ontario. These include FanDuel, BetMGM, Bet365 and BetRivers.

September’s handle beat the prior record of $788.3 million, set in January this year, by 1.5%. It was also 46.8% ahead of August and surpassed September last year by 17.9%.

Data from the Massachusetts Gaming Commission showed consumers spent $789.4 million betting online, with this alone enough to beat the previous record. A further $10.9 million was wagered with retail sportsbooks.

As for taxable gaming revenue, this amounted to $52.3 million, well short of January’s record $96.4 million. This was also 6.3% short of August’s total and 28.8% behind last September.

Online betting drew $52 million in revenue, while retail contributed $386,917 to the total. In terms of hold, this reached 6.54% for the month.

DraftKings Massachusetts handle exceeds $400 million

Turning to operators, DraftKings remains the runaway online leader in Massachusetts. It took $26.1 million in revenue off a $409.6 million handle for a hold of 6.37%.

Flutter-owned FanDuel was again second with $15.9 million from $192.6 million, resulting in an 8.26% hold. BetMGM took third with $4.1 million off $51.4 million for a 7.98% hold.

Fanatics followed in revenue despite having a substantially higher handle than BetMGM. In September, it posted $3.1 million in revenue from $83.2 million in bets, meaning a hold of 3.73%. Next came ESPN with $1.4 million off $24 million, leaving a 5.83% hold.

Caesars posted $1.1 million in revenue from $24.6 million in bets for a 4.47% hold. Bally Bet again rounded out the market, posting $261,101 off a handle of $4.1 million for a monthly hold of 6.38%.

As for the retail sector, Encore Boston Harbor led the way with $221,492 off $5.1 million for a 4.34% hold. Plainridge Park Casino followed with $165,425 from $4.8 million, leaving hold of 3.43%. MGM Springfield did not post any revenue despite taking $986,967 in wagers.

Casino revenue tops $95.7 million in September

The state’s regulator also published figures on casino gaming across the three properties in the state. In total, monthly revenue hit $95.7 million, down 8.9% from August but 3.9% ahead of September 2024.

Slots accounted for $67.6 million of all casino gross gaming revenue for the month, while table games generated $28.2 million.

Encore Boston Harbor also claimed top spot within this sector with $59.1 million in revenue. MGM followed with $22.3 million, then Plainridge Park with $14.3 million.

As for tax, the total collected by the state from all gambling during September was $37.8 million. Of this, $10.4 million came from sports betting and $27.4 million casino gaming.

Federal authorities arrested Miami Heat guard Terry Rozier early Thursday as part of a multi-year sports betting investigation. Rozier, a veteran guard, did not play in Wednesday’s Heat-Magic opener due to a coach’s decision.

Rozier’s arrest came after authorities probed an uptick in suspicious activity related to his performance in a March 2023 game against New Orleans. Then a member of the Charlotte Hornets, Rozier left the game prematurely with an apparent foot injury.

Separately, authorities also arrested Portland Trail Blazers coach Chauncey Billups in Oregon. Billups’ arrest is tied to alleged involvement in an illegal poker game operated by organised crime figures. The investigation into the illegal poker games ensnared several members of New York criminal groups, including the infamous La Cosa Nostra network.

In total, federal prosecutors in Brooklyn indicted 31 defendants on Thursday across 11 states. The indictments centred on two major operations: an enterprise to rig illicit poker games at various locations throughout the nation and a sports betting scheme that allegedly used material non-public information to benefit from Rozier’s statistical outcomes.

How LeBron James is referenced in gambling case

A third NBA figure, former guard Damon Jones, was named in indictments connected to both the sports betting and poker investigations.

Jones, a former Cleveland Cavaliers teammate of James who remained close to him afterwards, allegedly attempted to profit from inside information about the NBA star in 2023. According to the indictment, Jones had knowledge that James was suffering from an injury and might not play for the Los Angeles Lakers in an upcoming game. That game took place in February 2023, two days after James broke the NBA all-time scoring record.

Joseph Nocella, US Attorney for the Eastern District of New York, stated at a Brooklyn news conference that several defendants turned professional basketball into a “criminal betting operation” by using private locker room and medical information to “cheat legitimate sportsbooks”.

Gambling allegations against Rozier do not involve James

Before Rozier signed a multi-year contract with the Heat, he played just 10 minutes in the aforementioned game against the Pelicans on 23 March 2023. At least six sportsbooks in multiple states flagged suspicious activity related to Rozier’s performance, ESPN reported.

One sportsbook took 30 bets in a period of 46 minutes, all of which resulted in wins for the bettor. While the NBA conducted an investigation of the activity, the league did not determine at the time that league betting rules were violated.

Prior to the game, Deniro Laster, another defendant, sold information on Rozier’s plan to leave the game early to multiple co-conspirators, prosecutors stated. Rozier, a close friend of Laster, has known the defendant since childhood, according to the indictment.

Before the game started, Rozier informed Laster of his plans to leave the game prematurely in the first quarter due to a “supposed” injury, prosecutors allege. Based on the information provided by Rozier, the defendants wagered “more than $200,000 on his under statistics”, according to New York Police Commissioner Jessica Tisch.

The information was allegedly transmitted to Marves Fairley, another defendant in the case. Fairley, a professional sports betting tout, has been mentioned previously in various media reports for his alleged involvement in the federal sports betting investigation. In exchange for the information, Fairley and another co-conspirator agreed to pay Laster approximately $100,000  from their expected fraudulent gambling winnings, according to the indictment.

“As the NBA tips off, [Rozier’s] career is already benched, not for injury, but for integrity,” Tisch stated.

Patel not mincing words on gravity of allegations

Around 29 March 2023, Fairley allegedly gave Laster tens of thousands of dollars in cash in exchange for the tip on Rozier, according to the indictment. From there, Laster apparently drove from Philadelphia to North Carolina for a meeting with Rozier at his Charlotte home. During the early morning hours of 1 April 2023, the two counted the money that Laster obtained from Fairley, prosecutors allege.

“Let’s not mince words, this is the insider trading saga for the NBA,” said FBI Director Kash Patel at the news conference.

Rozier is not alleged to have any relation to the gambling allegations that involve information about the health of LeBron James.

Jim Trusty, Rozier’s attorney, told USA Today Sports on Thursday that investigators previously told Rozier that he was a “subject, not a target” of the probe.

“Terry is not a gambler, but he is not afraid of a fight, and he looks forward to winning this fight,” Trusty wrote in a statement.

Poker investigation of Billups separate from betting

Billups, a five-time All-Star as a player who was the 2004 NBA Finals MVP, is facing charges of wire fraud conspiracy and money laundering conspiracy in connection with his arrest. The charges centre on his participation in an April 2019 poker game that prosecutors alleged was rigged.

In an attempt to attract unsuspecting victims into the rigged game, Billups and Jones acted as so-called “face cards” by using their celebrity status to bring players to the table, according to the indictments. The pair each received a portion of the ill-gotten proceeds for their participation in the scheme, prosecutors stated.

Four other defendants – Robert Stroud, Eric Earnest, Jamie Gilet and Sophia Wei – organised and participated in the rigged Las Vegas poker game, according to the indictment. As part of the scheme, the defendants defrauded the victims of at least $50,000. Stroud allegedly supplied a rigged shuffling machine that was used in the game.

NBA statement on gambling scandal

Thursday’s arrests come one day after NBA Commissioner Adam Silver called for enhanced regulation of sports betting. During an appearance on “The Pat McAfee Show” on ESPN, Silver advocated for restrictions on player props involving reserve players off the bench.

“We’ve asked some of our partners to pull back some of the prop bets, especially when they’re on two-way players, guys who don’t have the same stake in the competition, where it’s too easy to manipulate something, which seems otherwise small and inconsequential to the overall score,” Silver said. “We’re trying to put in place – learning as we go and working with the betting companies – some additional control to prevent some of that manipulation.”

Shortly after Thursday’s news conference in Brooklyn, the NBA issued a statement on the arrests. The league placed Billups and Rozier on immediate leave. The NBA has cooperated with federal authorities on the comprehensive probe.

“We are in the process of reviewing the federal indictments announced today,” the league said in the statement. “We will continue to cooperate with the relevant authorities, we take these allegations with the utmost seriousness, and the integrity of our game remains our top priority.”

Last week, ESPN reported that the FBI has interviewed college athletes regarding an ongoing probe into suspicious betting activity in college basketball. ESPN cited documents that linked Fairley to a pattern of irregular activity on first-half college wagers. When reached by ESPN, Fairley denied the allegations. Nocella noted on Thursday that his office’s investigation does not pertain to college hoops.

Ongoing investigation involving Porter

Well prior to Thursday’s indictments, former Toronto Raptors centre Jontay Porter was convicted on federal wire fraud charges related to illicit sports betting and is scheduled to be sentenced in December. Porter conspired with a gambling syndicate to defraud a sports betting company by deliberately underperforming on a bevy of statistical categories in a March 2024 game.

The NBA later banned Porter for life. At least two of Porter’s co-conspirators, Ammar Awawdeh and Shane Hennen, were named in Thursday’s indictments. The investigation is ongoing, Nocella stressed.

Four Mafia organised crime groups, the Lucchese, Bonanno, Gambino and Genovese families, played a role in the poker scheme, federal officials said Thursday. In using sophisticated manipulation technology, the Mafia-backed poker scheme defrauded individuals of at least $7 million, according to prosecutors.

“The FBI will never turn a blind eye to any insider betting scheme within sporting industries – regardless of title or professional affiliation – to protect its integrity,” said Christopher Raia, assistant director in charge of the FBI’s New York field office.

Gross revenue for the month reached $302.7 million, the Michigan Gaming Control Board reported. This was 16% more than September 2024 and only 3.1% behind the state’s record haul in August this year.

Gross receipts from iGaming, covering online casino activity, were 27.9% higher than last year. However, gross sports betting receipts dipped 25.3% to $43.6 million for the month.

Total adjusted gross receipts, which accounts for promotional spend, was also higher year-on-year. The $256.6 million reported surpassed last year by 22.3%, with iGaming rising 33.5% to $243.4 million but sports betting falling 52% to $13.2 million.

In terms of spending, monthly handle for sports betting was $524.3 million, an increase of 4.5% from last year. As such, this resulted in a hold of 12.87% based on gross revenue and 3.89% for adjusted revenue.

FanDuel and MotorCity retain iGaming top spot in Michigan

Looking to operators, FanDuel and MotorCity again led the state’s iGaming market. The duo posted $69.8 million in gross revenue and $65.6 million in adjusted revenue.

MGM and BetMGM were not far off with $65.6 million and $61.9 million in gross and adjusted revenue, respectively. DraftKings and the Bay Mills Indian Community remained third with $40.4 million and $38 million.

As for sports betting, FanDuel and MotorCity also retained a healthy lead in this market. The partnership generated $18.3 million in gross revenue and $6.4 million adjusted revenue from $180.5 million in bets. Based on gross receipts, hold for the month was 10.14%.

DraftKings ranked second in terms of gross revenue at $10.6 million, though adjusted revenue was much lower at $462,507. Hold based on gross receipts and a $165.6 million handle was 6.40%.

BetMGM took third, posting $6.8 million in gross revenue and $3.5 million in adjusted revenue off a $66.7 million handle, resulting in a hold of 10.19%.

Monthly state tax hit $51.6 million, with $50.8 million from iGaming and $768,038 sports betting. City of Detroit tax totalled $13.4 million, including $13 million from iGaming and $375,738 sports betting. Tribal operators paid $6.1 million to governing bodies.

Detroit casino revenue falls again

The MGCB also published figures for the three commercial casinos in Detroit. Revenue for September reached $98.9 million, down 3% from last year and 7.5% behind August this year.

Table games and slots revenue fell 3% to $98.2 million during the month, while qualified adjusted gross receipts from sports betting revenue were also down, dipping 1.1% to $775,903.

MGM Grand Detroit remained the city leader with a 47% market share. MotorCity Casino followed at 30%, then Hollywood Casino at Greektown with 23%.

The Missouri Gaming Commission issued seven new licences for sports betting on Wednesday evening. Sports betting will go live on 1 December. The MGC had already issued two untethered licences earlier this year to DraftKings and Circa.

With the temporary licences in hand, sportsbooks will begin accepting user signups and deposits on 17 November.

Sportsbooks that received licences on Wednesday:

• Bet365
• BetMGM
• Caesars
• ESPN Bet
• FanDuel
• Fanatics
• Underdog

The MGC also issued multiple licences to suppliers, including Genius Sports Media, GeoComply, Gaming Laboratories International and Kambi.

Missouri sports betting takes shape

After multiple years of failed legislative attempts to legalise sports betting, the state’s professional sports teams took matters into their own hands and launched a ballot initiative. The issue passed with just over 50% of the vote in November 2024.

The MGC then got to work setting up the industry framework and regulations. Regulators hoped to have sportsbooks up and running earlier this year, but Secretary of State Denny Hoskins’ rejection of emergency rules pushed the launch back to December.

An application period opened in May. Aside from the two untethered sports betting licences, operators are required to partner with either a casino or professional sports team for market access.

Three operators applied for the two untethered sports betting licences: Circa, DraftKings and FanDuel. Ultimately, the MGC chose Circa and DraftKings, leaving FanDuel to partner with St Louis City FC for market access.

Bet365 entered a market access deal with the St Louis Cardinals for entry into the state. The Cardinals were a key driver in the ballot initiative.

Century Casinos, which owns two casinos in the state, partnered with BetMGM. Fanatics paired up with Boyd Gaming, which also owns two casinos in Missouri.

Underdog partnered with the Kansas City Royals for market access and added a marketing deal with the St Louis Blues this month.

Caesars and Penn Entertainment each have two casinos in the state and opted to apply for Caesar Sportsbook and ESPN Bet through those avenues. Eight casino partners were also issued licences, indicating in-person sportsbooks with their partners:

• Ameristar Casino Kansas City (Fanatics)
• Ameristar Casino St Charles (Fanatics)
• Century Casino Cape Girardeau (BetMGM)
• Harrah’s Kansas City (Caesars)
• Horseshoe St Louis (Caesars)
• Argosy Riverside Casino (ESPN Bet)
• Hollywood Casino St Louis (ESPN Bet)
• River City Casino (ESPN Bet)

Lieutenant Governor Dan Patrick has repeatedly dashed hopes of legalisation of casino gambling and online sports betting as he dictates what is considered on the Senate floor. Despite an effort in 2023 that saw a House sports betting bill reach the Senate, legalisation advocates suffered several setbacks during the 2025 legislative session. The Texas Constitution prohibits gambling.

Now, four Republican candidates announced for the March primary election for the open Texas attorney general position have made clear their positions on gambling, including two explicitly opposed to gambling expansion. The candidates recently shared those views with The Dallas Express. The article did not include the stance of two candidates vying for the Democratic nomination for attorney general in heavily Republican Texas.

The statewide office is open for the first time since 2014. Current Attorney General Ken Paxton is running for the US Senate in the 2026 Republican primary against incumbent Senator John Cornyn.

Industry sources at this month’s Global Gaming Expo said Paxton might be the next attorney general to crack down on dual-currency sweepstakes operators offering casino and sports betting products. In 2016, Paxton opined that daily fantasy sports constituted illegal gambling in Texas.

Along with sharing their views on gambling expansion with The Dallas Express, the candidates for attorney general also discussed the issue of prediction markets. Those entities contend they are federally regulated by the Commodity Futures Trading Commission and can operate nationwide. Multiple state regulators and attorneys general, however, are involved in lawsuits arguing they are offering illegal sports wagering and circumventing state laws. Texas has not taken any action on prediction markets.

Texas AG candidate gambling views

Aaron Reitz, an AG candidate who is currently assistant attorney general of the Office of Legal Policy in the US Department of Justice, said it will be his responsibility to use every tool available to ensure Texas gambling laws are upheld. Reitz said the reason Texas has not taken action against prediction market operator Kalshi is likely because of “multiple constitutional, statutory and regulatory considerations”. But he said the attorney general’s office can pursue civil enforcement actions against entities that mislead Texans on the legality of their gambling offerings.

Another of the four Republican candidates, state Senator Joan Huffman, said she has opposed all gambling expansion efforts. She said she would remain dedicated to enforcing state laws about illegal gambling.

US Rep Chip Roy said he opposes online and other forms of gambling. Roy said he would “pursue all litigation to enforce the law”.

State Senator Mayes Middleton said “our laws and Constitution are not suggestions.”

“I have a consistent and clear record of holding unlawful gambling operations accountable, as well as those attempting to illegally expand gambling,” Middleton said.

Texas efforts to legalise gambling

There have been multiple efforts to legalise sports betting and casino gambling in Texas over the past several sessions. The state Legislature only meets in odd-numbered years and will next convene in 2027.

Governor Greg Abbott has historically been against gambling but this year softened his stance on sports betting. Still, Patrick controls the Senate. As an adamant gambling opponent, he refuses to allow the Senate to consider bills if they do not have a Republican majority behind them. The Texas GOP stance is officially anti-gambling.

“Texas is a red state,” Patrick said in a 2023 Twitter post. “Yet the House vote on sports betting was carried by a Dem majority. The Texas Senate doesn’t pass bills with GOP in the minority. The GOP majority guides our path.” 

Patrick announced in August he will seek another term in 2026. His current term expires in 2027. While proponents have largely viewed Patrick as the main opponent, Austin-based political consultant Mike Lavigne told The Dallas Morning News that might be a mistake.

“If I was the Sands Corporation, I’d be trying to count my Senate votes and quit worrying about Dan Patrick,” Lavigne told the newspaper. “Patrick is not as big a problem as the rest of the Senate is. And if they had the votes in the Senate, Patrick wouldn’t be a problem.”

The Texas Sports Betting Alliance represents major sportsbook operators and the state’s professional sports teams, which all want sports betting. Meanwhile, the Las Vegas Sands Corp, Texas Sands PAC and Houston Rockets owner Tilman Fertitta have funnelled millions of dollars to Republican lawmakers, including Abbott and Patrick. Fertitta owns Golden Nugget Hotel and Casinos and is the largest stockholder of Wynn Resorts.

Under the deal, the league will provide the two companies with access to official NHL proprietary data and rights to use NHL marks, logos and official designations on their platforms and products, according to a press release issued Wednesday. According to the NHL, Kalshi’s and Polymarket’s brokers and merchants will also be able to use the league’s marks and logos to identify the products they make available.

“As prediction markets continue to evolve at a rapid pace, partnering with the two market leaders, Kalshi and Polymarket, provides a tremendous opportunity for the broadest fan engagement during the NHL season,” said Keith Wachtel, who serves as president of NHL Business. “Polymarket and Kalshi are ideal partners as this category continues to grow and expand.”

Speaking to CNBC on Wednesday, Wachtel said he is intrigued by the potential for increased cross-selling through the partnership. For instance, a customer can trade a contract concerning the week’s most popular show on Netflix, while also making their pick for winner of the NHL’s Vezina Trophy given annually to the league’s top goaltender. The entertainment contracts typically are not offered on a traditional sportsbook.

Kalshi brand exposure for NHL Winter Classic

It may not be a coincidence that Kalshi marked the announcement by placing an NHL event contract on the most prominent area of its website on Wednesday, occupying the majority of the screen for customers trading on their laptops. A market for the 2026 Stanley Cup champions received approximately nearly $980,000 in trading volume as of 12:20pm ET.

Two teams, the Carolina Hurricanes and the Edmonton Oilers, were co-favourites on the market with a 12% chance to hoist the Stanley Cup. The Florida Panthers, the two-time defending Stanley Cup champion, were the third choice at 11%.

Kalshi, along with Polymarket, will receive brand exposure via Digitally Enhanced Dasherboards and blue line slot virtual signage on various NHL game broadcasts. The broadcasts will include the NHL Winter Classic, the NHL Stadium Series and postseason games during the Stanley Cup playoffs.

Polymarket offered three event contracts on Wednesday’s nightly slate. An all-Canadian matchup between Montreal and Calgary received more than $683,000 in trading volume as of early Wednesday afternoon.

“The NHL has always been about giving fans an incredible experience. We’re excited to bring that energy to Polymarket, where fans can engage with the NHL and its teams in a new way,” said Polymarket CEO Shayne Coplan.

Attempts to ameliorate integrity concerns

Coplan appeared as part of a roundtable with Kalshi CEO Tarek Mansour last month in Washington DC. The event, which also featured several executives from the nation’s largest derivative markets, delved into harmonisation efforts between the US Commodity Futures Trading Commission and the US Securities and Exchange Commission.

The two prediction markets, as well as Robinhood and Crypto.com, are in the spotlight for their foray into sports event contracts. The derivative products have been criticised by those contending the contracts are essentially sports wagers that should be regulated on the state level. Kalshi is embroiled in litigation in numerous states on the legality of the contracts.

Mansour, however, noted that the partnership with the NHL is a testament to the “integrity, safety, and trust” that Kalshi has spent years building with customers. While Kalshi previously signed a partnership with integrity monitor IC360, critics of prediction markets have argued that the sites lack Know Your Customer and anti-money laundering scrutiny that legal sportsbooks face from state regulators.

“Teaming up with the NHL is an important milestone for Kalshi and the industry at large,” Mansour wrote in a statement. “It should be clear now – prediction markets are here to stay.”

Position of other leagues

Over the summer, the NFL expressed a number of concerns associated with prediction markets. David Highhill, NFL vice president of sports betting, stressed that the contracts are susceptible to “price distortions” without the proper regulations. While MLB is not expressly opposed to the rise of prediction markets, the league called on the CFTC to establish a robust integrity framework for sports event contracts.

Nevertheless, the prediction markets’ commercial partnership with the NHL could exert pressure on regulated sportsbooks to accelerate a possible move into the new space.

The designation comes one day after DraftKings announced its acquisition of Railbird Technologies. The company owns Railbird Exchange, a federally licensed exchange designated by the CFTC. DraftKings has not indicated if it plans to offer sports event contracts.

The acquisition supports DraftKings’ broader strategy to enter prediction markets, while expanding its addressable opportunity through regulated event contracts, the company noted in Tuesday’s statement. As part of the announcement, the company confirmed plans to launch DraftKings Predictions, an app that will enable customers to trade regulated event contracts on real-world outcomes in areas such as finance, entertainment and pop culture. Other product details, however, remain uncertain.

For instance, the announcement shed little insight on whether or when DraftKings will consider a potential addition of sports event contracts. The company did not address whether it will offer those contracts on a limited basis in states without legal sports wagering, nor did DraftKings answer if it will set limits for certain contracts, a critical question for high-worth customers who engage in price discovery.

The “offering may expand into additional categories over time, deepening customer engagement and extending DraftKings’ addressable audience”, the company wrote in the statement.

Railbird Exchange is a federally licensed exchange designated by the US Commodity Futures Trading Commission.

DraftKings playing 4-D chess with prediction market move?

Prior to Tuesday’s news release, Truist Securities analyst Barry Jonas issued an earnings preview for the third quarter of 2025. In the research note, Jonas wrote that the emergence of sports prediction markets “dominated the narrative” over the three-month period ending on 30 September. At this month’s Global Gaming Expo in Las Vegas, BetMGM and Caesars Entertainment noted that they would not pursue the launch of sports event contracts, he added.

But for FanDuel and DraftKings, the two market leaders in sports betting, there are other considerations at play when mulling the addition of the derivatives on sports. Unlike the two casino giants, the digital companies do not have a retail presence in Nevada, where the state is embroiled in litigation with Kalshi and recently issued warnings to sports betting licencees considering prediction markets.

A group of 36 states, led by Ohio Attorney General Dave Yost, filed an amicus brief over the summer urging an appellate court to side with New Jersey in a lawsuit against Kalshi. The prediction market is facing a wave of litigation on the legality of sports event contracts in states where sports betting is legal. It might explain why Flutter, the parent company of FanDuel, initially decided to focus on non-sports event contracts upon the rollout of a new prediction market.

Earlier this month, Flutter and DraftKings saw double-digit stock declines after Kalshi introduced a new same-game parlay product for sports events.

“The 4-D chess continues as digital operators continue to weigh the pros and any cons of offering predictive sports,” Jonas wrote in a 21 October note. “We remain buy-rated on both with recent share weakness likely overdone.”

Nation’s most populous states in play

Given the duo’s brand and technology leadership, Jonas still expects DraftKings and FanDuel to be long-term winners in the wider space. Jordan Bender, an analyst with Citizens JMP, told iGB Tuesday that product and technological innovations will likely be the “key ingredients” in the battle to win customers.

If the companies begin to offer sports event contracts, they will enter a crowded space with the likes of Kalshi, Robinhood and Crypto.com. One option for the operators could be to launch sports event contracts in the 11 states that have yet to legalise sports betting. Those include the two largest, California and Texas, which have more than 70 million residents combined.

“You’re essentially adding 50% of the population overnight,” Bender told iGB, referring to non-legal states.

Without mentioning any states by name, DraftKings CEO Jason Robins suggested last month that the total addressable market for sports derivatives in those jurisdictions could be “very significant”.

The rise of prediction markets has created a fierce turf war over regulations for sports derivative products. This spring, MGM Resorts CEO Bill Hornbuckle opined that the derivatives could be the “concrete” that enables the federal government to intervene in the gambling industry.

Stock moves following Railbird acquisition

Following the announcement, DraftKings surged 6% in Tuesday’s after-hours session to $36 a share. Before Tuesday’s news, DraftKings fell approximately 25% over the prior 30 days due primarily to prediction market concerns. Jonas reiterated a $50 price target and a “buy” rating on DraftKings.

Chris Krafcik, managing director of Eilers & Krejcik, wrote on LinkedIn that the acquisition of Railbird buys the company and its stock a bit of “breathing room” amid a punishing, narrative-driven hype cycle.

Sullivan & Cromwell LLP served as legal counsel to DraftKings. Moelis & Company LLC served as financial advisor to Railbird. Miles Saffran, Railbird CEO, described the announcement as a “transformational moment” for the company. Proskauer Rose LLP and Kirkland & Ellis LLP served as legal counsel to Railbird.

The companies engaged in negotiations over the summer, according to Front Office Sports. Terms of the deal were not disclosed.

For September, gross gambling revenue in Pennsylvania hit $535.8 million. This beat the $505.9 million in the same month of 2024 but was 8% short of $582.3 million in August this year.

Figures from the Pennsylvania Gaming Control Board revealed double-digit growth within the iGaming market. However, sports betting revenue slumped 44.5% while land-based slots revenue was also lower year-on-year.

iGaming revenue hits $233.4 million

Breaking down the monthly performance and starting with iGaming, revenue here topped $233.4 million. This was 32.1% more than in September 2024.

Online slots accounted for $181.9 million of all iGaming revenue, up 37.1%. Internet table games drew $50 million, an increase of 17.8%, with the remaining $2.3 million coming from online poker, up 4.5%.

Hollywood Casino at Penn National Race Course and its online gaming partners again took top spot. Total iGaming revenue for the month reached $87.7 million, some 31% more than last year.

Valley Forge Casino Resort remained in second with $66.4 million, up 40.8%. Rivers Casino Philadelphia placed third at $35.4 million, ahead of last year by 12.5%.

Sports betting revenue dips to six-month low

Turning to sports betting, the situation was much different. Revenue was down 44.5% to $29.7 million, which was the lowest monthly total since March.

Online betting generated $24.4 million of the total, while retail sportsbooks contributed $5.4 million.

As for player spending, monthly handle topped $850.5 million, up 4.8% from September last year. Customers spent $810.1 million betting on sports online and a further $40.4 million at land-based locations.

In terms of operators, FanDuel and Valley Forge Casino Resort retained top spot. They retained $15.9 million in revenue off $297.6 million in handle, for a monthly hold of 5.34%.

DraftKings and Hollywood Casino at the Meadows remained second with $4.1 million from $253.6 million for a 1.62% hold. BetMGM and Hollywood Casino Morgantown followed with $2.1 million off a $58.1 million handle for a hold of 3.61%.

Land-based slots revenue dips in Pennsylvania

Looking to the land-based market, slot machine revenue dipped 1.5% to $194 million. Retail table games revenue, however, held steady at $73.4 million.

Elsewhere, video gaming terminal revenue at truck stop locations fell 0.6% to $29.7 million in September. The PGCB also noted a 5.4% increase in sports fantasy contest revenue to $2 million.

As for tax collected by the state, the monthly total was $227.9 million. This included $106.1 million from iGaming, $10.7 million sports betting, $96.6 million land-based slots and $12.3 million table games.

A group of lawmakers announced new legislation last week, LRB-4723/1, to legalise online sports betting in Wisconsin. The bill proposes amending state-tribal gaming pacts to allow online sportsbook servers on tribal land.

“This legislation is an important step to bring Wisconsin in alignment with the majority of the country in regards to sports wagering,” co-author Rep Kalan Haywood said in a statement. “For too long, illegal, offshore entities have profited from consumers through unregulated sports wagering, without generating revenue for local economies. By regulating this multi-billion-dollar industry, we can provide a safer mobile wagering experience for Wisconsin consumers and generate much needed revenue to invest into our communities.”

The bill has three other co-sponsors: Rep Tyler August and senators Howard Marklein and Kristin Dassler-Alfheim. The lawmakers sent out the proposal hoping for more co-sponsors to sign on by Wednesday.

Earlier this year, the Wisconsin Policy Forum released a report detailing concerns lawmakers need to consider about sports betting in Wisconsin.

Current sports betting landscape in Wisconsin

Wisconsin lawmakers have not passed any form of sports betting legislation. In 2021, however, Governor Tony Evers entered a gambling agreement with the Oneida Indian Nation to allow in-person sportsbooks at its casinos in the state. Nine of the 11 tribes in the state now include sports betting in their tribal gaming compacts.

The state collected $66 million in shared gambling revenue in 2024, which includes in-person sports betting.

The bill introduced last week would set up a system like the one in Florida, which allows sportsbook operators to have servers on tribal land and where Hard Rock has a monopoly. Bettors would be able to place wagers from anywhere in the state of Wisconsin.

The proposal, however, is just the first step in a process that would allow sports betting under tribal gambling compacts. Ultimately, it would also need approval from the US Department of the Interior.

While there is no statewide sports betting in Wisconsin, prediction market operators have started taking sports event contracts across the US, arguing they are federally regulated to do so by the Commodity Futures Trading Commission. State regulators and gaming tribes across the US have responded by suing prediction markets, arguing they circumvent various sports betting laws.

That includes Wisconsin’s Ho-Chunk Nation, which filed a lawsuit in August against prediction market operator Kalshi. Ho-Chunk Nation argues Kalshi is illegally engaging in sports betting on tribal land, a violation of the Indian Gaming Regulatory Act.

On Monday Rep Daniel Didech, chair of the House Gaming Committee, introduced House Bill 4171, which aims to solidify the state’s power in regulating sports betting. The bill would prohibit cities or counties from imposing taxes on sports betting.

A press release said the proposal is “in direct response to the City of Chicago’s plan to impose local spots betting tax and is designed to prevent policies that would harm consumers and undermine consistent statewide oversight”.

Johnson proposed a 10.25% local tax on sports betting, on top of the 20% or more the state charges, in his 2026 budget released last week.

“When the legislature legalised sports betting in 2019, it was never our intent to allow local governments to create their own rules for this industry,” Didech said in the release. “Chicago’s proposal will hurt consumers, drive vulnerable people to predatory illegal markets and reduce state tax revenue. The city should work collaboratively with the state to ensure sound, informed policy decisions that are made on this issue.”

Several representatives from Chicago signed on as co-sponsors of the bill, including Rep Curtis Tarver, Rep Edgar Gonzalez, Rep Angie Guerrero-Cuellar and Rep Mike Kelly.

“We need to pass this legislation to protect Chicagoans from another tax and prevent an unmanageable patchwork of local regulations,” Kelly said. The Illinois legislature reconvenes on 14 January.

Illinois already hiked sports betting tax

Illinois lawmakers have raised sports betting taxes significantly over the past two years.

In 2024, legislators raised the base sports betting tax from 15% to a tiered system ranging from 20% to 40% depending on an operator’s revenue. The increase resulted in more than $260 million in new taxes for the state.

This year, Governor JB Pritzker’s budget included new per-wager surcharges for sportsbook operators. Sportsbooks now pay 25 cents per wager on the first 20 million bets and 50 cents on any wagers beyond 20 million taken by an individual book. Illinois bettors placed 370 million bets in 2024, with DraftKings and FanDuel both taking more than 150 million each.

The state’s 10 sportsbook operators all instituted various forms of mitigation techniques following the surcharge implementation. The mechanisms range from per-bet fees for consumers to minimum bet sizes.

The Providence Journal reported last week that Rhode Island Attorney General Peter Neronha ordered an investigation into illegal online gambling sites. The order came after a request from the Department of Revenue.

The Rhode Island Lottery, which is overseen by the Department of Revenue, this summer sent six cease-and-desist letters to offshore sportsbooks. The six letters went to:

• BetUS
• BetOnline
• Bovada
• MyBookie
• WildCasino
• YouWager

Could Rhode Island sports betting market grow?

The illegal crackdown comes as Rhode Island officials look at potentially expanding the market.

International Game Technology (IGT) is the only legal sports betting operator live in the state, operating the lottery’s Sportsbook RI app through an exclusive contract. The lottery, however, opened a Request for Information process earlier this year to gauge interest from other operators.

Eight operators responded to the request by the 22 August deadline:

• Bally’s
• BetMGM
• DraftKings
• Fanatics
• FanDuel
• IGT
• Kambi
• OpenBet

Bally’s is based in Providence and operates two casinos in the state, as well as online casino, which launched in 2024.

A bill to end the monopoly passed the Senate this year, 30-3, but failed to pass the House. The bill and lottery’s process comes following a Spectrum Gaming Group study this year that recommended adding at least three operators to the state ecosystem.

“With legalised sports betting flourishing across the country, there is ample evidence on how this new industry works best for consumers and the state,” bill sponsor Senator Frank Ciccone said during the Senate approval. “And what we are seeing is that having only one company exclusively operate is not in the best interests of consumers or from a revenue-generating standpoint.”

Offshore sportsbook crackdowns throughout US

State regulators across the US have sent hundreds of cease-and-desist letters to offshore and unregulated gambling operators in recent months. That includes offshore sportsbooks, as well as unregulated, dual-currency sweepstakes operators.

The Michigan Gaming Control Board alone has sent more than 100 cease-and-desist letters to illegal operators.

“We remain fully committed to ensuring a fair, safe and lawful gaming environment for all Michigan residents,” MGCB Executive Director Henry Williams said. “Our actions today underscore our unwavering dedication to holding illegal operators accountable.

“Shutting down these unlicensed platforms is critical not only to maintaining the integrity of Michigan’s regulated gaming industry. It also helps to protect Michigan residents from predatory practices and unreliable gambling experiences.”

This year, California and other states passed bills prohibiting dual-currency sweepstakes operators. Louisiana Governor Jeff Landry vetoed legislation in his state to ban the operators, maintaining that regulators already have the power to enforce state gambling rules. The Louisiana Gaming Control Board then sent 40 cease-and-desist letters to illegal and offshore operators.

Multiple states also sent cease-and-desist orders to prediction markets for offering sports event contracts. Those orders led to state and federal lawsuits focused on whether they constitute illegal sports betting and circumvent state laws. The prediction market operators argue they are federally regulated by the Commodity Futures Trading Commission.

Chicago Mayor Brandon Johnson included a 10.25% tax on sports betting revenue in his latest proposed budget, which his office released last week. The proposed $16.6 billion budget would take effect on 1 January 2026 and the sports betting tax aims to help close a $1.15 billion deficit.

Johnson wrote in a budget introduction that the overall spending plan closes the gap “without increasing the city’s property tax levy or relying on regressive revenue measures.”

“Instead, it advances a balanced approach rooted in fairness: generating progressive revenue from those with the greatest capacity to contribute and delivering savings through government modernisation and efficiency initiatives,” he wrote.

The proposed sports betting tax could generate an estimated $26 million. The proposal is not a complete surprise, as earlier this year, the Chicago Financial Future Task Force suggested a per-wager surcharge for bets made in the city.

Illinois sports betting tax increases

Illinois has been a frontline for tax increases related to sports betting the past two years.

In 2024, Governor JB Pritzker changed the industry’s tax structure in his 2025 budget. Instead of the base 15% tax on sports betting revenue, it introduced a tiered system ranging from 20% to 40%. The tax rate is tied to the revenue generated by each sportsbook. The increase resulted in more than $260 million in new taxes from the industry.

This year’s adopted budget, meanwhile, included a new per-wager surcharge for sportsbooks. Operators pay 25 cents per wager on the first 20 million wagers, and 50 cents each after that. In 2024, there were 370 million bets placed in Illinois, with both DraftKings and FanDuel taking more than 150 million bets each.

The per-wager tax has led to a variety of operator approaches on how to mitigate its effect on their bottom line.

Five sportsbooks, including DraftKings and FanDuel, instituted per-bet service fees. DraftKings’ fee does not apply to parlays above $10, straight bets above $50 and bonus bets. Bet365, Caesars and Fanatics also enacted per-bet service fees in Illinois.

BetRivers and ESPN Bet now have $1 minimum wagers. Bettors must wager at least $2 at Hard Rock Bet and $2.50 at BetMGM. Circa now carries a $10 minimum bet.

Big year for sports wagering tax hikes

While Illinois politicians have been the most active in hiking taxes on the sports betting industry, they are not the only ones.

This year, Maryland Governor Wes Moore proposed doubling the sports betting tax from 15% to 30% in his budget. Lawmakers eventually made the new rate 20% in the final budget.

Ohio Governor Mike DeWine successfully pushed to double his state’s tax rate in 2023, from 10% to 20%. He again proposed doubling the tax this year before lawmakers rejected the move.

New Jersey Governor Phil Murphy this year proposed pushing the state’s rate from 13% to 25%. Lawmakers brought it down to 19.75% before sending it back to Murphy.

Louisiana Governor Jeff Landry signed a bill this year that increases the tax from 15% to 21.5%.

Revenue for the month amounted to $563.7 million, according to the New Jersey Division of Gaming Enforcement. This was marginally ahead of September 2024 but 12.2% behind August this year.

Both the online casino and land-based gambling markets reported some level of increase in September. However, further growth was prevented by a double-digit drop in sports betting revenue.

Sports betting revenue down 24.9%

Taking a closer look at sports wagering, revenue fell 24.9% year-on-year to $89.8 million. Online betting revenue dropped 19.4% to $89.8 million, while retail wagering generated a $13,173 loss for September.

Players spent 3.7% more to put statewide handle at $1.13 billion, including $1.07 billion online and $60.1 million at retail sportsbooks. This resulted in a monthly hold of 8.72% in New Jersey.

In terms of operators, FanDuel and Meadowlands remained the runaway leaders with $37.7 million in online revenue. DraftKings and Resorts World followed with $22.6 million, then BetMGM and Borgata at $7.1 million.

As for retail, Meadowlands led the way with $4.2 million for the month. Monmouth Park was the only other operator to exceed $1 million in revenue, posting $1.2 million in September.

New Jersey nears iGaming record

Turning to iGaming, online casino revenue for the month reached $243.1 million. This beat last year by 16.8% and was only just short of the $248.4 million record set in August this year.

Slots and table games drew $240.7 million of all online revenue, a rise of 16.9%. The other $2.5 million came from online poker, up 10.7% year-on-year.

FanDuel and partner Golden Nugget again took top spot with $56.6 million in total iGaming revenue. DraftKings and Resorts World were second at $48.4 million, with BetMGM and the Borgata completing the top three by earning $30.3 million.

Land-based gambling edges up despite slots dip

As for the land-based sector, total revenue was 0.1% higher in September at $230.7 million.

This came despite a 1.8% drop in slot machine revenue to $170.1 million. On the other hand, table games revenue increased 5.7% year-on-year to $60.6 million.

Looking at New Jersey’s year-to-date, total gambling revenue at the end of September stood at $5.13 billion. This was 8.7% more than at the same point in 2024.

Revenue from iGaming was 22.7% higher at $2.12 billion, though sports betting revenue was 4.4% lower at $798.5 million. Land-based gambling revenue increased 2.5% to $2.21 billion.

Betfred could close all UK shops

Bookmaker Betfred has warned it could close all its UK high street betting ships if gambling taxes rise as feared.

According to The Guardian, Betfred is considering shutting all 1,287 of its shops. This would put 7,500 jobs at risk across the UK.

The government is considering introducing higher tax rates for gambling companies active in the UK. Chancellor Rachel Reeves will set out the plans during November’s budget.

Flutter Entertainment also recently said it plans to close shops in the UK and Ireland. Entain and Evoke also said they could shut branches in response to higher tax.

Aerssen departs Dutch Lottery

The Dutch Lottery has announced that Jet Roos-van Aerssen is stepping down as chief financial and risk officer (CFRO).

Aerssen had worked for the operator since May last year, having succeeded Arjan Blok as CFRO. Blok went on to become CEO of the Dutch Lottery.

Prior to joining the organisation, Roos-van Aerssen worked in various international and national financial roles. This included stints with Talpa Network, Aegon and General Electric.

“Jet has made a significant impact on our organisation and our contribution to sports and exercise in the past year and a half,” Blok said. “We have come to know her as a professional and appreciate her commitment to the Dutch Lottery. We wish Jet every success in the future.”

Kambi scores betting partnership with Betnation

Also in the Netherlands, Kambi Group has agreed to a multi-year partnership with online operator Betnation.

Kambi will deliver its turnkey sportsbook solution to Betnation in the country. This includes a range of sports betting technology and services, such as a betting engine and trading and risk management capabilities.

Betnation has operated an online casino in the Netherlands since October 2022.

“Kambi’s reputation for excellence, cutting-edge technology and a commitment to regulated markets made them the natural choice as our new sportsbook provider,” Betnation CEO Robert Schouten said.

BetMGM extends with NFL’s Steelers

BetMGM has extended its partnership with the Pittsburgh Steelers of the NFL.

The deal will run to 2029, with BetMGM serving as an official sports betting, online casino and gaming partner.

BetMGM and the Steelers will introduce new fan-focused experiences, as well as continue the “Decade of Black & Gold Sweepstakes”. The latter awards one fan in Pennsylvania or West Virginia with 10 years of season tickets and hospitality tent passes for Steelers home games.

“This partnership extension allows BetMGM to continue delivering experiences that reflect the energy and passion of Steelers Nation,” said Casey Hurbis, BetMGM chief marketing officer.

Svenska Spel details community funding programme

Svenska Spel has launched a new initiative to fund local sports clubs in the Gotland region of Sweden.

Föreningsdrömmen Gotland will distribute SEK1 million ($106,124) each year. This will see 10 clubs in the region receive SEK100,000 each.

Clubs interested in the funding can begin to apply from 12 November. Funds can be used to fund equipment, travel, camps or support their own initiatives.

“Sports are an important meeting place for children and young people. It is where joy is born, where dreams grow and where community takes shape,” Svenska Spel CEO and President Anna Johnson said. “With Föreningsdrömmen, we want to give more people the chance to be involved and feel the joy and belonging that sports create.”

An NBA Hall of Fame player, Barkley claims to have incurred losses of at least $25 million over the course of his gambling career. Days after an NCAA committee approved a proposal that would permit student-athletes to bet on professional sports, Barkley slammed the proposed rule change.

“Anybody who thinks that’s a good idea should have their head examined,” Barkley told AL.com earlier this week. “We’ve already got an issue with kids gambling now, when they shouldn’t be gambling.”

Ban on college wagers would remain in place

Next month, Florida will face Arizona on 3 November at the Hall of Fame Series in Las Vegas. The hoops showdown will take place adjacent to the world’s largest sportsbooks. By then, players likely will be able to wager on professional sports.

The rule change, approved on 8 October by the NCAA Division I Administrative Committee, must also be ratified at the Division II and Division III levels. If approved, the rule will take effect on 1 November, per an NCAA press release. The change would also allow athletics department staff to wager on pro sports.

In September, the NCAA issued statements on consecutive days regarding separate betting violations. First, the association announced a permanent ban against two former Fresno State players and a San Jose State upperclassman for a bevy of sports gambling infractions.

A day later, the NCAA announced that its enforcement staff had begun processing alleged violations against 13 former players from six different schools. The NCAA still prohibits student-athletes from wagering on college sports.

Fallout from Iowa investigations on NCAA betting

The driver of the modified rule appears to stem from an investigation of two prominent Iowa schools a few years ago.

While prosecutors obtained guilty pleas for more than two dozen misdemeanours, felony charges against several individuals were dropped over questions of whether a state investigator used legally approved betting detection technology. None of the players from the University of Iowa or Iowa State were accused of match-fixing, although some of their wagers were on college sports.

Last year, Mark Hicks, the NCAA’s managing director of enforcement, told ESPN that the NCAA had conducted a comprehensive overview of the most effective ways to educate student-athletes on the new climate for sports betting.

Barkley’s ties to betting beyond NCAA

There is sentiment among some in the sports betting community agreeing with Barkley’s stance on the potential amendments. This year, each Division I school can make direct payments of up to $20.5 million to its student-athletes, with several top athletes earning seven-figure deals through endorsements. There is potential for unintended consequences from the proposed rule if losses on pro sports wagers begin to accumulate, according to one analyst.

Barkley has covered the NCAA tournament for CBS and Turner for more than a decade. As an NBA studio analyst on TNT, Barkley typically makes nightly picks on a pre-game FanDuel segment.

In March, Barkley expressed interest in joining an investment group that would own a majority interest in a new Alabama casino. However, a bill that sought to legalise casino gambling and sports betting failed in the Alabama legislature weeks later. Alabama is one of 12 states that does not have legal sports betting.

Revenue for the month reached DKK714 million ($112 million), national gambling regulator Spillemyndigheden said. This was comfortably clear of the DKK571 million posted in August 2024 and 12.6% above DKK634 million in July this year.

Breaking this down, the regulator highlighted sports betting as the main area of growth. During the month, revenue in this segment jumped 53.4% year-on-year to DEKK225 million. This was also the highest monthly total of the year so far.

Mobile sports betting accounted for DKK160 million, or 71.3%, of all revenue. Revenue from computer betting topped DKK37 million, while retail stores generated DKK27 million.

Double-digit growth was also reported within the iGaming sector, where revenue climbed 20.7% to DKK361 million. As has been the case for some time, this segment also remained the primary source of gambling revenue in Denmark.

Online slots drew the most revenue at DKK284 million, or 78.6% of the segment total. Next was online blackjack with DKK22.5 million in revenue, ahead of roulette on DKK16.9 million, poker at DKK8.6 million and bingo DKK8.2 million. The remaining DKK21.1 million was split between other games.

Mixed news for land-based gambling in Denmark

Turning towards the land-based gambling market, revenue from slot machines dipped 0.7% year-on-year to DKK95 million. Of this, DKK76.8 million came from physical machines placed in gaming halls and DKK18.7 million terminals in restaurants.

However, land-based casino revenue edged up 4.9% to DKK31 million in August. It was the fifth consecutive month that revenue in the sector surpassed DKK30 million.

The remaining DKK2 million was drawn from land-based bingo activities, in line with the past few months.

Spillemyndigheden also published figures on self-exclusion during the month. By the end of August, a total of 63,488 had registered with the ROFUS scheme. This included 41,362 who had permanently excluded from gambling and 22,126 who opted for temporary exclusion.

Of all registrants since the scheme launched in 2012, some 65.2% permanently blocked themselves from gambling. The next highest option was six months, with 16.2% of users selecting this period.

At last week’s Global Gaming Expo (G2E), a trio of compliance officers made the case for why their casinos are more equipped to thwart pernicious threats of money laundering and other financial crimes. Over the last six months, the casinos have significantly revamped their compliance programmes after multiple illegal bookmakers exploited vulnerabilities in the systems to launder millions of dollars in ill-gotten gains.

In the first half of 2025 alone, the Nevada Gaming Commission reached settlements with three casinos – MGM Resorts, Resorts World Las Vegas and Wynn – to resolve charges of widespread anti-money laundering deficiencies. Since then, the companies have implemented considerable remedial measures such as extensive staff training, enhanced Know Your Customer (KYC) protocols and periodic reviews from regulators.

But one measure is conspicuously absent: adding independent anti-money laundering monitors inside the sanctioned casinos. For now, none of the casinos appear to be champing at the bit to add the proactive measure on their own.

“I hate to say everybody needs a government monitor,” said Omar Khoury, chief global compliance officer at Wynn Resorts. “Nobody wants a government monitor, but we’re doing it on our own.”

Costly measures for a casino to absorb

In May, the Nevada Gaming Commission approved a $5.5 million fine against Wynn Resorts. The settlement paled in comparison to the $8.5 million and $10.5 million fines levied against MGM Resorts and RWLV, respectively. A year ago, Wynn forfeited $130 million in a non-prosecutorial agreement with the US Justice Department to settle charges that it had conspired with numerous unlicensed money transmitting businesses worldwide.

Khoury stated that any determinations of whether to instal an independent monitor should be made on a “case-by-case” basis. In Wynn’s case, he explained that the company is engaging with a third-party auditor on an annual risk-assessment programme. Since the results are reported back to the casino’s compliance committee, Khoury views it as a hybrid approach for mitigating risk.

Barak Cohen, a former prosecutor with the US Department of Justice, agrees with Wynn’s strategy. Now a partner at Washington DC firm Perkins Coie LLP, Cohen said his firm served as an independent monitor in a major case. It does not mean that he is in favour of the measure. In many instances, monitorships are expensive and a proxy for prosecutors, he emphasised.

“If you can do it for yourself without having the government impose monitorship, then that’s fantastic – monitorships suck,” Cohen said bluntly, while drawing laughter from the audience.

Monitorship costs for a large investigation can run up to $5 million annually, according to Cohen. Moreover, such monitors might search feverishly for problems that in some cases do not exist.

It can lead to aggressive tactics from investigators who are figuratively “kicking in doors” in an attempt to find various issues, according to Cohen.

“If a company can avoid a monitorship, they should,” he told iGB.

Comparisons with the banking industry

Others view monitorship as a much-needed layer of protection for casinos under sanction. The topic of monitorship came up at the Indian Gaming Tradeshow & Convention in April. Anne Layne, senior manager at Grant Thornton, described the monitors as a “fantastic” resource for AML teams to detect real-time activity.

Independent monitoring also received support from several panellists on an AML panel at the Canadian Gaming Summit in June. In the banking industry, K&L Gates has described independent testing as one of the five pillars for AML enforcement.

Last October, TD Bank agreed to pay approximately $3 billion in a historic settlement with US authorities. In one instance, a defendant used the bank to launder roughly $470 million in drug proceeds, while bribing bank employees with some $57,000 in gift cards.

The bank’s AML programme also had “significant deficiencies” in monitoring a classification of high-risk customers, a group that includes internet gambling organisations, foreign casinos and virtual currency exchanges, according to the US Treasury Department.

Under the settlement, TD Bank agreed to appoint an independent monitor to review the bank’s AML programme for a period of four years. It marked the first time that the Treasury’s Financial Crime Enforcement Network (FinCEN) imposed an accountability review that tasked an independent monitor with evaluating such a programme.

Asked if the casino industry should adopt the same measures in AML settlements, MGM Resorts Chief Compliance Officer Stephen Martino responded that he is not familiar with the case. Martino said, however, the company feels “very positively” about its culture of compliance in response to the settlements.

Dreitzer on fines

It should be noted that none of the casinos that settled with Nevada in 2025 were accused of laundering proceeds for narcotics traffickers. In 2013, though, Las Vegas Sands forfeited $47.4 million in a settlement with the Justice Department. The settlement relates to a series of suspicious deposits made by Ye Gon, a Mexican entrepreneur with suspected ties to an international cartel.

Of the three Strip casinos ensnared in this year’s investigation, only RWLV has yet to reach a settlement with the federal government. According to Nevada regulators, RWLV failed to substantiate the sources of funds for Matt Bowyer, an illegal bookmaker who accepted $325 million in wagers from the interpreter at the time for baseball star Shohei Ohtani.

Bowyer, who pleaded guilty to laundering millions through Resorts World, began serving a 12-month prison sentence last week. Since his sentencing, Bowyer has gushed that he is the one mostly responsible for the revamped KYC standards across the Strip.

At G2E, one of the world’s largest gambling conferences, some questioned if monetary penalties are enough of a deterrent. Mike Dreitzer, the newly appointed chairman of the Nevada Gaming Control Board, addressed the matter on the opening day of the event.

“Fines make headlines, but it’s more important that licensees are acting in a corrective way,” Dreitzer said. “Certainly, we are not afraid to continue to ramp up enforcement.”

Some 29 shops will shut in the UK, including one in Northern Ireland and a further 28 in Ireland. This is expected to place 247 employees at risk of redundancy, including 128 in the UK and 119 in Ireland.

A Flutter spokesperson said some staff would be offered redeployment opportunities “where possible”. However, they warned that some people would lose their jobs as a result of the shop closures.

“In light of increasing cost pressures and challenging market conditions we can confirm that we will be closing 28 shops across Ireland,” the Flutter UKI spokesperson said.

“We are continually reviewing our high street estate, but it remains a key part of our offer to customers, and we are seeking to innovate and invest where we can as we adapt to different customer trends and needs.”

Flutter added that the shops would be closing within the next month. However, it is yet to confirm which Paddy Power branches will be impacted.

Could more shop closures be on the way?

Confirmation comes after several other major operators warned of possible shop closures in response to potential tax increases in the UK.

This week, a Sunday Times report suggested William Hill shop closures could take place if taxes rise. The sources, who were not named, said these closures could range between 120 and 200.

Evoke currently operates approximately 1,300 William Hill shops across the UK. Should the closures reach the upper end of estimations, this could see 15% of its total retail network shut.

“As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations,” an Evoke spokesperson said. “This includes the difficult but necessary consideration for shop closures.”

Stella David, CEO of Entain, has also said that UK retail locations could close to help save on costs. The operator counts Ladbrokes among its brands.

Trouble with tax

Much of this movement links in with mooted changes to tax in the UK. The government is expected to set out a restructured gambling tax during the upcoming budget on 26 November.

The government has not yet given a definitive answer on what the rejigged tax could look like. However, several rates have been reported and mooted as the November budget date edges closer.

The government said it was considering a single rate for remote gambling. This would replace the current three-banded tax rate system. However, this has drawn strong criticism from the gambling industry. 

Any increases would be in addition to the new statutory levy, which came into effect on 6 April this year.

Revenue for the three months to 30 September amounted to €864 million ($1.01 billion), FDJ United reported. This fell short of the €890 million restated amount for the corresponding period in the previous year.

Restated revenue for Q3 2024 is based on the assumption that Kindred Group was part of the FDJ business last year. FDJ United closed its €2.45 billion acquisition of Kindred in October 2024, with its results first included in the group’s Q4 2024 numbers.

However, FDJ flagged that revenue would have been stable had it not been for various gambling tax increases across Europe, primarily France. It said the impact of the higher taxes was €21 million, with €18 million of this coming from rises in France.

Tax increases in France came into effect on 1 July and spanned both land-based and iGaming activities. The largest rise was for online betting, with the rate rising to 59.3% from 54.9% of GGR. Previously, FDJ said the changes would cut €45 million from its EBITDA total for 2025.

The market also faced increases across social welfare contributions from gambling operators as of last July.

“The change in FDJ United’s revenue at the end of September reflects the prolonged decrease in our online betting and gaming business in certain markets and the impact of higher taxation on gaming, particularly in France since 1 July,” Chairwoman and CEO Stéphane Pallez said.

Some growth despite tax impact in Q3

Detailing its performance, FDJ United revealed mixed fortunes across its four business segments. French lottery and sports betting remained the primary source of revenue at €595 million, a rise of 2.1%.

However, excluding the €14 million impact of gaming tax increase on lottery, revenue here would have been 4.5% higher year-on-year.

Lottery revenue climbed 2.5% to €508 million, driven by draw games and instant games. As for sports betting, this remained level at €87 million, despite a tough comparison period in 2024 that included the latter part of the Euro 2024 football tournament.

However, revenue from online betting and gaming fell 15.6% in Q3 to €209 million, again on a restated comparison basis.

FDJ put this down to an additional tax deficit of €7 million, mainly due to the rises in France but also in Romania. It also noted tighter regulations in both the UK and the Netherlands.

As for the other two segments, international lottery revenue edged up 0.3% to €44 million for the quarter. However, revenue from payments and services dipped 1.8% to €16 million.

Year-to-date revenue tops €2.73 billion at FDJ

As to how Q3 impacted FDJ in its year-to-date, revenue for the nine months through to the end of September hit €2.73 billion. This was 2.1% short of last year’s restated €2.79 billion total.

Declines were reported in all but one of the group’s business segments. French lottery and retail sports betting revenue was up 3.1% to €1.89 billion, with a 4.8% rise in lottery revenue to €1.57 billion offsetting a 4.8% decline in sports betting revenue.

Online betting and gaming revenue fell 12.9% to €675 million on the back of higher taxes in France and tightened regulations in other markets. International lottery revenue also dipped 11.5% to €124 million – due to the sale of Sporting Group at the end of 2024 – while payments and services revenue slipped 1.6% to €47 million.

FDJ vows to step up cost cutting

Looking ahead, FDJ said it anticipated a slight drop in revenue for the fourth quarter. This will likely be due to lower revenue from French lottery and retail sports betting, as Q4 includes several “exceptional events” in draw games. However, online betting and gaming revenue is likely to be stable.

With this, FDJ said it expects full-year revenue to reach “more than €3.70 billion”. Given that last year’s restated total was €3.79 billion, this could mean a year-on-year decline in revenue for the group. Recurring EBITDA is set to hit approximately €900 million with a recurring margin above 24%.

In addition, FDJ said it will now step up its cost reduction efforts as part of its 2025-2028 performance plans.

“The group deepens its transformation and performance plan in 2025 and pursues the operational implementation of its strategy, in line with the growth objectives of its Play Forward 2028 plan,” Pallez said.

For the three months through to 30 September, revenue at BetMGM amounted to $667 million. This, the operator said in a trading update on Tuesday, was accompanied by a 13% rise in player spending to $3.16 billion.

Growth across the board in Q3

BetMGM noted double-digit net revenue growth across both its iGaming and sports betting segments.

Online sports betting saw the most growth, with revenue rising by 36% to $202 million. The operator put this down to an upgraded online sports product, which it said offers users an improved experience. However, it also noted how favourable sports results in July and August were partly offset by customer-friendly results in September.

Within the sports betting segment, NGR per active was 49% higher than in Q3 of last year. In addition, handle per active increased 23%.

As for iGaming, revenue jumped 21% to $454 million, which BetMGM said was helped by “continued strong growth” in player acquisition, retention and activity. Average monthly actives were 21% higher in Q3.

Also on iGaming, BetMGM referenced several developments as part of its ongoing plans to improve its offering. These included exclusive omnichannel title launches and cross-selling iGaming on its sports betting offering.

A further $11 million in net gaming revenue came from retail and other operations during Q3. In addition, BetMGM reported positive group EBITDA of $41 million for the period, in contrast to last year’s $16 million loss.

BetMGM raises full-year guidance again

As for its performance in the year-to-date, BetMGM said group revenue for the nine months to the end of September is set to hit $2.02 billion. This would be 31% more than last year’s total for the same period.

Revenue from iGaming is set to be 26% higher at $1.35 billion, with sports betting revenue up 52% to $624 million. In addition to this, player spending in the nine-month period is set to amount to $10.67 billion, a rise of 22%.

On top of this, EBITDA for the year-to-date was placed at $150 million, in contrast to the $139 million loss posted in the previous year. Incidentally, the $150 million figure is what BetMGM expected full-year EBITDA to reach when it increased guidance after a positive Q2 showing.

Initially, BetMGM said during its full-year 2024 results that it would be “EBITDA positive” for the year. However, having exceeded expectations in each reporting period, this is now set to rise again, with the operator issuing improved guidance.

Now, full-year EBITDA is set to reach $200 million, BetMGM said in the update. In addition, net revenue is on track to hit $2.75 billion, in line with the “at least $2.7 billion” stated after Q2.

Business ‘healthier than ever’, says CEO

“Our momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan,” BetMGM CEO Adam Greenblatt said. “The execution in operations we have described this year – improved marketing efficiency, player management, brand positioning and product and platform improvements – all contributed to our strong revenue growth and material cash flow increase from both sides of the business.

“Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025. Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.

“My previous statements that BetMGM is healthier than it has ever been still ring loudly and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026.”

BetMGM commits to return $200 million to parents

Also noted in the update were details on returning funds to the brand’s parent companies. Entain and MGM Resorts International have run the operation as a joint venture since 2019.

In August this year, BetMGM Chief Financial Officer Gary Deutsch said the operator could be in a position to return cash to both parents by the end of the year. Deutsch was speaking after BetMGM’s positive showing in Q2.

Now, BetMGM has confirmed that it intends to return “at least $200 million” to Entain and MGM by the end of the year. After this, it still expects to end 2025 with approximately $100 million of unrestricted cash.

It added that distributions of cash to parents will be on a “quarterly cadence” going forward.

For the three months to 30 September, net gaming revenue at Rank topped £210.2 million ($280.9 million). This, the group said, surpassed the £197.5 million reported in the same period in the previous year.

While Rank reported growth across all four of its core business segments, the highest rise came in digital. Here, like-for-like revenue climbed 13% year-on-year to reach £61.6 million in Q1.

Rank noted a 31% spike in Grosvenor digital revenue as well as a 9% rise within its Mecca online segment. In Spain, however, net gaming revenue fell 1% due to previously reported platform capacity issues. Rank said such issues are being addressed, with the launch of a new bingo platform set to see the segment return to growth in Q2.

Rank sees Grosvenor venues revenue exceed £100 million

Turning to land-based operations, net gaming revenue from the Grosvenor venues business was up 8% to £102.7 million. Again, this segment drew the most revenue for the group.

Growth here was helped by a 5% increase in customer visits and a 3% increase in spend per visit. Outside London, Rank said Grosvenor’s performance grew 10%, whereas in the British capital growth was noted at 4%.

The group said a relatively quieter summer in London was offset by an improved performance of Victoria Casino. This followed a major refurbishment that was completed in July.

Breaking down this segment further, electronic table gaming revenues grew 11%, which the group said represented “return on investment” from recent upgrades to terminals. Table games revenue edged up 3% and gaming machine revenue climbed 12% following the rollout of additional B1 gaming machines across the estate.

This latter point followed a pledge from Rank to take advantage of new land-based rules in the UK implemented in August. These included allowing casinos to instal more gaming machines and potentially offer in-house sports betting. Rank said in August it was exploring plans to launch sports betting at its UK casinos.

Elsewhere, revenue from Mecca venues grew 5% despite a 1% decline in overall customer visits. Spend per customer, however, was 6% higher year-on-year. Finally, Enracha venues in Spain reported a 5% increase in revenue for the quarter.

Rank paying ‘fair share’ of tax

Chief Executive John O’Reilly spoke positively about the Q1 performance. He said the figures place the group on track to hit its full-year targets.

“We have started the year strongly,” O’Reilly said. “We’re confident of delivering group like-for-like operating profit in line with expectations, notwithstanding the significant cost increases we have incurred in employer national insurance contributions, the national living wage and the new statutory levy.

“We are pleased to be rolling out additional gaming machines in our Grosvenor venues. We’re on track with our installation programme and now expect a total of 850 incremental machines to be added to our estate before the end of H1 2025-26.”

O’Reilly also addressed ongoing speculation regarding tax changes in the upcoming budget in November. Reports suggest the government is likely to increase gambling tax in the UK. The main change could be a switch to a single rate for all remote gambling.

Speaking in August after Rank published its full-year results, O’Reilly urged the government to tread carefully in terms of implementing changes to tax. Now, he said the group is paying its fair share of tax already, given its strong UK focus.

“Speculation regarding tax changes in the upcoming budget is, inevitably, hanging over the business,” O’Reilly said. “We are engaged with the treasury on the implications of tax changes on the viability of our venues, employment levels, future investment and the customer.

“Last year the group generated £44.6 million in profit after tax, having paid HMRC and local authorities £188.0 million in taxes. Rank Group, with its strong UK focus, is certainly paying its fair share.”

On Tuesday Underdog announced a partnership with the National Hockey League’s St Louis Blues to bolster its marketing. Last month, Underdog announced a market access deal and partnership with the Kansas City Royals in order to seek a sportsbook licence in the state.

“We’ve learned how rabid Blues fans are when it comes to levelling up their sports experience, making this partnership an obvious choice as we continue to introduce ourselves to the St Louis market,” Joshua Anderson, Underdog’s director of strategy, said in a release. “Being on the ground at Enterprise Center this season, we’re meeting fans on the cusp of a new era in the overall sports experience and doing so in a way that’s authentic to the Blues and everything they represent.”

Hopeful Missouri sportsbook operators are working toward a 1 December launch.

Underdog grows Missouri sports betting presence

Underdog’s deal with the Blues will allow the sports betting operator to use the Blues’ IP in marketing materials, video and broadcast assets during games and in-person activations. Those in-person activations began earlier this year with daily fantasy sports signups at the Enterprise Center. Missouri bettors can already sign up and play daily fantasy sports on Underdog.

The deal is the first sports betting partnership for the Blues.

“Throughout our preparations for the upcoming launch of sports betting in Missouri, Underdog quickly rose to the forefront of our conversations because of the value they placed on being present for Blues fans at Enterprise Center,” said Steve Chapman, St Louis Blues chief revenue and marketing officer. “We are proud to welcome Underdog as our first partner in this new category with a multiyear commitment to engage our fans with a significant presence both in-arena and on our broadcasts.”

Underdog applied for a Missouri sports betting licence and later announced it did so through a market access partnership with the Royals. After launching as a DFS platform in 2020, the operator first launched sports betting in North Carolina in 2024. Underdog also holds sports betting licences in Ohio and Colorado.

The Missouri Gaming Commission expects to issue temporary approvals this month. If approved, sports betting operators can begin accepting user signups and deposits on 17 November.

Missouri sports betting partnerships

Missourians approved legal sports betting at the ballot box in November 2024. That followed multiple failures in the state legislature. The sports betting framework allows the state’s 13 casinos and six professional sports teams to offer in-person and online sports betting. It also allows the MGC to offer two untethered online licences.

This summer, three sportsbook operators applied for the two available untethered licences. In August, the MGC awarded those two licences to DraftKings and Circa. FanDuel, the other applicant, later partnered with Major League Soccer’s St Louis City FC for market access.

Bet365 partnered with the St Louis Cardinals.

BetMGM announced a market access deal with Century Casinos, while Boyd Gaming provides access for Fanatics.

Caesars applied through the company’s two land-based casinos in the state, while ESPN Bet plans to enter the state through parent company Penn Entertainment’s two casinos.

Sportsbooks will pay a 10% tax on sports betting revenue.

Senator Marty Deacon introduced Bill S-211 this year after a previous iteration, S-269, failed when former Prime Minister Justin Trudeau resigned in January and ended the legislative session. The previous gambling advertising framework bill was introduced in 2023.

The legislation would require the Minister of Canadian Heritage to create the framework. The previous attempt passed the Senate in November 2024 and would have included restrictions on the number, scope and location of gambling advertisements.

The Senate last week restarted discussions, lasting less than 10 minutes, on Deacon’s legislation in the Standing Senate Committee on Transport and Communications. It advanced to its third hearing in the Senate following multiple hearings on the issue last year.

“We need a common approach, a national standard similar to alcohol, similar to tobacco ads, that is not patchwork. And that’s why the government has to take the lead on this,” Deacon told the CBC last month.

Pushback on sports betting advertising

A Maru Public Opinion Poll last year reported that 59% of Canadians were in favour of a ban on gambling advertising. That came two years after Ontario opened up its online gambling market to commercial operators and flooded the market with ads. A Leger study released last month stated that 75% of Canadians who reported seeing sports betting ads thought there were too many.

However, such advertising has been waning, according to testimony offered during hearings on the advertising framework bills.

Research group ThinkTV said that out of 28,000 ads reviewed in 2024, 189 were gambling-related. In 2022, the group said there were 442 gambling-related ads. Meanwhile, the Canadian Gaming Association and nonprofit group Ad Standards also are working on their own advertising code for gambling operators.

The Canadian Football League, National Football League and National Hockey League all opposed Deacon’s legislation.

Canada sports betting market

Canadian lawmakers legalised single-event sports wagering in 2021, leading to Ontario, the fifth-largest jurisdiction in North America, opening up its gambling industry to commercial online sports betting and casino operators. It remains the only open commercial market in Canada, but Alberta is working toward a similar industry framework.

Ontario regulators opened the market with some of the strongest advertising guidelines in North America. Those rules were later fine-tuned, including a ban on using celebrities and athletes to promote gambling. Regulators fined multiple operators in the first year of operation for violating those advertising rules.

Canadian lawmakers are not the only ones in North America looking to alter the advertising landscape for sports betting. In the US, Senator Paul Tonko introduced a proposed federal ban on gambling advertising, although it has not gained traction in Congress.

Multiple regulators and industry stakeholders have argued that complete bans on gambling advertising would push bettors back to illegal operators.

The Central and Eastern European-facing group will take a 51% share in Lob, recognised as Montenegro’s second-largest provider of sports prediction services and sports and gaming entertainment content. As part of the agreement, Fortuna has the option to increase its stake over time.

Lob generated revenue of €30 million ($34.7 million) in 2024 and employs more than 300 people, operating a network of around 100 points of sale.

While financial details were not disclosed, Fortuna said the acquisition represents one of the largest foreign direct investments in Montenegro in recent years. The Czech Republic-headquartered group added that the deal marks a significant step in strengthening its presence across Southeast Europe.

Fortuna enter Montenegro: Lob’s appeal

Fortuna – which already operates in Czech Republic, Slovakia, Poland, Croatia and Romania – said the acquisition would benefit both Lob and the wider Montenegrin gaming market.

Montenegro is an official candidate for European Union membership, with accession negotiations under way since 2012.

Dieter John, Fortuna’s group chief executive, said of the move: “Montenegro is a market with great potential and a clear EU direction. We will significantly invest in Lob, drive its growth and establish best-in-class capabilities and practices.

“Through our partnership with Lob, our goal is to contribute to the modernisation of the entertainment sector, enhance transparency and develop innovative solutions that improve user experience.”

Lob operates predominantly online, with 77% of its business conducted digitally and 23% through retail. Sports account for 65% of its activity, with gaming representing the remaining 35%.

Fortuna said it plans to modernise all Lob user touchpoints through investments in advanced technology management, AI-powered personalisation, analytics and insights, and the enhancement of digital platforms and online experiences.

Lob Chairman Goran Knežević said: “The partnership opens a new chapter for our company. Cooperation with an international investor who shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector.”

John was appointed as Fortuna’s new chief executive in January 2025, replacing the outgoing Victor Corcoran.

The report covers the first six months of 2025, through to the end of June. Key data in the report showed that overall GGR for online gaming in the Netherlands hit €600 million ($695 million), down 16% from the final six months of 2024.

Online casino games were by far the most popular among consumers. Sports betting came next, then peer-to-peer casino games and horse race betting.

KSA said this decline was partly down to overhauled responsible gambling rules in the country. These include new deposit limit settings for online players, with players now restricted as to how much they can wager with each operator.

But the regulator also flagged a rise in player accounts. The average number of active online accounts per month reached 1.29 million in H1, up from 1.18 million in the latter part of last year. Of these accounts, an average of 7.1% were new.

KSA said players were likely creating more accounts across several different operators so that they could deposit and gamble more. Once they reach a limit with one operator, they cannot deposit again until this resets. Spreading their activity across numerous websites opens up more play options.

‘Worrying’ trend in illegal online gambling

However, of most concern to KSA was illegal website activity. While it said channelisation – the percentage of people gambling with legal operators – was stable at approximately 94%, the amount of revenue going into unlicensed sites continued at upward trend.

By the end of H1, total revenue going to legal sites dipped from 51% in H2 2024 to 49%. KSA said this could be partly explained by users shifting to illegal sites to avoid the new player protection rules. Illegal operators are not governed by the same rules as licensed sites, with customers able to spend without limits.

“KSA considers this a worrying development, as players in the illegal market are much less well protected,” the regulator said.

Another issued flagged by the regulator was in reference to the age of players. Figures for H1 showed people aged 18 to 24 accounted for 23% of all accounts used during the half. This, KSA said, was high as the group only represents 9.3% of the Dutch adult population.

However, the regulator did note that those in the group tended to lose far less than older players. On average, the loss for those aged 18 to 24 was €37, compared to €78 for adults.

Overall, an estimated 839,000 active players were active with legal providers during the first six months of 2025. This meant 5.7% of the adult population gambled legally online, up from 5.4% in H2 of last year.

Assemblymember Alex Bores introduced the Fair Play Act in September, which would prohibit sportsbooks from banning or limiting bet sizes. The bill does make exceptions for instances tied to responsible gambling or integrity issues.

The New York legislature reconvenes in January. The bill is assigned to the Assembly Racing and Wagering Committee.

If the legislation is enacted, New York would become the first US market to implement such a rule. However, it is not the first state to look into the issue of limiting bettors.

States scrutinise limits on bettors

The Massachusetts Gaming Commission has studied the issue at length, including holding hearings with sportsbook operators. MGC commissioners said their focus is consumer protection. The MGC requested information last year for operator data on limiting and the results came in last month.

“Analysis confirmed that players who consistently beat the closing line are likely to have a lower stake factor, meaning have their limit lowered, and players who do not consistently beat the closing line are more likely to have a higher stake factor, meaning have their limit raised,” Carrie Torrisi, head of the MGC’s Sports Wagering Division, told the commission.

The data found that just a little more than one half of 1% of bettors are met with limits and the amount by which they are restricted varies. MGC Chair Jordan Maynard said the data confirms the complaints received last year from bettors, but also that the sportsbooks must manage risk. The commissioners said they would like to see better notification for the bettors about when and why their bets are limited, but the MGC took no action.

The Wyoming Gaming Commission also looked into the issue this year. It likewise found that sportsbooks limit fewer than 1% of accounts. Less than 10% of those instances were because of exploitation of a sportsbook’s error.

“Given all the data we’ve collected, staff does not see a problem in Wyoming with the limiting of sports wagering,” a report found.

New York sports betting market

Operators will likely fight to prevent any measure that could negatively impact their bottom line in New York. During the sports betting legalisation process, the sportsbooks opposed the 51% tax rate the market carries.

DraftKings and Penn Entertainment executives have discussed how restrictions on their ability to limit customers could be a negative for their business. Sportsbooks use the practice to help mitigate losses to sharp bettors.

“It is customary for sports betting operators to manage customer betting limits at the individual level to manage enterprise risk levels,” DraftKings said in its fiscal year 2023 report. “We believe this practice is beneficial overall, because if it were not possible, betting options would be restricted globally and limits available to customers would be much lower to insulate overall risk due to the existence of a small segment of highly sophisticated syndicates and algorithmic bettors, or bettors looking to take advantage of errors and omissions on our platforms.”

Still, New York sportsbooks have seen more than $74.9 billion in wagers since launch in 2019, a figure that exploded after the state’s January 2022 mobile rollout. That has brought in more than $3.4 billion in taxes, as the operators have generated $6.7 billion in revenue.

The Rhode Island Department of Revenue Lottery Division issued a Request for Information earlier this year to gauge interest if it were to open the market to more sports betting operators. International Game Technology has held an exclusive contract to operate online sports betting through the lottery’s Sportsbook RI app.

“[The] Lottery is moving ahead with its examination of whether adding more apps is feasible,” lottery spokesperson Paul Grimaldi said in an email to the Rhode Island Current.

The lottery received responses by the 22 August deadline from eight sportsbook operators looking to access the market. IGT’s exclusive contract runs through November 2026. The operators that responded were:

• Bally’s
• BetMGM
• DraftKings
• Fanatics
• FanDuel
• IGT
• Kambi
• OpenBet

Bally’s is based in Providence and operates two casinos in the state, which also have in-person sportsbooks. The state also became the seventh state to legalise online casino gambling in 2023, and Bally’s launched its Bally Bet platform in 2024.

Push to end Rhode Island sports betting monopoly

In the last Rhode Island fiscal year, the state generated $14 million in taxes from the effective 51% tax on IGT’s sports betting revenue.

State sports betting monopolies have often received negative reviews from bettors, and on 7 September, during the first weekend of the NFL season, IGT’s servers went down for 75 minutes for Rhode Island betting customers.

Earlier this year, state lawmakers discussed a bill to expand the market. Senator Frank Ciccone’s bill to end the IGT monopoly passed the Senate 30-3, but the House did not take it up before the session ended in June.

“With legalised sports betting flourishing across the country, there is ample evidence on how this new industry works best for consumers and the state,” Ciccone said during the Senate approval. “And what we are seeing is that having only one company exclusively operate is not in the best interests of consumers or from a revenue-generating standpoint.”

Lawmakers introduced a similar bill in 2024.

The lottery published a Spectrum Gaming Group study earlier this year that recommended adding at least three and up to five new operators to the state.

There are multiple other sports betting monopolies across the US. In Florida, the Seminole-owned Hard Rock Sportsbook is the only operator, while DraftKings is the sole option in Oregon and New Hampshire.

BetRivers is the single sportsbook provider in Delaware. Like in Rhode Island, Delaware lawmakers have looked at potentially expanding their sports betting market.

In Montana, Intralot has an exclusive deal with the state lottery.

HKJC hands senior role to Stylsvig

The Hong Kong Jockey Club has announced Casper Stylsvig as executive director of its sports business.

Stylsvig will focus on commercial growth across horse racing, football, lottery and emerging sporting opportunities. He also will become a board member and report directly to CEO Winfried Engelbrecht-Bresges.

An experienced sports executive, Stylsvig was most recently chief revenue officer at English Premier League football club, Chelsea. Previously, he also held senior leadership roles at FC Barcelona, Manchester United, Fulham and AC Milan.

“This role represents a natural progressive next step in my career, bringing together best practices from global football to help shape the future of a truly unique, multi-sport business,” Stylsvig said.

PMU and HKJC launch new pool bet

In other news out of HKJC, the organisation has partnered with France’s Pari-Mutuel Urbain on a new common pool bet.

The International Order Couple bet will be available on all Hong Kong races. It will also cover the 95 World Pool races on the PMU calendar.

This builds on a partnership that began in October 2019 with the launch of Simple common pool bets. In 2022, PMU then joined the HKJC World Pool for International Winner and International Placer bets.

“This growing collaboration demonstrates the commitment of both institutions to offering an ever richer and more diverse betting experience to their customers, while strengthening their ties in the international horse racing world,” PMU said.

ESPN Bet fined $15,000 in Massachusetts

Penn Sports Interactive, operator of ESPN Bet, has been fined $15,000 by the Massachusetts Gaming Commission over a violation of advertising rules.

The case related to comments made by ESPN host Rece Davis during a gambling segment on “College GameDay” in 2024. Davis referred to a betting tip by analyst Erin Dolan as being a “risk-free investment”.

Massachusetts sports betting law bans terms such as “free”, “risk-free” and “can’t lose” in reference to wagering.

“Mr Davis used the prohibited language ‘risk free investment’ after he referred to a sports wager,” the commission said. “As a result of the aforementioned regulatory violations, the Commission hereby fines PSI/ESPN Bet $15,000.”

CT Interactive enters Greece with Novibet

CT Interactive has rolled out its content in Greece for the first time through a partnership with Novibet.

Customers of Novibet Greece will have access to a range of CT Interactive titles. These include Lucky Clover, Win Storm, 40 Treasures, HOT 7s X 2 and The Big Chilli.

This latest rollout follows a similar link-up between CT Interactive and Novibet in Mexico.

“Launching our content exclusively on Novibet Greece is a remarkable milestone for us,” CT Interactive Chief Commercial Officer Monika Zlateva said. “It enables us to bring our top-performing games to the Greek market.”

Wazdan builds on Canadian presence with NorthStar

Wazdan is to expand its presence in Canada through a new partnership with NorthStar Gaming.

Wazdan, an iGaming developer, will provide Playtech-powered NorthStar with a range of its content. Titles include 36 Coins, Hot Slot: 777 Cash Out Grand Diamond Edition and Mighty Fish: Blue Marlin.

The launch will also introduce Ontario audiences to engagement-boosting mechanics such as Hold the Jackpot, Cash Infinity, Collect to Infinity, Sticky to Infinity and Cash Out.

“Expanding our presence in Ontario with such a locally rooted and trusted brand as NorthStar is an exciting milestone,” said Radka Bacheva, Wazdan head of sales and business development. “Its strong position in the market, combined with our portfolio of rewarding experiences, ensures we can deliver measurable growth and enhanced entertainment to players nationwide.”

According to a Sunday Times report, several sources at Evoke have confirmed closures could take place if taxes rise. The government is expected to set out new gambling tax plans during the upcoming budget on 26 November.

The report said the number of shop closures has not yet been decided. One source suggested 120 shops could shut, while another said as many as 200 could close. This could lead to up to 1,500 job losses across the William Hill network.

Evoke currently operates approximately 1,300 William Hill shops across the UK. Should the closures reach the upper end of estimations, this could see 15% of its total retail network shut.

“As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations,” an Evoke spokesperson said. “This includes the difficult but necessary consideration for shop closures.

“We are mindful of potential tax increases in the forthcoming budget which would impact investment in the UK and drive more customers to the black market.”

Incidentally, Evoke is not the first major operator to warn of possible shop closures amid the planned tax rise. In recent weeks, Stella David, CEO of Entain, which counts Ladbrokes among its brands, also said retail locations could close to help save on costs.

Tax rises almost nailed on

Talk of an increase in gambling tax has been rife for most of 2025. In April, the government initially proposed a single rate for remote gambling. This would replace the current, three-banded tax rate system.

The proposal has drawn strong criticism from the gambling industry. Concerns included how it would impact harmonisation on wider issues such as risk and harm and the potential demise of the horse racing sector, which relies heavily on the betting sector.

There has been no government confirmation on what a gambling tax restructuring might look like, but in September, a group of more than 100 MPs from the governing Labour Party called for an increase in the rate of gambling tax to tackle child poverty.

The MPs said gambling in the UK is “lightly taxed” at 21% of gross gaming yield (GGY).

The letter referenced an earlier suggestion by the Social Market Foundation (SMF). In July, the SMF proposed raising Remote Gaming Duty from 21% to 50%. This, it said, would bring the UK more in line with other jurisdictions in Europe and the US, where online gambling tax rates reach 50% or more.

Increases in tax would be in addition to the new statutory levy, which came into effect on 6 April this year.

UK retail struggles for Evoke

Evoke addressed the potential tax increases in its H1 results announcement, published in mid-August. At the time, Evoke CFO Sean Wilkins told the government to tread carefully in terms of how it approaches a potential tax rise.

“If you increase tax beyond a certain point, this leads to black market growth,” Wilkins said. “This would then lead to lower tax take and zero player protection, which is against the objective of government. This has been evidenced in the Netherlands

“Our expectation is to see a balanced approach between the requirement to get more cash and protecting the regulated market.”

In the same announcement, Evoke reported a 2.4% drop in revenue from its UK and Ireland retail business.

This was partly due to tough year-on-year comps due to last year’s Euro 2024 football tournament, while Evoke also made reference to “challenging conditions on the high street”. The total number of William Hill shops fell 2.2% to 1,302 by the end of the half.

However, the group did make improvements to its retail estate in the UK&I. This included the completion of the rollout of 5,000 gaming machines in March.

Speaking at the time, Evoke CEO Per Widerström said gross win per machine was 15% more than in Q3 last year, with the new rollout drawing in more customers. He added that further machine enhancements are planned, with additional legacy machines to be replaced.

“We are confident that our retail stores can continue to survive tough high street conditions in the UK and Ireland,” he said. “We will monitor profitability closely across our network.”

Gross gaming revenue from betting reached $193.8 million in September, according to the New York State Gaming Commission. This was short of the $204.7 million in the same month last year but 8.8% more than August this year.

The decline came despite consumer spending on sports betting increasing during the month. A total of $2.29 billion was wagered in September, up 10.6% from last year and 12.3% ahead of August.

This resulted in a statewide hold of 8.47% for the month.

FanDuel draws 40% of New York revenue

Turning to operators, Flutter’s FanDuel remained the market leader in September. It took $77.6 million from a $790.4 million handle, leaving a total hold of 9.82%. FanDuel alone accounted for 40% of all betting revenue during the month.

DraftKings was again the next closest challenger, posting $66.7 million in revenue, with a higher handle of $870.6 million. This, however, meant a lower hold than longtime rival FanDuel at 7.66%

Fanatics retained third spot with $20.5 million off $219 million for a 9.36% hold.

BetMGM and Caesars neck-and-neck on revenue

BetMGM and Caesars tied for fourth place in revenue terms, but the former sneaked ahead when it came to hold thanks to a marginally higher handle.

Revenue at BetMGM hit $10.9 million from $149.8 million in wagers, meaning a hold of 7.28%. Just behind was Caesars with $10.9 million off $152 million for a 7.17% hold.

Elsewhere, Rush Street Interactive took $3.6 million from $45.9 million in bets for a hold of 7.84%. ESPN Bet followed with $2.8 million from $47.1 million for a 5.94% monthly hold.

Bally Bet came next with $788,535 off a $13 million handle, meaning a 6.07% hold. Resorts World Bet rounded off the New York market with $229,357 from $2.8 million, resulting in a hold of 8.33%.

Bowyer maintained his composure at halftime of Super Bowl LVII before the Kansas City Chiefs completed a double-digit rally to secure his $4.5 million wager. But as the calendar turned this week, one of the nation’s largest illegal bookmakers admitted to feelings of heightened anxiety. On Friday, Bowyer reported to federal prison in California to begin a sentence of approximately one year.

A veteran bookie and professional gambler, Bowyer accepted in the neighbourhood of $325 million in wagers from Ippei Mizuhara, the former interpreter for baseball star Shohei Ohtani. After Bowyer received his sentence in August, he embarked on an extensive media blitz to plug his book, “Recalibrate”.

Over 45 days, Bowyer appeared on close to 100 podcasts and made appearances on some of the nation’s largest broadcast networks in an effort to publicise his reclamation project.

Staying in California

The former bookmaker reported to FCI Lompoc, a minimum-security facility located about 60 miles northwest of Santa Barbara. Bowyer’s surrender caps a whirlwind period that began in late August when US District Judge John W Holcomb sentenced him for operating an illegal gambling enterprise.

Bowyer surrendered on Friday by a noon deadline, according to his attorney, Diane Bass. Bowyer said that one of the most challenging parts of spending the next year in prison will be the limited time to see his family.

Prison regulations allow Bowyer’s wife, Nicole, to visit him a maximum of three times a month, he told iGB. On Friday Bowyer posted a video on Instagram of himself driving to the facility, where he said he was only minutes away from the prison entrance.

“Obviously, anxiety is high, I’m going to go in there with my head held high,” Bowyer said in the video. “I’m proud of what I built, I’m proud of everything I accomplished in life.”

Lifestyle transition from bookie to inmate

On Thursday night, the couple stayed at the luxurious Rosewood Miramar Beach hotel, a beachside property in Montecito. This month, mid-week rates hover near $2,000 a night.

Speaking on Instagram, Bowyer expressed gratitude to a podcaster for footing the bill.

“We love this hotel, but can’t really afford it right now. He chose to put us up before I report to prison as a special gift,” Bowyer said.

One of the largest table gamblers in Las Vegas, Bowyer indicated that he received more than $150 million in comps from Strip casinos over a period of three decades. His accommodation over the next 12 months will be decidedly more spartan.

Bowyer’s year away less than others

Bowyer received the sentence for convictions on transactional money laundering, providing a false tax statement and running an illegal gambling operation. Bowyer, 50, paid the government more than $1.5 million in restitution before his sentencing. Because of the false information Bowyer provided, he owes the court additional back taxes, not including interest and penalties, according to federal prosecutors.

While a US probation officer recommended a 36-month sentence, prosecutors sought a sentence of between 15 and 21 months.

The sentence pales in comparison to the 57-month term Holcomb gave Mizuhara in February. Mizuhara, who is incarcerated in Pennsylvania, embezzled nearly $17 million from Ohtani to repay massive gambling debts with Bowyer. Ohtani was cleared of wrongdoing by federal authorities and Major League Baseball.

Nicole Bowyer, who served as a host at Resorts World Las Vegas, has been granted full immunity, according to sources.

Bookie fallout a hot topic at G2E conference

In March, Resorts World agreed to a $10.5 million settlement with the Nevada Gaming Commission, the second-largest in state history. The broader investigation served as a hot topic this week at the Global Gaming Expo, one of the world’s largest gambling conferences.

One panel on Monday featured top compliance officials from the three casinos involved in the case. Jennifer Roberts, chief compliance officer at RWLV, noted that she has been pleased with the remedial measures the casino employed since she joined the company this year.

The panel was preceded by one on combatting illegal gambling, where Nevada Gaming Control Board Chairman Mike Dreitzer emphasised that the state has approached the extensive AML investigation with the utmost seriousness.

How Bowyer plans to spend prison sentence

As a co-founder of a Southern California martial arts studio, Bowyer wants to exercise vigorously at Lompoc.

At his peak, he burned through three gruelling workouts per day. The prison camp has an outdoor running track, as well as a recreation yard and indoor gym for inmates to join organised leagues in football, basketball and softball.

“I’m going to lift weights, work out harder than I ever have, read, possibly write another book and show the world what I’m made of,” Bowyer said Friday on Instagram.

Upon his release, Bowyer says, he would like to travel the nation to caution athletes on the pitfalls of gambling.

“This will be just another step to overcome adversity, to rebuild my mindset and to show my children that we all make poor choices; it’s about how you handle them that matters the most,” Bowyer added on the video.

Home for the 2026 World Series?

Nevertheless, Bowyer and other California bookies have not gone without criticism in Las Vegas where the sports betting industry continues to deal with the fallout of the broader scandal.

Three other California bookmakers – Wayne Nix, Damien LeForbes and Christopher Scott King – await sentencing. At G2E, a former Las Vegas sportsbook executive lamented the fact that numerous casino executives lost their positions partially because of the investigation.

Scott Sibella, a former president at RWLV, was terminated in October 2023 for violation of company policy. Sibella later received a sentence of one-year probation for failure to file a Suspicious Activity Report when he served in a similar capacity at MGM Resorts.

With good behaviour, federal inmates can receive statutory credits that may reduce their prison sentence by about 20%. Inmates can also receive earned-time credits for participating in evidenced-based recidivism reduction programmes.

There is a possibility that Bowyer could get out by 1 August 2026. If Bowyer is released on that date, it will fall on the two-year anniversary of his guilty plea in the Santa Ana courtroom.

Bowyer is confident he will receive an early release. He might be released to a halfway house even sooner, and there is also a possibility that he could spend the latter stages of his sentence in home confinement. Regardless of the exact date, he will likely return by next year’s World Series to his Southern California home, where a signed Ohtani jersey is framed on a wall of his man cave.

Under the deal, Glitnor will replace its current B2B sports betting provider with Kambi’s end-to-end sportsbook technology and services. This will include a new betting engine, Kambi’s Bet Builder product and AI-powered trading capabilities.

Glitnor will apply the changes to its full portfolio of online brands, active across jurisdictions in Europe and the Americas. Among these iGaming brands are Lucky Casino, Happy Casino, Flax Casino and One Casino.

The group counts Sweden, the Netherlands and Ontario in Canada among the markets in which it has a presence. Customers in all these regions will have access to the new-look sportsbook.

Glitnor pledges to ‘elevate’ sports betting

Richard Brown, CEO of Glitnor Group, said the new deal represents a long-term partnership. He added that it will help the group grow its presence in core markets.

“Partnering with Kambi was a clear choice for us as we looked to elevate our sportsbook offering,” Brown said. “Kambi’s market-leading technology, proven track record and unrivalled expertise give us the foundation to deliver a premium, seamless sports betting experience to our players.”

Kambi CEO Werner Becher added: “We are incredibly pleased to welcome Glitnor Group to the Kambi network following their decision to switch to our award-winning sportsbook.

“This multi-jurisdictional agreement is a testament to the strength of our premium Turnkey Sportsbook, proven to deliver cutting-edge technology that drives growth, ensures regulatory peace of mind and creates a world-class betting experience for players.”

New financing for Glitnor

The revamp comes after Glitnor in September announced details of a new finance facility to help fund future M&A plans.

Provided by hedge fund HG Vora Capital Management, Glitnor secured €55 million under the arrangement. The group will also use the financing to support its wider growth strategy, including investment in product development and wider operational expansion efforts.

Glitnor has completed several M&A deals in recent times. These include the acquisition of OneCasino, an iGaming operator with a presence in various markets across Europe. Last year, the group also agreed to purchase a 37.5% stake in New Jersey iGaming operator PlayStar.

Revenue for the month was 4.7% behind the $70.1 million posted last September. However, it surpassed the $54.1 million generated in August this year by 23.5%, the North Carolina State Lottery Commission reported.

It was also the second straight month of growth following record-low figures in July.

In terms of player spending, paid wagering handle for September hit $654.1 million, which was 21.5% more than last year. This also beat the $463.8 million wagered in August 2025 by 41%.

After also including $32 million in promotional wagers, total handle amounted to $686.1 million. This was 19.2% ahead of September 2024 and 43.3% up from August.

Based on total handle, the state’s hold for the month stood at 9.74%.

Monthly tax revenue of $12 million

North Carolina’s regulator does not publish a full breakdown for each operator active in the state. However, it did offer further insight into financial performance for September.

This included that players received back a total of $615.1 million from sport betting during the month. In addition, some $4.2 million worth of wagers were either voided or cancelled.

Tax-wise, estimated proceeds from sports betting amounted to $12 million. This was just short of the $12.6 million reported last year but ahead of August’s $9.7 million total.

FanDuel, DraftKings, Fanatics, ESPN Bet, Bet365 and BetMGM are among the operators that are active in the state. North Carolina launched its legal online sports betting market in March 2024.

Some have estimated the black market could account for up to 70% of the total betting sector in Brazil but, speaking to iGB in a recent interview, Flood believes it is closer to 15%.

While many operators and other industry stakeholders highlight illegal operators as their main concern, Flood and Superbet maintain that their strong start in the market is their main area of focus.

“I don’t wake up every day thinking about the illegal market,” Flood tells iGB. “The competitive intensity would be what wakes me up every day, or what I think about when I wake up.

“I think there’s a lot of data out there that suggests that it’s quite meaningful in terms of total size. I think there’s ways that that gets big and scary when people use deposit volume to size that market.

“In actual terms of maybe revenue capture, which is a better marker of what players are spending, I think it’s a good bit lower than most people’s estimates.”

However, Flood does say he is concerned about the threat the black market poses for players in terms of player protection standards.

Superbet looking to maintain podium position

Superbet has enjoyed an impressive start to the regulated market in Brazil, ranking among the top three licensed operators for market share, according to H2 Gambling Capital’s data.

Flood has a “high degree of confidence” that Superbet is currently in a firm podium position. He also believes the company is closing in on second place.

Like many, Flood expects consolidation in Brazil as the market matures. Three top brands are expected to dominate the market as smaller operators fall away due to high costs and lack of competitive edge against Superbet, Betano and Bet365.

“What we see is there’s going to be a wave of consolidation at some point in the market as the unit economics of competing get a bit harsher,” Flood continues. “High tax burdens, the cost of advertising, you see some sponsorship prices going through the roof.

“It’s incredibly expensive to raise awareness in Brazil about a brand and to build trust. We see that probably some of those smaller brands may fall away at some point in time and the market will probably be dominated by three big players, that would be our estimate. We would hope, and are quite confident, that we will be one of the three.”

Localisation key to Superbet’s success

Prior to 1 January, there was some speculation that international brands may struggle to get a foothold in Brazil, with local operators winning out due to localisation and an enhanced knowledge of their home country’s diverse culture.

But Superbet has invested heavily in local talent, deepening its connection with Brazilian bettors.

“If you were to ask why we’ve been successful, I would say it’s because we’ve invested in finding local people to really help us connect with the Brazilian audience, the Brazilian fan base,” Flood explains.

“That goes deep into how we communicate with customers, even the brand tone, these types of things.

“You cannot take a European proposition and just stick Brazilian flags or change it into Portuguese and put it out there to customers. You really have to find ways to connect.”

Superbet’s investment has extended to sponsoring the 2025 Rio de Janeiro Carnival and Série B, the second-highest football league in Brazil. Additionally, the club is also the front-of-shirt sponsor of top-flight clubs Fluminense and São Paulo.

“The Brazilian fan base is so passionate about sports and so emotionally involved in it, that there’s just different ways to connect,” Flood says. “And we’ve brought that to life.

“But it’s not just putting a badge on that shirt. It’s how we’ve brought that to life in terms of the activations. They are ways for us to connect with those local customers and local audience in a much, much deeper way.”

Superbet Brazil marketing investment to continue

Flood says Superbet has “definitely” achieved what it sought from its initial marketing investment in Brazil.

“When you look at the brand we’ve built in such a short time in Brazil, it’s probably one of the things I’m most proud of,” Flood continues. “That’s testament to the local marketing team that we’ve built out, who make all these decisions day to day.

“When you look at our brand awareness, it’s gone incredibly well. We think that’s what’s translated into what we [believe] is a clear number three in the market at this point.”

This investment in marketing will continue, according to Flood.

“We’ll definitely keep a portion of our investment efforts in this space, because of how effective we’ve found it to be,” Flood concludes.

“We do think it’s part of our superpower of connecting with the local customers and how well we’ve executed in those spaces. For the foreseeable future, we’ll continue to pursue that.”

Underdog revealed its deal with the Kansas City Royals ahead of the 1 December launch of the Missouri sports betting market.

“The Royals have forged a deep and authentic connection with baseball fans throughout the Kansas City region, in Missouri and beyond,” Stacie Stern, Underdog senior vice president of government affairs and partnerships, said in a release. “We’ve built our products with the same approach – real, organic connection with sports fans to get to one goal: make sports more fun.

“We are going to work with the Royals to bring the best sports betting experience possible to fans in Missouri, while we continue to drive innovation in sports gaming and expand our product offerings in new states.”

The deal is pending Missouri Gaming Commission approval. The MGC expects to issue temporary approvals later this month before launching in December. Approved operators will begin accepting user signups and deposits on 17 November.

Underdog gaming expansion

Underdog began its entry into gaming in 2020 with daily fantasy sports offerings. Missourians can already play Underdog’s DFS products.

Underdog has worked with the Royals in the past, including sponsoring promotions like “Bark at the Park” and the “Underdog Hot Dog Derby”.

“The Royals look forward to continuing and enhancing our partnership with Underdog, which is our longest-standing relationship in sports gaming,” Brooks Sherman, Royals president of business operations, said in the release. “We’ve partnered with them on some of our most engaging fan programmes, like Bark at the Park and the Underdog Hot Dog Derby, and we look forward to working with Underdog to provide Royals fans throughout Missouri the opportunity to have even more fun while watching sports.”

Underdog since expanded into online sports betting, including an active sportsbook in North Carolina. The company also holds sports betting licences in Ohio and Colorado.

Underdog also announced its foray into sports event contracts through a partnership with Crypto.com.

Missouri sports betting market partners

The MGC awarded two untethered licences in August to DraftKings and Circa Sports.

FanDuel applied unsuccessfully for one of the two available untethered licences, but it ultimately partnered with St Louis City FC for access.

Missouri voters approved sports betting in November 2024 following multiple years of attempts in the state legislature. The law allows the state’s 13 casinos and six professional sports teams to offer online and in-person sportsbooks.

Sportsbook partnerships in Missouri also include:

• Bet365 with the St Louis Cardinals
• BetMGM with Century Casinos
• Caesars through Caesars casinos (Harrah’s Kansas City and Horseshoe St Louis)
• ESPN Bet through Penn Entertainment casinos (Hollywood Casino and River City Casino)
• Fanatics with Boyd Gaming

This year alone, three major casinos reached settlements with the Nevada Gaming Commission to resolve charges related to AML deficiencies at their properties. Ahead of next week’s Global Gaming Expo (G2E) in Las Vegas, the American Gaming Association released a comprehensive guide to best practices for developing a robust AML framework across the gambling industry, not just in Las Vegas.

The association, which represents the $329 billion US casino industry, sponsors the expo each year. G2E annually ranks as one of the largest gambling conferences around the world.

The 64-page guide provides a roadmap for commercial sportsbooks on how to mitigate the widespread risks of money laundering. As gaming transactions through virtual currencies proliferate, the AGA devoted a lengthy section to best practices on combating crypto laundering.

To discourage illegal financial activity and safeguard the integrity of the gaming industry, casinos must develop effective risk-based programmes that ensure compliance with the legal requirements of the Bank Secrecy Act, according to the AGA.

Heightened AML risks through sports betting

The binary outcomes offered through various sports wagers make the bet types a popular vehicle for money launderers, the AGA stated in the memo. As with games such as baccarat, craps and roulette, sports betting gives a customer the option to wager both sides as a way of laundering funds.

For example, if a bettor uses dirty money to wager $100 on a home team, then $100 on the other side, the bettor would only lose the vig, while receiving a clean payout from the casino.

According to the AGA, similar risks may arise when a patron places a bet with a legal sportsbook on behalf of an unidentified third party to conceal the source of funds. In gambling parlance, the practice is known as wagering through a “beard”.

AML best practises have received added scrutiny over the last 24 months in the wake of multiple convictions of illegal Southern California bookmakers during that span. In August, Matt Bowyer received a sentence of approximately one year in federal prison in connection with operating one of the nation’s largest illegal sports betting rings. Bowyer is the bookie who accepted roughly $325 million from Ippei Mizuhara, the former interpreter for baseball star Shohei Ohtani

In Las Vegas, Bowyer laundered millions of dollars through Resorts World Las Vegas. Beside Resorts World, MGM Resorts and Wynn Las Vegas also reached settlements with Nevada regulators this year to resolve AML charges.

In March, the Nevada Gaming Commission approved a $10.5 million settlement with Resorts World, the second-largest in state history. The NGC also levied fines of $5.5 million and $8.5 million against Wynn and MGM Resorts, respectively.

Challenges in enforcing crypto money laundering

Two other bookmakers in the case, Wayne Nix and Damien LeForbes, are awaiting sentencing. LeForbes, a pro poker player, also allegedly laundered millions in a casino purported to be Resorts World. In a 38-page federal plea agreement, prosecutors document a conversation LeForbes had with one of his betting clients.

Concerned that law enforcement might find a way to monitor the transaction, the client sought advice from the bookie. In response, LeForbes instructed the client to structure the payment by sending the debt to several different addresses: “I’d send $100K at a time to different addresses. You can create a different address in a wallet every time. Just don’t send [it] to an exchange.”

Authorities seized two Trezor wallets from LeForbes’ residence during a search on 22 December 2023.

When applying best practices for crypto transactions, the AGA advises that any virtual currency should be converted to US dollars prior to use at a sportsbook. Upon conversion to dollars, the transactions will be subject to the same Suspicious Activity Report reviews as other cash activity within a casino, according to the AGA.

Next week, several panels during the G2E conference will be devoted to AML practices throughout the industry. Compliance officials from MGM, Wynn and Resorts World will appear at a session early next week.

The facility opened on Thursday evening, with players having access to a range of facilities. These include more than 80 screens showing live coverage of sports events from around the world.

Customers can place in-person wagers at dedicated betting windows within the venue. In addition, they can access a number of diverse casino table games and physical slot machines located inside the sportsbook.

Other amenities include a large bar area, multiple dining options and seating areas for viewing live sports.

Paddy Power noted that only bets placed inside the venue can be redeemed. Winning bets from UK Paddy Power high street shops will not be paid out at the new location.

The operator also said the sportsbook will not accept its Play Card, which allows players to carry funds over from their online account to play at retail sites in the UK and Ireland. Other retail vouchers will not be valid for use inside the new sportsbook venue.

“That’s right, the big man’s really gone for it this time,” Paddy Power said when announcing the new venue. “He’s curated the ultimate sport lover’s haven that is also the perfect spot for a night out, a bite to eat, to watch the game and to have a flutter if you fancy.

“It’s like the Olympics met a pub and had a beautiful, chaotic baby. And, as Paddy’s getting involved, there’s space to place a flutter. Whether you’re backing a winner or just in it for the drama, placing a bet here feels better than a last-minute equaliser.”

Reforms open doors for expanded land-based gambling

The sportsbook has been made possible by recent reforms within the land-based gambling sector in the UK.

In May, the government published long-awaited draft proposals for land-based casino reforms. These outlined opportunities for operators to increase their gaming machine count and limitations on gambling floor space for casinos.

Licensed casino premises can install up to 80 gaming machines. However, this is only possible provided that the gambling area is larger than 280 sqm and the number of machines does not exceed five times the number of gaming tables used in the casino.

The new reforms also opened the door to physical sports betting inside casinos. Previously, bettors could place a bet on their mobile phone while in a casino, but not via a self-service betting terminal (SSBT).

Not long after the draft reforms were announced, Rank Group said it would take advantage of the new rules. The operator said it would add 882 gaming machines to its UK Grosvenor estate before the end of the year. It was already operating 1,367 machines across its 51-strong venue network.

However, Rank later stated its suite could be increased to 3,112 machines in the next two to three years. It indicated it would engage with government officials in Scotland to further increase its machine offering there.

Codere Italia was already offering retail gambling services in Italy. This included gaming halls and bingo venues, as well as a network of gaming machines across other locations such as bars.

However, the operator secured an extended licence from Agencia de Aduanas y Monopolios (ADM) to operate online. Its local, Italy-facing website, Codere.it, is now live, and Codere Italia said the launch marked a “strategic step” in the evolution of its offering in Italy. The operator added it will seek B2B partnerships with other operators and companies seeking to grow their presence in the country.

The launch expands Codere’s wider iGaming footprint further into Europe, outside its home market of Spain.

‘Natural and strategic’ step for Codere in Italy

Alejandro Pascual, regional manager for Europe and country manager of Codere Italia, said customers in Italy would benefit from a “consistent, high-quality” omnichannel experience.

“With Codere.it, we are taking a natural but strategic step: to also decisively consolidate the online segment, while maintaining our identity as a committed, regulated and customer-centric operator,” Pascual said.

“Our goal is to offer a consistent, high-quality omnichannel experience. Codere is strongly interested in developing collaborations with industry partners, particularly those already operating in Italy and wishing to continue operating online with the support of a strong and trusted brand.”

Roberto Russo, director of online operations at Codere Italia, added: “We have built a solid and scalable platform, ready to grow and adapt to the needs of our users and partners. Our approach is long-term, with the goal of creating a safe gaming ecosystem capable of establishing itself as a benchmark in the Italian market.”

Italy’s consolidated iGaming sector

While Codere will be a newcomer to the Italian iGaming sector, many other operators have been put off by recent reform in the country.

In May, the ADM officially ended its tender process to award remote gambling concessions for the regulated market. However, compared with the previous tender that attracted 93 applications, only around 50 were said to have thrown their hat in the ring this time around.

These concerns were realised a few weeks later when the ADM confirmed 46 applications were approved for new online gambling licences. Betfair, Snaitech and Sisal, all owned by Flutter Entertainment, were on the approved list, along with 888 Italia (Evoke), Hillside (Bet365), LeoVegas and William Hill.

Lower interest can be put down to the higher fees associated with the licences. The new €7 million figure eclipses the fee of €200,000 under the previous licensing model.

Online sports betting and online casino operators also face tax rates of 24.5% and 25.5%, respectively, on gross gaming revenue. Operators will also be subject to an annual fee set at 3% of GGR.

In addition, they must spend at least 0.2% of their GGR on responsible gambling campaigns.

Adjusted gross revenue for the month amounted to $58.3 million, according to figures from the Virginia Lottery. This beat August 2024 by 66.6% and was 27.9% more than July of this year.

Breaking this down, $57.3 million came from online betting, while land-based wagering in Virginia generated a total of $938,895.

As for player spending, handle for the month reached $510.2 million. This surpassed the previous year by 22.4% and beat July by 18.8%.

Online wagering hit $506.3 million, while sports betting spend at retail sportsbooks across the state topped $3.9 million.

This resulted in an overall monthly hold of 11.43%.

Virginia bettors get $447.3 million back

The Virginia Lottery does not publish a full breakdown of betting operators that are active in the state. Some 14 mobile operators and three casinos were authorised to accept wagers in August.

However, the lottery did reveal certain other figures for the month. This included consumers having $447.3 million returned to them from sports betting, with all but $2.9 million of this coming from the online market.

Tax-wise, the state collected $8.7 million from wagering activities. Most of this ($8.5 million) went to the General Fund Allocation, while $216,956 was directed to the Problem Gambling Treatment and Support Fund Allocation.

State law places a 15% tax on sports betting activity based on each licence holder’s adjusted gross revenue.

National regulator l’Autorité Nationale des Jeux (ANJ) said revenue was ahead of the €5.5 billion in the same period last year. The figures did not include land-based casinos and gaming clubs as these results were published separately.  

Gambling revenue in France has grown steadily year-on-year in H1 during the past few years. This has been partly due to growth in the online gambling sector, with revenue rising again in H1, by 6% to €1.4 billion. However, the ANJ said this increase “masks” certain trends in the market.

Double-digit growth for online sports betting in France

Online sports betting revenue jumped 10% year-on-year to €961 million, helped by a 15% rise in stakes to €6 billion. Unique player accounts also climbed 10% during the half.

The ANJ noted that this was despite the lack of a major, global sports event in H1 this year. In 2024, H1 included the early stages of football’s Euro 2024 football tournament, where in the same period this year, there was no such competition.

Incidentally, football remained the most popular sport among players in France, drawing 52% of all online bets. Tennis followed with 26%, then basketball on 9% and rugby 2%. The remaining 11% of wagers were split between other sports.

However, as noted by ANJ, this growth was not apparent within other areas of the online gambling market. Internet poker revenue declined 4% to €246 million. Cash game poker revenue was 15% lower at €47 million although other formats remained steady. The overall decline also came despite a 10% rise in unique players, which ANJ said was helped by cross-selling the product.

Elsewhere, online horse racing betting revenue was level at €174 million. Stakes here were 1% higher at €795 million but grew at a slower rate than in H1 of the previous two years. It was also noted that unique online horse racing players fell 3% year-on-year.

FDJ H1 revenue tops €3.5 billion after Kindred acquisition

ANJ also published separate figures for La Française des Jeux (FDJ), which completed its acquisition of Kindred Group in October last year. This helped push revenue up 19% in H1 to €4.4 billion.

Sports betting remained its primary source of revenue at €3.5 billion, up 4% on the previous year. However, driven by the Kindred acquisition, online betting and gaming revenue hiked 458% to €703 million. International lottery revenue for the period declined by 9% to €168 million.

Finally, ANJ referenced Pari Mutuel Urbain (PMU), which, like FDJ, had its results posted separately. In H1, revenue at PMU topped €830 million, which was 2.6% behind the same period in 2024. Stakes were also down 4.2% to €3.2 billion.

PMU had a tougher time in the first quarter, during which revenue dropped 4% and stakes 5.5%. However, it saw some level of revenue in Q2, although revenue was still down 1.3% and wagers 3%.

On Monday, several industry CEOs made a rare public appearance at a roundtable on SEC-CFTC harmonisation. For months, sports wagering insiders eagerly anticipated the event to gain insight on how the US Commodity Futures Trading Commission could modify federal regulations on prediction markets.

Although the CFTC and the US Securities and Exchange Commission outlined numerous measures that could result in further collaboration, the participants barely addressed prediction markets at the four-hour event. In many respects, the executives spent more time cracking jokes than discussing prediction market regulation.

Three executives appeared on a panel on how regulatory harmonisation efforts could unlock economic value for platforms across the industry:

• Shayne Coplan of Polymarket
• Terrence Duffy of CME Group
• Tarek Mansour of Kalshi

Two others, JB Mackenzie of Robinhood Markets and Nick Lundgren of Crypto.com, appeared on another that addressed how the initiative could reduce costs for investors.

For the most part, however, stakeholders who looked for insight on regulatory changes for prediction markets came away thirsting for more.

Lighthearted moments on prediction market panel

Last month, the CME Group signed a groundbreaking partnership with FanDuel. Under the deal, the two will form a joint venture to create event contracts on certain derivatives including oil prices, index trades and economic indicators such as the national GDP. At Monday’s appearance, Duffy made a brief reference to the FanDuel joint venture in passing.

Duffy told the audience that he had spent little time inside a Las Vegas casino on a trip to Sin City over the weekend. Instead, he was preoccupied with his trades on Kalshi, a new prediction market.

It prompted Mansour to ask whether Duffy closed out of his trades by turning a profit. “You made money, I broke even,” Duffy responded with a laugh. “There’s a lot of fees over there, buddy.”

Coplan, 27, also brought the jokes to Monday’s roundtable. The Polymarket CEO playfully jousted with his elders in poking fun at their incumbent status. When several panellists chided Coplan on his age, he retorted, “If you can’t find me after this, contact my attorney.”

Little clarity on key regulation on Kalshi, Polymarket

However, the roundtable never broached CFTC Rule 40.11 that prohibits event contracts on matters such as terrorism, war, assassination and gaming. Polymarket, for instance, offers contracts on whether Hamas will release all captive Israeli hostages by 31 October.

The industry has sought clarity on the regulation, as a host of jurisdictions have filed litigation against prediction markets, claiming they run afoul of state laws.

Unsettled matters in CFTC regulation

The roundtable opened with a brief address by SEC Chairman Paul Atkins, a rumoured candidate to be nominated by US President Donald Trump for the same position with the CFTC. Atkins remains a long shot because of a provision in the Securities Exchange Act that prohibits the chairman from leading another government agency at the same time. Atkins noted that the two agencies are focused on collaboration rather than a merger, which would require approval from the executive and legislative branches.

“Fanciful talk of reorganising the government risks distracting us from the monumental opportunity we have in front of us,” Atkins said in prepared remarks. “What matters is building a framework where our agencies coordinate seamlessly, reduce duplicative regulation and give markets the clarity they deserve.”

Mansour stressed the importance of self-certification for certain markets in the current environment. He emphasised that if Kalshi has to wait due to regulatory uncertainty, he contends impatient customers will simply go offshore.

CFTC interim chair Caroline Pham spoke near the start of the roundtable, but also largely ignored prediction markets. Pham plans to leave the agency when a new chair is confirmed. Brian Quintenz, the president’s previous nominee, saw his confirmation vote delayed twice this year. As a result, the White House has reportedly begun the process of vetting new candidates to lead the nation’s regulator on derivatives.

Last week, more than 100 Labour MPs wrote to Chancellor Rachel Reeves calling for a new levy for online gambling operators to help raise funds for a potential increase in child benefit.

At present, families are faced with a two-child benefit cap, meaning they can only claim for their first two children. However, the government is facing increasing pressure to scrap this and do more to help lift families out of poverty.

The Labour government is yet to confirm whether it would consider making changes to the current system. However, over 100 of its own MPs put their name to a letter that backs the expansion and a proposal as to how the government would generate the funds required to meet demand. This, the MPs said, would be a “targeted” levy on online gambling operators active in the UK.

However, the proposal has been met with criticism by the BGC. The council said it “strongly opposes” higher tax rates, saying such a move would be “short-sighted” and harm jobs, investment and sports funding, while failing to deliver more revenue.

“BGC members already contribute £6.8 billion to the economy, pay £4 billion in taxes and support 109,000 jobs,” the BGC said. “Piling further tax rises onto the sector, on top of reforms that have already cost over £1 billion, risks undermining a responsible industry.

“Every time the Treasury squeezes the regulated sector, it strengthens the unsafe black market, which pays no tax, offers no consumer protection and puts UK jobs and growth at risk.”

BGC CEO sympathises with chancellor

CEO Grainne Hurst also issued a response, in which she sympathised with the task the chancellor has in raising additional funds for wider policies and growing the economy. However, she cautioned against what she described as a “quick fix” policy in increasing gambling tax.

“They have sold this policy as a quick fix, an easy solution, but the truth couldn’t be further from the truth,” Hurst said. “Each month, 22.5 million people enjoy a bet, in bookmakers on hard-pressed high streets, in casinos, which are a pillar of our leisure and tourism sector, plus in bingo halls and online.

“It’s these millions of people who will feel the hit if this government caves to the demands from those who look down their noses at people who enjoy a bet, and who have gleefully heaped more pressure on the chancellor.”

Black market warning on tax rises

Hurst also repeated earlier warnings about the impact of higher tax on illegal activity. She said further tax rises risk “degrading” the offer of regulated gambling to a point that customers could turn to the black market.

“They will be the winners if the anti-gambling lobby gets their way, not less betting, just more gambling with illegal operators,” Hurst said. “Each year 1.5 million Brits stake up to £4.3bn on the growing unsafe gambling black market.

“This black market doesn’t care about player protections, doesn’t back sports and doesn’t pay a penny in tax. And it’s growing daily. The last thing it needs is another leg up in the form of a new tax hike.”

Concluding her response, Hurst urged a “balanced” approach to gambling policies. She added the BGC would be keen to work with the government to form new regulations that benefit all parties.

“Further tax rises now will make matters worse, suppressing growth and risking jobs,” Hurst said. “We want the chancellor to succeed. We want to be a partner in the growth she is so ambitious to deliver. Indeed, we are one of the few sectors ready to deliver it both locally and nationally.

“But we need balanced regulations and a stable tax regime to do that, not more uncertainty. The chancellor faces many pressures; she needs solution, but hitting punters with more taxes won’t solve anything.”

‘Compelling’ case for additional tax, say MPs

In the letter, the MPs said the targeted levy would differ to the proposal that was tabled by the government in April. This would have seen it scrap the three-banded tax rate system and replace it with a single rate for all remote gambling.

“The Gambling Reform All-Party Parliamentary Group and others have submitted responses cautioning against the proposed harmonisation,” the letter said. “Treating all remote gambling activities under one duty fails to reflect well-established differences in risk and harm.

“A single, undifferentiated tax regime risks removing important fiscal levers that currently incentivise lower risk product design and behaviour. It would also weaken the broader public health goal of reducing gambling-related harm; an objective to which this government has rightly committed.”

The MPs acknowledged the work done on the new statutory levy on gambling. This came into effect in April, having been included in the previous government’s Gambling Act white paper in 2023.

MPs said this was an important reform that begins to align funding for research, prevention and treatment. However, they also said the statutory levy does not increase the revenue generated beyond the voluntary contributions that have been in place for some time.

“This is despite the latest Gambling Commission data showing that levels of harm, including among online gamblers, are significantly higher than previously understood,” MPs said.

“In light of the levy’s limited fiscal reach and unchanged contribution levels, there is a compelling case for an additional online gambling levy. This would be a proportionate and appropriate response to evolving public health and fiscal challenges.”

Online gambling tax rate could reach 50%

MPs stopped short of saying what the new levy should be. However, the letter did reference the Social Market Foundation (SMF) and its own work on a possible new levy.

In July, the SMF proposed raising Remote Gaming Duty from 21% to 50%. This, it said, would bring the UK more in line with other jurisdictions across Europe and the US, where online gambling tax rates reach 50% or more.

The MPs referenced some of these rates in the letter to demonstrate their belief that online gambling in the UK is “lightly taxed” at 21% of gross gaming yield (GGY).

In the Netherlands, online casino is taxed at 29% of GGY, with this set to rise to 37.8% from next January. Austria has a rate of 50%, while Pennsylvania in the US taxes online slots at 54%.

“Given these international comparisons and the scale of domestic profitability, it is clear that online gambling in the UK is taxed lightly relative to both its growth and its social cost,” MPs said.

MPs keen to protect horse racing

While there was clear support for a higher tax rate for online gambling, the same group of MPs were also keen to set out their backing for horse racing. They said they would not be behind higher rates for this sector.

“Increasing taxes on horse racing risks driving consumers toward more harmful gambling products,” MPs said. “To safeguard this unique industry, horse racing should be protected through a differentiated tax approach that reflects its social and economic importance.”

The MPs concluded: “An online gambling levy – calibrated to reflect both profit and harm – offers exactly that: a credible, fair and immediate source of revenue. It would signal a government serious about aligning fiscal responsibility with social justice and committed to tackling poverty not just with words, but with action.”