Industry News For The Week Of April 6, 2025

By iDEA | April 10, 2025

Industry News

A message on Truth Social at 1:18 p.m. Eastern on Wednesday announced that most tariffs would have a 90-day pause. That left just under three hours for the market to react, which led to many online casino, sports betting, and land-based casino companies clawing back at least some of the losses felt since tariffs were announced on April 2.

The Social and Promotional Games Association (SPGA) has issued a statement celebrating the failure of sweepstakes casino ban bills in Arkansas, Maryland, and Mississippi. The trade group, which represents social and sweepstakes casinos, praised the outcome as a win for what it describes as “safe, digital entertainment” that is enjoyed by millions of US adults, while supporting thousands of jobs and innovation.

Analysts at Stifel included FanDuel-parent Flutter in its list of “Best In Class” stocks as concerns about a recession and tariffs rock the markets. Flutter and IGT, a gaming supplier that touches all corners of the industry, including sports betting and online casino, were the two gaming stocks listed by Stifel in a report released Monday night. Royal Caribbean Group and OneSpaWorld rounded out the list of four.

Kalshi accepted more than half a billion dollars worth of action on its March Madness markets this year as gambling regulators around the country try to shut down operations in their states. Kalshi took $412.4 million in action on the men’s college basketball tournament and another $91.8 million on the women’s tournament. That $504.2 million is 16.3% of the American Gaming Association‘s $3.1 billion estimate for betting on March Madness this year.

Alabama

For several years, Alabama lawmakers have seemed keen on figuring out some way forward with sports betting and other gambling issues. That all might have unraveled this year after Senate President Pro Tem Garlan Gudger declared gambling legislation dead for the year. Sen. Greg Albritton, a key sponsor for sports betting in Alabama, declared gambling issues dead for the next 20 years.

Arkansas

The Arkansas legislature’s shortened session this year didn’t leave a lot of time to debate the proposal to legalize online casinos. A push by multiple legislators in Little Rock to expand gambling across the state seems to have become a casualty of a time crunch. However, the bill served to get the ball rolling, and the silver lining is that the idea hasn’t been shot down, just set aside for further consideration.

Hawaii

Hawaii increasingly looks like it might be the Cinderella story of 2025 for the sports betting industry. The Hawaii Senate passed House Bill 1308 on Tuesday night, 15-10. With several minor amendments, the Hawaii sports betting bill will return to the House for concurrence. HB 1308 passed the House in its initial form 35-15.

Louisiana

Louisiana Senator Adam Bass has filed a bill that narrows the definition of a legal sweepstakes to exclude social casinos offering prizes through a dual-currency business model. At the same time, the bill would place new restrictions on gambling operators and suppliers, potentially stripping them of their licenses if they’re found to be operating in certain gray and black markets.

Maryland

Maryland is facing a financial crisis. With a crushing $3 billion budget deficit threatening essential state programs, and federal uncertainty that could push that number even higher, Maryland needs a game-changing strategy. A comprehensive study by the Analysis Group reveals the potential: Online gaming could generate up to $1.65 billion in new state tax revenue over five years if taxed at 30%.

Nevada

Nevada is looking to impose stricter penalties on illegal gambling in a bill that passed unanimously in the state’s Senate and now sites before the House. Sponsored by Sen. Rochelle Nguyen, SB256 proposes updates to Nevada’s gaming laws. It includes requiring those found guilty of illegal gambling to forfeit any profits they made from the activity to the state. The increased penalties also apply to out-of-state entities offering illegal gambling services to individuals in Nevada.

Oklahoma

Oklahoma sports betting legalization proponents see 2025 hopes slipping away. Rep. Ken Luttrell told local media he knows the uphill battle his House sports betting bills face in the Senate. Meanwhile, a Senate bill giving an Oklahoma sports betting license to the Oklahoma City Thunder was pulled from a House committee agenda Monday.

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