Handle surpassed the previous all-time high — $761 million in November 2024 — by 9.3%. It was also 19.5% higher than last October’s total spend and 12.8% higher than this September.

Data from the Virginia Lottery revealed $824 million was wagered online during October. A further $7.6 million was spent betting at retail sportsbooks inside land-based casinos across the state.

Turning to adjusted gross revenue, this amounted to $75.3 million for the month. The total was 53.7% more than October 2024 and 16.7% above September’s $64.5 million haul.

Despite spending hitting an all-time high, Virginia was not able to set a new record for revenue. This remains at $86.4 million, reported in November 2024.

For October, $74.6 million of all revenue was generated online and $739,551 at land-based venues. As for statewide hold, this stood at 9.05%.

Monthly tax cleared $11 million in Virginia

Some 14 mobile operators and three casinos were authorised to accept wagers in Virginia in October. Among them were leading brands including FanDuel, DraftKings, BetMGM, Bet365 and ESPN Bet, which this week rebranded as theScore Bet.

However, the Virginia Lottery does not publish breakdowns for individual operators active in the state. As such, it is not possible to determine which brand led the market in October.

Other data that was made available included $751 million returned to customers for winning bets during the month. The lottery also noted $5.3 million worth of other, undisclosed deductions. No allowable bonuses and promotions were reported during October.

As for tax, the monthly total from sports betting stood at $11.3 million. Of this, $11 million went to the General Fund Allocation and $282,793 the Problem Gambling Treatment and Support Fund Allocation.

All three will now move on to the last round of consideration by the New York State Gaming Commission (NYSGC). The commission is to make its final licensing decision by 31 December. Up to three downstate licences may be awarded, at a minimum cost of $500 million each.

Most of the meeting was procedural – GFLB’s announcement and remarks lasted all of about 10 minutes. The board has been convening weekly behind closed doors since 8 October.

Board chair Vicki Been said in prepared remarks that the group “determined that awarding all three licences best advances the state’s long-term economic, fiscal and community objectives”.

This question of whether all three projects would advance had become increasingly uncertain as the process unfolded. Several previous applicants voluntarily withdrew and two of the three remaining finalists – Metropolitan Park and Resorts World – are both in Queens, raising questions about cannibalisation from competition. The final licensing decision now rests with the NYSGC.

In any case, board members were met with vitriol following the announcement. Chants of “Shame on you!” broke out at the meeting for several minutes until the shouters were removed. It was not immediately clear which decision was being protested.

All three New York casino bids selected but costs vary

Once the shouting was quelled, board member Greg Reimers explained why all three had been approved.

“No alternative scenarios produce comparable revenue or fiscal benefits,” he said, with regard to other licensing outcomes. “Each project proposes to deliver substantial community benefits, including infrastructure and transit improvements, local business partnerships and significant commitments to community-based organisations.”

The planned investment costs listed on Monday for the projects were below the total cost projections offered by the applicants, which took licence fees, community benefits and other costs into account.

The capital investment for Bally’s was listed at $2.3 billion, from $4 billion total. Metropolitan Park was tagged at $5.3 billion, from $8 billion total, and Resorts World was listed at $3.3 billion, from $7.5 billion total.

Applicants eager to clear final licence hurdle

In a statement after Resorts World’s approval, Genting New York chief Robert DeSalvio said the ruling “represents more than 15 years of work to generate jobs, revenue and opportunities for our neighbours”.

Bally’s said in a statement that it was “grateful for the board’s confidence” and was “honoured” to be selected.

“Our team has worked closely with community leaders, union partners and local stakeholders to build a project that delivers real jobs, lasting economic benefits and a world-class entertainment destination for the Bronx,” the statement said.

Metropolitan Park spokesman Karl Rickett said in a statement that the board “has validated the positive economic impact this project will have with billions of dollars in tax revenue, 23,000 union jobs and over $1 billion in community benefits. We look forward to the Gaming Commission’s review.”

Both Bally’s and Metropolitan Park have projected openings in 2030, whereas Resorts World, as an existing facility, has pushed the limit in scheduling its ramp-up. Originally, it projected a July 2026 opening, but its latest projection has it moved up to March.

Bright spotlight for the GFLB

The five-member GFLB was thrust into the spotlight this autumn after a quick formation in 2025. Four of the five members were appointed this year, the most recent of which came on 30 September. None of the members have experience in or connection to gaming.

In a press conference following the announcement, Been indicated the board leaned heavily on consultants in forming its decision. This was especially true with regard to performance projections and market concerns.

“We ask our consultants to be extremely searching and thorough, and we ask them to be very conservative,” she told reporters. “They disagreed with some estimates by the applicants and thought that they were quite high, so all of our estimates about the revenue potential are based upon our consultants’ views, not the applicants’ views.”

The board estimates that the three applicants could generate $7 billion in gaming tax revenue and $5.9 billion in other tax revenue in the 10-year period from 2027-2036.

According to the selection rationale document, the gaming analysis was “led by Tailored Hospitality Advisors with support from Advantage Partners Consulting, Klebanow Consulting, Hall Hospitality Advisors, Ben Mammina Development Group and Thompson Consulting and Analytics”.

Been was adamant that the board’s approval is not a “rubber stamp” for an identical ruling from the NYSGC. When asked whether there are “strong odds” for such an outcome, she said simply, “I am not a betting person.”

Strong market potential but timelines ‘ambitious’

The rationale document showed that all three applicants were approved unanimously. There were points of concern with each, but the market overall was viewed as being fundamentally solid.

“The downstate gaming market is among the nation’s strongest, given the area’s dense population, high income levels and tourism volume,” the rationale said. “The large local population base residing within a two-hour drive of the proposed casino sites is expected to anchor longterm visitation, supplemented by domestic and international tourism. Each proposal is positioned to compete for premium gaming customers through brand strength, amenities, and facility design.”

Applicants’ suitability and integrity was not included in the board’s consideration – that will be the purview of the NYSGC. Commission chair Brian O’Dwyer has vowed repeatedly that applicants will be held to the highest standard.

Aside from the concerns with the individual applicants, the board noted that construction timelines might impact each. All of the proposed timelines were seen as “ambitious” by members.

“Resorts World New York City’s projected March 2026 opening may underestimate regulatory and construction complexities, and Bally’s Bronx and Hard Rock Metropolitan Park’s mid-2030 timelines may be optimistic given project scale and urban constraints,” the rationale reads. “Continued and diligent oversight and coordination will be necessary to ensure timely delivery.”

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.”

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.  

In the wake of FanDuel and DraftKings giving up any hopes of a gaming licence in Nevada and leaving the American Gaming Association, prediction markets are front of mind for Ed Birkin this week. He’s not convinced they even have a long-term future in the industry, so why are the market leaders going all in?

This quickly develops into the difference between white, black and grey market gambling. Do grey markets actually exist or, as Robin Harrison suggests, is the definition of what constitutes a grey market being stretched to breaking point?

On Apple? So is Right to the Source!

Gambling in Argentina highlights the grey market challenge

Argentina, with its province-by-province framework, illustrates the grey market challenge quite nicely. Most provinces may have a licensing system, but the bulk of certifications seem to have been handed out for Buenos Aires province and the capital city. 

That doesn’t necessarily mean Argentina gambling licensees are just sticking to those two jurisdictions, however. There’s an element of parts of the gambling industry trying to have their cake and eat it, Ed argues, but does anyone actually face consequences for their actions?

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.

The Nevada Gaming Control Board reported on Tuesday that the state reaped $1.35 billion in gross gaming revenue in October, a 5% increase year-over-year. The Strip came roaring back from a September decline to post GGR of $748 million, an 8% jump YoY.

Through the first four months of the fiscal year, the Strip is +3.3% above its pace of a year ago. America’s gambling capital is now on track for its fourth YoY gain in the last five fiscal years.

Despite the uptick in revenue, tourism numbers for October were lacklustre again. The Las Vegas Convention and Visitors Authority reported that citywide visitation slid 4.4% to 3.4 million for the month. That continues a streak of 13 months without a YoY visitation gain of more than 1%.

The Strip was down in all of its metrics, including total occupancy (-2%), average daily rates (-5.5%) and revenue per available room (-7%).

Convention attendance, driven in part by the industry’s annual Global Gaming Expo, was up 8% YoY to 603,600. Yet that too was perhaps underwhelming in the sense that it was markedly lower than 2023 (640,000) and 2022 (628,000).

Baccarat again powers success on the Strip

From a business perspective, the Strip has been heavily reliant for many months on boom-or-bust baccarat performance to help mask other declines.

Such was the case in October – Strip casinos won $116 million on the game, an eye-popping 69% gain from last year. For context, that one total is more than any other market reported as a whole except for the Las Vegas locals segment.

The vacillating performance of the game is illustrated by the fact that the Strip is +20% on baccarat in the past three months but just +2% in the past 12. October’s strong table game performance was enough to overcome a 2.3% decline in slot revenue, a rarity for the market.

Table games consultant Bill Zender explained that the amount of money being wagered on baccarat is what actually makes for the up-and-down performance. The gameplay itself is “pretty level”, he said, in the sense that it is mostly one-to-one or one-to-0.95 payouts versus high-multiple payouts and side bets that are possible in other games like blackjack, craps and roulette.

“Baccarat is not really a volatile game,” Zender told iGB. “What makes it volatile is the amount of money wagered on it. I think, for the bigger players, they have to be going in excess of $100,000 max bet in some of the bigger clubs.”

That dynamic would fall in line with overall Las Vegas tourism and revenue trends of bringing in fewer players but making more from them.

F1 race arrives at time of need for Las Vegas tourism

This past weekend, Formula One (F1) fans flocked to southern Nevada for the third instalment of the Las Vegas Grand Prix, which resulted in another dominant win for Red Bull’s Max Verstappen. Verstappen has won two of the three Las Vegas races and managed to climb even higher up the F1 season standings after McLaren drivers Lando Norris and Oscar Piastri were disqualified post-race for car-related violations.

Gaming stakeholders were counting on a boost from the third annual race after seeing a significant stepdown in economic impact from year one to year two. The first race generated an estimated $1.5 billion in impact, as opposed to just under $1 billion last year, though the first year was boosted by infrastructure costs paid by F1 parent Liberty Media.

LVCVA CEO Steve Hill told the Las Vegas Review-Journal after this year’s race that he expects the event to post “at least” $1 billion in impact.

MGM CEO Bill Hornbuckle thanked local residents for their patience in dealing with construction and noted there are more issues still to be resolved. Still, he stressed how important the international event has become for Las Vegas tourism, especially during what was previously among the slower weekends of the year.

“Obviously for our high-end guests and our high-end corporate partners, it pays off,” Hornbuckle told the Review-Journal. “We’ve been at this now for our third year, and we did invest a lot of money in what I call our big erector set out front here (of the Bellagio), so it takes a couple of months to bring up and take down. But it’s all worth it. It may seem for three days that it’s kind of crazy, and it is, but it is all worth it, I can promise you.”

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.”

US District Judge Andrew Gordon’s ruling on Tuesday rejects Kalshi’s argument that its Commodity Futures Trading Commission registration shields its markets from state oversight. He found that the company’s reading of the Commodities Exchange Act would pull sports betting nationwide into federal derivatives jurisdiction and “upset decades of federalism” in gaming law.

Kalshi anticipates appealing the decision.

“We respectfully disagree with this decision,” a Kalshi spokesperson said in a statement Tuesday. “As other courts have recognised, Kalshi is a regulated, nationwide exchange for real-world events and it is subject to exclusive federal jurisdiction.

“It’s very different from what state-regulated sportsbooks and casinos offer their customers. We are evaluating the decision and anticipate making an appeal to the Ninth Circuit.”

Gordon initially granted Kalshi a preliminary injunction in April. During a lengthy hearing earlier this month, he hinted the reversal was likely.

Tuesday’s decision sharpens a growing split among courts in Nevada, New Jersey, Maryland and California over whether prediction markets are bets or financial products, increasing the odds that the Supreme Court will ultimately have to decide how far federal commodities regulation can preempt state and tribal control of wagering.

Nevada’s new Kalshi ruling

Nevada gaming regulators sent Kalshi a cease-and-desist order in March, causing Kalshi to seek an injunction to prevent regulatory action. Regulators argue Kalshi’s event trading products constitute gambling and aren’t permitted since it does not hold a Nevada gaming licence. Kalshi argues that its registration with the CFTC allows it to offer its event contracts nationwide.

“Kalshi relies on a strained reading of the already convoluted Commodities Exchange Act in an attempt to evade state regulation,” Gordon’s order reads. “Kalshi’s interpretation would require all sports betting across the country to come within the jurisdiction of the CFTC rather than the states and Indian tribes. That interpretation upsets decades of federalism regarding gaming regulation, is contrary to Congress’ intent behind the CEA and cannot be sustained.”

After Gordon’s initial Kalshi ruling this spring, he did not grant a similar injunction to Crypto.com in October. He questioned whether Kalshi’s products qualify as derivatives, as it argues under its CFTC regulation.

“Kalshi has raised serious questions about how to properly interpret the statutory language, to divine congressional intent and to resolve the tension between what constitutes state-regulated gambling versus federally regulated derivatives,” Gordon’s order reads.

Nevada sets prediction markets lawsuit pace

Following Gordon’s initial injunction ruling in April, a New Jersey judge also granted Kalshi a preliminary injunction. Thirty-four state attorneys general sent a brief to support New Jersey’s case against the company. In Maryland, a judge denied Kalshi’s request for an injunction against the state regulator. Both of those cases are under appeal.

Earlier this month, Kalshi secured a significant win in California when a judge denied a motion from tribal parties seeking to prevent it from operating on tribal land. The judge ruled that the CFTC regulation means prediction markets do not qualify as bets and therefore do not violate the Indian Gaming Regulatory Act. In Wisconsin, the Ho-Chunk Nation has filed a similar lawsuit trying to prevent Kalshi from offering its products on tribal land.

There are multiple additional court cases involving Kalshi ongoing, including in New York, Massachusetts and Ohio. A Massachusetts court will hold a hearing on 9 December.

In addition, other states have sent cease-and-desist letters to Kalshi.

Meanwhile, state regulators are also warning sportsbook operators that their licences could be in jeopardy if they launch prediction market products. Those warnings came as operators including DraftKings and FanDuel prep prediction markets for launch.

With Texas lawmakers only convening in odd years, 2025 was a pivotal point in Sands’ expansion efforts. Sands’ controlling shareholder, Miriam Adelson, quadrupled her lobbying spend for this year’s session compared to 2023. Sands’ longtime government relations chief Andy Abboud told iGB in October 2024 that the chances of Texas gambling expansion were “greater than 50%”.

Lawmakers weren’t swayed, however, and any notion of legalising either casinos or sports betting was never considered. Sands’ highest-backed state Senate candidate also failed to even reach a run-off. Additionally, recent lottery scandals in the state have turned some officials further against gaming than before, and upcoming races for attorney general and lieutenant governor don’t look promising for the industry.

All of these developments have yet to deter Sands’ Texas casino dream. The company is again embarking on media campaigns, this time proclaiming that it could replicate its world-class Singapore resort Marina Bay Sands in the heart of the Lone Star State.

At the same time, Sands has this year given up hopes for a New York casino and abandoned its short-lived digital arm. Why, then, is Texas so enduringly attractive despite the lack of progress?

Texas has biggest pool of untapped population

The simplest explanation as to why Sands is still bullish on Texas is population. Its most recent estimates surpass 31 million residents, second only to California. The next most populous states, in order, are Florida, New York and Pennsylvania.

California and Florida are prohibitive to Sands, as both are markets where Indian tribes have exclusivity for Class III gaming. The company deemed New York to be unattractive due to the looming possibility of legalising iGaming, which is already legal in a Pennsylvania market crowded with all forms of gambling plus unregulated skill games.

Texas is both commercially untapped and conservative with gambling expansion, a perfect combination for a retail-only operator willing to make big investments.

“Looking at the US in general, Hawaii, Utah, downstate New York, Georgia and Texas are really the only greenfields left,” said Gene Johnson, executive vice president at consultancy Victor Strategies. “Texas is the biggest plum on the tree because of the lack of alternatives right now for the huge population and economic demographics.”

Johnson suggested that for Sands, the years of toil could be more than repaid by securing any kind of first-mover advantage. He surmised it’s “probably better to get half the pie in Texas” than a small slice of an existing or less attractive market.

Previous analysis from The Innovation Group estimated that the Texas casino market could generate $2.5 billion to $3 billion in annual tax revenue.

Market perhaps not as reliant on international traffic?

Another factor that could work in Sands’ favour is the idea that the Texas market might not be as reliant on international tourism as places like Las Vegas, Singapore and New York. Las Vegas stakeholders in particular have seen the headaches that a dip in international visitation can cause. Texas’ extensive population, which does have wealth pockets in tech and oil but is mostly local, could make for a “super-regional” type of property.

“I think it’ll be a great domestic market,” said Las Vegas-based consultant Brendan Bussmann of B Global Advisors. “Not just from pure population centres like Dallas and Houston, but also what you’re attracting from a regional setting.”

For years, neighbouring gaming states like Oklahoma, Louisiana and New Mexico have profited immensely from Texas’ lack of gambling expansion by welcoming Texans across their borders. If the state were to legalise its own offerings, some of that outbound traffic could stay local.

Bussmann guessed that a Texas casino could see domestic traffic rates of 92%-93%. There are no current comparisons to that sort of scenario, he said, but returns could be “exceptional” if major players like Sands get the green light.

Johnson noted that there are some international opportunities, but overall “the bigger opportunity is for the domestic customer, all this population in the Dallas-Fort Worth area and the Houston area, which you could serve with a very large integrated resort”.

Potential regulatory environment still very unclear

Perhaps the biggest unknown about a potential Texas casino market is the regulatory environment it would operate under.

Given how staunchly state officials have opposed gaming, it seems hard to imagine that the sector would be granted favourable regulatory conditions if it is legalised. But with limited competition, those factors might not be as important for Sands as it would be in other markets.

Johnson surmised that Texas casinos would face a “tolerable” environment, though Sands might be “willing to risk a pretty high tax rate” in exchange for growth opportunities. In Nevada, casinos face a tax rate of 6.75% but there is ample competition. New York has yet to issue licences for its pending downstate casinos, but the three finalists will see tax rates of at least 25% and 10% for slots and tables, respectively.

For Bussmann, the more important issue is crafting a message that resonates with lawmakers to even get the conversation moving in a positive direction, which has yet to happen. It may take more than one voice to get the ball rolling, a concession Sands might be loathe to relinquish.

“There’s a way to get this done, but it has to take a multi-pronged approach, not just a one-solution opportunity,” Bussmann said. “You need multiple operators coming in and saying, ‘Here’s a pitch,’ as opposed to, ‘Here’s one, and we’re gonna do everything we can to get it’. I just think you need multiple parties in the process to give different perspectives.”

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.

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.

He was referred to as a “bad actor”, an “AML wrecking ball” and even a “semi-wannabe gangster” at one point. Regardless, he is quickly running up the list of the most infamous figures in the history of Las Vegas.

With the approved fine, Caesars became the third Las Vegas entity to face AML fines in connection to Bowyer this year, joining MGM Resorts and Resorts World Las Vegas. This $7.8 million penalty ranks third among them, with MGM paying $8.5 million and Resorts World paying $10.5 million for similar AML offences.

In all three cases, Bowyer was allowed to frequent casinos for years despite the entities having at least suspicion of his workings as an illegal bookmaker, suspicions they sometimes shared. Bowyer was ultimately sentenced to one year in federal prison in August. The five-count complaint against Caesars connected Bowyer to Caesars Palace, Harrah’s Resort Southern California and Harveys Lake Tahoe (now Caesars Republic Lake Tahoe).

Caesars Chairman Gary Carano made a rare public appearance before the commission Thursday. His father, Donald Carano, was a legendary Nevada gaming attorney and executive. But the younger Carano had the unpleasant task of taking accountability for the company’s shortcomings.

“On behalf of Caesars, our employees, our entire leadership team, our board of directors, I sincerely apoligise for our role in the Bowyer incident and the impact it had on the gaming industry of the state of Nevada,” Carano said.

How regulators calculated Caesars fine for Bowyer

With three cases now centring on the same individual, it is difficult for regulators to avoid making comparisons. Caesars received the smallest fine of the three, potentially implying that its transgressions were the least egregious. But officials were far from agreed on that idea, and their disagreements were perhaps indicative of the added scrutiny and criticism the scandals generated.

Before the commission heard from Caesars, Nevada Gaming Control Board Chairman Mike Dreitzer explained why and how the board negotiated the proposed $7.8 million fine. According to the board’s investigation, Bowyer frequented Caesars properties from 2017 to January 2024. The company knew Bowyer had been banned from other casinos and categorised him as “high risk” for five years before banning him, which only came after federal authorities raided his home.

Caesars won a total of $2.6 million from the bookie, Dreitzer said, so the fine represents a tripling of that. This was done to quell any notion of Caesars still ending up with a net gain from Bowyer. But in reference to the MGM and Resorts World cases, Dreitzer asserted that Caesars’ conduct was the least offensive.

“Here, we do have the conduct occurring over a significant period, certainly, seven years,” Dreitzer said. “However, it’s important to state that there is no evidence of any Caesars employee engaging in any intentional conduct. This was a case of systematic negligence that led to this complaint, and that stands in contrast to other matters that this commission has previously heard where there have been bad actors who have acted intentionally within the employ of the licencees in question.”

‘One bad actor’ vs ‘systematic negligence’ for Caesars

Dreitzer’s comments proved to be a point of debate among commissioners. While MGM was not named specifically, much of the disagreement appeared to center around its conduct as opposed to Caesars’, as the former’s fine was higher. Commissioner Rosa Solis-Rainey was the most notable detractor, and later cast the lone vote against the settlement.

“I see some similarities and some differences between this case and others that we’ve handled recently,” Solis-Rainey said. “Some of the differences are more egregious, in my mind, than what we saw previously.”

In the case of MGM, Solis-Rainey noted that “a bad actor” was at fault for intentionally contravening AML protocols, which she felt mitigated MGM’s culpability as a company. This might have been a reference to Scott Sibella, the now-banned executive featured in both the MGM and Resorts World cases. Caesars, meanwhile, could be seen as more at fault given that it does not have a specific person to blame.

“I think it’s worse in [Caesars’] case where the programme worked, [Bowyer] was reported to the AML officer, and nothing was done,” she said.

Commission Chairwoman Jennifer Togliatti was more aligned with Dreitzer, saying she felt the fine was “placed appropriately on the spectrum of fines that this commission has imposed” so far this year. She noted the stipulations included in the settlement, Caesars staff changes and the effort of the board to negotiate the fine as reasons for supporting it.

“I don’t know that it’s more egregious, necessarily, I think it’s different,” Togliatti said.

Commissioners Brian Krolicki and George Markantonis, both of whom have become increasingly irritated at the volume of AML cases, sounded exasperated in their comments.

“It’s almost numbing that we continue to have this conversation, particularly because of the acts of one individual,” Krolicki said, referencing Bowyer.

Both commissioners ultimately voted for the settlement.

Contrition from the C-suite at Caesars

In addition to Carano, Caesars CEO Tom Reeg and CLO Ed Quatmann also attended to atone for the company’s misconduct. The scandal adds to what has been a tough year for the operator, whose stock price has dropped precipitously in the midst of poor Las Vegas performance and a failed New York City casino bid.

“We know that this entire matter has been a stain on the state and we’re embarrassed that we’re a part of it,” Reeg told the commission. “We never sacrifice compliance for revenue. There is no customer that’s worth illegitimate profits. We didn’t catch Bowyer and we should have, full stop.”

Quatmann, as the legal and compliance chief, faced more extensive questioning. He acknowledged the company did not do enough in relation to Bowyer but noted several remediation efforts. Caesars’ 2020 takeover by Eldorado Resorts, the Carano family business, was also discussed, given that it occurred in the middle of the misconduct. Quatmann joined Caesars from Eldorado.

“Our AML headcount overall has increased considerably since this matter has occurred,” Quatmann said. “And as has been mentioned earlier, our AML spend is roughly twice what it was in 2017.”

Company did not admit to wrongdoing

Quatmann now has final say on all AML matters as part of the changes. All “high-risk source of funds decisions” now funnel to him, even on vacation, as he promised to commissioners.

When pressed about why Caesars only took action on Bowyer after his arrest was made public despite having intel from other casinos, Quatmann indicated a level of hubris on behalf of the company.

“I think what happened is we saw other licencees and their issues and said, ‘Well, that’s not us,'” he said.

The contrition from the various officials was clear over the course of the lengthy debate. But Caesars attorney Michael Alonso specified that his client did not admit to or deny any wrongdoing in the settlement, and that language was agreed to by the board.

“It’s obvious from what you’re seeing today, we’re taking responsibility for what happened, but for reasons and consequences that have nothing to do with the state of Nevada, we felt it was important to have that language in the stipulation,” Alonso said.

Alonso did not elaborate on what those reasons were and commissioners did not ask. MGM did admit to wrongdoing in its settlement earlier this year.

It has become increasingly common to see $1 billion-plus projects in Las Vegas and California, but Reno had never seen that level of investment – until recently.

Grand Sierra Resort (GSR), which was snapped up from bankruptcy in 2011 by billionaire Alex Meruelo, embarked on a multi-phase expansion project that includes a sports and entertainment arena, a new hotel tower and other amenities. Overall costs for the project fully built-out would be at least $1 billion, the first to break the 10-digit threshold in Reno’s history.

Central to the development is a key question for both Nevada and California in gaming: can sports and entertainment be the driver of casino and regional economic growth like it has for a decade in Las Vegas?

Reno far behind California, Las Vegas by revenue

Now that work is underway, GSR is hopeful the arena will become a new staple for a region that competes primarily with northern California tribal casinos but somewhat with Las Vegas as well. Arguably the biggest modern inflection point for the Reno gaming market came in 2000, when California tribes were granted exclusivity for Class III gaming in the state.

Since then, northern California became a sizable gaming market while the Biggest Little City’s industry failed to grow. Reno reported gross gaming revenue of $754 million in fiscal year 2024, compared to $834 million in fiscal year 2000, per the Nevada Gaming Control Board.

The most recent National Indian Gaming Commission data shows that California tribal casinos reported GGR of $12.1 billion in FY24, though that was statewide. That figure was easily the highest of all eight geographic regions tracked by the commission. Combined GGR for the Las Vegas region (Strip, downtown and locals), which is Reno’s other chief competitor, was also about $12 billion in FY24.

Adding to that level of competition is the fact that significant developments are in the works for both markets. Hard Rock Sacramento is undergoing its own billion-dollar expansion project, and a previously approved casino project near Santa Rosa was recently put on hold but is still on court appeal. Among projects in Las Vegas, the A’s are building a new MLB stadium on the Strip with an adjacent resort complex to be developed by Bally’s Corp.

What’s included in the GSR expansion project?

The yet-unnamed arena is the focal point of the project and will serve as the home for the University of Nevada, Reno men’s basketball team. Stakeholders are hopeful the arena can become both a draw for fans and a recruiting asset for the school as it fights to compete in the name, image and likeness era. The university is not committing any resources toward the 10,000-seat, $435 million arena project.

GSR chief marketing officer Chris Abraham told iGB the idea for the grand expansion started about three years ago.

“It just became clearer as time went on that there’s a real need in our community for an arena, a real one that can house sports and entertainment and do it in a first-class way, which is, I think the message that we were very cognisant to get across,” he said. “We’re not just building an arena. We think we’re building the greatest arena on the planet at 10,000 seats.”

The first phase of the project includes the arena, an adjacent parking garage, a community ice rink and a waterfront Topgolf-style facility. A groundbreaking was held for these 30 September, with completion expected by September 2027. Construction was halted last week because of soil contamination but is expected to resume shortly without affecting overall timelines.

Hockey on the horizon?

Abraham noted that ice hockey is also an intended use for the stadium. Meruelo owned the NHL’s Arizona Coyotes franchise from 2019-2024 but ultimately dissolved the team after failing to drum up support for a new arena in Phoenix.

He did, however, maintain ownership of the Tucson Roadrunners minor league team. There has been speculation that the team could be moved to Reno to play in the GSR arena, but Abraham said it “has not yet been determined” which hockey team might play there.

After the first phase, the remaining amenities include a workforce housing building and an 800-room hotel tower. The exact timelines for those phases are unknown, but GSR estimates the entire project to take about 10 years. Abraham said the expansion will fit mostly on its existing footprint, and some adjacent land has already been purchased.

“We’ve always been blessed with an abundance of land,” Abraham said. “We have over 150 acres on the property, it’s massive. And so we have plenty of room and Mr Meruelo has always talked about unlocking the potential of this property – not just the property itself, but all of the space we have.”

Hope is that if arena is built, growth will follow

A key question for the project is whether the mature Reno market can support such a large and ambitious investment. After all, the projected cost of the arena, which Abraham said would “probably end up being a little bit more” than $435 million, is more than half of what the city as a whole is averaging in annual gaming revenue. But from GSR’s perspective, a first-class venue can be the catalyst needed to kickstart new growth.

In addition to UNR basketball and other sporting events, the arena would immediately become the premier draw in the region for top musicians and entertainers. Its capacity of 10,000 beats out the current leading facilities like Lake Tahoe Outdoor Arena (9,300), Reno Events Center (7,000) and outdoor Nugget Event Center (8,500).

UNR’s current facility, Lawlor Events Center, actually has a higher capacity than the GSR plan (12,000) but is 42 years old, has parking limitations and no longer hosts concerts. The new arena would feature more modern systems and fan technology to account for the slightly lower seat count.

“We’ve looked at about a good dozen of the newest arenas in the country, and we feel like we’re going to take the best of all those,” Abraham said. “And when this is built and this is complete, it’ll be the nicest arena this size, we hope, in the world.”

Las Vegas has long been a hub for A-list entertainers and there is a breadth of new venues throughout California. One that could serve as a model, as Nevada Sports Net noted, is Acrisure Arena in Palm Desert. That venue has similar capacity and was designed by the same firm (Gensler). Acrisure has hosted several acts Reno typically would not draw, like Harry Styles, Olivia Rodrigo, Maroon 5 and Dave Chappelle.

Betting big on the Biggest Little City

Most of the large casino properties in Reno are at least 30 years old, with GSR among them. The property changed hands several times since opening as the MGM Grand in 1978. Prior to Meruelo’s ownership, GSR struggled to perform to its potential as the largest resort in the city by room count and casino size. It was believed to be on the brink of collapse before being sold in a $42 million fire sale.

Since taking over nearly 15 years ago, Meruelo has injected hundreds of millions into the property. Abraham said that, above all, the mogul has brought “more of an entrepreneurial spirit” to the business. The arena and overall expansion project are the embodiment of that attitude, despite the potential doubts about the market.

“As Mr Meruelo took over and began to understand the business, it was the experiences that needed to be curated,” Abraham said. “And it’s not just putting money in, but how to put money in, where to put money in. What’s unique about us is we have many core guests. We have convention goers, we have leisure, we have business, being right by the airport. We have entertainment seekers and gamers.

“So looking at all those experiences and how they all interact and how we create a product and create services to those, and pricing and across the board is really what’s made the product and the property successful. People from any walk of life, you can come to the property, you’ll find there’s something there for you.”

TIF drama and the university’s involvement

The biggest controversy related to the expansion is its use of tax increment financing (TIF). TIF is a complicated public funding mechanism that involves freezing and diverting property taxes back to developers to help fund investments that are deemed beneficial inside of designated redevelopment zones. Proponents hail TIF as a means to generate investment in blighted areas, while opponents say it pulls potential tax dollars away from essential services.

When the project was first announced in 2023, Meruelo said he would finance the project privately. He also said the arena “will not cost the university one dollar”, which was later misconstrued as meaning there would be no public funds. Stakeholders since reiterated that Meruelo was referring to the university and not the city.

“The only thing we said is we’re not going to use a dime of university money,” Abraham said. “We want the university to be whole, that they’re not going to have to spend an extra penny to house their games at our arena.”

The official who negotiated UNR’s deal is university President Brian Sandoval, a former governor of Nevada. Sandoval has known Meruelo for more than a decade and is no stranger to the state’s gaming industry.

He served as chairman of the Nevada Gaming Commission from 1999-2001 and later took an executive role at MGM Resorts immediately following his governorship. Last week, Sandoval was also named chairman of the Resorts World Las Vegas board. Jim Murren, the previous board chair, was CEO of MGM when Sandoval joined the company.

Competitors not opposed to project but disagree with TIF

The city of Reno first started using TIF in 1980 and has established two “Redevelopment Areas” that qualify for funding. The second area, known as RDA2, was established in 2005 and encompasses the GSR site. Numerous development projects around the city have utilised TIF in both zones.

TIF agreements are overseen by the city’s Redevelopment Agency, consisting of the mayor and city council. The agency went dormant in 2009 due to the Great Recession but has ramped up activity in recent years. Abraham said that GSR’s $61 million TIF agreement, approved in May, only kicks in “after the arena is built and additional property taxes are levied”.

A coalition of six local operators represented by public affairs firm McDonald Carano sent a letter to the council in March, urging it to reject the funding. Among them were market leaders Caesars Entertainment, Peppermill Resort Spa Casino and Atlantis Casino Resort.

The coalition said it did not “generally oppose the Project itself”. Instead, it took issue with the TIF grant, asserting that the project should not be eligible for such funding. The group argued the affected areas are not “blighted”, according to the city’s standards, and alleged that GSR planned to use the funds for operating expenses rather than development costs.

‘If there’s incentives available to you, then go out and get ’em’

In response, Abraham argued everyone is free to invest in their properties and claim any available incentives. He pointed to Jacobs Entertainment, which did not oppose the project and has also invested significant capital in its gaming and non-gaming real estate projects in recent years.

“Invest in your product, invest in the market, and if there’s incentives available to you, then go out and get ’em, because it’s going to win when the market reinvests in itself and creates a better product and better experience,” Abraham said.

But with regard to TIF specifically, only Caesars operates properties within the two RDA zones. Peppermill and Atlantis are both fenced out of RDA2 and therefore do not qualify for the funding. Representatives from Caesars and Atlantis did not respond to requests for comment for this story.

In April, Caesars regional president Stew Massie told Global Gaming Business that Reno “is incredibly important to us”, and that the company is “consistently working to create the best experiences for our guests at all three of our Reno resorts”. Caesars has promoted live local events like the Great Italian Festival and the Biggest Little Latin Festival, Massie noted.

John Farahi, longtime CEO of Atlantis operator Monarch Casino, expressed similar sentiments to Abraham’s with regard to capital investment. Atlantis completed an extensive remodel this year fueled by Monarch’s significant cash reserves instead of outside funding.

“Those properties that have invested in product, service and location are going to be able to grow more than those who haven’t,” Farahi told Global Gaming Business in April. “There will be a difference for those who have those three elements from those who do not. We compete with any product in northern Nevada, or I would honestly stick my neck out and say, compared to Las Vegas.”

Several weeks after Truth Social disclosed plans to launch Truth Predict, a new prediction market platform, a Senate committee grilled Michael Selig on the controversial topic Wednesday. Asked by Senator Elissa Slotkin, D–Michigan, how he will respond if Trump advised him to design a carveout for Truth Predict, Selig indicated that he plans to follow the letter of the law in the applications process.

Selig, who is Trump’s second pick to chair the US Commodity Futures Trading Commission, made the comments at his confirmation hearing before the Senate Committee on Agriculture, Nutrition, and Forestry. Crypto.com, which will partner with Trump Media on the platform, received CFTC approval in September to hold a designated contract market licence.

In response, Selig stated that he will always “uphold and stick to the law”, adding that if President Trump remains in compliance with requisite ethics rules and submits an application, he would go “through the same process as everyone else”.

If confirmed, Selig will become the seventh chairman of the CFTC since 2000. The CFTC was established through the Commodity Exchange Act, a 1936 federal law that regulates commodity and futures trading.

The committee narrowly approved Selig’s nomination on Thursday afternoon. Selig advanced by a 12-11 margin, on a vote along party lines. Brian Quintenz, Trump’s previous nominee, testified before the Senate over the summer, but the nomination did not advance out of committee.

Latest moves by sports betting market leaders

The committee held the confirmation hearing on the heels of announcements by the nation’s two largest sportsbooks that they will roll out sports prediction markets in select states. The impending launches by FanDuel and DraftKings could raise the temperature in a heated battle on states’ rights versus federalism in the regulation of sports event contracts.

Both companies outlined plans to debut prediction markets on recent earnings calls. Following its acquisition of Railbird Exchange, DraftKings said on 8 November that it plans to launch a prediction market offering in the coming months. Days later, Flutter announced that it will offer sports event contracts on its new prediction market site, FanDuel Predicts. The offering will be available through Flutter’s partnership with CME Group.

As traditional sportsbooks prepare for their leap into prediction markets, the operators have cut ties with the nation’s largest lobbying group for the gambling industry. Both companies announced Tuesday that they are leaving the American Gaming Association, a casino trade group that opposes the proliferation of prediction markets.

HoldCrunch founder Tom Johnson discussed the impact of the impending launches this week in a meeting with Truist Securities analyst Barry Jonas. Although the listings in non-sports betting states will put FanDuel and DraftKings on the map, Johnson views the competitive landscape as an “open playing field,” with established companies such as Kalshi.

Also this week, CME Group issued a memo detailing the launch of several sports event contracts. Pending CFTC regulatory review, Chicago Mercantile Exchange, Inc. plans to list contracts on pro football, college football and pro basketball starting 6 December.

CFTC nominee punts to the courts

Selig, who serves as the chief counsel of the SEC’s Crypto Task Force, is in favour of principles-based regulations that will protect consumers from fraud and manipulation. While the committee spent a large portion of the hearing seeking his views on the regulation of crypto spot markets, he fielded several questions on sports event contracts.

The most heated exchange occurred during a line of questioning from Sen. Adam Schiff, D–California. One rule, CFTC Regulation 40.11, prohibits event contracts that violate a so-called public interest test, including those pertaining to war, assassination, terrorism and gaming. However, advocates of sports event contracts have a differing view on the treatment of the contracts.

Josh Sterling, an attorney who has represented Kalshi, has argued that while the activities are enumerated in the act, they are not expressly “illegal”. Speaking at a gambling industry event in July, Sterling stated that the activities are subject to review on whether they are contrary to the public interest.

Schiff criticised the CFTC for its failure to issue guidance on whether sports event contracts violate existing regulations. He also pressed Selig on whether contracts that involve “gaming” are in violation of federal law.

“These are questions for the courts,” Selig replied. “They are really complicated issues of interpretation.”

Further discussion on sports event contracts

Schiff was not the only committee member to address the topic at the hearing. Several others, most notably Democratic Senators Cory Booker of New Jersey and Amy Klobuchar of Minnesota, broached the subject. When asked to expound on the legality of sports event contracts, Selig noted on at least six different occasions that he will defer to the courts on the matter.

Booker, a former football player, spent a portion of his time discussing the sports betting scandals that rocked the industry in the last month. He credited several regulated sportsbooks for detecting suspicious activity that led to a slew of criminal charges. “Given these recent events, it’s all the more concerning that sports event contracts are being offered without the same monitoring,” he said. Kalshi maintains a partnership with integrity monitor IC360.

Klobuchar, the committee’s ranking Democrat, asked Selig if the CFTC has ample resources to regulate the new markets. The nominee replied that if confirmed, he will take a close look at the agency’s resources to ensure that it has enough to fulfill its mission.

Dina Titus, a congresswoman from Nevada who co-chairs the Congressional Gaming Caucus, also weighed in. In a statement posted on X, Titus wrote:

“CFTC regulations clearly prohibit event contracts based on gaming, and as such, the agency must crack down on platforms that improperly offer event contracts on sport outcomes. Failure to enforce these rules not only infringes upon the rights of states and tribes but also undermines market integrity and consumer protection in the games the public enjoys.”

Vote on CFTC nominee Thursday

Truth Social, an alternative social media platform, is owned by Trump Media & Technology Group. Before returning to office for a second term as president, Trump insisted that he would not sell his stake in the company. While Trump initially held a 52% stake estimated to be worth at least $2.3 billion, the company issued new shares that diluted his stake to about 41.5%.

Trump’s refusal to divest his stake has been met with criticism among some leading ethics groups. Citizens For Responsibility & Ethics in Washington urged Trump to divest his shares following his 2024 victory, citing the influence foreign governments could exert through investments in the company. The president disclosed several stock transfers in Trump Media over the summer in a 234-page list of public financial disclosures with the US Office of Government Ethics.

Truth Social is on track to become the first social media platform to launch a predictions market. Trump Media did not respond to a request from iGB for comment.

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.

GFLB members made site visits to the three locations on Monday after poring over financial records and application details.

Board members were not made available to the media, and the purpose of the visits was to “obtain an understanding of the physical location and, if necessary, seek clarification regarding the transportation, parking, infrastructure and layout components of the proposal”, per the board’s website.

Meanwhile, two bidders have made headlines recently, neither for positive reasons. The US Tennis Association (USTA) last week volleyed a lawsuit at New York City Mayor Eric Adams’ administration, which could quickly become a major hurdle for the Metropolitan Park project. The suit alleges the city broke its lease agreements with the USTA by allowing the bid to move forward, although stakeholders say an agreement has been reached.

And on Monday, Bloomberg cited anonymous sourcing in a report that Resorts World will ask the board to reconsider the terms of its proposal. The casino had been the most aggressive in its bid terms, offering a $600 million licence fee and tax rates of 56% and 30% for slots and tables, respectively.

Board making New York casino site visits

Monday’s site visits were likely the only ones of those for the five-member board. All of their other meetings have been conducted behind closed doors. Since the previous round’s deadline of 30 September, the GFLB has convened a total of seven times, including Monday.

The board has established a once-weekly cadence for its meetings so far. That would leave just one more meeting opportunity before the 1 December deadline, although the Thanksgiving holiday next week could complicate schedules.

Most of the previous meetings were held on Wednesdays but the board had scheduled a longer, formal meeting after the site visits Monday. That would allow for another meeting on 24 November before the holiday if the schedule remains the same. In any case, the board’s recommendations are technically non-binding, as the New York State Gaming Commission will ultimately have the final say over how many licences are awarded and to whom.

During the upstate New York casino licensing process in 2014-15, the GFLB recommended four casinos but only three were licensed initially. The fourth, Tioga Downs Casino Resort, was not licensed until the following year.

USTA says city, Metropolitan Park have ignored its lease

The USTA’s suit against NYC was the latest unforeseen development in a process riddled with twists and turns. Filed 12 November in New York state Supreme Court, the association alleges the city will violate its lease obligations if Metropolitan Park is allowed to move forward without its input. The USTA operates the Billie Jean King National Tennis Center, located adjacent to Citi Field.

Metropolitan Park itself is not a defendant in the litigation, but the project is slated for the same Citi Field parkland that is leased by the USTA from the city.

According to the suit, the USTA’s lease grants a number of rights over the land when it hosts the annual US Open tennis tournament for roughly three weeks from late August to early September. This is ensured through a “superiority clause” granted to the USTA, and includes the following protections during tournament days:

• Special parking rights for Citi Field parking lots.
• Protection from “competing events that would materially and adversely affect the US Open”, other than MLB games at Citi Field.
• Exclusive rights over “concessions, marketing, and hospitality offerings in the Park during the US Open”.
• Guarantees that the protections stretch for 23 days, the entirety of tournament play and qualifying rounds.

The USTA said it does not oppose the project overall, only the elements that would conflict with its lease. Its suit only seeks declaratory and injunctive relief instead of monetary damages.

Spokesman says a compliant agreement has been reached

Metropolitan Park is projected to cost $8 billion, the most ambitious of the remaining New York casino bidders. But the USTA pointed to the existing benefits of the US Open, which could be harmed if the city and Metropolitan Park fail to uphold the superiority clause. The tournament generates an estimated $1.25 billion in economic impact annually and welcomed 1.1 million visitors in 2025.

The suit alleges that USTA has “repeatedly asked the City to share the draft lease agreement” with Metropolitan Park, but the city “has refused to do so”.

Last Friday, Manhattan Supreme Court Justice Nancy Bannon granted a temporary restraining order preventing the city from ratifying a new pre-development agreement (PDA) with Metropolitan Park. Under the latter’s New York casino application from June, a PDA for the site was expected to be negotiated by Monday and signed by 31 December.

Metropolitan Park spokesman Karl Rickett told iGB that a PDA has in fact been reached with the city. The agreement is said to have complied with the court order and all sides will continue discussions moving forward.

“We have successfully signed our pre-development agreement with the city,” Rickett said. “This moves forward Metropolitan Park as a comprehensive transformation of the area that embraces the existing sports attractions to create a world-class sports and entertainment destination in the heart of Queens. This is a positive step forward for the local community and fans.”

Resorts World showing hesitancy after bullish campaign

Meanwhile, as Metropolitan Park charges forward, Resorts World appears to be trying to pull back on the extent of what it is offering the state. The racino has outdone all competitors in its quest to ensure licensure but could be getting cold feet at the last minute. Bally’s has proposed slot and table tax rates of 30% and 10%, and Metropolitan Park proposed 25% and 10%, the minimum allowed.

In its application, Resorts World dwarfed those rates by offering 56% and 30%, and it bumped its proposed licence fee by $100 million to $600 million. Bloomberg’s anonymous source said the casino will ask the state to lower its rates or raise those of its competitors.

That is likely a worrying sign for regulators and state officials. Over the last year, three big casino operators willingly withdrew from the process: Las Vegas Sands, Wynn Resorts and MGM Resorts. MGM was considered a shoo-in alongside Resorts World, and its withdrawal was the most surprising of the three. A withdrawal or downsizing from Resorts World, the most bullish bidder, could throw the entire process into disarray.

The state’s Metropolitan Transportation Authority is banking on at least $1.8 billion in casino licensing fees and tax revenue in the coming years. That seemed more than attainable six months ago but now looks increasingly shaky, especially if fewer than three licences are awarded. New York state as a whole faces a projected $34 billion cumulative budget gap through fiscal year 2029.

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.  

On Friday US District Court of Nevada Judge Andrew Gordon said he is leaning toward reversing his initial decision, given in April, when he granted Kalshi a preliminary injunction against Nevada’s enforcement of gambling laws. Gordon reserved judgment after a hearing and expects to issue a written ruling within two weeks.

“We’re always happy to be heard in court and take the judge’s instruction to confer with the state seriously,” a Kalshi spokesperson said in a statement. “In the meantime, we will continue to operate our national exchange in compliance with federal law.”

Kalshi sued Nevada gaming regulators in March after receiving a cease-and-desist letter directing it to stop offering unlicensed gambling. The prediction markets operator argues it is federally regulated by the Commodity Futures Trading Commission and should not be bound by the state order. Kalshi contends the event contracts it offers are derivatives and are recognised financial tools.

Following Gordon’s initial Kalshi decision, he did not grant a similar injunction to Crypto.com in October. During Friday’s hearing, he questioned whether some of Kalshi’s products, largely sports event trades, qualify as derivatives.

“It seems like your definition is so broad that pretty much anything can become a swap, anything can have a financial consequence,” Gordon said, per Bloomberg. “Nobody thought sports bets were commodities or excluded commodities or swaps until some brilliant people at Kalshi.”

Kalshi will likely appeal any decision against it, and multiple industry sources expect the legal battle between state regulators and prediction markets to head to the US Supreme Court.

Prediction markets lawsuits abound

Friday’s hearing came after Kalshi notched a significant win in California last week. A judge denied a motion from three tribes requesting that Kalshi be prevented from operating on tribal lands. The judge said because Kalshi is regulated through the CFTC, the Unlawful Internet Gambling Enforcement Act applies, and the markets do not qualify as bets and therefore do not violate the Indian Gaming Regulatory Act.

Following Gordon’s initial decision in April, a New Jersey judge also granted Kalshi a preliminary injunction to prevent state regulatory enforcement. Since then, 34 state attorneys general sent a brief to support New Jersey’s case.

In Maryland, a judge denied Kalshi’s request for an injunction against the state regulator.

There are also pending lawsuits in other jurisdictions, including Massachusetts, New York and Ohio. Last week, 22 Native American tribes, including the Seminole Tribe of Florida, sent a brief in support of Ohio.

Suffolk County Superior Court in Massachusetts will hold a hearing on 9 December to hear that state’s motion for a preliminary injunction against Kalshi.

Multiple other states have also sent cease-and-desist letters to Kalshi, including Arizona, Illinois and Montana.

As commercial sportsbook operators look to launch prediction markets products, including DraftKings and FanDuel, states have also begun to warn them their licences might be at risk if they offer sports event trades. Last week, FanDuel and DraftKings surrendered licences and withdrew applications for sports betting in Nevada.

ACMA orders blocking of illegal gambling sits

The Australian Communications and Media Authority has issued banning orders against a further nine illegal gambling and affiliate websites.

ACMA said the sites did not hold a licence to offer online gambling in Australia. As such, it requested that Australian internet service providers block access to the sites.

Among the brands were Cashed, King Maker, Posido, Spinight, Spinsy, The Pokies Reviews and Topio Networks. Also flagged was wizbet.app, an imitation of the licensed WizBet service, and next2go-au.com, an imitation of the approved Next2Go service.

“Since ACMA made its first blocking request in November 2019, 1,369 illegal websites have been blocked,” ACMA said. “Around 220 illegal services have also pulled out of the Australian market since we started enforcing new illegal online gambling rules in 2017.”

PAGCOR commits funds to typhon support

The Philippine Amusement and Gaming Corporation has allocated Php32.85 million ($557,267) to assist those impacted by the recent Typhoon Tino and Super Typhoon Uwan.

The typhoons left widespread devastation across the Philippines, claiming hundred of lives and affecting over 2.5 million families. Funds from PAGCOR were used to buy 31,500 relief packs containing food and non-food essentials.

Another batch of 16,500 relief packs worth Php18.07 million will also be dispatched.

“In times of calamities, PAGCOR will always be ready to step in and extend support to our fellow Filipinos,” CEO Alejandro Tengco said. “Part of our nation-building mission is to help our kababayans rebuild their lives.”

Hippos ATG names Nurmi as COO

The newly established Hippos ATG has appointed Jussi Nurmi as its chief operating officer.

Nurmi has 10 years of experience within the iGaming industry, including time working in senior roles with Betsson and TonyBet.

In April, Sweden’s ATG announced a 50/50 joint venture with local Finnish racing association Suomen Hippos. It was later confirmed the business would operate in Finland with the ATG brand.

“Hippos ATG combines strong heritage with a clear ambition to build a modern and sustainable business for the Finnish market,” Nurmi said. “I’m excited to contribute to creating a competitive and responsible gaming company in Finland.”

Intralot extends with Arkansas Scholarship Lottery

In the US, Intralot has signed a new, 10-year contract with the Arkansas Scholarship Lottery.

The agreement, which comes into effect next August, will extend a partnership that began in 2009. It covers the introduction of new technology for the lottery.

Intralot will introduce its new lottery solution, including the LotosX Central Gaming System. Arkansas will be one of the first states in the US to roll out the technology.

“We look forward to our continued partnership with Intralot.” Arkansas Scholarship Lottery Executive Director Sharon Strong said. “With this new agreement, we remain committed to both our players and our mission of supporting Arkansas students.”

National Council on Problem Gambling appoints Maurer

The National Council on Problem Gambling has appointed Heather Maurer as its new executive director.

Maurer brings over 25 years of leadership experience in the fields of public health, policy, and nonprofit management. She was most recently CEO of the National Association of Nurse Practitioners in Women’s Health.

As executive director, Maurer will lead strategic direction and oversee national programmes, partnerships and advocacy initiatives.

“I’m honoured to join NCPG and build on its strong legacy of leadership in addressing gambling-related harm,” said Maurer.

Keith Whyte served as executive director of the national council for more than 25 years before his departure in January.

Caesars is the third Las Vegas gaming company to face fines related to Bowyer, joining MGM Resorts and Resorts World Las Vegas. Caesars’ shortcomings were detailed in a five-count, 21-page complaint also filed on Thursday but dated 10 November.

Bowyer, 50, reported to federal prison to serve a one-year sentence in October. Considered to be one of the biggest bookies in the US at his peak, Bowyer is most well-known for taking more than $325 million worth of action from baseball star Shohei Ohtani’s former interpreter, Ippei Mizuhara.

The Nevada Gaming Commission will consider the matter at its next meeting on 20 November. All of the AML fines administered this year have been accepted by the commission. If approved, Caesars’ $7.8 million fine would rank third among those levied this year. Resorts World paid $10.5 million and MGM’s total was $8.5 million.

“The board’s investigation revealed that Caesars and/or its subsidiary properties, including Caesars Palace, had identified, as early as April 2017 and on multiple subsequent occasions until he was banned by Caesars, suspicions regarding Bowyer’s activities, including that there was a lack of information regarding his source of funds and/or that his source of funds failed to justify his level of play,” the complaint reads in part.

What’s included in the Caesars complaint?

The five counts listed against Caesars in the complaint are:

• Failure to establish Bowyer’s source of funds
• Failure to ban Bowyer
• Failure to conduct adequate due diligence on Bowyer after receiving negative information
• Failure to elevate Bowyer to Caesars’ AML officer
• Failure to conduct an investigation

Caesars released the following statement:

“At Caesars Entertainment, integrity and regulatory compliance are paramount. We fully cooperated with the Nevada Gaming Control Board throughout its investigation and are committed to maintaining strong anti-money laundering and ‘know your customer’ programmes. We take our compliance responsibilities seriously and are dedicated to continuously strengthening our practices to meet and exceed the highest standards.”

Investigators said the misconduct by the operator ran from “sometime prior to 2017 until 22 January 2024”, when Bowyer was banned by Caesars. Bowyer was allegedly categorised as a “high risk” patron continually from June 2019 until he was banned nearly five years later. Caesars had documentation that “two other Las Vegas casinos had banned Bowyer” from May 2017.

The decision to ban the bookmaker came after news reports surfaced about his home being raided by federal authorities, the complaint says.

Overall, Bowyer was said to have “won and lost millions of dollars” at Caesars properties, including Caesars Palace, Harrah’s Resort Southern California and Harveys Lake Tahoe (now Caesars Republic Lake Tahoe).

Flurry of AML scandals for Nevada regulators

Often dubbed as the “gold standard” of US gaming regulation, Nevada has been besieged by AML scandals this year. In addition to the three Bowyer-related cases, Wynn Las Vegas was also fined $5.5 million in a separate AML-related case, and word of an additional investigation involving the Fontainebleau leaked earlier this year.

Regulators have expressed displeasure about the spread of these cases. NGCB member George Assad has been particularly vocal about the misconduct and Nevada Gaming Commission member Brian Krolicki has said the large fines should serve as a “clarion call” for the Las Vegas Strip. Nevada has two regulatory bodies: the NGCB handles day-to-day regulation and the NGC has final say.

Former Gaming Arts CEO Mike Dreitzer took over as NGCB chair in June, becoming the fifth chair since January 2019. Regarding repeated AML fines, Dreitzer told iGB at the Global Gaming Expo in October that the board “will have no problem” ratcheting up enforcement efforts if there is “recidivism” in the misconduct.

“Fines make headlines, but at the end of the day from my perspective it’s even more important that the operators, the licensees are acting in a corrective way, and that we are regulating and verifying that as we go along. … Certainly we are not afraid to continue to ramp up enforcement, if that means fines, whatever makes sense,” Dreitzer said.

The misconduct by Caesars is similar to the complaints against MGM and Resorts World. In all three cases, internal AML procedures were ignored and Bowyer was allowed to frequent the casinos freely for years despite the known risks.

Largely a year to forget for Caesars

For Caesars, the fine is the latest headache in what has been a tough year for the operator. Performance has been ho-hum in all three quarters this year, and Las Vegas profits in particular tanked in Q3.

Its digital segment has been the biggest bright spot, although analysts are largely expecting a spin-off or sale as it outpaces its retail operations. As competitors like FanDuel and DraftKings move ahead with prediction market deals, Caesars feels constrained by regulatory warnings from the NGCB. The board has made it clear that offering prediction markets could put Nevada licences at risk. As such, the company is stuck in limbo.

“As we’ve said before, we can’t be out in the lead on this one,” Caesars Digital president Eric Hession told analysts in October. “We’re going to monitor it, make sure we’re not left behind if there’s regulatory clarity. … Our best approach at this point is to monitor it, put our plans in place, make sure we’re adequately resourced and be ready to move if there’s a legalisation or definition in either direction.”

The company was also charging hard this year for a New York casino in Times Square. Theatre unions rallied to oppose the bid, however, and it was rejected by a local community board in September after more than 12 hours of public hearings.

Caesars’ share price dipped below $20 in trading Friday, and the stock is now down 41% year-to-date and 50% over the last 12 months. The company reported $11.9 billion in debt in Q3, markedly above its chief competitors Wynn ($10.5 billion) and MGM ($6.1 billion).

The developments highlight both the legal complexity and rapid evolution of event-trading markets across the United States.

This week, the US District Court for the Northern District of California denied a motion from three tribes to prohibit Kalshi from operating on tribal lands in the Golden State. The Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians and Picayune Rancheria of the Chukchansi Indians filed the lawsuit against Kalshi in July, arguing its offerings on tribal land violate the Indian Gaming Regulatory Act. Tribes have Class III gambling exclusivity in California.

The ruling states because Kalshi is federally regulated through the Commodity Futures Trading Commission (CFTC), the Unlawful Internet Gambling Enforcement Act applies to Kalshi and its “internet contracts are not bets or wagers under the UIGEA and therefore do not constitute ‘unlawful internet gambling’ even if the contracts are received, placed or transmitted from persons on Indian lands where internet gambling is illegal.”

“The court does not take lightly plaintiffs’ concerns about the effects Kalshi’s activities might have on tribal sovereignty and the tribes’ finances,” the ruling reads. “Indeed, by self-certifying the legality of its event contracts in a way that insulates its activities from judicial review, Kalshi may have found a way around prohibitions on interstate gambling that were created with the tribes’ best interest in mind.

“But, on the record currently before the court, and in light of the Commodity Exchange Act’s self-certification process, plaintiffs have not met their burden of showing a likelihood of success on their IGRA claim.”

Prediction markets in court across US

California is not the only state with tribal gaming interests looking to stop Kalshi offerings on tribal land, as Wisconsin’s Ho-Chunk Nation also filed a lawsuit against the prediction markets operator.

Kalshi is in multiple court battles across the US in states where regulators argue it is offering gambling without appropriate licensure. In New Jersey and Nevada, Kalshi received initial injunctions to prevent regulatory enforcement. In Maryland, a judge denied Kalshi’s request for a preliminary injunction. Those cases are under appeal.

Meanwhile there are also court cases in Massachusetts, New York and Ohio. Other states, including Arizona, Illinois and Montana, sent cease-and-desist letters to Kalshi. Also, 34 state attorneys general filed a brief supporting New Jersey’s court case.

Trading platforms including Robinhood and Crypto.com are also facing legal challenges about their prediction markets offerings. Crypto.com recently pulled out of Nevada amid an ongoing lawsuit with the Nevada Gaming Control Board. In Massachusetts, a judge ruled Robinhood cannot block the state’s gambling enforcement.

PrizePicks launches event trading product

On Friday, daily fantasy sports operator PrizePicks announced it is live in 38 states with prediction markets through a multi-year partnership with Kalshi. The DFS company agreed to sell to international gaming giant Allwyn last month in a $1.6 billion deal.

The offering comes through PrizePicks subsidiary Performance Predictions II, a federally approved Futures Commission Merchant. An FCM registration allows PrizePicks to offer prediction market contracts approved by the CFTC.

“Expanding into prediction markets delivers on what our customers want, innovative products with more ways to play,” PrizePicks CEO Mike Ybarra said in a release. “Together with Kalshi, we will welcome new customers across many states to the PrizePicks experience, and we couldn’t be more excited about the opportunity ahead in this fast-growing space.”

Earlier this week, PrizePicks announced a partnership with prediction market competitor Polymarket. Polymarket’s full reentry into the US was delayed by the government shutdown, but the partnership remains in place and PrizePicks will offer markets from multiple exchanges.

Customers will be able to trade on sports, entertainment and pop culture on the PrizePicks app through Kalshi’s library of offerings.

PrizePicks is not alone in its foray into prediction markets products. Underdog, which like PrizePicks started as a daily fantasy sports operator, also recently launched prediction market offerings. Underdog has also launched a sports betting product.

Despite multiple states warning sportsbooks that offering prediction markets might affect their licences, market-leading sports betting operators FanDuel and DraftKings are both readying launches of event trading platforms.

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.

On Thursday the Massachusetts Gaming Commission gave sportsbook licensees notice that they are prohibited from offering sports-related event contracts in Massachusetts, either directly or via an affiliate. The MGC’s warning follows the state’s action against prediction markets earlier this year. Massachusetts Attorney General Andrea Campbell filed a lawsuit against prediction market operator Kalshi in September to stop sports event markets.

Thursday’s warning notes “several Massachusetts sports wagering licensees are considering or have begun the process of partnering with entities in the prediction market space”.

Both FanDuel and DraftKings have announced their plans to launch prediction market products with sports event trading. Those operators cite the ability to capture markets where traditional sports betting is not legal, such as California and Texas.

While the MGC’s warning is specific to offering the event trades in Massachusetts, it does note other regulatory action against the licensees related to prediction markets might also influence future action. This week in Nevada, FanDuel surrendered its sportsbook licences and approvals while DraftKings withdrew sports betting applications.

“In the event you offer sports-related event contracts in Massachusetts or direct patrons to such event contracts being offered in Massachusetts, the Commission may take steps up to and including revocation of your licence,” the letter reads. “In addition, to the extent any other regulator takes action against your licence due to your operation in the prediction market space, such action may inform decisions related to your suitability in Massachusetts.”

Growing list of regulatory warnings against prediction markets

The MGC’s warning adds to a list of regulator letters to licence holders, including action taken in Arizona, Illinois, Michigan, Nevada and Ohio.

At least eight states have sent cease-and-desist letters to Kalshi, contending the prediction markets constitute gambling without proper licensure. Kalshi argues it is legally operating nationwide under the federal purview of the Commodity Futures Trading Commission.

Massachusetts is also just one of several states involved in ongoing litigation about prediction markets. Kalshi recently filed suit against the New York State Gaming Commission, seeking to block enforcement of a cease-and-desist order it issued.

Kalshi has filed similar suits against Maryland, Nevada, New Jersey and Ohio. A coalition of 34 state attorneys general filed a brief in support of New Jersey’s case against Kalshi. Crypto.com and Robinhood are also involved in lawsuits.

Multiple tribes have also sued prediction markets. They argue the operators are violating the Indian Gaming Regulatory Act by offering event trades on tribal land.

The deal represents a significant shift for locals-focused Golden and allows VICI to penetrate further into the Las Vegas locals market, which has seen great success since the start of 2024. Under the terms of the deal, publicly traded Golden will now be taken private by chairman and CEO Blake Sartini.

Golden shareholders will receive a fixed exchange ratio of 0.9 shares of VICI stock and a cash distribution of $2.75 per share held at closing from Sartini. The overall consideration of $30 per share represents a 40% premium to its 5 November closing price, the day before the the deal was announced.

The company will continue its quarterly $0.25 per share dividends through closing, which is set for mid-2026. VICI agreed to pay up to $426 million of the operator’s current debt. Notably, the deal includes a “go-shop” clause that allows Golden to solicit “alternative acquisition proposals from third parties” through 5 December, the company said.

“We are pleased to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country and partner together to unlock value in our company and explore future opportunities,” Sartini said in a staetment.

VICI President John Payne added that his firm has “sought exposure to the attractive Las Vegas Locals gaming market since our inception”. He described the market as having “sticky, durable customer bases”.

Downtown and locals market increasingly attractive

The health and long-term prospects of Las Vegas’ economy have generated much debate in 2025. After multiple record years post-Covid, the city is feeling the effects of declining visitation and volatile gaming revenue. From a business perspective, perhaps the most notable trend to arise from these conditions has been a resurgence of the downtown and locals markets as consumers seek more value-oriented options.

According to the Nevada Gaming Control Board, downtown Las Vegas finished +2% year-over-year in revenue for fiscal year 2025, and the locals market was +5%. The Strip, by contrast, was -3%. Even when the Strip had its best year ever in FY24, downtown was still +2% and the locals market was +7%. Locals revenue in particular is nearing $2 billion per year, easily the second-biggest total in Nevada behind the Strip.

REITs like VICI and Gaming and Leisure Properties have amassed a large portion of Las Vegas’ casino assets through sale-leaseback deals in recent years. But as such assets become increasingly scarce, firms have had to devise new growth avenues and funding mechanisms. VICI’s portfolio features more than 50 casinos in 15 states, but in Vegas it had notably lacked a downtown or locals property.

“This transaction diversifies VICI’s real estate ownership in Nevada, an attractive gaming jurisdiction due to its stable regulatory environment and low tax rate,” the company said in a release. “The transaction also provides VICI with exposure to the Las Vegas locals market, which was the second largest gaming market in the US in 2024 by gross gaming revenue. The locals market has long been targeted by VICI due to its key characteristics of consistent and stable growth, strong demographic and demand tailwinds driven by population trends, and high barriers to entry.”

Will private ownership help Golden Entertainment?

VICI acquired the land assets for the following properties from the following markets:

• The STRAT Hotel, Casino & Tower, north Las Vegas Strip
• Arizona Charlie’s Decatur, locals market
• Arizona Charlie’s Boulder, locals market
• Aquarius Casino Resort, Laughlin
• Edgewater Casino Resort, Laughlin
• Pahrump Nugget Hotel & Casino, Pahrump
• Lakeside RV Park & Casino, Pahrump

In total, the properties include 6,000 hotel rooms, 4,306 slots and 78 tables. VICI is charging Sartini an overall master lease of $87 million per year, with a 30-year term and four five-year renewal options. The rent will increase by an annual rate of 2% starting in year three.

The STRAT is the highest-profile asset among them, though it has had something of a snake-bitten history. Since opening in 1996, the property’s famous tower has become a staple of the Las Vegas skyline. The 1,149-foot tower is the tallest free-standing observation tower in the US and the tallest structure in Nevada. But its location on the far north end of the Strip has always been its biggest hurdle, as it is essentially between the Strip and downtown.

Consultant and former regulator Richard Schuetz was brought in as president of the STRAT in its first year to help stabilise operations after a rocky opening. He told iGB that the tower is an “unbelievable” asset and tourist attraction, but that appeal might have a shorter lifespan than a typical resort that can remodel and reinvent itself more over time. Further, its location apart from the rest of the Strip means it “just doesn’t get that walking traffic” that feeds other properties.

“It’s kind of in no-man’s land,” Schuetz said.

Sartini will now try to maximise the properties’ value under private ownership. Golden’s casino-resort segment saw revenue and EBITDA declines in Q3 and its locals casino segment was flat.

Most locals operators have steered clear of REITs

By diving into the sale-leaseback trend, Golden Entertainment is breaking from its contemporaries. The other two main locals operators in the region, Red Rock Resorts and Boyd Gaming, have so far abstained from selling their real estate. Both companies have enjoyed massive success in the last two years with a notable lack of rent escalators.

Sale-leaseback transactions give operators a huge cash infusion that helps in the short to medium term, especially when multiple projects are in need of financing. But once that money is spent, the future expenses only go up. And most locals operators are inherently conservative, meaning their finances are not as stretched as might be the case for international firms.

“With the strength of our balance sheet, the strength of our cash flows and our ability to access other forms of financing, we just don’t have a need [for REITs],” Boyd CEO Keith Smith told the Nevada Independent in 2023.

Red Rock is even more opposed to REITs, as the company has long deployed the strategy of acquiring and holding real estate for future projects. According to its Q3 investor presentation, the company holds 461 acres of undeveloped land in Nevada worth an estimated $950 million.

Sartini and Red Rock are closely connected – the Golden CEO is the brother-in-law of Red Rock bosses Frank and Lorenzo Fertitta. Earlier this year, there was some intrigue about the fact that Red Rock launched a new tavern brand, called Seventy Six, which now directly competes with Golden’s tavern business.

When asked on an earnings call about the added layer of competition, Sartini said Golden’s “size and our brand is a significant competitive advantage”.

In a Joint Committee on Economic Development and Emerging Technologies hearing, Rep. David Muradian presented his H4431, a bill aiming to legalise online casino in Massachusetts. The committee did not take action on the bills and will accept written testimony until 20 November. House matters require a report by 17 December.

“Consumers in the commonwealth have operated in illegal markets and will continue to do so,” Muradian told the panel. “This bill brings it out of the shadows into a safe, transparent system.”

The bill would allow the state’s three casinos to offer iCasino products. Muradian said the bill establishes strong consumer protections and taxes operators 15% on online casino revenue.

“We would welcome conversations to enhance these protections,” he said.

Multiple industry stakeholders spoke to the committee, including consultant John Pappas, DraftKings Senior Government Affairs Manager Rebecca London and West Virginia Delegate Shawn Fluharty, who also is head of government affairs at Play’n GO. Fluharty helped pass sports betting and iCasino legislation in West Virginia.

“iGaming [legislation] is bipartisan,” he said. “It shrinks the black market, raises revenue and protects the customer. The current system is the wild, wild west. This weeds out bad actors and rewards good actors who want and desire a regulated market.”

iCasino opposition heard in Massachusetts

Several Massachusetts lawmakers who supported legalising sports betting expressed remorse that it could have caused an increase in problem gambling. They warned about iCasino expansion and supported bills putting stronger guidelines on the sports betting industry. Senator John Keenan’s S302 would ban prop and in-play bets while raising sports betting taxes to 51%.

A representative from the National Association Against iGaming (NAAiG) highlighted various statistics from states with online gambling and the rise in calls to problem gambling. That included a 200% increase in calls in Massachusetts since sports betting launched. Several regional casino companies, including The Cordish Companies and Churchill Downs Inc, launched NAAiG this year to oppose the nationwide push to legalise iCasinos.

The NAAiG stated there has been a 26% decrease in the Pennsylvania land-based casino workforce since online casinos went live. It also projects a 16% cannibalisation of land-based casino revenue in Massachusetts.

Problem gambling consultant Brianne Doura-Schawohl detailed risks tied to gaming expansion. She stated that fewer than 2% of Massachusetts residents utilise tools available to prevent problem gambling.

Multiple other gambling-related bills that were on the committee’s agenda included ways to protect land-based casinos, allow fraternal organizations to conduct bazaars, allow peer-to-peer cardrooms and encourage investment into in-person sportsbooks.

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.

As was the case in Q2, Wynn posted Las Vegas gains in Q3 while MGM and Caesars lamented soft conditions and chastised themselves for poor pricing.

Wynn’s Las Vegas casino revenue grew 11% year-over-year to $161.5 million for the quarter, and the company is now 15% ahead of where it was at this point last year. Its Las Vegas casino metrics were up across the board in Q3, including table game win (+11%), slot win (+10%) and poker rake (+11%). All three of those metrics are up at least 4% year-to-date.

By contrast, MGM’s Las Vegas casino revenue was down 5% in Q3, and while its slot win was up slightly (+3%), it was offset by a 6% slide in table game win. The company’s Las Vegas casino revenue is flat year-to-date. Caesars fared worse, posting an 11.5% YoY decline in Las Vegas casino revenue in Q3. This quarter’s results dragged the sector to -4% year-to-date for Caesars.

To this point in 2025, MGM’s stock is down 2.5% and Caesars has fallen 40%, whereas Wynn is up 55%. All three companies operate the same games in the same market, so why is Wynn winning while the others languish?

High-value clientele buoying Wynn in Las Vegas

Brand and clientele are perhaps the first reason why Wynn is outshining its Las Vegas casino competition. The company caters almost exclusively to the high-end luxury market, whereas Caesars and MGM offer a mix of higher- and lower-end properties.

One of the biggest trends for Las Vegas in 2025 has been declining visitation and volatile gaming revenue. Tourism has been down all year but revenue has vacillated up and down.

Macroeconomic pressures like sticky inflation and interest rates, high tariff costs and an ongoing government shutdown have impacted low- to mid-tier consumers, but the highest rollers are still showing up, which plays into Wynn’s strengths.

“Mass gaming and [average daily rates] are, of course, levered to visitation, because they’re both either demand-driven or correlate to the number of people that are coming through the doors every day,” Wynn CEO Craig Billings said on an earnings call last week. “High-end gaming, very different, right? That’s about the equity markets. It’s about host-to-customer relationships, one-to-one selling, the specific service in the building, that particular customer and what they’re doing.”

‘Unrelenting when it comes to value for their dollar’

Caesars and MGM must find ways to cater to all customers and provide value to each segment, but Wynn is able to fine-tune its approach to a select group. While there has been a lot of discussion this year about the “value” of Las Vegas, Billings said his company is the best at delivering on lofty expectations and justifying higher costs.

“Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget,” he told analysts. “Our customer generally isn’t the customer who focuses on cost alone, but they are the type of customer who is really unrelenting when it comes to value for their dollar, right? Their expectation of that perceived value could not be higher.”

Slot consultant and retired casino executive Buddy Frank told iGB it’s surprising to see such strong relative casino performance in a particular market by one company over others. This is because “mass volumes and [hold] percentages tend to hold true over time”. However, this equation changes when the players are higher value.

“The exception to [that premise] comes from those casinos who have a strong percentage of what I call high-roller guests, or ‘whales’, and also those who have highly volatile games like baccarat,” Frank said.

While all of the Big Three would fit those definitions, Frank stressed that “a single player or group of players can have a dramatic effect on overall outcomes”. It appears that Wynn is having more success in finding and retaining those needle-movers than its competitors.

Most Las Vegas operators leasing real estate from REITs

From a business perspective, Wynn is also unique among Las Vegas casino operators because it has not followed the sale-leaseback real estate trend.

Most companies – especially MGM and Caesars – have opted to sell and lease back their properties from real estate investment trusts. Top gaming REITs VICI Properties and Gaming and Leisure Properties (GLPI) have long owned most of Las Vegas’ casino assets.

Under these arrangements, escalating annual rent becomes a huge expense that can be a drag on performance. Caesars, for example, leases a total of 24 casinos, 18 from VICI and six from GLPI. In its 10-Q form, the company said a “significant portion” of its liquidity needs are for “debt service and payments associated with our leases”. Its estimated lease payments to both companies in Q4 is $338 million.

MGM has been even more aggressive in selling its domestic real estate, including all nine of its Las Vegas properties. The company has paid $571 million in operating lease costs year-to-date, per its 10-Q, and it reports $25 billion in total operating lease liabilities. It expects to pay $460.7 million in operating leases in Q4.

Wynn still owns all of its Las Vegas casino real estate and therefore pays no lease costs in the market. Additionally, the company owns another 34-acre vacant plot on the Strip that it has not yet committed to developing.

Early moves saving money later for Wynn

Overall, Wynn has been very decisive in recent years about narrowing its focus to its core land-based markets. That decisiveness has streamlined its operations and reduced unnecessary expenses.

In 2023-24, the company exited the online gaming industry altogether by dissolving its WynnBet brand. And this year, it pulled out of the New York casino race before submitting an official bid, limiting its exposure and expenses in a process that Caesars and MGM ultimately exited from months later.

Caesars and MGM have both invested substantial resources and time in their online gaming divisions, though neither is close to matching sports betting and iGaming market leaders FanDuel and DraftKings.

Caesars Digital has seen growth in 2025 but is widely expected to be spun off or sold as it outpaces its retail division. BetMGM is having its best year to date in 2025 and is returning cash to parents MGM and Entain. Still, it has yet to record a profitable year since its formation in 2018.

In the New York casino licence race, Wynn had originally proposed a $12 billion mixed-use development in Manhattan, the biggest potential investment among those initially in the field. But it folded the proposal before jumping through any hoops, whereas Caesars and MGM both went on to file official bids and participate in the various rounds of consideration.

Caesars was eliminated from contention in September when rejected by a local community board, while MGM was considered a frontrunner all year before pulling out in October. In MGM’s case, such a late withdrawal resulted in $93 million in non-cash write-offs and a non-cash goodwill impairment charge of $256 million, per financial filings.

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.

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.

Google Finance announced on Thursday that it will now include prediction markets data from Kalshi and Polymarket. The announcement also included news of a Deep Search upgrade, the ability to track corporate earnings and its expansion into India.

“The new, AI-powered Google Finance is built to help you make sense of the financial world,” the Google blog reads.

Google’s integration will allow users to “ask questions about future market events and harness the wisdom of crowds”. The integration will roll out over the next few weeks, according to Google.

Google’s move signals the growing acceptance of prediction markets within traditional finance and tech ecosystems.

Prediction markets continue mainstream awareness

Polymarket recently raised $2 billion from Intercontinental Exchange, the parent of the New York Stock Exchange. The raise valued the company at $9 billion. Meanwhile, Kalshi raised $300 million from Sequoia, Andreessen Horowitz and Coinbase Ventures. That valued Kalshi at $5 billion.

The Google news comes on the heels of the National Hockey League partnering with Kalshi and Polymarket. It became the first league to partner with the prediction market sites.

“Teaming up with the NHL is an important milestone for Kalshi and the industry at large,” Kalshi CEO Tarek Mansour said in a statement at the time of the deal. “It should be clear now – prediction markets are here to stay.”

Other US professional leagues have expressed concerns about the lack of regulatory oversight for sports event trading. Unlike sportsbooks, which operate under state-level gaming laws, prediction markets like Kalshi are federally supervised by the Commodity Futures Trading Commission as event futures exchanges, creating friction as their products expand into sports outcomes.

Regulated sportsbooks, under pressure from the rise of platforms like Kalshi and Polymarket offering sports event contracts, have begun to wade into the product.

Meanwhile, state gaming regulators have started challenging sports-related options from prediction markets, suggesting they run afoul of sports betting laws. There are multiple state and federal lawsuits concerning the issue of whether sports event contracts constitute illegal sports betting. Maryland, Massachusetts, Nevada, New Jersey, New York and Ohio are among states with such litigation.

Multiple regulators have also issued warnings to sportsbooks, indicating their sports betting licences could be at risk if they offer sports event contracts in addition to traditional wagering.

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.

On Tuesday, voters across the US headed to the polls for the 2025 elections with several issues of interest to the gaming industry on the ballot, namely key races in current or prospective gaming jurisdictions.

The New York City mayoral election was a major storyline for the casino industry, which has three finalists vying for three downstate licences to be issued in the state by year’s end. Nearby, gaming-forward New Jersey elected Democrat Mikie Sherrill to be the state’s next governor, over Republican candidate Jack Ciattarelli.

In Texas, a state Senate race monitored by Las Vegas Sands is headed to a runoff without the Sands-backed candidate. And in Pennsylvania, the state’s Supreme Court retained its 5-2 Democratic majority as the casino industry continues its legal battle against so-called skill games.

Mamdani the biggest headline of 2025 elections

Democratic socialist Zohran Mamdani won the election handily over former New York governor Andrew Cuomo and longtime political activist Curtis Sliwa. Mamdani’s election as NYC mayor is notable for multiple reasons.

At 34, he is the city’s youngest mayor in over 100 years, and he is the first Muslim to hold the office. His far-left policies have rankled the city’s business and financial communities, as he proposes funding the bulk of his initiatives through higher taxation of the wealthiest New Yorkers and businesses.

All of the downstate casino finalists – Bally’s Bronx, Resorts World NYC and Metropolitan Park – are proposing multibillion-dollar developments that could see impacts from Mamdani’s politics.

Bally’s bid was significantly buoyed by outgoing mayor Eric Adams, who withdrew from the race in September. Metropolitan Park, the most ambitious project ($8 billion), is backed by Steve Cohen, who is a major donor to the Democratic Party to which Mamdani belongs. But Cohen’s ties have mainly been to Governor Kathy Hochul, who originally opposed Mamdani but ultimately endorsed him.

As a Muslim, Mamdani is opposed to gambling, which is forbidden under the faith. But his stance on the downstate process specifically is neutral, with the caveat that it is largely out of his control.

“I’ve been open about my personal skepticism, and yet I also know this is the law,” Mamdani told The New York Times in August. “The siting and the choices of which casinos will open, that pertains to the state.”

Prior to running for mayor, Mamdani served in the state Assembly since 2020. His district was in Queens, which is where the Metropolitan Park and Resorts World downstate bids are located. Resorts World is going above and beyond to secure a licence, offering the highest licence fee ($600 million) and tax rates (56% for slots, 30% for tables). Cohen and Metropolitan Park, by comparison, are offering the minimum licence fee ($500 million) and tax rates (25% for slots, 10% for tables).

Cuomo oversaw major gaming growth as New York governor

The gaming industry might have preferred a Cuomo victory, given previous expansions under his tenure.

Cuomo was governor in 2013 when voters passed Proposal 1, which allowed for a total of seven commercial casino licences throughout the state. Four licences were awarded upstate in 2014-15, leaving the three remaining in the current downstate process.

Cuomo was also governor when New York legalised online sports betting in early 2021, before resigning in August of that year in part because of a sexual harassment scandal. Cuomo drove the online NY sports betting process, making clear he would not sign anything but a robust tax rate. Bidders ultimately proposed the 51% tax rate that is the nation’s highest, and led to New York becoming the biggest OSB market in the US by handle and tax revenue.

New NJ governor takes reins of major US market

New York’s casino expansion is likely to have ripple effects for New Jersey, which has positioned itself as one of the major gaming states in the US. Outgoing governor Phil Murphy oversaw numerous gaming-related developments in the Garden State since his election in 2017.

There are three central gaming issues that the incoming Sherrill might face in the next four years.

The first and perhaps most controversial is indoor smoking in casinos. New Jersey has become a key battleground for advocacy groups like Casino Employees Against Smoking Effects and Americans for Non-Smokers’ Rights (ANR). Murphy said he would sign a smoking ban bill if it reached his desk, but none did, as the casino lobby has successfully dug in its heels to this point.

At an event in 2024, Sherrill said that proponents of indoor casino smoking were choosing a “weird fight to have”. That sentiment drew praise from ANR, but Sherrill did not publicly take a stand on the topic during the gubernatorial campaign.

The other two Garden State issues pertain to casino expansion and tax rates. New Jersey officials have posited the idea of expanding casinos in the state beyond Atlantic City, but it has yet to gain traction. That could change meaningfully, however, during Sherrill’s tenure once the New York expansion begins.

With regard to tax rates, Sherrill is taking office on the heels of an increase championed by Murphy. New Jersey’s sports betting and iGaming tax rates were increased this year to 19.75% from 13% and 15%, respectively. Murphy originally proposed 25% rates.

It seems unlikely Sherrill would push quickly for further hikes, but other states like Illinois and Ohio have seen multiple increases approved or proposed in short succession.

Sands’ Texas hopes fall flat, again, in 2025 election results

Texas is opposite to New York and New Jersey in many ways, but it too has been grappling with casino expansion for years. Las Vegas Sands has keyed in on the Lone Star State as its next untapped gaming destination. Sands’ controlling shareholder, Miriam Adelson, has been a huge presence in Texas politics for several cycles. She also purchased the NBA’s Dallas Mavericks franchise in 2023 and installed Sands COO Patrick Dumont as governor.

Earlier this year, the company was charging hard for a prospective casino-resort development in Irving, a suburb of Dallas. The project narrowly secured local zoning approval, but Sands pulled the casino component after fierce pushback from residents and tribal casino interests in neighbouring states. Additionally, previous progress in the state legislature was sharply cut down by anti-gaming officials this year. Texas lawmakers will not convene again until 2027.

Adelson still spent aggressively in the 2025 elections, as she put in $1.2 million backing John Huffman in the race for Senate District 9. A related interest group contributed an additional $2 million, per NBC Dallas. Huffman’s opponent, Leigh Wambsganss, was funded by conservative interests, including Lieutenant Governor Dan Patrick, who controls the Senate and has blocked previous gambling-related legislation.

In the end, it was a third candidate, Democrat Taylor Rehmet, who was the top vote-getter (48%). Wambsganss finished second (36%) and Huffman was far below both in third (16%). Because Rehmet fell short of a majority, he and Wambsganss will now have a runoff election at a later date. Huffman was snubbed altogether, another setback for Sands’ Texas efforts.

Pennsylvania court that ruled for skill games upheld

Lastly, Pennsylvania’s gaming stakeholders were keyed into elections for three state Supreme Court justice slots. All three Democratic incumbents – Justices Christine Donohue, Kevin Dougherty and David Wecht – retained their posts, meaning the court will maintain the party’s majority. Wecht and Dougherty received new 10-year terms, whereas Donohue will serve until she reaches mandatory retirement age in 2027.

This is perhaps unnerving for state casinos, which have lobbied for years against the proliferation of “skill games”, or unregulated slot-like games, in small businesses. But state courts, including the Supreme Court, have repeatedly ruled in favour of skill games and their manufacturers.

In March, the Supreme Court ruled that state gaming regulators erred in denying gaming licences to businesses that offered skill games. Regulators argued that such behaviour violated a “good character” clause in the licensing application. The court disagreed and largely avoided the question of skill games legality altogether.

Per the Altoona Mirror, Wecht ruled that businesses had a right to believe skill games were legal because of “court rulings” and “the representations of the device manufacturers and their lawyers”.

“Given this landscape, it is reasonable for these individuals to believe that they are doing nothing wrong,” Wecht continued. “It is, thus, excessive and unfair for the board to declare that every individual involved in this industry lacks ‘good character, honesty and integrity’ merely due to their involvement in the industry.”

The 2025 shutdown is the 15th by the US government since 1980. However, most of those lasted a week or less. On Tuesday, this edition became tied for the longest ever, which stretched from 22 December 2018 to 22 January 2019 during President Donald Trump’s first term. With the US Senate rejecting a stopgap funding bill for the 14th time, this shutdown will now officially become the longest.

For the gaming industry, a prolonged shutdown puts pressure on both retail and digital stakeholders. Fears related to sluggish tourism and air travel, especially for Las Vegas, will continue to mount, as will uncertainty regarding prediction markets and federal financial regulators.

The American Gaming Association, the industry’s lobbying arm, has not commented directly on the shutdown but referred iGB to a letter from the US Travel Association dated Monday, which the AGA co-signed. The letter was addressed to Senate and House leaders. Other gaming co-signers included Delaware North, Caesars Entertainment and MGM Resorts.

“As a broad coalition of organisations and companies representing every sector of the US travel industry, we urge Congress to immediately pass a clean continuing resolution to reopen the federal government,” the letter reads in part. “With Thanksgiving, the busiest travel period of the year, imminently approaching, the consequences of a continued shutdown will be immediate, deeply felt by millions of American travellers and economically devastating to communities in every state.”

Las Vegas most likely to feel air travel strain

For consumers and travellers, disruption to air travel is one of the most noticeable aspects of a shutdown. Air traffic controllers for the Federal Aviation Administration have missed one paycheck and are on track to miss another in the coming days. This strain has led to staffing shortages and subsequent traffic delays in airports around the country.

Transportation Secretary Sean Duffy said at a press conference on Tuesday that if the shutdown extends for another week, the nation “will see mass chaos”.

“You will see mass flight delays,” he warned, per Politico. “You will see mass cancellations. And you may see us close certain parts of the airspace because we just cannot manage it because we don’t have the air traffic controllers.”

That is a worrying development for Las Vegas, America’s premier gambling destination. Monthly visitation has not seen a meaningful year-over-year increase since September 2024, and Trump’s aggressive tariff and trade policies had already been impacting international traffic, especially from top feeder markets Canada and Mexico. International traffic to Harry Reid International Airport was down more than 13% YoY in September.

Despite these trends, gaming revenue had been increasing for three consecutive months, but that too slipped back in September. The stage is now set for a pressure-packed Q4, which features the annual Formula One Las Vegas Grand Prix in November as well as the Thanksgiving and Christmas holiday breaks.

It is hard to pinpoint the exact economic impact the government shutdown is having or will have on Las Vegas. But the US Travel Association in September estimated that the travel industry as a whole would lose $1 billion per week.

Prediction markets abound during government shutdown

Unfortunately for digital stakeholders, they too are seeing the effects of a strained federal workforce. The rise of prediction markets in late 2024 and early 2025 has captivated the gaming industry, and their rise has been attributed in part to federal law and regulations.

Prediction markets operate as financial exchanges through which users can place contracts on wide-ranging events that relate to economics, politics, pop culture and, most recently, sports. By venturing into sporting events, they are now direct competitors to state-licensed commercial bookmakers. They are regulated at the federal level by the Commodity Futures Trading Commission. As a result of the lapse in federal funding, the CFTC has curtailed operations.

The CFTC was already stretched incredibly thin before the shutdown. Acting Chairwoman Caroline Pham is currently serving as the sole commissioner amid several resignations. There are typically five commissioners at any given time, all of whom must be nominated by the president and confirmed by the Senate.

Pham has indicated she too will step down when a new chairperson is confirmed. Trump’s first nominee, Brian Quintenz, had his nomination pulled, and Securities and Exchange Commission crypto chief Michael Selig is the new nominee. Thus, Selig or whoever else is confirmed would still be the lone commissioner until other nominations are advanced.

Less regulation, more valuation

Prediction markets have seen an influx of legal challenges from a number of states in 2025. So far, they have clung to the argument that the CFTC is their lone regulator, not state agencies. The gaming industry, in response, has questioned the commission’s ability to effectively serve as a national gambling watchdog.

Forty-eight of 50 US states have some form of legal gambling, and a regulatory body is staffed to oversee each jurisdiction. Some states, like Nevada and New Jersey, allow considerable gaming operations and therefore allocate abundant resources to policing the legal gambling industry. Even with these frameworks in place, scandals and controversies still arise.

The CFTC has less than 700 full-time staff total, with a national scope overseeing trillions of dollars in commodities, futures and, now, prediction markets.

The longer the shutdown continues, the more uncertainty the CFTC faces. Many federal workers from various agencies are potentially facing layoffs, although legal battles on this issue have already begun. Other financial bodies like the Federal Trade Commission, the Consumer Financial Protection Bureau and the Treasury Department have seen staff reductions this year.

Prediction markets, in the meantime, have flourished under the current environment. Platforms Kalshi and Polymarket have fetched multibillion-dollar valuations and both are now partners of the National Hockey League. Meanwhile, the stocks of sports betting market leaders Flutter (FanDuel parent) and DraftKings have dropped by nearly 30% and 40%, respectively, since 1 September.

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.

At a time when talk of a Las Vegas slowdown swirls as visitation dips, Stevens isn’t interested in writing Sin City’s obituary. The numbers tell a different story. Even with fewer visitors, Las Vegas gaming revenue continues to rise. The Las Vegas casino market is evolving, not dying, he says.

With properties such as The D and Circa Resort & Casino – the first new hotel-casino development on Fremont Street since 1980 – Stevens is credited as one of the pioneers revitalising Downtown Las Vegas. And others are following his lead. “We’ve got nine construction cranes over downtown,” he notes, proof that development there is booming, not busting.

Listen to the World Series of Politics on Apple Podcasts

Do taxing times for sports betting worry Derek Stevens?

Stevens has also redefined the sportsbook model with Circa Sports, championing a low-hold, value-odds sportsbook that prioritises fair pricing over gimmicks. Circa’s success has been powered by expansion into multiple states. It offers something different, and it even secured one of Missouri’s two untethered sportsbook licences, beating out larger rivals in the process.

But Stevens warns that rising sports betting tax rates, especially like what Illinois has implemented, threaten the industry’s sustainability. In his words, these levies amount to “illegal bookmaker preservation taxes”. These measures hurt legal operators and risk driving bettors to offshore sportsbooks.

For Stevens, smart policy is key. Kentucky’s sports betting framework is “best in class”. Over-taxed markets like Illinois show how governments can “win the short term but lose the long game”.

All this and more in the latest World Series of Politics podcast!

According to the Nevada Gaming Control Board, the state generated gross gaming revenue of $1.28 billion for the month, a 2.2% decrease year-over-year. The Las Vegas Strip see-sawed from a 5% gain in August to a 5% decrease in September, posting GGR of $687. 8 million. For the fiscal year-to-date, the state is up 2% over last year’s pace while the Strip is up 1.5%.

Baccarat performance on the Strip plummeted 42% YoY to $50.6 million, continuing an extremely volatile stretch for the game. The Strip is +22% for baccarat over the past three months but is -2% over the last 12. For September, the Strip was down 17.5% on table games as a whole.

Nevada set three consecutive fiscal year gaming revenue records from 2022-2024. FY25 broke that streak, but the state is again trending upward, at least for now. September was the first red month of FY26 and all eyes now are on Q4, historically the busiest season of the year for Las Vegas.

But while gaming revenue has been up and down, visitation has only been down, with few signs it will turn around soon.

Troubling visitation, air traffic numbers in September

The Las Vegas Convention and Visitors Authority reported September visitor volume of 3.09 million, a 9% decrease YoY. It has now been a full calendar year since the city posted a YoY visitor gain of more than 1%, which last occurred in September 2024.

As a whole, the LVCVA’s database is rather grim. Convention attendance was down more than 18% and all occupancy, room rate and revenue metrics were in the red. The lone exceptions were car travel on all highways (+2.5%) and travel on Interstate 15 near the California border (+3.4%).

Air travel fared no better, as September traffic at Harry Reid International Airport fell 6% to 4.4 million passengers. Total traffic is now down 5% year-to-date.

The most glaring statistic was a 13.5% skid in international travel, which has been a particularly sore spot for Las Vegas tourism this year. Traffic from Canada and Mexico, the city’s top international markets, has been markedly down this year in response to several factors, including the aggressive tariff and trade policies of US President Donald Trump.

All of the following Canadian and Mexican airlines were down significantly YoY in September:

• Air Canada (-18%)
• WestJet (-44%)
• Volaris (-9%)
• Aeromexico (-11%)

Big Strip operators reeling?

The strain on the Strip and the resulting influx of customers to smaller operators has been shown thus far in third-quarter earnings results.

Caesars and MGM, the two biggest operators to report so far, were both down markedly in Las Vegas, which was also the case in Q2. Wynn managed to buck that trend and post gains in Q2 but has yet to report for the most recent quarter. While Caesars CEO Tom Reeg and MGM CEO Bill Hornbuckle had long downplayed concerns for the market, both were more cautious on their Q3 calls.

Hornbuckle said he and his contemporaries deserved “shame” for their high prices and vowed to correct that trend. He told analysts his company is ” proactively working to create initiatives and draw incremental visitation”.

Reeg, for his part, said the market is “four months into this step-down in leisure demand for Vegas”, adding that his company is “still not back to where we were on a year-over-year basis”.

Locals and regionals surge amid Las Vegas tourism woes

Meanwhile, locals operators and ancillary markets are seeing positive results amid the Strip malaise.

Red Rock Resorts saw its net revenue for the quarter increase 1.5% while its net profit surged more than 38%. Boyd Gaming saw overall revenue and profit increase while its Las Vegas locals segment “achieved its strongest quarterly growth in more than two years with year-over-year growth in both revenue and adjusted EBITDAR, while segment margins were nearly 50%”, the company said.

In an investor note last week, Macquarie gaming analyst Chad Beynon wrote he was worried “softness from the leisure/international customer” in Las Vegas will “last through year-end” after a strong post-Covid run.

“Conversely, trends in US Regionals remain strong, and we expect this segment to continue outperforming Vegas for the remainder of the year,” Beynon wrote.

All eyes will now be on the fourth quarter, which is typically a big driver for Las Vegas tourism. The Thanksgiving and Christmas holiday breaks mixed with a busy sports, entertainment and conference schedule tend to buoy the slower spring and summer months.

Hopes pinned on F1 to jumpstart new growth

The third edition of the Formula One Las Vegas Grand Prix is also set for 20-22 November, and stakeholders are hopeful that can return to growth as well.

During the record-setting days of 2023, the race generated an estimated $1.5 billion in economic impact, the most ever for a single event. The 2024 race, by comparison, was pegged to have generated $934 million. As mentioned, that point (November 2024) was right around the beginning of the downward trend.

Leading the charge for promoting the race is the LVCVA and its CEO, Steve Hill. Hill and company have had their work cut out for them in 2025 to combat the city’s visitation drop. The agency this year has travelled to Canada, rolled out a new ad campaign and organised a city-wide Las Vegas sale in September. F1 is now the next key event on the calendar.

“We’ve refined access and mobility plans, strengthened communication with residents and employees, and expanded transportation options,” Hill told iGB recently. “The Las Vegas Grand Prix team also listened closely to feedback from the community, resorts and fans, resulting in a more collaborative and responsive approach to hosting the race.”

Analysing the factors at play

From a market-wide perspective, stakeholders will be taking a close look at many headwinds that could be a drag on Q4 performance. Some fears might be easier to explain away than others, and this may well be a disappointing overall year for the sector.

Josh Swissman, managing director for GMA Consulting, told iGB his outlook will be shaped by specific factors at play. He suggested that tough YoY comparisons due to changing entertainment or conference schedules, or just poorer operating performance, are easier to stomach than overall visitation trends.

“If [poor performance] is due more systemically to decreased planing and deplaning numbers or vehicles crossing the California border, and it’s like that for, say, 89 out of the 90 days in the quarter, well shoot, that’s indicative of a bigger problem and something that would perhaps be a little more concerning,” he said.

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.”

Apprehension started to mount in February over the possibility of Ohio Republican Brian Quintenz becoming the next chair of the CFTC. Quintenz, a former CFTC commissioner nominated that month by US President Donald Trump, had direct ties to prediction markets as a sitting board member for Kalshi. Additionally, Quintenz publicly advocated for another exchange, ErisX, in its failed attempt to offer sports contracts in 2021.

Now, Quintenz’s nomination has been pulled after multiple hiccups, and Trump this week announced a new nominee: Michael Selig. Selig’s expertise is cryptocurrency, from both a regulatory and legal perspective.

While the gaming industry has been focused primarily on prediction markets, the Quintenz-Selig shuffle could signify that crypto is the real prize at stake. Yet with Quintenz also heavily involved in crypto himself, it could also just be more of the same.

Who is Michael Selig, the new CFTC chair nominee?

Selig currently serves as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and as a senior advisor to SEC Chair Paul Atkins. Back in 2014-15, Selig also worked in the office of former CFTC commissioner J Christopher Giancarlo, per LinkedIn.

Giancarlo was a commissioner at the time Selig worked for him, but he went on to become CFTC chair in 2017 during Trump’s first term. He has since adopted the nickname “Crypto Dad” for his support of digital assets and published a book under that title in 2021.

David Sacks, Trump’s so-called “AI and Crypto Czar”, said in an X post that Selig has “been instrumental in driving forward the President’s crypto agenda” at the SEC, adding that he and Selig will “deliver on President Trump’s promise to make the US the crypto capital of the planet”.

In response, Selig posted that he would “work tirelessly to facilitate Well-Functioning Commodity Markets, promote Freedom, Competition and Innovation and help the President make the United States the Crypto Capital of the World”.

Quintenz nomination lost early momentum

Quintenz’s candidacy, if charted on a prediction market, might look like something of a bad beat. It started strong, but the longer his nomination dragged on without confirmation, the more things started to unravel.

Quintenz faced questioning during a Senate hearing in June and his confirmation vote was twice delayed afterward, both times abruptly and at the last minute. In July, the release of internal CFTC emails through a FOIA request from The Closing Line newsletter suggested undue access for the yet-unconfirmed Quintenz.

Then, billionaire crypto twins Tyler and Cameron Winklevoss got involved, leading Quintenz to distance himself in September by posting threatening messages he had received from Tyler. The messages claimed the CFTC “abused” its power in previous legal action against Gemini, the twins’ crypto trading platform.

“It’s my understanding that after this exchange they contacted the president and asked that my confirmation be paused for reasons other than what is reflected in these texts,” Quintenz posted on X.

The White House pulled his nomination on 30 September before nominating Selig weeks later.

CFTC chair candidates share multiple similarities

Between the two nominees, Selig has fewer direct connections to prediction markets than Quintenz. But there are some connections, and Quintenz’s crypto experience ultimately could make the two more similar than not.

According to InGame, Selig’s name appears on a July 2024 letter submitted by venture capital firm Paradigm Operations to the CFTC in support of Kalshi’s legitimacy as a prediction market.

Kalshi had not begun offering sports contracts at the time, but Paradigm argued that “the CFTC’s characterisation of political contests, awards contests and sporting events as forms of ‘gaming’ is arbitrary and capricious”. Selig was among three attorneys from the firm Willkie Farr & Gallagher LLP representing Paradigm. The VC firm would go on to invest in Kalshi this year.

Quintenz, for his part, is also heavily involved in crypto. He became an advisor to Crypto.com months after leaving the CFTC in late 2021, and he spent the past four years at Andressen Horowitz (or a16z), a crypto-focused VC firm. Since late 2022, Quintenz has served as its head of policy for crypto. His tenure as a CFTC commissioner also aligned with Giancarlo’s tenure as chair.

Based on these points, it remains to be seen whether gaming stakeholders would view Selig as a more favourable candidate by comparison.

Regulatory questions at play for CFTC, SEC

Since Trump took office for his second term in January, crypto advancement has been a key goal for the administration. The GENIUS Act, the most significant regulatory bill for digital assets introduced in the US to date, was signed into law in July. Another similar bill, the CLARITY Act, passed the House in July but has been sitting in the Senate since September.

Prediction markets have not seen the same level of legislative or regulatory clarity. Acting CFTC Chair Caroline Pham hosted a meeting with tribal gaming stakeholders earlier this year but did little to assuage their concerns. In an advisory issued in late September, the CFTC gave no concrete guidance and essentially said it has yet to determine the validity of sports contracts.

In the meantime, the influx of new crypto rules could put the SEC and CFTC in tough spots with regard to oversight and delineation. The agencies have historically been independent of one another. As their names suggest, the SEC primarily oversees securities like stocks and bonds, while the CFTC oversees commodities and derivatives.

Various forms of digital assets like crypto might not fall neatly within one box or another. Notably, Selig has had intimate dealings with both agencies in his career thus far.

The two agencies in September held a unique roundtable discussing possible regulatory synergies. Among the panellists were Kalshi’s Tarek Mansour and Polymarket’s Shayne Coplan, although neither participated much. Crypto interests were also well-represented by officials from Crypto.com, Robinhood and Kraken.

Before Selig’s nomination, a sense emerged among observers that the SEC’s Atkins was gaining momentum as a potential CFTC chair candidate as well. Such a consolidation would have been unprecedented, but the subsequent roundtable was perhaps an indication that their relationship is aligning closer.

Crypto interests dwarf prediction markets

The true breadth of the CFTC’s remit was perhaps best shown in Quintenz’s Senate hearing. For almost two hours, lawmakers presented questions about agriculture, ranching, commodities, crypto and, to a much lesser degree, event contracts on prediction markets.

That divide in priorities seems to be more apparent as the saga plays out. It was the crypto-focused Winklevosses, not the collective furor of the regulated gaming industry, that proved to be Quintenz’s downfall, and perhaps for good reason: the crypto market this summer eclipsed a total market value of $4 trillion.

By comparison, nationwide gross revenue this year from casinos, sports betting and iGaming combined was $51.1 billion through August, per the American Gaming Association. Sports betting, the vertical most closely associated with prediction markets, accounted for $10 billion of that.

Prediction markets are also small in scope when compared to crypto’s trillions. Leading exchanges Kalshi and Polymarket are garnering multibillion-dollar valuations but there are few other significant players as of yet. Additionally, gaming companies like FanDuel, DraftKings and Robinhood have already launched or are planning to launch prediction markets, which could saturate the market.

Prediction markets make money off trading commissions and other transaction fees. As such, the exchanges often see billions in weekly trading volume (not directly equivalent to sportsbook handle) but their revenue is only a small fraction of that.

Notably, though, prediction markets do not have to pay state gaming or federal excise taxes, nor do they have responsible gaming obligations to answer for.

Trump administration connected to both sides

The connections to both crypto and prediction markets are everywhere in Trump’s administration. Donald Trump Jr is an advisor to both Kalshi and Polymarket, having endorsed them after they correctly predicted his father’s election victory last November. 1789 Capital, a firm backed by Trump Jr, invested in Polymarket this year.

Things went a step further this month with the announcement that Trump’s media arm will offer prediction markets through a partnership with Crypto.com. The contracts will be available to users directly through Trump’s Truth Social platform.

Trump is constructing a $300 million ballroom at the White House that was privately funded by 37 donors. The donor list featured some traditional gaming stakeholders but is littered with crypto connections, including:

• The Winklevoss twins
• Coinbase, a crypto exchange platform
• Ripple, a blockchain payments network
• Tether America, a blockchain payments network
• Charles Cascarilla, co-founder of blockchain payments network Paxos

If you can’t beat ’em, join ’em?

An ironic part of the prediction market-crypto discussion is that the regulated industry would likely pursue both verticals if their licences would not be at risk by doing so. The push by some companies to enter the prediction market space is evidence of that, and those that have not have largely blamed regulatory uncertainty.

Caesars Entertainment CEO Tom Reeg said this week his company won’t put “any licences” at risk to pursue prediction market deals. He also asserted Caesars “is preparing and would be prepared to go down that path” if clarity comes.

Mike Dreitzer, chairman of the Nevada Gaming Control Board, indicated earlier this month he would be open to bringing prediction market technology under state law if able.

There are similar feelings for crypto, which is a popular payment method for younger players. At the ICE Barcelona conference in January, a panel of three international CEOs – Per Widerstrom (Evoke), Gavin Isaacs (Entain) and Fabio Schiavolin (Snaitech) – all lamented that unregulated platforms can utilise crypto while they cannot.

“All three of us would dream to be in the unregulated market just for a day,” Schiavolin joked at the time.

FanDuel founder now leaning into crypto

Those who are venturing into crypto despite the regulatory gruff are seeing the benefits. Nigel Eccles, co-founder and former CEO of FanDuel, has started a new crypto-based iGaming venture called BetHog.

The platform is not licensed or available in the US, but Eccles has embraced crypto as the new frontier, much like he did with daily fantasy sports in the early-to-mid 2010s. DFS is where FanDuel and DraftKings got their start, which at the time was also unregulated. Both have since grown to become the biggest regulated sports betting and iGaming companies in the US.

“We’ve got a very clear signal from the federal government that [crypto] is a technology we should embrace,” Eccles told iGB. “We’ve got really clear operator interest. And so I do feel at a state level, a state regulator level, it is only a matter of time” before the benefits outweigh the risks.

Eccles said security and anti-money laundering risks are the biggest barriers holding crypto back from gaming. But he argued the traceability of crypto makes it more secure than fiat currency, and individualised wallets help protect against fraud and chargebacks.

From a functional standpoint, Eccles contends that operators would save tremendously on money-moving fees, which eat away at margins. This, in turn, could allow for more bonusing to players or other similar benefits.

“Instead of giving 15% of our revenue straight out the door to Visa and MasterCard, we can actually give a chunk of that back to the player and say, ‘Look, you can have a better experience’,” Eccles said.

Australia-based Jumbo will pay AU$57.8 million (US$37.6 million) in upfront cash to acquire Dream Giveaway. This will be funded through a combination of cash on hand and an existing debt facility.

A B2C-facing business, Dream Giveaway specialises in higher-value, automotive-themed giveaways, operating under a long-standing charitable donation model.

Jumbo said the deal represents an “important” step within its growth strategy, expanding its international footprint into the US. It will establish a B2C presence for the operator in the US market for the first time.

Should the deal complete as expected, the current Dream Giveaway management team will remain in place. Retention arrangements have also been implemented to ensure operational continuity, Jumbo added.

“The acquisition provides us with an entry point into the US prize draw market via a well-established and profitable operator with a consistent track record of performance,” Jumbo managing director, CEO and founder, Mike Veverka, said. “We can accelerate the business with its software platform and 25 years of digital marketing expertise.”

Dream Giveaway CEO Ryan Maturski added: “Dream Giveaway has successfully grown over the past seven years into a leading brand in the US prize draw market. Jumbo brings considerable digital expertise to help us achieve the next level of growth.”

How will the acquisition impact financial performance?

During the 12 months to 31 July 2024, Dream Giveaway posted AU$21.6 million in revenue. This was in addition to AU$7.1 million in adjusted EBITDA, while total transaction value hit AU$27.1 million.

Jumbo said the acquisition is expected to deliver low-to-mid single digit earnings per share accretion for the first 12 months post-completion. Performance will be reported separately in the group’s financial results.

Looking ahead, Jumbo has updated its outlook for the 2026 financial year to reflect the anticipated contribution from Dream Giveaway. Underlying EBITDA from the US entity is expected to range from US$2.7 million to US$3.0 million, covering a period of eight months.

This, Jumbo said, excludes an initial strategic investment of US$0.4 million to US$0.6 million, to support future growth. This includes digital marketing initiatives and preparatory activities to support transition to the Jumbo Lottery Platform.

Eyes on the prize for Jumbo

The acquisition marks Jumbo’s second deal in the prize draw sector in just a matter of weeks.

Earlier in October, Jumbo also purchased Dream Car Giveaways (DCG), a UK-facing digital prize draw competition platform This deal also marked the operator’s entrance into the UK prize draw market.

Jumbo agreed to pay AU$109.9 million (US$71.6 million) to secure ownership of the DCG business. B2C-facing brand DCG offers players the chance to win prizes, such as cars, cash, property and lifestyle products.

During a third-quarter earnings call marked by similarly soft Las Vegas results seen by other operators , Hornbuckle cited MGM’s decision this month to withdraw from New York’s casino bidding war as one indicative of the strategy.  A presumed frontrunner for a hotly contested downstate New York casino licence, MGM pulled out in a move unforeseen by many industry insiders. With New York in the rear view mirror, MGM is squarely focused on its new integrated resorts abroad, namely in Japan.

Hornbuckle made the comments on Wednesday evening in a call with Wall Street analysts. The CEO of MGM Resorts tried to remain optimistic after MGM shares fell sharply in the after-hours session amid continued struggles in Las Vegas. Hornbuckle pointed to several factors for the slowdown, including a dip in international visitation, Spirit Airlines’ bankruptcy and customer frustration over traffic from Southern California.

“While we don’t expect the dynamic to be changed overnight, we are proactively working to create initiatives and draw incremental visitation,” Hornbuckle told analysts.

Softness in Vegas drags MGM earnings

The sub-par Nevada figures did not surprise analysts, given similar trends on the Las Vegas Strip over the previous quarter. Las Vegas has seen declines in tourism for the majority of 2025, as macroeconomic uncertainty has led to a tightness in discretionary spending among customers.

In September, Strip visitation declined 8.8% year-over-year to approximately 3.1 million, the Las Vegas Convention and Visitors Authority said on Wednesday. It marked the ninth consecutive month that volume on the boulevard declined.

Earlier this week, Caesars expressed concerns on occupancy, which fell about 5% on the quarter to 92%. Caesars CEO Tom Reeg attributed the decline primarily to weakness in city-wide visitation. At the same time, Reeg cited the company’s poor table handle across the Strip for the depressed results. Hold percentage at Caesars’ Vegas properties sank to its lowest in more than three years, he said.

MGM experienced similar challenges throughout The Strip.

MGM Q3 by the numbers

• Across the Strip, MGM generated revenue of $2 billion, down from $2.1 billion in the year-ago quarter. MGM attributed the decline mostly to a room remodelling programme at the MGM Grand that concluded this month. MGM cited the renovations in July as a factor for reduced EBITDA in Las Vegas.
• MGM also attributed the lower third-quarter figures to a decline in food and beverage revenues, lower table hold and lower revenue per available room (RevPAR), a key industry metric. MGM’s table win percentage on The Strip fell from to 22.6%, down from 23.7% in the third quarter of 2024.
• As a result, the segment’s adjusted EBITDAR fell to $601 million, compared with $731 million in the same quarter in 2024.
• MGM also referenced a decrease in business interruption proceeds that amounted to $14 million, along with an an increase in general liability and workers’ compensation insurance expense of $13 million.

A New York state of mind no more

Predictably, analysts opened the question-and-answer portion of Wednesday’s call on MGM’s decision to exit the New York bidding process. Hornbuckle noted that MGM Empire City reached a tentative agreement with the City of Yonkers that would have resulted in a minimum tax contribution of at least $400 million. While MGM did not disclose its proposed tax rates, applicants were required to set a minimum rate of 25% for slot machines and 10% for table games.

Fellow bidder Resorts World NYC established floors of 56% for slots and 30% for table gambling. Hornbuckle indicated that newly issued state guidance on the duration of the licence prompted MGM to reconsider its bid. Based on the proposed tax rate submitted per applicant, the policy gave the New York Gaming Facility Location Board the latitude to award a bidder with a 15-year licence rather than the 30-year version that MGM originally expected.

“While we initially liked the return, it got tighter and tighter so much so that given overall market conditions, we think it’s capital best spent in some other location and some other opportunity.” – MGM Resorts CEO Bill Hornbuckle

The decision to withdraw its New York contributed to a non-cash goodwill impairment charge of $256 million, MGM said. The withdrawal also led to an expense of approximately $93 million in non-cash write-offs related to MGM Empire City, according to the company.

Company moves on to Japan project

MGM is turning to other endeavours, specifically its MGM Osaka resort, projected to open in 2030. The $8.9 billion project served as a hot topic at Expo 2025, a renowned conference that just concluded on the prefecture.

MGM noted that it has entered into a US$300 million denominated credit facility to support its funding of the resort. The facility, which has an interest rate of 2.5%, can be upsized to $450 million, said chief financial officer Jonathan Halkyard. MGM has already received incremental interest, he added.

MGM stock moves after earnings report

For the three-month period ended 30 September, MGM generated net revenue of $4.3 billion, slightly topping forecasts of $4.2 billion. MGM has eclipsed revenue estimates in each of its last four quarters. However, MGM reported earnings per share of $0.24, down considerably from $0.54 in the year-ago quarter. MGM fell short of per-share targets from Zack’s Consensus Estimate of $0.37.

In Wednesday’s after-hours session, MGM fell sharply by 8% to $28.70 per share. MGM pared some of the losses on Thursday, trading near $31 a share. However, MGM is down more than 10% year-to-date.

A popular subject on the call centred on a potential buying opportunity for investors since several MGM executives view its stock as undervalued. Hornbuckle pointed to BetMGM as a lever to unlock value, while Halkyard alluded to conditions in Las Vegas.

“We have a better cost structure than we’ve ever had in Las Vegas,” Hornbuckle said. “With the dynamism in this market, I think that that’s an unlock for the stock.”

Barry Jonas, an analyst with Truist Securities, lowered his price target on MGM slightly to $47 per share. Despite the hit from Las Vegas, MGM’s diversification from its digital, regional and China segments offer “support” to the stock, according to Jonas, who sees room for “material upside” should the Vegas segment inflect.

Macquarie analyst Chad Beynon reiterated an “outperform” rating on MGM in part because of its balance-sheet strength. Beynon also lowered his MGM price target on revised estimates, cutting to $45 a share.

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.  

Caesars stock was down about 2% at close Tuesday to $22.09 but continued sliding to $19 in trading Wednesday. Its shares are now down more than 40% year-to-date.

Caesars Las Vegas performance has been down for much of 2025 and analysts had several questions for CEO Tom Reeg about the market’s outlook for next quarter and beyond. The city has seen marked tourism declines this year and macroeconomic uncertainty related to inflation, tariffs and now a government shutdown is putting pressure on consumers.

Reeg was largely dismissive of these concerns in Q1 but shifted his tenor for the last two quarters. In both Q2 and Q3, Reeg acknowledged the softness in the market while asserting future optimism. His analogy in July was that a leaking tire had been patched, but his comments on Tuesday indicated that the leak is not fully stemmed.

“We’re now four months into this step-down in leisure demand for Vegas, and while we’re better than we were in July, we’re still not back to where we were on a year-over-year basis,” Reeg told analysts.

Abnormally poor table-game hold in Las Vegas also cost the company about $30 million in Q3, Reeg estimated. He said the third instalment of the Formula One Las Vegas Grand Prix, set for 20-22 November, is trending “considerably better” than 2024 but “not as good” as 2023. Las Vegas saw economic impact of $1.5 billion from the race in 2023, compared to $934 million last year.

The possibility of selling Las Vegas assets was not ruled out but Reeg confirmed Caesars is not “actively exploring” it.

Caesars Q3 earnings by the numbers

Las Vegas net revenue fell 10% YoY to $952 million, while net profit slid 40% to $132 million. Revenue and profit for the segment are now down 5% and 28% year-to-date, respectively. Regional revenue of $1.5 billion was a 6% YoY increase but profit fell by more than half (-55%) to $56 million. Year-to-date regional profit for Caesars stands at $65 million, down 43% from last year.

Caesars Digital, which buoyed the company’s performance for several quarters with huge growth, saw a slight revenue uptick ($311 million, +2.5%) but profit slipped to a $21 million loss, as opposed to an $11 million gain the previous year period. The segment’s strong performance for the year overall is perhaps best shown by its year-to-date adjusted EBITDA of $151 million, up 55% YoY.

Las Vegas adjusted EBITDA of $379 million in Q3 represented a 19% decrease from last year, while regional was more stable at $506 million (+1.5%).

From a balance sheet perspective, Caesars ended the quarter with total cash and equivalents of $836 million compared to total debt of $11.9 billion. The company redeemed $546 million of debt during the quarter and repurchased $100 million worth of shares.

Reeg encouraged by regional trends

Concerns about regional performance moving forward after a tough Q3 were largely attributed to the push and pull of spending allocations. Reeg said the balance of investing versus cutting back in regional markets “doesn’t happen neatly in 90-day periods” and is in constant flux.

“This stuff happens over a longer period of time, but we are particularly encouraged by the trends that we’re seeing, that suggest that what we’re doing is working and driving more aggregate cash flow, which is the goal of this whole enterprise,” Reeg said.

He acknowledged that often, in any given regional market, Caesars is likely spending less than its competitors. The company has emerged as perhaps the leader in cost-cutting since the Covid pandemic.

In responses to analysts’ questions on the topic, Reeg admitted “that gap, in hindsight, might’ve gotten too wide”, but also seemed to push back at other times on the idea that the company is not spending enough.

“If you look at the regional capital investment across us and our peers, we’ve outpaced everybody in the last five years,” he said. “Let’s harvest those investments, give people a reason to come and see [regional properties]”.

Digital not center of attention in Caesars Q3 earnings

Caesars Digital, which had been the focal point of recent calls, was largely quiet this time around. Analysts have long asked the company whether it would consider spinning off its high-growth digital arm. Caesars has never denied the possibility but remained steadfast on reaching its goal of $500 million in annual EBITDA for the business by 2026.

Both Reeg and digital president Eric Hession noted multiple headwinds that dragged on the sector’s Q3 performance. One was the sale of the World Series of Poker franchise, which closed last October, meaning the YoY comparisons have now phased out. Another was increased gaming tax burdens in multiple states. In the last year, rates have gone up in several key markets, including Illinois, New Jersey, Maryland and Louisiana.

The third, and perhaps least controllable, aspect was player-friendly sports outcomes in September. Particularly during football season, these outcomes have become a central topic for bookmakers in recent years. While overall player focus has shifted to parlays and other volatile bets with higher hold, particularly adverse game results can still drag on performance.

“With game outcomes, obviously we had a third quarter that wasn’t great,” Reeg said. “We’re four of 13 weekends into the fourth quarter, those outcomes have not gotten substantially better … so that will have an impact on where the fourth quarter comes in.”

Prediction markets unavoidable but Caesars licences at risk

No gaming earnings call in 2025 would be complete without mention of prediction markets. Federally licensed financial exchanges such as Kalshi, Robinhood and Crypto.com have evolved to offer contracts on sporting events. Their meteoric growth has started to have real impacts on commercial bookmaking; to wit, Caesars was removed from the S&P 500 stock index in September, displaced by Robinhood.

Caesars is perhaps in a tougher spot than others when it comes to navigating prediction markets. Nevada casinos, between Las Vegas and its home base in Reno, are a huge piece of the company’s operations.

The Nevada Gaming Control Board recently warned its licensees that offering sports prediction markets either in the state or elsewhere could jeopardise their suitability. That risk would seem too big to stomach, even as others like FanDuel and DraftKings – who are absent from mobile wagering in Nevada – are making splashy deals. BetMGM, which is connected to fellow Nevada licencee MGM Resorts, faces a similar conundrum.

“As we’ve said before, we can’t be out in the lead on this one,” Hession told analysts Tuesday. “We’re going to monitor it, make sure we’re not left behind if there’s regulatory clarity…Our best approach at this point is to monitor it, put our plans in place, make sure we’re adequately resourced and be ready to move if there’s a legalisation or definition in either direction.”

Reeg followed with the assertion that Caesars “will not put any” licences at risk for prediction markets. But if there is “a path that develops” to participate, he said Caesars is “preparing and would be prepared to go down that path”.

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.

Jones, a former teammate of the NBA’s career leader in points, allegedly disseminated non-public inside information on an injured player to a betting syndicate in February 2023. While the Lakers forward is not named in the indictment, the unnamed player fits the profile of James based on the fact pattern enumerated in court filings. Hours after Jones’ arrest on 23 October, a federal prosecutor urged a Nevada judge to impose restrictive conditions on his pre-trial release. The strict conditions stem from the ex-NBA player’s “serious gambling problem”, noted Clay Plummer, an assistant US attorney, at last week’s hearing.

Given the immense publicity the case has received, Jones’ compulsive gambling habits could serve as a mechanism for convincing others to seek help, according to several leading specialists in the field. Jones, who amassed NBA career earnings of nearly $22 million, told the judge last week that he could not afford to hire a defense attorney.

“If Mr Jones does in fact have a serious gambling problem, I hope he knows that help and hope are out there and that recovery is possible,” said Brianne Doura-Schawohl, CEO of Doura-Schawohl Consulting LLC, a boutique global government relations firm that specialises in problem and responsible gambling policy. “It would be nice if his story served as an inflection point for change.”

Saddled in debt

While Jones ended his NBA playing career more than a decade ago, he has remained in close contact with James. During the 2022-23 NBA season, he served as an unofficial assistant coach with the Lakers, where he had pre-game access to the NBA star. Jones allegedly provided a tip to a syndicate that a player would miss a 9 February 2023 game against the Bucks. For his efforts, Jones received a payment of $2,500, court filings state.

Since Jones’ arrest, a narrative has formed around his proclivity towards heavy gambling. One professional gambler told the New York Post that he witnessed Jones betting thousands of dollars per hand on dice at a Las Vegas casino. Michael Osborne, the bettor, added that Jones was a fixture at the ARIA’s high limit room where he sought out players who rode a hot streak. On occasion, Jones would solicit the players for loans to finance his gambling habits, Osborne told the Post.

As many individuals with a serious gambling problem get into significant debt, the bettors search feverishly for a way out, noted Keith Whyte, former executive director of the National Council on Problem Gambling. When the losses accumulate, bettors may increase the volume of wagering, which only lands them in deeper trouble, Whyte explained.

“This desperation phase of a gambling problem can lead to a host of negative consequences – from chasing losses to committing financial crimes to compromising the integrity of the game,” he told iGB.

Increased funding for treatment

In the wake of last week’s arrests, the advocacy groups remain hopeful that legislators will use the case as impetus to direct additional funding into problem gambling outreach. The NCPG recommends that states allocate at least 1% of sports gambling proceeds to prevention and treatment, a target it believes that most states do not meet. 

John Millington, director of strategic partnerships at Epic Global Solutions, outlined a bevy of potential initiatives last week, most notably conditions that establish mandates for “ring-fenced funding”. Those programmes compel gambling operators to make contributions dedicated exclusively to education, prevention and support services in the area.

Doura-Schawohl is pushing for stronger restrictions on gambling ads that feature celebrities, while Whyte recommends efforts that will make outreach more accessible for those struggling with a gambling addiction.

“Stories like this can serve as a cautionary tale for other athletes,” said Whyte, who launched Safer Gambling Strategies, a problem gambling advocacy site. “Legalised gambling generates far too much revenue for problem gambling resources to be so scarce.”

Plummer, the assistant US attorney, asked a Nevada judge to impose certain conditions on Jones that restrict him from taking part in online gambling under his pre-trial release. Jones is facing charges on wire fraud conspiracy and conspiracy to commit money laundering. The NBA has issued a memo to players, according to ESPN, articulating the “dire risks that gambling can impose upon their careers and livelihoods”.

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.

The company filed the suit in US District Court for the Southern District of New York, targeting the New York State Gaming Commission. Kalshi seeks to block the state from enforcing a cease-and-desist order issued last week, which accused the firm of offering sports betting without a state licence.

Kalshi argues its sports event markets fall under federal oversight by the Commodity Futures Trading Commission (CFTC), not state gambling regulators. The New York case adds to a slate of legal battles for Kalshi against state regulators and tribes.

“Kalshi has no option but to seek judicial relief,” the lawsuit reads. “Kalshi has no other practical choice to protect its commercial interests and those of its users except to bring this suit. Absent judicial relief, Kalshi faces the prospect of criminal enforcement and civil penalties in New York as of the date of this filing.”

States push back against prediction markets

New York’s cease-and-desist letter to Kalshi is at least the eighth known order from a state regulator. The other states are:

• Arizona
• Illinois
• Maryland
• Montana
• Nevada
• New Jersey
• Ohio

Kalshi filed lawsuits against four other states:

• Maryland
• Nevada
• New Jersey
• Ohio

Last month, Massachusetts Attorney General Andrea Campbell filed a lawsuit against Kalshi in an effort to stop sports event markets.

In New Jersey and Nevada, Kalshi received initial injunctions to prevent regulatory enforcement. In Maryland, a judge denied Kalshi’s request for a preliminary injunction. Those cases are under appeal. A coalition of 34 state attorneys general filed a brief in support of New Jersey’s legal case against Kalshi.

Several tribal gaming groups, including Wisconsin’s Ho-Chunk Nation and multiple California tribes, also challenged Kalshi in court. Meanwhile, trading platforms like Robinhood and Crypto.com face similar scrutiny over event-based prediction products.

Warnings to sportsbooks on prediction markets

Last week, Illinois became the fifth known regulator to issue a warning to licensed sportsbooks against offering prediction market products. The letter said prediction markets “constitute gambling under Illinois law” and participating or facilitating such products in Illinois, or another state, might “impact that ‘party’s suitability for licensure.”  

Regulators sent similar letters in:

• Arizona
• Michigan
• Nevada
• Ohio

Those warnings come as operators including DraftKings, FanDuel and Underdog have taken steps to begin offering event trading products.

Arkansas AG weighs in on event contract issue

The Arkansas Attorney General’s Office issued an opinion last week stating that Kalshi’s prediction markets violate state law. Senator Bryan King requested an opinion on prediction markets and event contracts, particularly those from Kalshi.

The attorney general’s opinion said Kalshi’s platform allows users to “bet on future events”, based on the Arkansas Supreme Court’s definition of gambling as “the risking of money, between two or more persons, on a contest or chance of any kind, where one must be a loser and the other a gainer”.  

It also notes Kalshi calls the products prediction markets, but that “does not protect it from scrutiny”.

On 20 October, about 150 California card room employees, city officials and labour organisers gathered outside Attorney General Rob Bonta’s office in downtown Los Angeles to protest two sets of proposed regulatory changes related to blackjack-style games and player-dealers. The changes, if enacted, could significantly affect revenue and future growth for the sector.

Armed with picket signs and bullhorns, protestors chanted “fight for our jobs” and “save our cities”, buttressed by honking support of cars and city buses passing by. The demonstration as a whole lasted about an hour.

The aesthetic of the rally was the Monopoly board game. A “Monopoly man” mascot posed for photographs and rained fake money that featured Bonta’s face, with the words “Supporting CA Tribal Monopoly, Destroying our Communities”.

Several elected officials spoke against the proposed regulations, including representatives of nearby cities Hawaiian Gardens, Compton, Commerce and Bell Gardens. All of those cities feature card rooms that provide revenue to fund municipal services.

In Bell Gardens, for example, more than 40% of the city’s general fund comes from card room revenue. Parkwest Bicycle Casino in Bell Gardens is the third-largest card room in the state by table count. For others, like Hawaiian Gardens, that percentage is even higher, reaching 70% or more in some years. Bell Gardens Councilwoman Francis de Leon Sanchez told iGB at the protest that the regulations would “tremendously affect” her city’s services and residents if enacted.

“A lot of jobs are going to be lost,” Sanchez said. “I come from a very hardworking Latino community, and a lot of our residents do work at the casino, so they’re going to have to find other sources of income. It’s going to be devastating.”

The California Nations Indian Gaming Association (CNIGA) did not respond to requests for comment. Tuari Bigknife, the attorney general for the Viejas Band of Kumeyaay Indians who has advocated for tribes on this issue, also did not respond to requests. The Indian Gaming Association declined to comment.

How did California card room fight get here?

The protest was the latest round in a fight that has been ongoing for decades. Indian tribes have exclusivity for Class III gaming in California, which includes slots and house-banked table games (player vs the house). This was granted through the passage of Proposition 1A in 2000.

As such, card rooms are only able to offer player-banked, or peer-to-peer, gameplay. The revenue-generating differences between the two styles is stark, with the advantage going to Class III.

Per the National Indian Gaming Commission, California tribal casinos generated $12.1 billion in gross gaming revenue in fiscal year 2024, up 1% year-over-year. There is less available data for card rooms, but a 2019 study estimated their total economic impact to be about $5.6 billion annually.

The complex system of TPPPs in California card rooms

In late 2007, card rooms deployed what are known as third-party proposition players (TPPPs). State regulations require dealers in card rooms to offer players the opportunity to act as the bank after every hand or round. Most players do not have the funds or desire to act as the bank in a peer-to-peer setting, which can stifle gameplay.

TPPP entities are licensed contractors whose employees work in card rooms as designated player-dealers. They take up the offer to bankroll gameplay repeatedly and are funded by their employers for that purpose. Card rooms utilise this system to help run Class III-style games like blackjack and baccarat.

Tribes have long contended that this is simply a workaround to offering house-banked games that violate their exclusivity. Proponents point to regulations that stipulate TPPP providers must be financially independent from card rooms. This separation is what stakeholders say delineates the games from house-banking. They argue that the games have been operating in accordance with state law for nearly 20 years now.

“Let’s be clear: these are legal, licensed and regulated games,” Hawaiian Gardens Mayor Dandy de Paula said at Monday’s protest. His city is home to Gardens Casino, the state’s second-largest card room by table count.

Despite the independence requirements, the web of connections between card room owners and TPPP providers is deep and complex. Further, the original idea for TPPPs is widely credited to Bob Lytle, who served in the AG’s office as the state’s top regulator before resigning to work for a card room.

Lytle sent a letter to two card room lobbyists days before resigning that outlined his interpretation of player-dealers under state law, and TPPPs emerged shortly after. Lytle was later banned from the state’s gaming industry for tax fraud and other charges in 2016.

Tribal suit bill passed, but lawsuit dismissed

TPPPs have been controversial since their inception but tribes had limited avenues of enforcement. Previous legal action in state court had been unsuccessful because of tribes’ lack of standing as sovereign nations. However, both legal and regulatory pathways emerged in recent years.

The legal front started with the bill SB 549, also known as the Tribal Nations Access to Justice Act, which was introduced in the state Legislature in 2023. Its passage in 2024 provided tribes with a unique, one-time carveout to sue card rooms over the banked-games issue. That suit was filed in January of this year but ultimately dismissed this month.

Sacramento County Superior Court Judge Lauri A Damrell ruled that the case was preempted by the Indian Gaming Regulatory Act, which is federal law. Tribes immediately signalled intent to appeal, and the matter is still yet to be fully determined.

“I may be wrong,” Damrell said during the hearing, per Casino Reports. “And I expect there will be an appeal. And so, I welcome the guidance from the Court of Appeal on this as well and we’ll see where it goes.”

The dismissal was a notable setback for tribes, who so far have successfully defended every challenge to their exclusivity post-Prop 1A.

In 2022, Indian Country defeated Proposition 27, a mobile sports betting initiative backed by commercial bookmakers that became the most expensive ballot fight in US history. This year, the state legislature unanimously approved a ban on sweepstakes sites, a prohibition sought by tribes. And Bonta’s office in July published a long-awaited legal opinion declaring essentially all forms of daily fantasy sports illegal in the state. DFS has long been in tribes’ sights as well.

Regulations promulgated by Bonta, regulators

As lawmakers were debating SB 549, Bonta and the state’s Bureau of Gambling Control (BGC) also initiated the rulemaking process that ultimately led to the proposed regulations on the games and player-dealers. The BGC is the state’s gambling law enforcement and investigative arm, separate from the California Gambling Control Commission.

Public comments from both tribes and card rooms were collected in October 2023, and official notices of proposed rulemaking for both sets of rules were published 11 April 2025.

The proposed changes to player-dealer regulations include:

• The player-dealer must be seated at the table at all times and the position must be offered to all players before every hand. This offer shall be “visible to surveillance cameras”.
• Each table must post the following notice: “Any player can assume the player-dealer position when it is offered. The player that assumes the player-dealer position cannot win or lose more than the amount they wager.”
• The role of player-dealer must rotate to “at least two players other than the TPPP every 40 minutes or the game shall end”.
• If the TPPP is serving as the player-dealer, the next rotation must be to another player.
• Additionally, TPPPs would only be allowed to accept and settle wagers when they are serving as player-dealer.
• Only one TPPP would be permitted per table.

Huge changes to blackjack-style rules

The proposed changes to blackjack-style games would render them virtually unrecognisable from a gameplay standpoint.

They include:

• Games would no longer be able to have a “bust” feature, where a player or dealer automatically loses if their total exceeds 21. Rather, wins and losses “shall be determined solely by whether the total points of a player’s hand is closer to the target point count when compared with the total points of the player-dealer’s hand”.
• The target point cannot be 21.
• With the absence of a 21 target, players or dealers would no longer automatically win a hand with that combination.
• In the event of a tie or “push”, players would win, instead of the usual non-action.
• No games shall feature the words “21” or “blackjack” moving forward.

While the player-dealer changes would be significant, the blackjack rules drew the most scrutiny from demonstrators at the protest.

“Why should [tribes] have the exclusive right to blackjack, when cities across LA County depend on this revenue to survive?” Compton Mayor Emma Sharif said. “For families across LA, this isn’t just about a game. It’s about our jobs and our people.”

Tribes accused of pushing for new regulations

The protestors and speakers accused tribes of being the motivating force behind the new rules. Most of the changes appear to align with tribes’ longstanding objections. In its published notices, the BGC indicated that the rules were being introduced to help clarify and enforce existing regulations.

“The regulations will benefit the public’s health, safety and welfare and the regulated industries because they will ensure that the public does not engage in, and the regulated industry does not offer, any form of gambling prohibited by Penal Code section 330 and the State Constitution,” the BGC’s notice said in part.

Bonta’s office told iGB it is unable to comment during rulemaking processes, other than to confirm the review is ongoing. The office said the process must be completed “within one year from the date of notice publication”. That would mean 11 April 2026.

Political spending from tribes, card rooms

Both card rooms and tribes are heavily involved in state politics and lobbying, though the latter have more spending power. According to CalMatters, tribes donated $23.5 million to candidates for state offices from 2014-24.

Card rooms, by comparison, donated $3.8 million in that timeframe. Notably, card rooms ramped up lobbying after the passage of SB 549 and managed to unseat three officials who had voted in favour of the bill.

Bonta accepted donations from both sides during his 2022 AG campaign, per state records. Tribes were the bigger contributors, however, including out-of-state tribes from Montana and Oklahoma. His 2022 campaign grossed $7.1 million in total donations, while his 2026 reelection campaign is currently at $6.7 million.

Opposing sides share reliance on gambling

Perhaps the most striking aspect of the debate is that the warring sides share many similarities and desires. Both groups rely on gaming revenue and casinos as their communities’ main sources of funds and employment.

For many tribes, gaming has transformed life for members in just a few generations. In 1990, when tribal gaming was in its infancy, the poverty rate among California Native Americans was 34%, per UCLA. A University of California study from this year pegged that rate at 18%.

Tribal casinos have grown to become some of the state’s largest employers and community partners. Their facilities are consistently recognised with top hospitality and gaming honors. USA Today listed three California tribal properties in the top five of its 10 best casinos outside of Las Vegas.

“We are very much focused on being good community partners and having that positive view of our industry,” CNIGA Chairman James Siva told GGB in 2024. “As we look forward to the expansion of gaming, at the end of the day, it will be about defending our sovereignty, and tribes will be willing and are willing, and in the future we’ll continue to fight in any way we need to defend that.”

‘Without our card room, I don’t think I would be here’

Card rooms, by comparison, are also mostly located in minority communities. The cities of Commerce and Bell Gardens, for example, are both more than 90% Hispanic, per census data. Compton’s population is 70% Hispanic and 25% African-American.

Nary Chin is a dealer at Gardens Casino, having worked there since immigrating to the US 27 years ago. She told iGB at Monday’s protest that the casino provided her with everything she hoped for when she first arrived in the country. It has come to represent her version of the American dream.

“There was a time where I only wanted to commit suicide – I had no way out,” Chin said. “This is the first time I’ve got a job, made good money, and I told my children, ‘We don’t have to go through hard times anymore. We’re gonna be OK.’… The card room provided me all of that.

“Every time they want to shut down the place, they want to take blackjack-style games away, for me, I cannot handle that…They tell you, ‘Oh, it’s just a job, you go there to make money.’ But it’s a job that cares. Without our card room, I don’t think I would be here today, honestly.”

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.”

US President Donald Trump is undertaking a massive construction project at the White House, demolishing the East Wing to clear the way for a new $300 million ballroom. The administration previously said the funding would come from private donors rather than public funds.

On Thursday, the White House made public a list of 37 donors. The Seminole-owned operator Hard Rock International and the Adelson Family Foundation of late Las Vegas Sands founder Sheldon Adelson were among those with direct ties to gaming.

Neither Hard Rock or the Seminole Tribe, nor the foundation responded to a request for comment on the donations. The administration did not disclose donation amounts.

Hard Rock was the only gambling company featured on the list. Tech, defense and oil firms like Meta, Lockheed Martin and Booz Allen made up most of the donors.

Hard Rock at work in multiple states

Florida-based Hard Rock is in the middle of multiple expansion projects, including a Las Vegas Strip resort and a potential $8 billion integrated resort project next to Citi Field stadium in Queens.

Hard Rock is one of three finalists for three available downstate licences in New York. It is partnered with billionaire New York Mets owner Steve Cohen for the project, dubbed Metropolitan Park. State regulators have until year’s end to decide whether the company will be chosen for one of the coveted licences.

The Adelson donation is not surprising given the family’s longstanding history of supporting Republican causes, including Trump’s campaigns. However, Sands has had increasingly few business dealings in the US after Adelson’s death in 2021. It withdrew casino proposals in both New York and Texas this year, and also shut down its digital gaming arm to focus solely on its Singapore and Macau resorts.

Previous connections between Hard Rock, Trump

Hard Rock’s donation could be notable for two reasons. Broadly speaking, the second Trump administration has been somewhat at odds with Indian Country, and Hard Rock is among the biggest tribal-owned companies in the US. Multiple tribal casino developments have been stymied since Trump took office and his policies have affected several facets of life for tribal members.

The Indian Gaming Association, a national lobbying group for tribal gaming, has been critical of Trump’s second term. IGA did not respond for a request for comment on the donation.

Both Hard Rock and longtime CEO Jim Allen have also had direct dealings with Trump in previous years. Allen previously served as vice president of operations for the Trump Organization, the president’s business conglomerate.

The company purchased the former Trump Taj Mahal casino in Atlantic City in 2017 for $50 million. That property is now Hard Rock Hotel and Casino Atlantic City. When the purchase was announced, Allen seemed eager to remove Trump’s legacy from the building.

“It’s everywhere,” Allen told the Associated Press at the time, referencing Trump’s influence on the property. “The amount of money we’re going to have to spend to remove all those minarets and all that purple. Jesus! What were we thinking?”

Two sides at odds over Florida law?

Trump was connected to Hard Rock indirectly earlier this year because of a signature-gathering law passed in Florida (HB 1205). In that case, the two sides are essentially at odds; the law places several restrictions on how petitions and signatures can be circulated and by whom.

Florida state law requires any gambling expansion to come via constitutional amendment, which must be approved through a voter referendum with a 60% approval threshold. This is made more difficult by the bill’s restrictions, which ostensibly strengthens the Seminoles’ position.

The tribe has a statewide monopoly on Class III gaming, which includes both casino gaming and online sports betting. Hard Rock launched Florida’s only available OSB platform, Hard Rock Bet, in late 2023 after a lengthy legal battle that went to the Supreme Court. It operates a total of six casinos in the state.

Trump has never directly signalled interest in pursuing gaming ventures in Florida, but there have been indirect allusions. Former Florida governor Jeb Bush in 2015 accused Trump of trying to bribe his way to a state gaming licence in the 1990s.

“Totally false,” Trump said in response. “I promise if I wanted it, I would have gotten it.”

Additionally, the president owns a golf course in the state, in Doral. Trump’s middle son, Eric, told the Washington Post in 2021 that the location is “unmatched from a gaming perspective”. The site is just more than 15 miles from Hard Rock Hotel & Casino Hollywood.

The gambling tech giant first mooted the move in February and then in August, when it said the switch would be completed before the end of November.

Light & Wonder provided notice to the Nasdaq to delist its common stock in October, while its Form 25 (with respect to common stock with the Securities and Exchange Commission (SEC)) will be submitted on 3 November.

Nasdaq is expected to suspend trading in common stock once trading closes on 12 November, then Light & Wonder’s delisting would become effective the following day.

Its share price on the Nasdaq was down 0.68% at $75.85 at the close of play on 23 October, the day of the delisting announcement.

Strategic focus for Light & Wonder

When confirming the news earlier in the year, Light & Wonder said the switch to ASX fit in with the group’s wider “strategic focus”. It stopped short of saying when exactly it would begin trading on the ASX.

“Consistent with our previous announcements, our decision to transition to a sole primary listing on the ASX reflects our strategic focus on aligning our capital markets presence with our long-term growth plans and shareholder base,” the company said in its Friday update.

“We are seeking to consolidate trading liquidity onto the ASX, a deep and liquid market that has a robust understanding of the gaming sector.”

Light & Wonder set for ASX top 50

The group has said transitioning to the ASX will help to consolidate liquidity in a market that has deep understanding of gaming. It added that the pivot could unlock greater shareholder value and align with its wider growth plans.

Since launching its secondary ASX listing in May 2023, equity traded on the exchange has accounted for approximately 37% of the company’s total equity.

In an update during its Q2 2025 results presentation, the group said sit market cap could go from circa AU$4.5 billion to AU$12.2 billion. It is also expected to ascend from circa #90 in the ASX 100 into the ASX 50 and into the index.

More light could be shed on the switch when Light & Wonder publishes its Q3 results on 5 November.

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)

This week’s revelation that Playtech commissioned a secret and seemingly invasive investigation into Evolution proves that competition among games developers has reached a tipping point.  

 “We are seeing an upward trend in IP disputes because people see huge value in this space. There is a lot to fight over,” says Joel Vertes, partner and co-head of Intellectual Property at CMS in London. 

His team, which is one of the largest IP practices in Europe, regularly deals with disputes involving game developers, platforms and even individuals accused of IP infringements or misappropriation of trade secrets. Vertes highlights the rapid expansion, advanced technology and vast variety as key drivers. “The gaming sector as a whole has just exploded in the last 10 years,” he adds.  

How the Spribe/Aviator case broke new ground 

One case in particular crystallises how IP disputes manifest in the sector. It is the recent high-profile legal battle between the two game developers Spribe and Aviator LLC, which involves Spribe’s award-winning crash game Aviator. 

The dispute started in Georgia last year, in a case that resulted in Spribe being found to have registered Aviator LLC’s trademarks in bad faith. This year the dispute resurfaced in a UK High Court, and in August Spribe won a UK injunction against Aviator LLC, blocking it from producing a copycat crash game and the use of Spribe’s trademarks. 

Although Aviator filed for permission to appeal in the Court of Appeal on 11 September, the application was abandoned on 8 October, and the court dismissed it the same day, having criticised Aviator’s conduct as “petulant”.

The case highlights the UK’s strong enforcement of IP rights. Proceedings regarding the same case are ongoing in other jurisdictions, including the EUIPO. The UK trial is expected to be heard in either 2027 or 2028.  

Protecting IP is challenging 

Vertes underscores the importance of interim injunctions in IP disputes: “Even though temporary, they can be decisive. If granted, the defendant is blocked from acting and many disputes settle shortly after.” 

He explains that in Europe, game mechanics are difficult to protect directly. “Generally, you’re looking at a bundle of rights. So, you’re looking at the brand, and you’re looking at underlying copyright in the source code,” Vertes says. The “general look and feel” of a game, along with registered design rights over graphical user interfaces, have become key IP battlegrounds. 

“The work we’re doing a lot of at the moment is in design rights,” he adds, pointing to how in the UK and Europe, design protection offers a whole new angle to fight over. The increasing speed of game development cycles – accelerated further by AI technology capable of generating code and imagery rapidly – adds urgency to IP vigilance. 

Richard Williams, IP lawyer at Keystone Law in London, emphasises the strategic importance of brand and trademark protection in gaming: “Clearance is a critical step. If you don’t check, you might be blocked from a market or subject to costly litigation.” 

An example of this is the backstory to the dispute between Spribe and Aviator LLC. In its Georgia case Aviator LLC claimed the rights to the name and logo created in 2017.

Williams stresses that smaller markets can still have a huge impact. “This insight reveals how early trademark clearance – often overlooked – can make or break international expansion.” 

IP disputes are being weaponised 

In Europe, legal frameworks around IP protection are more uniform than in many regions, but still complex. Vertes advises that those involved in the industry must become “IP-savvy quite quickly,” ensuring their names, designs and coding practices do not infringe on others’ rights. 

There is agreement among experts to whom iGB has spoken that IP cases are being weaponised in a competitive market. “Obviously, even if the IP dispute isn’t successful, it’s a good way of trying to keep competitors out of the market for as long as possible,” says Richard Williams. 

Joel Vertes agrees that it does happen: “I don’t see any reason why you shouldn’t weaponise your IP. If you’ve filed a patent over some mechanics in a game, or you’ve registered designs over the graphic user interface, why would you not go out and enforce it?” In the end, it is all about upholding brand and technology exclusivity in a highly competitive environment.

“It’s not about squishing small companies from entering the market – they’re perfectly entitled to compete. But that doesn’t mean they’re entitled to step on others’ toes to do it.” 

Across the Atlantic is a different picture 

Across the Atlantic, the situation is notably different, as the US is largely shaped by distinct legal doctrines and litigation cultures. Steven Caloiaro, an intellectual property litigator at the Reno office of Dickinson Wright, offers a contrasting perspective. 

Caloiaro observes that patent litigation in the US gaming sector has actually declined over the last decade. He attributes this to pivotal Supreme Court decisions like Bilski vs Kappos in 2010 which narrowed patent eligibility for software innovations.  

“Bilski made it very difficult to successfully litigate software-related patent cases,” Caloiaro explains. Since many iGaming innovations revolve around software – such as progressive jackpots, reward systems and bonus mechanics – the impact has been significant, he explains. 

“For the established gaming community, litigation has been down – specifically in the iGaming sector.” 

Instead, the rising trend in the US is “softer IP” disputes covering trademarks, trade dress and trade secrets, as evidenced in recent cases like Light & Wonder vs Aristocrat. In that case, a game designer’s movement between companies raised trade secret concerns—a classic scenario in the tight knit industry.

Non-compete enforcement has also increased in the US as companies seek to indirectly protect IP by limiting employee mobility. Caloiaro notes: “Non-competes can serve as a workaround to protect IP.” Despite challenges from the Federal Trade Commission, gaming companies have actively sought to enforce these clauses, he says. 

Fundamental distinctions between Europe and the US

When it comes to enforcement remedies, Caloiaro contrasts the US and Europe: “In the UK or EU, if you win, you’ll almost certainly get an injunction. In the US, it’s not guaranteed, which can reduce the value of a win if you’re trying to keep a competitor off the market.”  

Moreover, damages awarded in US courts tend to be significantly higher, but litigation is also more costly and carries higher risk since parties usually bear their own legal fees regardless of the outcome. 

Outlining other fundamental distinctions between European and US IP enforcement, Vertes says the biggest difference is the size of damages. “US claims can be worth far more than European ones. So if you’re chasing a big monetary win, the US is [more] attractive,” he explains.  

Vertes also points out the value of “design rights” in Europe, a somewhat underutilised protection in the US, where trade secrets and trademarks dominate the softer IP landscape. The Aviator injunction highlights how UK courts actively protect registered trademarks and associated branding.  

By contrast, Caloiaro notes that US patent law’s challenges in protecting software-based innovations tend to reduce patent suits but encourage a focus on trade dress – the visual appearance of a product – and trade secret claims.  

AI’s rise complicates the IP picture on both sides of the Atlantic. Caloiaro agrees that AI lowers barriers to entry and blurs lines between inspiration and infringement, although US patent offices require a human inventor, limiting AI-generated patent claims. 

Best practices moving forward

Both European and US experts emphasise proactive IP management. Vertes urges companies to “choose a name, make sure you’ve cleared it, that you’re not infringing on others”.  

“Talk to your developers. Make sure they’re not just going online and scraping or copying. There’s no rule that says if you make five changes from a copyright work, it’s suddenly okay. It doesn’t work like that,” he says.

Caloiaro stresses the importance of understanding the different IP types – trademarks, copyrights, patents – and filing registrations and documentation accordingly.  Both lawyers are in agreement that, in today’s fiercely competitive and fast-moving iGaming market, a sophisticated IP strategy is essential for any company to survive. 

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.

Ohio House Speaker Matt Huffman told reporters last week that online casino and lottery game bills are unlikely to pass in the next year, per Statehouse News Bureau. He said the state has seen a lot of gambling expansion in the past five years.

“At some point, there is a saturation point – there’s a group of people who don’t gamble, there’s a group of people who do, maybe some people participate in different ways,” Huffman told reporters.

Lawmakers did consider adding iGaming and iLottery measures in the state budget this summer but ultimately passed on the idea. Governor Mike DeWine came out against iGaming expansion at the time. DeWine is in office until January 2027.

“To put a casino in everybody’s hands 24/7 is probably not a great idea, and I think it will cause more pain and suffering in regard to gaming addiction, so I’m just not for it,” DeWine said.

While only seven states have legalised iGaming, three border Ohio: Michigan, Pennsylvania and West Virginia.

Previous Ohio iGaming conversations

Along with the budget discussions, there were two bills filed to legalise iGaming earlier this year. Lawmakers held hearings on the bills, but they did not advance through their committees. Both would have created 11 licences for the state’s casinos and racinos.

Last year, as part of a study commission on the future of gambling in Ohio, a group of Republican lawmakers suggested legalising iGaming.

“While the state should proceed with caution and care with any expansion of this magnitude, with the right regulatory framework, these types of gaming can thrive with nominal impact to our current system,” the representatives wrote.

Senator Niraj Antani, a key figure in the legalisation of Ohio sports betting, introduced an iGaming bill late last year. Antani did not seek reelection and no longer serves in the legislature, but at the time he said he wanted to get the conversation started, acknowledging it would be a long process. His bill tied online platforms to the state’s four brick-and-mortar casinos and set a tax rate of 15%.

Ohio sports betting history

DeWine signed online sports betting legislation into law in 2021 after multiple years of legislative discussions. The initial legislation carried a 10% tax.

Just months after the market launched in January 2023, DeWine succeeded in urging lawmakers to double the tax rate to 20%. He again proposed doubling the tax rate to 40% during this year’s budget discussions, but lawmakers rejected that increase.

This spring, the Ohio Casino Control Commission sent cease-and-desist letters to Kalshi, Robinhood and Crypto.com for offering sports event contracts. The letters said the markets meet the definition of sports betting and require licences issued by the commission.

The OCCC later issued a letter to sportsbook operators warning that offering prediction markets could jeopardise their licences. That came after FanDuel announced its intentions to launch an event-trading product.

Earlier this month, Kalshi filed a lawsuit against the OCCC and the Ohio Attorney General’s Office. The case joined a growing list of federal and state lawsuits concerning whether prediction markets are illegal sports betting. State regulators contend the prediction markets circumvent state laws, while the operators argue they are federally regulated by the Commodity Futures Trading Commission, allowing them to operate nationwide.

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.”

The newly combined business is valued at around €16 billion. In an era when European gambling operators are scrambling to keep pace with regulatory changes, technological disruption and the need for scale, this deal could be seen as both a defensive manoeuvre and a bold strike forward.

Although anticipated – Allwyn first invested in OPAP in 2013 – the full buyout marks a watershed moment not only for the companies involved but for the European gambling sector as a whole.

As Ben Robinson, an M&A advisor at Corfai Capital, puts it: “This is a mega-deal in a sector that has historically been sleepy. Allwyn is proving that a lottery company can act like a high-growth tech firm.”

The deal transforms Allwyn, which changed its legal status to a Swiss-based entity in October 2024, from a regional lottery operator into a vertically integrated, multi-product juggernaut with operations across Europe and ambitions to conquer the US.

It becomes the second-largest listed gaming group globally with pro forma EBITDA of €1.9 billion amid double-digit growth. It trails only Flutter Entertainment, whose 2025 EBITDA is projected at around $3.3 billion.

A decade-long courtship

Allwyn’s relationship with OPAP spans over a decade. The group, formerly known as Sazka, took an initial stake in 2013 and gradually deepened its involvement before increasing its stake in OPAP to 48.1% in 2022. This full acquisition is not a shotgun marriage but, as Robinson called it, “a decade-long courtship” during which Allwyn dissected OPAP’s business and built a shared technology roadmap.

Ed Birkin of H2 Gambling Capital frames the move as a natural evolution rather than a surprise. “They already owned 52% of OPAP, so acquiring the remaining 48% isn’t something that is overly surprising or unusual,” he says.

What matters is not the transaction itself but what it enables: a strategic leap forward. Birkin notes: “This is the logical next step in the transformation of Allwyn from a Czech lottery operator to a truly global powerhouse in the gambling sector.”

One brand, one tech, one team

At a joint presentation held between Allwyn and OPAP’s exec teams on 12 October Allwyn CEO Robert Chvátal framed the takeover as a milestone in the group’s journey.

“With this combination we will be able to grow further, faster as we deploy group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content,” he told analysts.

OPAP’s CEO Jan Karas echoed that ambition, adding the new deal was a springboard for innovation. “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” he said.

“Building the portfolio of attractive games that customers appreciate and bringing innovations is something that we leverage not only from best practices but also practical solutions.”

He also highlighted plans to adopt AI processes across multiple disciplines, noting: “Adopting AI for us is going to happen across multiple disciplines, ranging from customer solutions to platforms and internal productivity.”

The emphasis, according to both executives, is on operational integration: “one brand, one tech, one team.”

Financial appeal for OPAP investors

The detail around tech integration caught Robinson’s attention – particularly Allwyn’s plan to roll out in-house AI and data analytics platforms across OPAP’s retail operations.

This, he says, could potentially edge out longtime technology partners like Intralot and give Allwyn tighter control over its customer engagement and operational costs.

For OPAP shareholders, it’s not just a change of ownership but a change of trajectory. Robinson points to the dividend yield as a key part of the financial appeal.

“Management promised a minimum €1/share from FY 2026. With OPAP shares trading around €18.7 and a current dividend yield of ~7.6%, this implies a forward yield of about 5% – higher than many US blue-chip dividends,” he explains.

Global listing part of Allwyn‘s global transformation

Allwyn’s takeover of OPAP exemplifies a wider trend of consolidation in the gambling sector, driven by tighter regulations and challenging market economics. Across Europe and beyond, operators are seeking scale and diversification to maintain competitive advantage.

“It’s a smart piece of finance,” says Paul Richardson, an M&A specialist at Partis Solutions. “It ticks a lot of boxes for what they want, which is a listing for Allwyn and then the ability to do bigger and better things in other markets.”

A public listing in Athens gives Allwyn the liquidity and equity currency to pursue more deals, with a possible secondary listing elsewhere on the horizon. During the presentation, Allwyn said it would look to New York or London for its second listing.

Richardson estimates a six‑ to nine‑month window for a US listing, but points out that first the group must prove that the business is well-executed and actually achieving the promised benefits before attempting an IPO abroad.

Strengthening OPAP’s position

The deal also strengthens OPAP’s position, says Birkin. “With the market consolidating to a number of large, global operators, being part of this is going to position them better for the future than being a standalone single market leader.”

But he believes the actual acquisition of the remaining 48% of OPAP is “pretty irrelevant” in a European or global context.

“I wouldn’t compare this to past deals [of similar size] such as Bwin and PartyGaming, Ladbrokes and Coral, Ladbrokes Coral and GVC, Paddy Power and Betfair – all of those were pretty transformational deals for the industry at the time,” says Birkin.

“For Allwyn, the key part here is that, on the back of its acquisitions of Novibet and PrizePicks, and the other M&A it’s done in recent years, to consolidate the extra earnings from OPAP combined with the public listing, this now really puts them on the map as a global powerhouse,” he adds.

But Robinson does believe that Allwyn´s takeover of OPAP could affect the European market and may force Europe’s state lotteries to either privatise or partner up.

“The line between public lotteries and private bookmakers is blurring. Expect a more competitive, tech-driven European market.”

He compared the deal with France’s FDJ acquisition of Kindred for €2.45 billion in terms of expanding beyond its domestic market, and DraftKings’ $750 million acquisition of digital-lottery courier Jackpocket.

Legal obstacles

If the industry is moving towards scale and diversification, Allwyn wants to lead the charge. The strategy is to position itself as a 360-degree gaming and entertainment platform, combining national lottery licences with sports betting, fantasy and casino offerings.

“By controlling national lotteries, Allwyn secures a wide moat and an easy marketing journey,” says Robinson. “By adding high-growth verticals, it chases Flutter-like multiples.”

PrizePicks, Allwyn’s recent US-focused acquisition, which enters the group into fantasy sports, is part of that ambition – although is not without legal obstacles. The company ceased paid contests in New York because of regulatory issues and paid a $15 million fine. It is also facing a class-action lawsuit in Massachusetts.

Robinson notes: “While the acquisition is a catalyst, Allwyn must navigate legal headwinds before touting PrizePicks to US investors.”

But the stakes are rising. A New York listing is being explored, although the group previously stumbled in the US in an abandoned SPAC attempt to become listed on the NYSE.

That was back in 2022 when it struck a deal with Cohn Robbins Holdings Corp. The reverse merger was cancelled later that year, as both sides cited unfavourable market conditions. A traditional IPO is more likely today, particularly given the equity value of the €16 billion OPAP deal and its recent foothold in US fantasy sports.

Debt is manageble

The group’s potential global reach, vertical integration and AI capability positions it well for expansion but execution remains the hardest part. Integrating technology stacks, aligning regulatory frameworks and blending corporate cultures are all challenges that must be addressed, industry observers have said.

Debt is manageable for now: pro forma net leverage is around 2.7x EBITDA, with a target of 2.5x. CEO Chvátal reassured investors during the deal presentation that “the secondary listing in Athens will not involve new equity issuance” and that free float – the amount of stock available to the public – will stay about the same.

More takeover deals and buyouts may follow in Allwyn´s quest for domination. As Richardson admits, “I expect Allwyn to carry on doing M&A.”

With OPAP under full control, Allwyn has the scale, story and strategy to compete on the world stage. Now it must deliver.

The company’s $2.3 billion plan to renovate and expand its Empire City racino in Yonkers was long considered to be a favourite for one of the three available licences. But the perceived economic return from the project, MGM said, declined over the course of the process to the extent that it warranted withdrawal.

Now, only three applicants remain in contention, all of whom submitted revised bids to the state this week:

• Bally’s Bronx
• Metropolitan Park
• Resorts World NYC

Bally’s projected construction cost is $4 billion, followed by $5.5 billion for Resorts World and $8 billion for Metropolitan Park. Resorts World, like MGM, is an existing racino and proposes an initial casino launch in July 2026. The other two are greenfield projects that would take multiple years to build and longer to reach profitability.

There is no timeline in Bally’s submission and Metropolitan Park only notes that construction would begin in January.

The state’s Gaming Facility Location Board (GFLB) is tasked with reviewing the remaining bids under various financial, environmental and workforce criteria. Its deadline to submit licensure recommendations to the state is 1 December. State regulators may then choose to award up to three licences by year’s end.

MGM bid underwhelming from the start?

With a July 2027 opening date, MGM’s bid was the second-fastest in terms of speed to market but featured few other standout details when compared to the field. The proposal did not include a resort hotel, public park spaces, housing commitments or similar benefits featured in other projects.

The New York casino consideration process once included 11 downstate proposals, and MGM sat lowest of all in terms of confirmed capital investment. A casino atop the Saks Fifth Avenue retail store in Manhattan might have been lower in terms of cost, but those stakeholders never announced concrete details and didn’t submit an official bid.

The pool was whittled down to eight after a first-round deadline in late June. Of those eight, MGM was the only bidder that did not make a presentation to its appointed community advisory committee (CAC) during its initial meeting.

Despite this, the project had solid backing and was squarely in contention at the time of withdrawal. The CAC approved the bid unanimously and both MGM and local officials adopted the messaging that the property needed a commercial licence for survival.

MGM said so in its own application materials and sent dozens of employees to testify in support of the project to the CAC. James Cavanaugh, the chair of the committee, said that the “aging slot parlour” would “wither and die” without a full licence. Yonkers Mayor Mike Spano lobbied for the project for years. But instead of revising its application and proposing a custom tax rate, MGM pulled out altogether.

The company said the “newly defined competitive landscape – with four proposals clustered in a small geographic area” – was cause for concern investment-wise. Its bid was also “predicated on the receipt of a 30-year commercial casino licence” rather than 15 years, which is what it qualified for based on capital expenditures.

Northfield Park sale announced days after New York exit

Two days after the New York announcement, MGM made more racino news by selling the operations of MGM Northfield Park in Ohio for $546 million to private equity firm Clairvest Group. MGM originally acquired the racino’s operations for approximately $275 million in 2019, the same year it purchased Empire City.

CEO Bill Hornbuckle said in a statement that Northfield Park is “a great property with great opportunity ahead”. Yet he also asserted that his company is “focused on growing our digital business, developing our international expansion opportunities and continuing to invest in our leading integrated resorts domestically”.

This seems to be further indication that MGM could also sell Empire City in the near future, but its statement announcing the New York casino exit denied such intentions.

“We know our decision will impact many individuals; we remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in Yonkers and the surrounding communities,” the company said.

On condition of anonymity, multiple industry sources indicated to iGB that MGM still has time to make a decision. It would be a few years before the downstate licensees really start to compete, sources said, and the property should still perform well in the meantime.

Empire City generated $607.4 million in net win, or hold, in fiscal year 2025 (April-March). The property is slightly ahead of that pace in FY26, generating $311.7 million in the first six months of this fiscal year.

Withdrawals highlight ongoing issues in NYC casino process

MGM was the third major casino operator to voluntarily withdraw from consideration in 2025, joining Wynn Resorts and Las Vegas Sands. The withdrawals all cited different reasons for their exits and each of those reasons would still ostensibly impact any bids that reach fruition.

Sands was the first to exit the race in April. Its primary concern was “the impact of the potential legalisation of iGaming on the overall market opportunity and project returns”. New York legislators have rejected multiple attempts to legalise iGaming but it could gain traction in future years, especially after the downstate licensing process is complete. The state faces a $34 billion cumulative budget gap over the next three fiscal years and could turn to iGaming to help drive tax revenue.

Wynn was next to drop out, in May, citing bad politics related to the rezoning process. It ultimately saw downstate New York to be “an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers”.

Not alone in political controversy

Both Bally’s and Metropolitan Park have also seen political controversy.

New York City Mayor Eric Adams assisted the Bally’s bid twice in city council, vetoing one vote and lowering the threshold for another. Metropolitan Park owner Steve Cohen sidestepped local Senator Jessica Ramos in favour of Senator John Liu after Ramos refused to endorse its zoning legislation.

MGM’s competition concerns would also still apply to the remaining applicants. All three are within 30 miles of each other.

In a statement following the Tuesday bid deadline, Bally’s told iGB it was “ready and willing to bet on the Bronx”. Resorts World in a release said its proposal was “a promise kept to the people of New York”. Metropolitan Park’s casino partner, Hard Rock International, declined to comment on its bid.

Casino bidders prepare balance sheets, lenders weigh risks

The remaining applicants face uncertainty related to building costs and timelines. From a macroeconomic perspective, rising tariffs, sticky inflation and slow job growth could significantly affect new construction. Bidders must also have the ability to fund or finance such projects, which is no small task for three companies with multiple projects ongoing.

Bally’s, above all, has faced skepticism over its leveraged business model, although the company said its recent reverse-merger with Intralot provided it with “more than $1 billion of cash and available credit facilities ready to commit to the project”. In addition to its interest in New York, Bally’s is building large-scale projects in Chicago and Las Vegas.

Its lenders for the Chicago project are pushing back on Bally’s attempts to modify certain aspects of its $1.9 billion loan term, which could be a sign that its constant debt manoeuvring is running out of room. To this point, the company facilitated much of its growth through financing from Gaming and Leisure Properties (GLPI). Bally’s revised New York casino application said it had a “$2.5 billion investment commitment” from GLPI.

GLPI’s senior vice president of corporate strategy, Carlo Santarelli, clarified to iGB that “there are rarely formal negotiations between the parties nor is anything agreed upon” when including such statements in applications. The company will await the final licensing outcome before making any commitments, he said.

Santarelli added that GLPI “would be willing to work with other bidders and was in fact working with other bidders, whose projects did not advance to this stage of the process”.

Costs, timelines likely to rise amid economic turmoil

Resorts World parent company Genting Berhad has also been aggressive in rejigging its balance sheet this year. It sold its Resorts World Catskills property to Sullivan County in a complex transaction and is in the middle of a $6.8 billion expansion of its flagship Resorts World Sentosa resort in Singapore. The broader Genting is pushing to buy out its Genting Malaysia subsidiary for $1.6 billion, in efforts to better facilitate these growth plans.

Metropolitan Park is perhaps the safest economically despite the high price, as owner Steve Cohen is listed by Forbes as the 100th-richest person in the world, with a net worth of $23 billion.

Duane Bouligny, managing director for Wells Fargo Securities, said that current downstate New York casino projections are “aggressive”. But every lending opportunity is itself a gamble, he said, and banks must have faith in operators’ ability to execute.

‘What we’ve found is that the properties actually get there, it just takes longer to get to those cash flow numbers in their projections.’

“So it’s not year one, might not be year two, it might be year four, year five … it takes time to get there,” Bouligny said. “So we have to have faith from a balance sheet perspective that they’re going to get there at some point.”

His belief is that costs will “go up, not down” based on the current economic landscape.

Battle of New York casino tax rates, licence fees

Another major component for the remaining applicants will be tax rates. The state allowed bidders to pitch their own, with a minimum of 25% for slot revenue and 10% for other gaming.

According to materials posted to the GFLB website, the three bidders proposed the following rates:

• Bally’s Bronx: 30% for slots, 10% for tables
• Metropolitan Park: 25% for slots, 10% for tables
• Resorts World NYC: 56% for slots, 30% for tables

The downstate licence fee was set at a minimum of $500 million but bidders were free to offer more. Metropolitan Park offered $500 million, Resorts World offered $600 million and Bally’s did not indicate a fee preference. As MGM noted, bidders learned in August – after official submissions were due – that licence lengths also would depend on capital investments.

The structure is:

• Total investments under $1.5 billion get a 10-year initial licence
• Investments between $1.5 billion and $5 billion get a 15-year initial licence
• Investments between $5 billion and $10 billion get a 20-year initial licence
• Investments above $10 billion get a 30-year initial licence

Based on cost projections for the finalists, Bally’s would qualify for a 15-year licence, whereas Metropolitan Park and Resorts World would qualify for 20-year terms. Only two downstate proposals – Wynn’s Hudson Yards bid and Soloviev Group’s Freedom Plaza – would have eclipsed the $10 billion threshold to unlock a 30-year licence, but neither is a finalist.

New York gaming regulators now in spotlight

The five-member GFLB now becomes the centre of the New York gaming universe. None of the five appointees are familiar with or have experience in gaming, although that was by design to ensure neutrality. Board Chair Vicki Been took it a step further, telling Bloomberg this summer that casinos are “nowhere I want to spend my time”.

Four of the five members were appointed to the board this year. The most recent was Cindy Estrada, who was appointed on 30 September, the same day as the CAC deadline. Only Been has served for more than one year, having been appointed in 2022.

There have been two GFLB meetings this month – the first on 8 October and then again on 15 October. The 8 October meeting ran for just 15 minutes and was largely organisational. There is no available archived audio or video from the 15 October meeting, which was scheduled for three hours.

The next meeting is set for 22 October at 2pm EDT.

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.

Senator Mamie Locke introduced Senate Bill 827 in December 2024, but she requested the legislation be put on hold in January to allow for more time to study the industry. Virginia was in a shortened odd-year session that lasted 30 days. Delegate Marcus Simon also tabled his companion bill, House Bill 2171, in January.

“This bill is designed to authorise reputable, regulated companies to offer internet gaming to Virginians within a safe and legal market,” Locke said during a January hearing. “However, after introducing this bill, we have decided that it requires further study on this issue.”

While the legislation is on hold, the Joint Subcommittee to Study the Feasibility of Establishing the Virginia Gaming Commission has discussed the issue. The legislature created the subcommittee in 2023 to examine the potential of creating a new gambling regulator in the state. The subcommittee plans to meet next week. It will sunset on 30 November.

It met in August and touched on potential iGaming legalisation. Virginia Public Radio recently reported the creation of a new regulatory agency could be a top priority during the 2026 session, as lawmakers indicated the agency would need to be in place before any further gambling expansion.

Expansion could create new revenue for the state

Simon told the subcommittee in August that legalisation would combat illegal and offshore gambling in the state. He said it would generate up to an estimated $5.3 billion in new revenue in a five-year period and he also addressed potential cannibalisation concerns.

“This is revenue not getting accessed by the commonwealth, we’re getting zero percent,” Simon said. “And this doesn’t create the online gambling market. They’re already doing it.”

With the legislature potentially seeing a shake-up from the November election, the Sports Betting Alliance has contributed more than $2 million to candidates this year, according to Virginia Public Radio. It reported that campaign contributions on behalf of gaming companies are second highest in the state this year, behind those from Dominion Energy.

The SBA, which counts major operators such as FanDuel and DraftKings among its members, declined to comment for this story.

Virginia iGaming bill details

Locke’s bill would allow the Virginia Lottery Board to issue online casino licences. Operators would pay a $1 million application fee with a 15% tax on revenue.

Each of the state’s five casinos could apply for up to three iGaming skins.

The sponsors hoped the study group could help lay out a serious Virginia iGaming legalisation attempt next year.

The Virginia Lottery has previously objected to the expansion. A representative said the agency is overburdened with five casinos in various stages of development. The Cordish Companies, which has rights to a casino in Virginia, is a chief opponent of online casino expansions in the US. It is a lead member of the National Association Against iGaming. The Cordish Companies and Churchill Downs Inc formed the group earlier this year.

David Rebuck, former director of the New Jersey Division of Gaming Enforcement, appeared before the subcommittee in August and said fears of cannibalisation from when the Garden State legalised online casinos did not pan out.

“There were fears casino workers could lose their jobs and that the supporting industries around casinos would suffer,” Rebuck said. “iGaming demonstrated itself to be complementary to the existing forms of gaming and critical to sustaining the growth of the land-based casinos.”

Virginia legalised sports betting in 2020. Since launching in January 2021, sportsbooks have taken $24.7 billion in wagers, generating $2.4 billion in revenue.

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.”

In a notice issued on Wednesday afternoon, the board said that offering contracts on sports, elections or pop culture events constitutes “wagering activity” under state law. This is regardless of whether the contracts are listed on an exchange under the Commodity Futures Trading Commission or not, the board said. The CFTC is the federal financial regulator that oversees prediction markets.

Licensees that offer these contracts or strike similar partnerships in Nevada, another state or on tribal lands could now face suitability evaluations or further discipline.

“Examples of event contracts that the board specifically considers to be wagering subject to its jurisdiction include event contracts based on the outcome or partial outcome of any sporting or athletic event, or other selected events such as the World Series of Poker, the Oscars, esports and political elections,” the release stated.

“Offerings for sports and other events contracts may be conducted in Nevada only if the offering entity possesses a nonrestricted gaming license with sports pool approval in Nevada and meets the other requirements for sports wagering including, without limitation, wagering accounts and sports book systems.”

Warning echoes comments at latest Nevada hearing

The notice piggybacks on comments made by NGCB member George Assad at the board’s most recent hearing 8 October. Assad railed against prediction markets, calling them “nothing more than a word salad”. He celebrated recent court rulings against platforms Kalshi and Crypto.com in Maryland and Nevada, respectively.

“A derivative contract or whatever you want to call it is nothing more than a sports wager,” Assad said. “A sports wager is a sports wager. Every bet made in this town is a contract.

“You can call it a derivative contract or a credit default swap like they did during the housing bubble. Whatever you call it, it’s still a sports bet.

“Therefore, it’s under the jurisdiction of the Nevada Gaming Commission and Nevada Gaming Control Board.”

Nevada has fought a multi-front legal battle with prediction markets in 2025. The state was the first to send a cease-and-desist letter to Kalshi in March. Kalshi sued in response and won a preliminary injunction in April to continue operating for the time being. That case is currently under appeal.

Cease-and-desists were also sent to Crypto.com and Robinhood, and both sued in response as Kalshi did. Crytpo.com filed suit in June and Robinhood filed in August.

Notably, as Assad alluded to, Crypto.com saw its injunction request denied this month by Judge Andrew Gordon, the same judge who previously ruled in favour of Kalshi. The two suits were largely the same in terms of context but the specific legal arguments varied slightly.

Gordon found Kalshi likely to succeed on its claim that federal commodities law preempted state wagering law, but was unconvinced in the Crypto.com case about its definitions of “swaps” and whether they apply to sports event contracts. The Robinhood case has yet to see a ruling.

Fostering innovation while ensuring compliance

Prediction markets were top-of-mind last week at the Global Gaming Expo in Las Vegas. NGCB Chair Mike Dreitzer appeared on a regulatory panel to discuss several pressing issues, including anti-money laundering concerns in state casinos and prediction markets. Dreitzer took his post in June and is the fifth NGCB chair in the last six years.

While he noted that “Nevada’s stance on prediction markets is well known”, his stance seemed more open than Assad’s regarding the burgeoning technology. The NGCB’s cease-and-desist letter against Kalshi was issued by his predecessor, Kirk Hendrick.

“We want to foster innovation, we want to find a way to bring it to Nevada as early as possible, but it has to be done in conjunction with the legal requirements,” Dreitzer said. “That’s just one example of many where we’re happy to have ’em here, but let’s figure out a way to get it in under our roof.”

Dreitzer said he wants to instil the message that Nevada is “open for business” when it comes to innovation and new technology. His tone was more nuanced than other senior regulators who have spoken about prediction markets. That includes Mike Leara, executive director of the Missouri Gaming Commission, who sat next to Dreitzer and decried the platforms in the same conversation.

But for Dreitzer specifically, the message is consistent with his career in gaming. Prior to joining the NGCB, he held senior roles at tech-focused companies like BMM Testlabs, Gaming Arts and Ainsworth Game Technology.

Which companies inquired about prediction markets?

The NGCB said in its release that it had received “direct inquiries” from licensees about its prediction market stance. Notably, FanDuel and DraftKings, the two largest commercial bookmakers in the US, do not operate in Nevada largely because of its in-person account registration requirement.

Some sports betting and DFS companies expressed interest in the sector or inked partnerships. Examples include FanDuel’s CME Group deal and Underdog’s partnership with Crypto.com.

Others, like Caesars Sportsbook and BetMGM, have refrained from substantial investments. The two platforms are the largest sports betting operators live in the state. Neither company responded to a request for comment, although neither has publicly endorsed or signalled interest in prediction markets.

The state’s biggest retail casino operators are vocal opponents of prediction markets, led by casino trade group Nevada Resort Association, which was approved as an intervenor in the state’s appeal against Kalshi. NRA President Virginia Valentine told iGB at the Global Gaming Expo that the platforms are simply “gambling with no regulation” or consumer protections.

“There are no requirements for responsible gambling, they don’t pay any state income tax. So it looks a lot like gambling, and we’ll see,” Valentine said. “Is it the future of gambling or is it the end of sportsbooks? I don’t know, but we’re going to be watching that very closely. I imagine that this will be in the courts for a while, so we’re just keeping a close eye on it.”

The survey from Lake Research Partners reported that 71% of Marylanders oppose online casino expansion. The poll, which was commissioned by the National Association Against iGaming (NAAiG), comes as lawmakers have discussed expanding the gambling market online the past two legislative sessions.

The findings come following two years of Maryland legislative attempts to legalise iGaming, including a House bill that in 2024 reached the Senate, where it was met with strong opposition.

NAAiG is led by The Cordish Companies, one of the most vocal opponents during Maryland legislative hearings on the issue. NAAiG, which launched this year to oppose US expansion of online casino, also includes Churchill Downs Inc, Jack Entertainment, Gaming & Leisure Properties and several unions and municipalities.

“These results show that once Marylanders understand what iGambling really is, they strongly reject it,” Jason Gumer, NAAiG board member and Monarch Casino & Resort executive vice president & general counsel, said in a release. “Policymakers should take note: voters are deeply concerned about the risks to children, families and communities.”

The survey reached 650 registered Maryland voters from 15-18 September via phone interviews and text-to-online methods. The reported margin of error of the survey was 3.8%, with data weighted slightly by gender, age, race, region, education levels and partisanship.

In the initial favourability question, 17% of Marylanders said they viewed online casino favourable or very favourable, while 64% had no opinion on the issue, including 49% who said they had never heard of it. The 71% opposition finding came after the survey provided respondents a description of what online casino meant, including 24-hour gambling access on mobile devices.

Maryland lawmakers push for gambling expansion

Maryland Delegate Vanessa Atterbeary and Senator Ron Watson have introduced Maryland iGaming legislation for the past two sessions in Annapolis. Atterbeary guided her bill in 2024 through the Assembly and to the Senate, where it died.

“At this point, we’re not being left behind,” she said during a hearing earlier this year. “We are behind, quite frankly.”

The bills have received hours of testimony during the past two years. The hearings included strong opposition from The Cordish Companies and local casino labour unions. The opposition largely revolves around estimates of casino revenue cannibalisation. In 2024, The Innovation Group prepared a report for the Maryland Lottery and Gaming Control Commission projecting that expansion would result in a 10% decline in brick-and-mortar casino revenue.

Watson said during hearings he would work with unions to guarantee jobs would not be lost.

“Folks are making money. Any casino that implements iGaming and gets rid of employees is doing it out of greed, not because they don’t have the money to do it,” Watson said during a hearing this year.

While lawmakers discussed online casinos, they also debated banning sweepstakes casinos in the state. Ultimately, Senate Bill 860 to do so died in the House. Still, the Maryland Lottery and Gaming Control Agency did crack down on the sites by sending multiple cease-and-desist letters this year, including one to Virtual Gaming Worlds.

Lessons learned from Maryland iGaming

At the 2024 National Council of Legislators from Gaming States summer meeting, Watson discussed that year’s effort. He said he thought proponents “had our ducks in a row”, but ultimately could have done things differently.

Even had online casino legislation advanced last year, it does require a public vote, which would be in November 2026. Watson said that legalising Maryland iGaming will require public education on the topic. The new opposition poll seemingly confirms that belief.

“We need to treat it like a campaign,” Watson said. “The person who introduces the legislation is just the quarterback. In this case, you need a whole team behind you.”

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.

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.

Over the past five years, AGS has accelerated its business through major investments in R&D, expanding its land-based footprint to seven studios – and launching its online-only digital game studio. It is the opening of this studio that has been the driving force behind the rapid growth of AGS’ Interactive division, establishing a strong foundation for its digital future.

Gaming’s digital direction

It would be an understatement to say that iGaming has seen monumental growth over the past two decades, significantly growing its market share against land-based gaming in major markets.

In 2024, online gaming made up 30% of nationwide commercial gaming revenue in the United States – a new record. It is an even more drastic story across the pond in the United Kingdom, where the latest yearly figures indicate that £6.9bn of a total £11.5bn in gross gaming revenue (excluding lotteries), or 60%, is now derived from remote gaming.

Resultantly, major land-based players the world over have shifted into the online space, either organically with new digital arms, or through acquisitions.

AGS’ Interactive growth

Against this backdrop, AGS’ Interactive division has been one of the success stories of the digital transition.

Now one of AGS’ three core operating segments, Interactive is consistently its fastest growing, reflecting the growth of the North American market. In 2024, the last year for which full financial information is available, AGS Interactive saw 86% year-on-year growth supported by improved margins across the division.

“Building on our long-standing history in land-based gaming, we recognised early on that a robust online presence was essential for future success,” said Zoe Ebling, vice president of interactive at AGS.

“In 2018, we strategically acquired Gameiom – a respected UK aggregator – thereby establishing our footprint in the online market, particularly in Europe. This move was driven by visionary leadership headed up by CEO David Lopez, who understood the potential of digital channels.”

AGS’ digital-only studio

It is no coincidence that outsized revenue growth for the division coincided with the launch of the company’s dedicated, online-only game studio in 2022. The new studio was designed to enhance AGS’ ability to port its proven land-based content into digital products, supplemented by new games designed from the ground up for online platforms.

The studio is comprised of a small-to-mid-size team operating wholly remotely, with personnel across the globe. Its results, Ebling said, have been phenomenal. An overall increase in the number of high-performing games has meant higher revenues have been delivered to operators, positioning the studio as a valuable partner to online brands both at home in North America and further afield in Europe.

AGS now has a portfolio of over 80 titles built in-house, complementing its larger library of more than 1,000 games, powered by AGS’ own remote game server.

Launching an online-only studio in the hyper-competitive iGaming market isn’t easy, but AGS managed to sidestep common mistakes land-based businesses arguably make, while leveraging the insights several decades of experience in game development have afforded the gaming giant.

“Our extensive experience in land-based gaming provided us with deep insights into game design, player engagement and regulatory compliance – assets that translated seamlessly into the digital realm.

“We have delivered proven, high-quality content across both platforms by integrating the established best practices of our traditional operations with a modern, agile approach to online gaming.”

Key iGaming challenges and land-based lessons

There are three key challenges land-based companies transitioning to digital must navigate, Ebling warned. The first is adapting to the faster-paced nature of the digital landscape. In land-based gaming, development cycles are typically longer, though also more methodical. Online gaming, by contrast, demands rapid execution and agility.

“We addressed this challenge by streamlining our development process and adopting a flexible, agile framework that allows us to build and iterate quickly without compromising quality,” added Ebling.

The second challenge was navigating the online gaming market’s much quicker pace of regulatory evolution. As a newer vertical in many jurisdictions, iGaming is subject to rapid changes that can complicate market expansions, however well planned they are.

Ebling explained that the regulatory expertise and robust licensing frameworks developed over decades of land-based experience came in useful in managing the regulatory complexities of the online space.

The third challenge is the increased competitive pressure of iGaming vis-à-vis land-based. With lower barriers to entry, the online gaming market is highly competitive, making standing out tricky – even if your products speak for themselves.

Here, AGS brought the weight of its scale to the table; AGS leveraged its extensive catalogue of land-proven games, and established relationships with operators – many of whom were also transitioning online – to maintain its edge.

Ebling listed a prime example of this as the omnichannel launch of Rakin’ Bacon Odyssey with Caesars in New Jersey last year, which was part of a strategy to bring AGS’ highest-performing content to players wherever they are playing.

“Our land‐based roots have been instrumental in shaping our success online”

“These strategies have been central to our success as we navigate the dynamic digital landscape. Our land‐based roots have been instrumental in shaping our success online.

“In the world of physical casinos, every game is rigorously tested in a live environment, meaning only the highest-quality experiences make it to the floor. Our established track record gave us a strong foundation when transitioning to digital.

“Beyond game development, our expertise in licensing, compliance, and financial management streamlined our move into the digital space. Strong industry relationships and deep player insights – gained from years in land-based gaming – continue to guide our approach, setting us apart from digital-only competitors.”

AGS’ claims are backed up by results. AGS Interactive achieved the #1 Overall Supplier position in May in Eilers & Krejcik Gaming (EKG)’s US game performance chart and kept it for two consecutive months. AGS has also held the #1 Slot Supplier spot for eight consecutive months, as well as landing #1 New Overall Supplier for five consecutive months in 2025. In 2024, AGS received the gold ‘Rising Star In Casino’ award at the SBC Awards North America, and in 2025, the AGS team took home gold at the EKG Awards for ‘Top Performing New Online Slot Game’ for its game 3X Ultra Diamond, an online-first game that was created solely by its online studio.

“Our digital studio’s success is built on a foundation of talented industry experts and an agile, innovation-driven approach to game development,” Ebling said. “We’ve achieved impressive results by ensuring that we have the right people in the right roles, which has allowed us to develop a robust and flexible framework that rapidly brings complex, engaging titles to market.

“Rather than merely porting games from our land-based operations, we design our digital titles from the ground up. This approach – focused on optimisation and efficiency – has enabled us to outpace our competitors. Our commitment to innovation and quality is underscored by the accolades we’ve earned.”

The road ahead for online game studios

Solid foundations may be in place, but the dynamism and rapid evolution of iGaming industry means one cannot rest on their laurels.

Two key trends are shaping the future path forward for AGS’ digital-only studio. The first, of course, is artificial intelligence. AI has become a transformative force in game development processes the world over, and that’s equally true of online gaming.

Ebling noted that AI has enabled AGS’ studio to accelerate production, helping it create and iterate on games much faster – while also providing deeper insights into player behaviour that inform design decisions. For example, AI-enabled tools are being integrated into quality assurance (QA) scripting and testing, ensuring titles are better informed and more polished over time.

AI doesn’t come without challenges for studios, however. “If not implemented carefully, AI can introduce bugs or compromise security – issues we remain vigilant about,” Ebling warned.

“Ultimately, while AI is streamlining our workflows and boosting our efficiency, we’re committed to balancing these benefits with rigorous oversight to preserve creativity and ensure robust security in every game we develop.”

‘We view our extensive library as an opportunity to offer highly tailored experiences’

The second vital trend is localisation, which has become not a want but a need as changing regulation opens up new markets. Localisation is crucial but it goes beyond translating texts and must include the adaptation of game mechanics, branding and promotional strategies to cultural nuances, Ebling said.

Thanks to its land-based background, AGS is in the privileged position of being able to leverage its own IP, and already has experience bringing games to a new audience.

“We view our extensive library as an opportunity to offer highly tailored experiences. We work closely with each operator to understand their long-term business goals and unique audience profiles. This means our account managers use our games as versatile tools – curating and localising content to fit specific market needs.

“Our success in both North American and European markets is a testament to this approach. By aligning our curated content with each operator’s strategy, we help guarantee that players find the games that match their tastes and expectations, ultimately creating a more engaging and personalised gaming experience.”

AGS has grown far beyond its roots in physical slot games, cabinets and table products to see Interactive become a vital part of its business, and its digital-first studio is an integral ingredient in that success. As iGaming grows, both in absolute terms and relative to land-based gaming, AGS’ digital-only studio setup has poised it for continued growth in profile and prominence.

Zoe Ebling, vice president of interactive, AGS

Particularly on the brick-and-mortar side, stakeholders have long racked their brains to answer the central question: How do we facilitate synergy between digital and retail gaming?

While a range of different strategies have been deployed, the pressure to get creative is starting to mount as the rate of online revenue growth has soared far above its retail counterpart for many months.

In August, for example, four of the seven US states with legal iGaming – Michigan, New Jersey, West Virginia and Delaware – reported all-time monthly digital revenue records. All seven markets reported growth of at least 25% year-over-year for the period. Comparatively, retail casino revenue across the entire US grew 2.5% YoY through the first seven months of 2025, per the American Gaming Association.

By now, many retail companies have made their omnichannel stances known. Casino-centric operators such as Wynn Resorts, Churchill Downs, Monarch Casino and, most recently, Las Vegas Sands, have curtailed, avoided or abandoned online growth efforts. The National Association Against iGaming, an organisation opposed to digital expansion composed mainly of smaller casinos and labor unions, debuted in February and has grown in membership.

Meanwhile, other legacy operators like MGM Resorts are embracing the challenge and trying new splashy investments. All the while, the supplier sector is working to facilitate the technology needed for omnichannel gaming growth, in whatever form that might take.

Asked where his company stands on a scale of 1-10 in terms of investing in omnichannel gaming, Aristocrat chief product officer Matt Primmer said, “It’s probably not that myopic.”

“But we’re definitely towards the end of investing in it,” Primmer said. “Alignment of tools, alignment of structures, alignment of portfolio planning and strategy, is all shifting in that direction.”

Bringing the studio to the casino floor

One such effort is taking place on the casino floor of the MGM Grand, which at roughly 171,000 square feet is among the largest on the Las Vegas Strip. Dropped into the centre of the floor is MGM’s “Live from Vegas” production studio, a high-tech glass box from which dealers broadcast live table game play to iGaming customers in 10 international, regulated markets.

During broadcasts, patrons and passersby stop and watch from outside to take in the spectacle while being unable to partake directly. Inside, the studio is like a Hollywood control room, tightly packed with broadcast equipment, switches and, of course, dealers and tables.

The outfit is a partnership involving MGM, game supplier Playtech and Fremantle, which owns the IP rights to “Family Feud”. A gambling version of the popular TV show is among the games broadcast from the studio. Others include standard table games like roulette, blackjack and baccarat.

MGM operates mobile sports betting and iGaming in the US and internationally through BetMGM, but that company is not involved in the project.

Launched in late August, the physical studio is a massive expansion of the “Live from Vegas” series, which rolled out in June 2024. That first phase saw streaming cameras placed at designated tables on the floors of MGM Grand and Bellagio, and those games are still broadcast as well. According to Vik Shrestha, vice president of online gaming at MGM, the studio is the next step in fostering that omnichannel synergy.

“We launched the studio with, let’s say, Version 1.0,” Shrestha told iGB. “So the next idea is, ‘How do we start capturing Vegas some more?’ We have these games that Playtech is known for, so we’re taking these same games into the same markets, so we have to start differentiating by tying in Vegas.”

How MGM is trying to attract guests through live studio

The Las Vegas connection and interaction with the real MGM casino floor is a focal point of the project. Most live dealer iGaming content is filmed in warehouses and nondescript office buildings, which makes it difficult to cross-market to would-be retail casino players. But Shrestha said that the live external shots and human elements are “the little engagement opportunities that are going to work for us”. 

Streaming to international players in hopes of drawing them to Las Vegas is now a critical mission, with overseas traffic down significantly in 2025. Ontario and the United Kingdom are the two biggest markets for “Live from Vegas” content, Shrestha said. The former is especially encouraging for stakeholders, as Canadian approval rating of the US and President Donald Trump is in the doldrums.

Studio workers and employees stationed nearby are equipped with talking points to help educate interested guests and start conversations.

“We’ve seen that quite a bit actually, where it’s like, ‘Oh I’m from … the UK, can I play?’ And we’re like, ‘Yes! Yes you can,'”  Shrestha said.

The same is true for domestic patrons, especially as iGaming expansion has ground to a halt in recent years. No new markets have come online since Rhode Island in mid-2023. While iGaming legalisation is unlikely in Nevada, it still allows MGM to introduce the topic in a somewhat natural way.

“I love it when you have people who can’t even play the games, because Nevada doesn’t have iGaming, of course,” Shrestha said. “But they’re checking it out, they’re watching it. Can we tap into that from an MGM Rewards perspective? There’s a lot there that we can use in terms of activations, so those are all things that we’re exploring.” 

From Sands Digital to sans digital

MGM’s bullishness contrasts with the likes of Sands, which pulled the plug last week on its short-lived Sands Digital Services (SDS) arm.

The company was among the biggest historical opponents of iGaming in the industry, largely stemming from late founder Sheldon Adelson’s disdain for the sector. SDS was not formed until 2022, a year after Adelson’s death at 87 years old.

In the relatively short time since, the company deemed that the venture was not worth the additional resources. According to the Las Vegas Review-Journal, Sands President and COO Patrick Dumont told employees in an internal letter that “further pursuit of this business was no longer aligned with the company’s core long-term objectives”.

Its core focus will remain on its land-based resorts in Macau and Singapore. Real-money iGaming is not legal in either jurisdiction.

The move came six months after the company pulled out of the New York casino race over concerns “about the impact of the potential legalisation of iGaming on the overall market opportunity and project returns”. Its proposal at the site of the Nassau Coliseum on Long Island had a projected cost of $7.6 billion, on the higher end of the field of bids.

Supplying omnichannel picks and shovels

While operators pursue various plans, suppliers are working in tandem to support those efforts. Aristocrat Gaming, the top land-based game supplier in the US by machine count, is investing heavily in its distribution capabilities to stay in lockstep with customers.

“We know that omnichannel launch is important for many of our customers, so our job is to ensure that when it’s important to them, it’s important to us, and we’re really focused on driving that capability more and more through our portfolio and ensuring that we’re the best partner we can be,” Primmer told iGB.

Last Wednesday, the company announced the acquisition of Awager, an Israel-based “provider in the fast-emerging and regulated Live Slot Streaming segment”, per a release. While Aristocrat has not commented on the deal yet, Awager’s website says its technology allows users to “experience the authentic sights, sounds and excitement of casino gaming from anywhere”.

In considering the needs of operators with varying omnichannel goals, Primmer noted that his team has to “walk that tightrope” in making their own calculations, but constant collaboration is key.

“For us, it’s about a true partnership, it’s not about us imposing our will,” Primmer said. “We think our job is to create the option to deliver across channels, whenever that right time is.”

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.

Newsom signed Assembly Bill 831 Saturday, the day before the deadline for him to act. The law prohibits dual-currency sweepstakes casinos, which are platforms that mimic online casinos and sports betting products. It goes into effect 1 January 2026.

According to analysts on a panel last week at the Global Gaming Expo in Las Vegas, the measure will wipe out roughly 20% of the sweepstakes industry’s US revenue.

West Virginia Delegate Shawn Fluharty, president of the National Council of Legislators from Gaming States and head of government affairs at Play’n GO, said the unanimous legislative votes in California were a strong mandate against the sweepstakes industry.

“[Sweepstakes] couldn’t get one vote in California. You know how hard that is? They can’t agree on the colour of the carpet,” Fluharty said on the panel.

The panellists declared the sweepstakes industry essentially defeated after a push that drew lots of attention from gambling companies, regulators and legislators.

“This entire business model is essentially a too-clever-by-half attempt to offer online casino gateways to the public,” American Gaming Association Vice President of Government Relations Tres York said. “The so-called sweepstakes model that runs all of the time isn’t like any traditional sweepstakes model I’ve ever heard of.”

Other action on sweepstakes in California

Before the legislative action, Los Angeles City Attorney Hydee Feldstein Soto’s office filed a lawsuit in August against sweepstakes operator Stake.us, arguing it is an illegal gambling site.

“Under the moniker of ‘America’s Social Casino’ and, despite claims that it is just a game, Stake.us is a rogue and real money gambling racket with destructive repercussions for its players,” Feldstein Soto said in a release. “We are holding Stake.us and its accomplices accountable for violating the law, targeting California for these illegal activities and facilitating addictive gambling behaviours.”

The lawsuit also included Stake’s suppliers and the streaming service Kick. Many of those suppliers exited the market with Stake shortly after the lawsuit was filed.

The G2E panellists said the suppliers “are the real choke point” to shutting down the sweepstakes casinos.

Sweepstakes casinos on their last leg?

Lawmakers and regulators have increased action against sweepstakes casinos in the past year, arguing the platforms exploit loopholes to offer gambling products by offering non-monetary “gold coins” and another currency known as “sweeps coins” that can be exchanged for real money products.

California joins other states that banned online sweepstakes casinos this year, including Connecticut, Montana and New Jersey.

New York and Louisiana lawmakers also passed bills banning sweepstakes platforms. Louisiana Governor Jeff Landry vetoed the bill, explaining that the regulators already had the power to enforce gaming laws. The Louisiana Gaming Control Board then sent 40 cease-and-desist letters to unregulated gambling sites, including multiple sweepstakes sites.

New York Governor Kathy Hochul has yet to act on S5935, but state Attorney General Letitia James sent 26 cease-and-desist orders to sweepstakes operators in June.

“These so-called ‘sweepstakes’ games are unscrupulous, unsecure and unlawful,” New York State Gaming Commission Chairman Brian O’Dwyer said in a news release. “I have been very vocal about the need to crack down on these operations, and I am thrilled that Attorney General James has taken this significant step to eradicate the illegal gambling market.”

The letters from Louisiana and New York are just a portion of the more than 100 cease-and-desist letters sent from gambling regulators across the US to sweepstakes operators. Other states to take significant action against the industry include Arizona and Michigan.

After the California bill made its way through the legislature last month, Eilers & Krejcik Gaming revised its 2025 sweepstakes casino US revenue estimate, reducing it from $4.7 billion to $4 billion. It predicts a 10% decline in 2026.

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.”