Federal bureau of impertinence
CFTC wants the data on prediction market users
Coinbase subpoenaed over Polymarket punters.
In +More: legislative moves in Georgia, Mississippi and Kentucky.
Thai cabinet approves draft casino law in face of criticism.
Sportradar sees a marked fall in match-fixing in 2024.
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Sneaky
Stool pigeon: US trading regulators have ordered Coinbase to squeal on customers linked with the banned prediction market maker Polymarket.
The mega exchange has been subpoenaed by the US Commodity Futures Trading Commission, which wants data on US users that may be cashing out or funding accounts with the crypto prediction business.
Coinbase said its legal team deals with such requests and tries to push back where necessary.
However, screenshots of emails from the exchange have appeared on social media indicating it had complied with orders on this occasion.
Good luck with that: Outgoing chair of the agency, Rostin Behnam, said last week that prediction markets required regulation, and fast, and hoped his as-yet-unnamed successor would pick up the baton.
With token aficionado Donald Trump back in the White House and a new, crypto-friendly boss at the helm of the CFTC’s big brother, the US Securities and Exchange Commission, Behnam may be out of luck.
Meanwhile, Trump’s son, Don Jr., has joined rival prediction contract market Kalshi as an advisor, reported CNBC. Kalshi can operate in the US after fighting its own legal battle with the CFTC.
Via LinkedIn, Kalshi CEO and co-founder Tarek Mansour said Trump Jr.’s “firsthand experience using our platform highlighted what we’ve always believed – prediction markets are the most powerful tool for uncovering the truth and getting quality information.”
Power to the people: Polymarket drew widespread attention for its US election markets last year, which priced Trump as the heavy favorite, in stark contrast to traditional polling.
In the days following the election, feds raided the Manhattan home of CEO Shayne Coplan with agents demanding his phone and other electronic devices.
Coplan attacked the Biden administration for a “last-ditch effort to go after companies they deem to be with political opponents.”
Although geofenced in the US, the blockchain platform has made headlines since launch in 2020 for allowing punters to wager on real life, often controversial events.
In 2022, the firm settled with the CFTC for allegedly offering illicit binary options contracts, paying a $1.4m fine and promising to do more to block US users from accessing its markets.
A year later, the platform was criticised for enabling users to bet on whether the crew of the doomed submarine Titan would be found alive after the vessel went missing on a voyage to the wreck of the Titanic.
Fanning the flames: It faced anger again this week for hosting more than 20 markets on the LA wildfires, which was featured in the site’s trending bar.
Over the weekend, Singapore became the latest country to block Polymarket on grounds it offers illegal gambling, following Taiwan and France.
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+More
New Jersey’s licensed gaming operators would be mandated to disclose their businesses in other jurisdictions under a new rule being considered by state regulators, reported Vixio GamblingCompliance.
The New Jersey Division of Gaming Enforcement’s proposed regulatory amendments would broaden the agency’s oversight of licensees’ activities by knowing what business the companies are doing in other US states.
Under a set of draft amendments, the DGE would require licensed casino and racetrack sportsbook operators to notify the agency within seven days of entering or exiting another jurisdiction.
Georgia: State Senator Carden Summers plans to introduce a constitutional amendment legalizing sports betting during the upcoming legislative session, according to local media.
The amendment would require the first $2bn in sports-betting revenue taxes to be distributed equally among all of the state’s counties, while 5% of tax revenue would be directed towards gambling addiction assistance.
Recall, an effort to legalize sports betting failed during last year’s legislative session, with both Democrat and Republican House members split on the issue.
Meanwhile, in Mississippi, state Senator David Blount said he will only file an OSB measure this year if requested by the Mississippi Gaming Commission. This seems unlikely as it stands, as the MGC said it has no plans to make such a request.
In Kentucky, a bill to legislate for B&M casinos within the state, including riverboat casinos, has been put forward by state Representative Thomas Huff.
The bill as proposed would include a 21% tax on casino revenue and would also require patrons to pay a $3 entry fee.
The new casinos would be overseen by the Kentucky Horse Racing and Gaming Corporation.
Michigan: Churchill Downs’ TwinSpires has received a suspension order from the Michigan Gaming Control Board, which stated that advance deposit wagering operations violate state gaming law.
According to the board, TwinSpires continued to offer advance deposit wagering despite being issued a formal order on January 1 to cease those operations.
Churchill Downs has responded suggesting the regulator’s stance contradicts federal horseracing law.
Penn Entertainment has announced that its ESPN Bet offering will launch in Washington DC via a market access agreement with Monumental Sports & Entertainment, which owns the Washington Capitals, Wizards and Mystics.
Thai progress
A step forward: The Thai cabinet has approved the draft law that would legalize gambling and casinos, according to Prime Minister Paetongtarn Shinawatra. The law will now be sent to parliament for debate.
“Legalization will protect the public and would also generate more state revenue,” Shinawatra added.
A step back: The news came a matter of days after the potential legislation was criticized by the Council of State, a body that advises the PM.
It said it would oppose the bill, claiming it breaches government policy and does not address the issue of illegal gambling.
The position comes from a body that had previously published the draft rules to allow casino IRs to be built in the country.
A source told the Bangkok Post that the Secretariat of the Cabinet issued a circular to various agencies regarding the bill late last month. The circular sought input from stakeholders to aid the cabinet decision-making process.
That’s (not) entertainment: The Council of State is fearful that the entertainment elements of the new resorts are being sidelined by the bill’s focus on the gambling side.
The government has said the new IRs would provide a boost to tourism numbers and revenue while up to 15,000 new jobs would be created.
Among the operators known to be exploring potential opportunities in Thailand are Las Vegas Sands, Galaxy Entertainment and MGM Resorts.
POGOs push
Seek and destroy: The Philippines interior security services has requested that local governments enhance their efforts to make sure businesses aren’t hosting the now illegal Philippine offshore gaming operators or employees.
Recall, POGOs were shut down as of the New Year after President Marcos called for their banishment last year.
Get out and stay out: The Bureau of Immigration estimates there are about 11,000 workers connected to offshore online gaming operators who haven't yet left the country despite the government’s orders.
Last week, 400 foreigners were arrested at the offices of a company operating in Parañaque in Metro Manila on charges of being involved in POGO activity.
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Match-fixing on the wane
Getting fixed: Match-fixing instances in 2024 fell by 17% year-on-year, according to Sportradar Integrity Services, which monitored more than 850,000 matches across 70 sports worldwide.
The company said its systems detected 1,108 suspicious matches throughout the year.
The highest number of suspicious matches occurred in Europe with 439. But this was down 34% vs. the 668 incidents identified in 2023.
Africa also saw a decline, down 36% to 69 suspicious matches detected vs. 108 the year before.
VAR: The regional falls were helped by the 18% decline in suspicious incidents occurring in soccer where there were 721 matches flagged by Sportradar’s AI-assisted Universal Fraud Detection System or UFDS.
The system monitors competitions and identifies irregular betting patterns while the AI flags unusual activity, such as substantial wagers on unlikely outcomes.
The manual aspect of the system sees a team of integrity experts confirm whether further investigation is needed.
Mixed signals: There is good news from the 2024 figures for the authorities in Brazil where there was a marked decrease of 48% as suspicious incidents totalled 57 vs. the 110 from 2023.
Andreas Krannich, Sportradar’s executive VP of integrity, rights protection and regulatory services, said the “notable reduction” should be welcomed.
But he added that it “also signals the need for continued vigilance and innovation, given that the number remains significant.”
Events calendar
Jan 20-21: World Regulatory Forum, Barcelona
Feb 26: Regulatory and compliance track, SBC Summit, Rio de Janeiro
Mar 10-13: Regulating the Game, Sydney
Mar 12-13: Next: NYC 25, RG Hub, New York
May 8-9: Leaders in Compliance Conference, Frankfurt
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