Attempt to pull out of deal on black market concerns nixed.
In +More: German pressure, Brazil suspensions.
Tennessee regulator adds its voice to prediction market concerns.
Dutch annual report shows sharp drop in channelization.
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No way out
No escapin’ this: Sega Sammy must honor its $148m acquisition of Stakelogic after a Dutch court rejected claims that regulatory concerns justified walking away.
The decision forces both Sega Sammy Creation and its parent company to finalize the deal inked in July 2024 with the seller consortium known as Triple Bells.
The Japanese gaming giant argued the deal had been undermined by the Dutch casino slotmaker’s potentially lawbreaking activities in Japan and Turkey, but the court disagreed.
Ring my bell: Online gambling is banned in both jurisdictions, but Sega Sammy alleged Triple Bells had let punters from the regions access its games. But any non-compliance, the court held, must be addressed through damages, not cancellation.
It ruled that the share purchase agreement (SPA) conditions precedent had been met, and that assessing whether Stakelogic breached gambling laws would require “an in-depth investigation” beyond the purpose of those clauses.
The ruling hinged on Clause 19.9 of the SPA, which explicitly prohibits any in-court or out-of-court rescission.
The judge said its meaning was “most obvious” – meaning no exit route, even in the face of alleged breaches.
Sonic doom: Sega Sammy warned that completing the deal could expose it to criminal liability or licence loss. However, the court found that geo-blocking was active, access to real-money play hadn’t been demonstrated and Stakelogic’s role as a B2B content provider further eased any liability risk.
Sega Sammy and its parent company must now complete the acquisition within two weeks, or both face an $11m penalty.
They’ve also been ordered to pay legal costs of $16k, plus interest and post-judgment fees.
The ruling is enforceable immediately, appeal or not.
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+More
Brazil’s regulator, the Secretariat of Prizes and Bets, has temporarily suspended four operators for not submitting technical verifications. The suspensions, which include TQJ-Par, 7MBR and Caixa Lotteries, run for 90 days from April 10 and can be lifted if verifications are submitted. Pixbet’s license was originally included in the suspension before being reinstated following a court decision.
More than words: The German Sports Betting Association (DSWV) has backed the new federal government’s pledge to tackle illegal gambling, but said political will must be supported with proper enforcement. In a five-point plan, the DSWV called for a centralised public prosecutor for illegal gambling, stronger measures to “follow the money” and tackle money laundering, and new accountability rules for ad platforms and affiliates.
The Dutch gambling regulator has fined an unlicensed operator $835k for duty of care breaches after young adults incurred major gambling losses, in the country’s first such case. The company’s identity has been withheld pending a legal challenge to block publication. However, Kansspelautoriteit has said it will out them once it is given the all-clear.
A lawsuit filed by a German punter against Malta’s Lottoland has reached the Court of Justice of the European Union, challenging whether gambling losses can be recouped when sustained via unlicensed platforms. The outcome could reshape thousands of player reimbursement claims across Europe and test the legality of Malta’s Bill 55, which seeks to give domestically licensed operators protection from overseas enforcement.
Corporate Compliance Officer – Malta
Head of Compliance – Remote / UK
Senior Compliance Manager – Cyprus
Wrote for luck
My baby, just-a wrote me a letter: The Tennessee Sports Wagering Council (TSWC), the state’s sports-betting regulator, has sent a letter to the Commodity Futures Trading Commission urging the federal body to remove sports prediction markets from the list of accessible products for consumers.
The TSWC said it was writing to express its concerns with the sports event contracts currently being offered in Tennessee by CFTC-regulated entities.
“We believe that these sports event contracts are wagers under the Tennessee Sports Gaming Act and are being offered in violation of Tennessee law and regulations,” the letter added.
R.E.S.P.E.C.T.: “As the Commission reviews these sports events contracts, we ask that you respect the policy decisions made by the Tennessee legislature and not permit the offering of sports events contracts.”
The letter added that the Tennessee legislature has put in place “many requirements” for its licensees in order to protect consumers within the state.
“The CFTC-regulated entities currently offering these sports events contracts are not compliant with these protections (or many others) mandated by the Tennessee legislature,” the TSWC said.
Suit yourself: Meanwhile, Covers.com has reported that Ohio, which has filed a cease-and-desist notice to predictions market operator Kalshi, is expecting a suit similar to the one Nevada is facing. The Ohio Casino Control Commission has also issued C&D orders to Robinhood and Crypto.com.
Members of the commission were told on Wednesday to expect a suit from Kalshi soon, according to the report.
Call the feds: The actions by the state regulators are happening against an increasingly frantic backdrop of regulatory moves and industry commentary on prediction markets.
The latest to pipe up is MGM Resorts’ CEO Bill Hornbuckle, who told the East Coast Gaming Congress in Atlantic City that prediction markets posed an existential threat to the regulated gaming industry and warned it could mark a step toward federal interference.
“If we don’t handle this correctly, it’s going to be the cement that’s being poured for the federal government to enter the space,” Hornbuckle told iGB at the conference.
All this comes ahead of the CFTC roundtable on prediction markets on April 30.
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State by state
Nebraska: The constitutional amendment to allow online sports betting in Nebraska advanced earlier this week to the legislature’s enrollment and review initial stage.
Subsequently, the amendment will move to what’s called the ‘select file stage’ before undergoing a final vote following the final reading.
Legislative Resolution 20CA was approved by 27 legislatures in an initial vote and would need 30 votes to pass its final reading before going to Gov. Jim Pillen.
Hawaii: The bill legalizing online sports betting in Hawaii will be discussed in a joint conference between the state House and Senate following changes to the bill. The House previously approved HB 1308, before the Senate passed an amended version of the bill, with the House choosing not to confirm the amendments.
The changes included adding back the 10% tax rate on sports-betting revenue and $250,000 licensing fee for operators, alongside naming the Department of Law Enforcement as the proposed regulator.
The tax rate and licensing fee were originally removed from HB 1308 in the House to make the bill easier to pass. The legislature has until the end of its current session on May 1 to approve the amended bill, which would send it to Gov. Josh Green for final approval.
You win some: Ohio lawmakers appear to have left a hike in OSB tax off the menu after they voted on a budget bill that did not include any such raise.
You lose some: However, the North Carolina Senate plans to double the tax rate on sports-betting operators from 18% to 36% as part of its budget proposal.
Indiana: An amended version of the bill that would seek to ban lottery couriers within the state has retired to the Senate following its passing by the state House. The original bill was passed by the state Senate in February. It is now being reviewed by the Committee on Rules and Legislative Procedure.
Nevada: Efforts to legalize a statewide lottery in Nevada have once again fallen short, after an amendment to the state constitution was not picked up by the State Assembly before the deadline last Friday.
No finger in the dam
Slippage: The channelization rate for the regulated market fell sharply in the second half of 2025 to just 50% under the Dutch regulator’s new method of measurement vs. 58% in the first half of the year.
The new method looks at market value, replacing the previous yardstick of the number of players that play exclusively with the regulated market.
That measure stood at 91% for H2, down from 95% in the first half.
Over the threshold: The data from the KSA showed that in H124 GGR rose 6% YoY to €1.47bn. But in H2 the GGR figure fell 10% over the prior-year period to €697m. The report in part blamed the introduction of new deposit limits, which came into force in October.
The rules include deposit thresholds that relate to a player’s net deposit during a calendar month.
The KSA said the decrease is “probably due to both the peak during the European Football Championship in June 2024 and the new rules that should better protect players in the online gambling market.”
Cause and effect: Reacting to the data on LinkedIn, Casinos Austria’s Herman Pamminger, the secretary general of the European Casino Association, said the figures revealed the “stark reality often overlooked” by national regulators, namely that illegal gambling markets are “frequently larger” than officially estimated.
“The dramatic shift highlights how regulatory measures, including the €700 affordability check limit introduced in October, have inadvertently pushed players toward illegal operators,” he added.
“This case exemplifies a common regulatory blindspot, where initial measurement methods significantly underestimate illegal gambling activity until more sophisticated analysis reveals the true scale of the black market’s presence.”
Events
Apr 24: The future for the UK gambling sector, London
May 14: Player Protection Symposium, SBC Americas, Fort Lauderdale
Jun 5: Gaming in Holland, Amsterdam
Jun 9-12: IAGA, Berlin
Jun 26: Gaming in Spain, Madrid
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