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The web of lawsuits and court rulings involving prediction markets has greatly complicated the issue of jurisdiction. Kalshi has been forced to limit trading in multiple states, most notably Nevada, and the CFTC has gone to unprecedented lengths to protect its licencees. This includes suing nine states directly and issuing emergency orders to reject state mandates.
CFTC Chairman Michael Selig is currently the lone sitting commissioner for an agency that traditionally features a bipartisan group of five. Selig has repeatedly defended both the legitimacy of prediction markets as financial assets and the role of the CFTC in overseeing them. The CFTC under his direction has embarked on a series of rule proposals regarding prediction markets, although detractors argue that the proposed changes still allow for sports contracts and in some ways could be seen as a tightening of the belt to make a Supreme Court review look more favourable.
“It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will write the rules,” Selig said during a meeting of the CFTC’s Innovation Advisory Committee on 20 August, which featured the CEOs of Kalshi, Polymarket, DraftKings, CME Group and more.
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Lottomatica’s online and omnichannel capabilities are expected to accelerate Cirsa’s expansion in online gaming.
Lottomatica chairman and CEO Guglielmo Angelozzi noted the combination would create a more diversified business with significant opportunities for growth.
“With the combination of Lottomatica and Cirsa, two extremely successful companies, we create the undisputed leader in Italy and Spain, among the best gaming markets globally, complemented by leadership positions in other very high growth geographies,” he said.
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A new survey from U.S. News is sounding the alarm over Americans increasingly turning to high-risk endeavors, including sports betting, to help make ends meet and pay their monthly household bills.
U.S. News surveyed 1,200 Americans who placed a sports wager within the last 12 months. The media organization found that more than half of respondents (51%) placed a sports bet to help pay household bills, while 21% wagered specifically to cover their rent or mortgage payment.
Almost six in 10 (57%) of the sports betting demographic said they bet weekly, with 17% betting on a daily basis. Nearly one in five (19%) said they have outstanding sports betting debts.
