Congress faces heated debate over sports prediction markets federal gambling regulatory authority Suswati Basu News Editor Congress is set to hear sharply conflicting testimony Tuesday (July 21) over who should regulate sports prediction markets and whether Congress should step in to redefine them as gambling instead of federally regulated financial products. The committee is … Continue reading Congress faces heated debate over sports prediction markets federal gambling regulatory authority
North Carolina lawmakers approve tax overhaul affecting sports betting operators Suswati Basu North Carolina is one step closer to changing several tax rules tied to its legal online sports betting market after lawmakers approved a wide-ranging revenue bill. Senate Bill 595, titled “Various Revenue Laws Changes,” has cleared the General Assembly and now … Continue reading North Carolina lawmakers approve tax overhaul affecting sports betting operators
Cayuga Nation sues Caesars over reservation sports betting revenue claims Suswati Basu The Cayuga Nation has filed a federal lawsuit against Caesars Sportsbook, alleging the company accepted sports wagers from within the Nation’s reservation without authorization and in violation of federal gaming law. Court documents filed Tuesday (June 16) in the U.S. District … Continue reading Cayuga Nation sues Caesars over reservation sports betting revenue claims
ProphetX secures CFTC approval to launch regulated sports prediction exchange Suswati Basu ProphetX has received approval from the Commodity Futures Trading Commission to operate as a federally regulated sports-focused exchange in the United States. The New York-based company said the regulator approved its applications to register as both a Designated Contract Market (DCM) … Continue reading ProphetX secures CFTC approval to launch regulated sports prediction exchange
New Mexico sues Kalshi as tribes escalate sports betting fight Suswati Basu New Mexico Attorney General Raúl Torrez has filed suit against prediction market operator Kalshi, arguing the company is offering online sports betting in the state without the licenses required under New Mexico law. The case, filed Thursday (June 4) in Santa … Continue reading New Mexico sues Kalshi as tribes escalate sports betting fight
Illinois budget bill targets sports prediction markets with unique transaction tax Suswati Basu Illinois lawmakers have signed off on a budget measure that would create what appears to be the first state tax aimed specifically at sports event contracts traded through prediction markets. The provision was included in the wider revenue package contained … Continue reading Illinois budget bill targets sports prediction markets with unique transaction tax
Connecticut tribes seek to join federal lawsuit over controversial sports prediction markets Suswati Basu Connecticut’s two federally recognized tribes are asking a federal judge to let them join the government’s legal fight over sports prediction markets, arguing the outcome could reshape gambling oversight and threaten a major stream of tribal income. The Mohegan … Continue reading Connecticut tribes seek to join federal lawsuit over controversial sports prediction markets
Inspectors uncovered widespread sports gambling materials displayed throughout Pennsylvania federal penitentiary Suswati Basu Inspectors found gambling materials and a makeshift betting table inside USP Canaan housing units. Credit: OIG, June 2025 (Monitor Screen and Brand Logo Obscured) Federal inspectors say sports gambling materials were sitting out in the open across several housing … Continue reading Inspectors uncovered widespread sports gambling materials displayed throughout Pennsylvania federal penitentiary
Arizona sports contracts lawsuit against Kalshi paused while Ninth Circuit appeals continue Suswati Basu A legal fight over prediction markets and state gambling authority is now on hold in Arizona while federal appeals judges weigh several related cases. Kalshi, the Commodity Futures Trading Commission, the Justice Department, and Arizona regulators jointly asked a … Continue reading Arizona sports contracts lawsuit against Kalshi paused while Ninth Circuit appeals continue
New Mexico tribes challenge Kalshi sports contracts over alleged illegal gambling Suswati Basu Four New Mexico tribes are taking prediction market company Kalshi to federal court, arguing that its sports contracts amount to illegal online sports betting conducted on tribal lands without approval from tribal regulators. The Mescalero Apache Tribe, Pueblo of Isleta, … Continue reading New Mexico tribes challenge Kalshi sports contracts over alleged illegal gambling
