Catalysts
Kalshi goes sports while analysts ponder sweeps impact
The interim CFTC chair faces early sports-based event markets test.
The growth of the sweepstakes sector could be good news, says Macquarie.
Copy and paste: Addabbo tries again in New York.
A lifeline for embattled Star in Queensland.
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Adjacencies
Follow the leader: Licensed prediction market provider Kalshi is to follow the lead of Crypto-com and offer event-based markets on sports. The company’s hyperactive CEO Tarek Mansour posted on X overnight that there was a “big announcement coming tomorrow.”
I fought the law and I won: Kalshi, which fought and won a battle with the Commodity Futures Trading Commission over political betting, has already filed to launch event contracts based on sports with the body.
The self-certifying filing says the event contract will initially be listed later today, Thursday, and relates to “American sports leagues.”
Kalshi is following the path already trod by Crypto.com, which earlier this month announced it had also self-certified to launch sports-based events contracts in 50 states.
Subsequently, the CFTC asked the firm to hit pause as it reviewed the legality of two cash-settled binary contracts.
Crypto.com questioned the timing, however, coming as it did a matter of days before President Trump’s inauguration.
Musical chairs: Departing CFTC chair Rostin Behnam, the Democrat appointed by Joe Biden, has now been replaced (in an acting capacity) by Caroline Pham, who has quickly moved to clear out a number of top officials. A permanent CFTC chair has yet to be announced.
Alexander Kane, CEO and founder at sports-betting exchange Sporttrade, noted on LinkedIn that “with new leadership at the CFTC, I’m not sure I see meaningful pushback from the regulatory body at this time.”
Brush strokes: Meanwhile, analysts at Macquarie have suggested the growth in sweepstakes gaming offers “could actually be positive” for iCasino operators if it pushes otherwise reluctant states towards regulation.
The team argued that such an outcome is plausible “depending on the degree to which it paves the way for state legislators to become more comfortable legalizing iGaming.”
The analysts added that the rise of sweepstakes highlighted untapped tax revenues, “similar to how we believe the rise of daily fantasy sports helped make industry stakeholders more comfortable with the eventual legalization of sports betting.”
Further read across comes from the proliferation of unregulated skill-based gaming machines in states such as Pennsylvania and Virginia and how that led to discussions about regulation.
New York
Same old song: Sen. Joseph Addabbo has filed another bill in the New York Senate aiming to legalize and regulate online casinos and online lottery sales and games, citing the growth of sweepstakes as being one motivation.
Talking about sweepstakes as a “loophole,” he said his aim was to protect New Yorkers from “gambling operations that have the potential of becoming more problematic without proper legislative action.”
Copy that: After last year’s failure, Addabbo is back with legislation that is almost identical to that effort, which itself was a rough photocopy of proposals from a year earlier.
This time, Addabbo has added a three-year time out period for any unregulated, offshore entities offering sweepstakes.
The senator said he wanted to “close this loophole” and will push for online gaming as a “safe, effective alternative for online casino enthusiasts.”
Recall, last week, New Jersey assemblyman Clinton Calabrese introduced separate bills to legalize and regulate online sweepstakes casinos and internet raffles.
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Outlier: The dire state of Maryland’s budget means the governor’s plans to double online sports-betting taxes might not become a template for other states, according to the analysts at Morgan Stanley.
Recall, Gov. Wes Moore announced the inclusion of tax hikes for both OSB and B&M gaming within his fiscal year 2026 budget proposals.
The MS team also noted the proposal would still need approval from both the state House and Senate, adding that the shortfall also opened the door for discussions about adding iCasino to the menu.
Florida: The state’s Gaming Control Commission has called on the Florida authorities to enhance their efforts towards cracking down on illegal gambling within the state.
During a panel in front of the state House’s Industries and Professional Activities Subcommittee, the Commission said current penalties are not harsh enough to deter illegal operations.
Stakes on a plane: A bill unveiled in the Connecticut legislature, HB 6051, would allow punters to place sports bets in-flight on commercial trips out of the state’s airports.
SBC Americas reported that Rep. Christopher Rosario wants to capitalize on a recently announced partnership between Delta Air Lines and DraftKings.
Man on fire: Fellow Rep. Tony Scott has also introduced five new online sports-betting bills, including requirements for two-way markets for all sports wagering across Connecticut.
Accompanying legislation lays out a maximum hold percentage for sports betting, further player protection measures, standards for operators regarding cancelled wagers, and in-state college wagering.
Scott and Rosario’s proposals are in front of the state’s Joint Committee on General Law.
Sports integrity: A basketball game between Central Michigan University and Eastern Michigan University that took place in mid-January is being investigated following an alert from monitor organization IC360.
The alert came after an individual attempted to place their largest-ever bet on Central Michigan covering the first half spread.
Operators identified two additional bets of significant value on the same spread from two different accounts in different areas.
The International Betting Integrity Agency said it is also reviewing the betting activity surrounding the game.
IGT has inked a 10-year deal with the Luxembourg national lottery, continuing a partnership with Loterie Nationale that has lasted two decades.
New Hampshire has become the 18th state to be blocked by Bovada, following a cease-and-desist letter sent by a state regulator to the gaming company in December.
China: The Supreme People’s Court has reinforced its penalties for operating illegal gambling operations outside of the country by Chinese citizens. The move is a part of China’s increased cooperation with other Asian countries in cracking down on illegal gambling.
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The Italian job
Ciao, bella: Flutter Entertainment is actively considering submitting a bid to run Italy’s main lottery licence, after authorities formally pressed the start button on the process in recent weeks, according to sources who spoke to The Irish Times.
Table stakes: The Italian authorities have set a minimum bid level of €1bn to operate the state monopoly lottery, which has been run by IGT for the last three decades.
The existing licence comes to an end in November of this year.
An unnamed analyst speaking to the paper said the “big question is if Flutter will go it alone or try and partner.” The paper said sources confirmed the company was exploring the potential for a joint bid with another party, or wider consortium.
No decisions have yet been made, they told the paper.
Gravity defying
Shine on: Star Entertainment may be allowed to sell assets to stave off collapse, Queensland’s most senior politician has said.
Premier David Crisafulli was asked about the troubled casino’s debts, following reports heavyweight Chinese investors had flown into Brisbane for talks with Star over the future of the venue.
The casino is running out of cash following a series of major fines and enormous compliance costs.
Who cares? “I would suggest to you there’s not a lot of workers who care what the name of the company is. They just want a job and we have exactly the same attitude,” Crisafulli told reporters.
“If the operation can remain open, if whoever owns it is able to then invest in the developments that were promised, and were always part of the deal, that will create more jobs,” he said.
Read about Star’s struggles to hold onto its license in previous editions of C+M.
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French toast
Mine’s a double: The chair of France’s L’Autorité Nationale des Jeux, or the ANJ, has advised European authorities to double down on their efforts against illegal gambling.
Speaking at ICE Barcelona, Isabelle Falque-Pierrotin, is reported as having emphasized the importance of cracking down on illegal gambling across Europe.
Famously, France does not allow iCasino. Yet, according to the ANJ chair, the regulated industry should do more to channel players toward licensed gaming operators.
Falque-Pierrotin said illegal gaming is no longer a “niche” but the norm. She argued that unlicensed gaming companies are already openly promoting their products across TV and social media platforms.
No shit, Sherlock: Falque-Pierrotin suggested illegal operators are exploiting the lack of certain verticals in some markets in order to channel players toward their platforms.
Shoot the messenger, ask questions later: She also blamed customers for lacking regulatory knowledge, suggesting they are sometimes unaware they are engaging with black market operators.
Events calendar
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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