Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
Robinhood pulls NCAA contracts in NJ
On Thursday (27 March), hours before the tip of the Sweet 16, the New Jersey attorney general’s office served notice to Kalshi and Robinhood that the prediction markets allegedly facilitated “unauthorised sports wagers” within state lines. Over the first weekend of the NCAA men’s division I basketball tournament, Kalshi users placed nearly $250 million (£193.1 million/€230.8 million) on event contracts nationwide on March Madness.
Within the letter, the office made a request to the exchanges urging them to void all sports event contracts placed by New Jersey residents inside the state. The state’s division of gaming enforcement (DGE) issued the letter shortly before four regional semifinal games on 27 March. To the surprise of some prediction market insiders, Robinhood ..