The headline is a bit tongue-in-cheek. But the announcement of SI Predict — which says it will be a prediction market for real money (including sports betting) with a nationwide footprint and no regulation — underlines the growing and increasingly impossible situation in front of regulators, policymakers and law enforcement.
I talk about the landscape in my short podcast. But if SI Predict actually launches in the US, we’ll likely find out if laws matter.
Before the roundup, read my newser and analysis on SI Predict at my other newsletter, The Event Horizon:
And here’s a webinar on responsible gambling you should sign up for:
Creating Successful Responsible Gaming Programs in North America | Hosted by African Americans in Gaming and the American Gaming Association (Webinar on Thursday): “Join us for a compelling panel discussion on how the U.S. and Canadian gaming industries are leading the way in responsible gaming. This webinar will explore practical strategies for promoting responsible play, protecting consumers and balancing business objectives with regulatory requirements. Panelists will share insights into real-world challenges and successes, opportunities for stronger collaboration among stakeholders and emerging trends that could shape the future of consumer protection.”
Gambling industry reverse job board
Are you hiring for a role right now? Or are you looking for your next opportunity in the gambling industry? I run a free-to-use reverse job board with about 200 prospective hires across all segments of the industry. Take a look, and please share with anyone who is hiring or looking for work!
Gambling news roundup
Spark Capital Leads Underdog Series C, Pushing Valuation Over $1.2 Billion (press release): “In a landmark moment for the online sports gaming industry, Spark Capital is leading Underdog’s Series C funding round, with a $70 million first close on a round expected to exceed $100 million. The raise values Underdog – the fastest-growing sports gaming company in the U.S. – at $1.225 billion pre-money, nearly tripling its Series B valuation from 2022. Spark’s investment underscores market confidence in Underdog’s continued growth and potential. It marks the sports gaming industry’s largest investment from a top-tier Silicon Valley venture capital firm. … ‘Spark’s investment is a real accelerator,’ said Jeremy Levine, CEO and founder of Underdog. ‘We’re going to continue to invest in people and product – and as fast as we can. There is so much more to build, and we’re going to keep building.’”
Underdog achieves unicorn status, and still has upside on at least two fronts: fantasy and sports betting.
In the former, it has shown over the past year it’s capable of growing its share of the fantasy picke’em/parlay industry; Underdog now appears to be a dominant No. 2 in the market behind PrizePicks.
In sports betting, Underdog plans to launch a sportsbook in Missouri this year, with the potential for more strategic state entries moving forward.
UFC vets Jeff Molina, Darrick Minner get multi-year suspensions for roles in James Krause betting scandal (Yahoo): “The Nevada Athletic Commission held a disciplinary hearing Tuesday to determine the fates of temporarily suspended UFC veterans Jeff Molina and Darrick Minner in the James Krause betting scandal. At the hearing, Minner, 34, received a 29-month suspension retroactive to Nov. 5, 2022, the date of his last fight. The suspension terminates on March 26, 2025, and Minner must pay a $235 fine. Molina, 27, received a 36-month suspension retroactive to June 4, 2022, the date of his last fight. His suspension ends on Nov. 5, 2025, and he will pay a $235 fine.”
As March Madness kicks off, will Texas legalize sports betting? Here's what's on the table (Austin American-Statesman): Not much new here, but since Texas is the biggest state with any chance of passing a sports betting bill — even if that chance is small — here you go.
Thunder-driven sports betting bill advances at Oklahoma Capitol (News On 6): “A bill that would allow the Oklahoma City Thunder to receive a gaming license for sports betting is on to the next step. Senate Bill 585 is now headed to the Oklahoma House after passing the state Senate Tuesday. The bill also would allow tribes to take in-person and mobile sports bets on tribal land. OKC Thunder would be able to take mobile bets on non-tribal land.”
Things have been messy in Oklahoma, where the tribes have wanted exclusivity over sports betting and the governor does not. But it seems possible everyone in the state gets on the same page. See:
Oklahoma Indian Gaming Association Offers Position, Key Guidance, Recommended Edits to Oklahoma Sports Betting Bills: “After 18 months of closed-door discussions, leadership of the Oklahoma Indian Gaming Association (OIGA) releases policy positions and recommendations around current and future proposed sports betting legislation in Oklahoma. ‘Our membership has been listening carefully to the conversations around sports betting legislation in Oklahoma,’ said Matthew L. Morgan, OIGA chairman. ‘We have also met with those proposing legislation and some of the key entities supporting the proposed legislation. After much discussion, OIGA members have articulated a position on sports betting. We believe that the language offered stays true to our guiding principles and puts forth a position that has broad tribal support and attempts to be inclusive of other sports betting stakeholders within parameters of the law,’ Morgan said. “While we are not finished having our internal discussions around potential future forms of gaming, we think that our proposed language is a great first step to bring legal sports betting to our gaming customers. Finally, we also recognize the importance of letting our friends in the legislature know our thoughts as they work within their legislative timelines.’”
Alabama Sports Betting Conversations Happening Behind The Scenes (Legal Sports Report): “While Alabama sports betting legalization chatter has remained low this session, a major local political show reports the talks are ongoing. Senate Majority Leader Steve Livingston told Alabama Public Television’s Capitol Journal last week that Alabama sports betting and gambling conversations are happening behind the scenes. Livingston also noted that the required three-fifths majority vote is a significant hurdle.”
BetMGM fined $110K by AGCO for improper marketing practices (SBC Americas): “Last year, BetMGM participated in marketing campaigns with companies offering cash to the public in exchange for opening new accounts. The violations occurred in public forums, including a national trade conference. BetMGM has been penalized for the actions of the marketing companies as the AGCO’s standards hold operators responsible for the conduct of their third-party suppliers who are contracted to support operations in Ontario.”
UAE startup offers sports betting for Muslims, minus the sin (Semafor): “A UAE startup is trying to spice up sports with a betting app that doesn’t accept wagers. Hajem Sports lets users compete for points and climb league tables. The company earns revenue by selling digital trinkets like avatar skins. “‘We wanted to give the Arab or Muslim user a skin in the game without committing a vice,’ its founder said.”
From gambling ban to NFL? QB Hunter Dekkers says he's ready (ESPN): “Dekkers had just taken a significant step in his unusual comeback attempt, one he hopes will lead him to the NFL. The moment was more than a year in the making, since he played for Iowa State before permanently losing his NCAA eligibility for betting on one of the Cyclones' games. ‘I literally broke down and cried, because I was so emotionally invested in just going through such an up-and-down year to get back on the field,’ Dekkers said. ‘That's all I wanted -- to finally get there.’”
'I was a rich footballer - and a gambling addict' (BBC): “Dean Sturridge, born in Birmingham, was a successful striker, notably playing in the Premier League for Derby County, Leicester City and Wolverhampton Wanderers, as well as having spells at Sheffield United and Kidderminster Harriers. But behind the scenes, he was struggling with a serious gambling addiction. After five and a half years in recovery, Sturridge is using his experience to help others stuck on what he calls the ‘desert island’ of addiction.”
Gambling newsletter roundup
For sponsorship inquiries for The Closing Line, email dustin@closinglineconsulting.com.
Share this post