Industry News For The Week Of March 16, 2025

By iDEA | March 20, 2025

Industry News

With Americans wagering more money on sports betting than ever, legislators, regulators, and sportsbooks are focusing more on responsible gambling efforts and guardrails. Heading into March Madness betting, the American Gaming Association estimates bettors will wager $3.1 billion on the NCAA Tournament. The handle will approximately double that of Super Bowl betting this year. In 2024, Americans wagered $147.9 billion on sports.

As online sweepstakes casinos continue to gain popularity, state legislators and regulators are taking note. At least seven states now have active legislation targeting online sweepstakes operators and prohibiting unregulated gambling-like activities, including Connecticut, Florida, New York, New Jersey, and more.

Robinhood is making a significant play in the emerging prediction markets space, launching a new hub in partnership with Kalshi to allow users to trade on the outcomes of events, including the upcoming men’s and women’s NCAA basketball tournaments. Robinhood’s jump into sports predictions brings the opportunity to have a financial stake in March Madness to all 50 states.

Hawaii 

A Hawaii sports betting bill continued its unexpected journey last week. House Bill 1308, which would legalize Hawaii sports betting, has advanced through two Senate committees after a surprising push through the House. It must still clear the Senate Ways and Means Committee before a floor vote. This is the farthest a sports betting bill has made it in the Aloha State.

Illinois

The Illinois House Gaming Committee will discuss online casino legislation during its March 19 hearing, potentially shedding light on whether iGaming has a path to legalization now or in the future. While previous efforts to legalize online casinos in Illinois have stalled, the hearing could indicate whether shifting circumstances, such as budget gaps, have improved the bill’s chances.

Minnesota

Despite a deflating start in the Senate, there is still life for Minnesota sports betting legalization hopes in 2025. A group of Democratic-Farmer-Labor lawmakers introduced House File 1842 in the Minnesota House last week. The bill is a companion to SF 757, which would legalize sports betting in Minnesota.

Nevada

Nevada law already requires criminal penalties for operating a gambling business without a license but a new bill in the state’s Senate imposes additional financial consequences for people convicted of such charges. The proposal mandates that any money earned through unlicensed gambling be forfeited to the state. It also raises the severity classification for some gambling-related crimes.

New York 

Three members of the New York Senate’s Racing, Gaming, and Wagering Committee unanimously forwarded a bill on Tuesday that would enshrine new restrictions on online sweepstakes games in the state. The bill, sponsored by the committee’s chair Sen. Joseph Addabbo, would ban online games that employ a dual-currency system and/or simulate casino-style gaming as part of a sweepstakes in New York.

Underdog Fantasy is packing up and leaving New York, and it is costing the company $17.5 million on the way out. The daily fantasy sports operator reached a settlement with the New York State Gaming Commission on Friday, agreeing to withdraw all contests from the state and pay a fine tied to revenue generated from its games. The commission had determined that Underdog had been offering DFS contests outside the scope of its temporary license, though the company maintains it operated in good faith under state law.

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