Industry News For The Week Of March 23, 2025

By iDEA | March 27, 2025

Industry News

Whether prediction markets concerning sports events are considered gambling could be the most significant industry decision in 2025. Kalshi offers prediction markets that are regulated by the Commodity Futures Trading Commission and federally legal throughout the country. It won a ruling in the DC Court of Appeals last September that cleared the platform to offer prediction markets on the US elections in November and has since applied the same thinking to sports predictions. So far, stakeholders have weighed in, and there will be a CFTC hearing to determine whether the markets constitute gambling.

Bet365’s exit from the unregulated Chinese gambling market has fueled speculation about the company’s future, including the possibility of a sale, with DraftKings as the most likely potential buyer. As a private company, bet365’s true value is a matter of speculation. However, estimates as high as $10 billion have been floated, meaning any potential buyer would need to be both ambitious and well-funded.

The UK-based non-profit BetBlocker is bringing its free self-exclusion tools to the US and has simultaneously struck a funding and research partnership with the University of Nevada at Las Vegas (UNLV). Through the collaboration, BetBlocker will provide financial support to the university’s International Gaming Institute (IGI), which will study the use and effectiveness of self-excluding software. Beyond research, BetBlocker’s recent expansion into the US positions it as a valuable resource for promoting responsible gaming, particularly in the absence of a nationwide self-exclusion system.

Alaska

Last week, Rep. David Nelson introduced House Bill 145 to legalize Alaska sports betting. There have been no significant attempts to legalize Alaska sports betting despite multiple bills over the past several years. The bill now heads to the House Labor & Commerce and Finance committees.

Louisiana

According to State Sen. Kirk Talbot, Louisiana lawmakers have begun exploring the potential legalization of online casinos, though he doesn’t believe there’s much chance of seeing anything concrete happen this year. He says that if implemented correctly, iGaming could mirror the success of sports betting in the state while bringing significant tax revenue.

Maryland

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.

Missouri

With a Missouri sports betting launch looming this fall, a key stakeholder in legalization now has a sportsbook partner. The St. Louis Cardinals announced Monday that they have partnered with bet365 to become their official Missouri sports betting partner. Cardinals President Bill DeWitt III led the push to get sports betting on the 2024 ballot.

Oklahoma 

A bill handing Oklahoma online sports betting control to the Oklahoma City Thunder is making moves in the legislature. On Tuesday, the Senate advanced Senate Bill 585, which would give the NBA’s Thunder an online Oklahoma sports betting license. Tribes in the state would be allowed to offer sports betting on tribal land.

Pennsylvania

Pennsylvania sportsbooks had a February of mixed emotions, enjoying a significant surge in volume while also enduring a sharp decline in revenue. Operators in the commonwealth combined to generate $757 million in handle for the month, up 14% year over year to reach a new February record. Gross revenue tumbled 33% to just $34.0 million, the market’s lowest output in 18 months. Effects on net revenue were further magnified by a 30%+ increase in promo spend. That 4.5% hold marks the leanest month for local operators since February 2022.

 

Posted in Daily Clips