Betting News – Page 5 – FairOdds Network

April 1, 2025

Sans Super Bowl, Nevada gaming revenue slides 9% in February

Nevada's gaming industry watched the Super Bowl from afar this February instead of hosting it and revenue fell 9% year-on-year as a result.

According to data from the Nevada Gaming Control Board published on Monday (31 March), the state brought in $1.21 billion (£936.5 million/€1.12 billion) in monthly gross gaming revenue (GGR). That represents a decrease of just under 10% from last February’s mark of $1.34 billion. The marked decrease is most easily attributable to the Super Bowl, which was estimated to have generated $1 billion in economic impact for the region last year.

For the fiscal year to date, Nevada gaming overall is down 1.1% year-on-year. February’s figures are a stark contrast from January, which, at $1.43 billion, was the second-highest monthly total ever.

Decreases were posted in nearly every market, most notably the Las Vegas Strip. America’s gambling capital posted $690.3 million in February GGR, down 14% YoY. The Strip’s record-breaking post-Covid run could ..

April 1, 2025

Ohio joins growing list of states to issue cease-and-desists to prediction market operators

State's gaming commission says Kalshi, Robinhood, Crypto.com all need licences to offer sports contracts.

Nothing attracts a crowd like a crowd. Fast on the heels of Nevada and New Jersey sending cease-and-desist letters to prediction market operators offering contracts on sports events and Massachusetts openly questioning their legality, Ohio piled in on Monday (31 March).

As explained in a press release, the Ohio Casino Control Commission (OCCC) issued cease-and-desist notices to three sites allowing users to risk money on sports outcomes: Kalshi, Robinhood and Crypto.com.

In his statement within the press release, OCCC executive director Matthew Schuler was explicit in his interpretation of what the trio of companies are doing.

“Purchasing a contract based on which team a person thinks will win a sporting event is no different than placing a bet through a traditional sportsbook,” said Schuler. “The only difference is that these event contracts do not have the consumer prote..

April 1, 2025

In rare appearance, Genetski, Robins sing tribal praises at IGA

Nearly three years removed from a disastrous attempt to bring sports betting to California, the heads of FanDuel and DraftKings made a rare public appearance on Monday (31 March) in efforts to curry favour with tribal gaming stakeholders.

FanDuel president Christian Genetski joined DraftKings co-founder and CEO Jason Robins to discuss their companies’ tribal gaming strategies with Victor Rocha, conference chair of the Indian Gaming Association (IGA). The trio headlined the first day of the Indian Gaming Tradeshow and Convention in San Diego.

On paper, the conversation was about tribes and operators “structuring successful partnerships” to ensure “long-term sustainability”. But the packed crowd of industry representatives knew that the backdrop of the conversation was much more controversial.

A coalition of commercial bookmakers led by FanDuel and DraftKings in 2022 spent hundreds of millions on Prop 27, which would have legalised mobile sports betting in California. Tribes also put..

March 31, 2025

Kalshi CEO says he was left with no choice but to sue New Jersey, Nevada regulators

Company's suits seek declaratory and injunctive relief to prevent agencies from “enforcing their preempted laws”.

Kalshi dramatically raised the stakes over the weekend in the battle over whether it operates a legal prediction market for sports event-based outcomes, filing lawsuits in response to the cease-and-desist letters sent by gaming regulators from Nevada and New Jersey.

In a LinkedIn post on Sunday explaining the decision to file, Kalshi CEO Tarek Mansour said prediction markets are more than simply places to trade contracts, calling them “quintessential truth machines”. He said they “mobilise the most elegant and effective properties of free financial markets towards the pursuit of unbiased truth”.

Mansour claimed filing the lawsuits against agencies overseeing two of the biggest regulated sports betting marketplaces in the US was a last resort of sorts. The post stated: “We have made every effort to engage proactively with both Nevada and New Jersey and try to educate..

March 31, 2025

Weekend Report: NZ tackles gambling influencers, plus PropSwap-Bally Bet, Ladbrokes-Chester Racecourse deals

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday.

New Zealand authorities crack down on gambling influencers

First, authorities in New Zealand have launched a crackdown on social media influencers promoting offshore online gambling websites.

According to RNZ, the department of internal affairs (DIA) has issued its first takedown notices of influencers promoting illegal operators. Those that fail to comply could face hefty fines, the DIA warned.

The New Zealand Gambling Act makes it illegal to publish an advertisement for an offshore, unlicensed gambling operator.

“We’ve been investigating this,” director of gambling regulatory services Vicki Scott said. “We will be taking actions in relation to those influencers who are very publicly and clearly breaking the law.”

Malta regulator issues illegal gambling website warning

The Malta Gaming Authority (MGA) is also strengthening its activity to tackle illegal gambl..

March 31, 2025

BVGroup moves into SaaS model with Rhino Entertainment new brand partnership

Gibraltar-headquartered BVGroup has entered into a strategic partnership with Rhino Entertainment Group to operate the latter's new global brand, Puntit.

Aimed at the global market, Rhino Entertainment’s new brand Puntit will offer customers access to both online sports betting and casino games. It will use BVGroup’s SaaS model to operate the brand using proprietary technology.

BVGroup said the link-up, announced today (31 March), marks a “significant” milestone in its expansion into software-as-a-service (SaaS).

It also owns inhouse UK brands BetVictor Casino and Heart Bingo and operates Betano’s UK offering, as well as Parimatch UK, via its platform.

The operator has started onboarding strategic partners via an SaaS framework. This allows third-party operators to run on BVGroup’s platform but also maintain full operational control of their brands.

Incidentally, Rhino, also a multi-brand operator, has become the first partner to leverage BVGroup’s SaaS model. The deal marks..

March 28, 2025

State of the Union: NJ issues cease-and-desist to Kalshi, Robinhood; Nevada RWLV fine, more

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 ..

March 27, 2025

Underdog tops $1 billion valuation following Series C funding round

Underdog describes the raise led by Spark Capital as the sports gaming industry's largest investment from a top-tier Silicon Valley firm.

Underdog achieved a proverbial milestone with a funding round disclosed on Wednesday (26 March), clearing a valuation of $1 billion for the first time in company history.

The $70 million Series C round values the online sports gaming company at $1.2 billion (£927.4 million/€1.1 billion), nearly tripling the valuation Underdog received three years ago. The round led by Spark Capital represents the sports gaming industry’s largest investment from a top-tier Silicon Valley venture capital firm, Underdog wrote in a 26 March press release.

“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, a general partner at Spark Capital. “Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech and sports.”

“A real accelerator”
..

March 27, 2025

Sports Illustrated brand enters prediction market space following failed regulated sportsbook

Media brand is partnering with Galactic to launch ‘non-custodial platform’ SI Predict in Q2.

Sports Illustrated was once among the most famous names in sports media.

Times have changed and the media sphere has flattened, but there are clearly some who still believe the letters “SI” hold cachet. A news release this week announced the forthcoming launch of an SI-branded betting platform – the second such effort.

The announcement hailed the planned arrival, in partnership with Galactic, of SI Predict. It would be the latest in a line of sites/apps facilitating exchange-style wagering without state-by-state regulation.

Like Kalshi, Crypto.com, Robinhood and others offering a form of sports betting – they’re reluctant to call it “sports betting”, but the basic gist is that customers can risk money directly on sports-related outcomes – SI Predict intends to operate without procuring a licence through a state-level gambling regulator.

Instead, as Galactic CEO Stuart Stott told Bloomberg..