February 25, 2025 – FairOdds Network

February 25, 2025

Nevada’s Titus is latest to push back on prediction market wave

Longtime Nevada representative Dina Titus has become the latest official to reach out to the Commodity Futures Trading Commission (CFTC) regarding tougher enforcement against prediction markets.

Nevada’s Dina Titus is in her seventh two-year term as an elected official in the house of representatives. As such, she has experience with following proper processes and protocols to get things done.

And in a letter sent last Friday (21 February) to Commodity Futures Trading Commission (CFTC) acting chairwoman Caroline D Pham, Representative Titus took issue with prediction market operators offering a form of sports betting without going through all the proper processes and protocols.

“This year, platforms have started to offer contracts on sporting events,” Titus wrote about midway through her two-page letter, a copy of which she posted on social media. She was referring to the likes of Kalshi, Crypto.com, Robinhood and others. The platforms permit users to risk money, in a stock market-..

February 25, 2025

Faced with a huge budget deficit, Hong Kong may legalise basketball bets

Hong Kong bettors already wager a huge amount on basketball with illegal sportsbooks. The Chinese SAR is reportedly considering legalising the bets to help plug a budget shortfall.

An “insider” last week told the South China Morning Post that Hong Kong’s 2024-25 budget, to be released tomorrow (26 February), may include a plan for legal wagers on basketball.

Support for legal hoops betting in Hong Kong is apparently on the rise as a way to generate tax revenue and also stamp out black-market operations.

The move would help the Chinese special administrative region (SAR) address a whopping budget deficit of more than HK$100 billion (£101.6 million/€122.5 million/$128.6 million) for the year. That’s more than twice the figure projected at the start of 2024.

PwC Hong Kong reports that the SAR government will have fiscal reserves of HK$639.8 billion at the end of March, enough to cover just 10 months of total government expenditures.

Reaping new revenue

Hong Kong bettors can alread..

February 25, 2025

Michigan igaming momentum continues in new year

Record monthly online gambling revenues lifted Michigan’s combined gross igaming and sports betting receipts to $331.2 million (£262.5m/€316.4m) in January.

The total figure, comprising igaming receipts of $248.2 million and sports betting revenue of $83 million, was up 25.4% over December’s total.

January’s record online gambling figure surpassed the previous record of $244 million set in December. Adjusted monthly igaming gross receipts of $233.1 million represented a year-on-year increase of 42%.

Online gambling growth

Last month, the Michigan Gaming Control Board (MGCB) reported that igaming revenue reached an all-time high of $2.9 billion in 2024.

The momentum appears to be continuing in the new year, with the market’s three biggest players increasing their monthly receipts.

BetMGM and MGM Grand Detroit, which generated market-leading igaming receipts of $640.1 million in 2024, remained at the top with $66.5 million in January. This figure was up from $65.1 million in Decemb..

February 25, 2025

Hawaii digital sports betting bill heads to house floor

Hawaii's house finance committee moved a legal online sports betting bill forward on Monday (24 February). A companion bill is set for a hearing on Wednesday.

An amended version of HB 1308 received committee approval, but at least six members voted “with reservations”. Finance was the third and final Hawaii house committee to pass the bill, which now moves to the house floor. A companion bill, SB 1569, is set to be heard in the senate ways and means committee on Wednesday.

Just ahead of Monday’s vote, chairman Kyle Yamashita offered amendments to make passage more palatable. He suggested removing the tax rate – originally set for 10% – and the licensing fee pending further review. There was much discussion during the hearing about how many tax dollars the state stands to gain.

In addition, representative Sue L Keohokapu-Lee Loy said the $250,000 (£197,761/€238,712) licence fee “appears rather low for an industry that makes billions of dollars. I would love to see that licenc..

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