Next Summit New York is coming up in early March. Get your tickets here, and use code TCL0L10FU3V for a 10% discount.
The number of operators rushing to get into prediction markets is growing quickly. And that includes Sporttrade, a state-regulated sports betting exchange that is looking to become a federally regulated prediction market after applying with the Commodity Futures Trading Commission. I spoke with CEO Alex Kane about the industry in this week’s podcast.
Understanding Proxy Betting
With the Super Bowl around the corner, it’s an important time to remind people of the risks of proxy betting, and reasons to avoid account sharing or placing bets on behalf of younger family members. This clip explains different examples of proxy betting, noting that it can be an avenue for underage access to gambling. To learn more about proxy betting and resources, visit Conversations About Betting.
Trusted Voices is designed to equip adults, including parents and coaches, with tools and resources to talk to young people about gambling, including information on warning signs and risks.
Gambling news roundup
Illinois sends cease-and-desist letters to more than 60 sweepstakes operators (Illinois Gaming Board): H/T attorney Daniel Wallach on Twitter; you can see the letters here.
Daniel Wallach@WALLACHLEGALBREAKING: Illinois Gaming Board and Illinois Attorney General issue more than 60 cease-and-desist letters to companies operating illegal online casinos and/or online sweepstakes casinos. Letters sent to VGW, High 5 Casino, Fliff, JefeBet, Modo, Pulsz, Sportzino, Pulsz, and Stake.
10:01 PM · Feb 5, 2026 · 5K Views1 Reply · 2 Reposts · 12 LikesHere is the text of one sent to Chumba Casino:
The Illinois Gaming Board (the “IGB”) has reason to believe that Chumba Casino is engaged in the operation of an illegal online casino in violation of the Illinois Criminal Code. 720 ILCS 5/28- 1(a)(12). On January 12, 2026, the IGB observed that you offered Illinois users the ability to play slots, bingo, and table games (“Games”) through both the internet and mobile devices. The Games gave users the opportunity to win cash, gift cards, and other prizes in violation of Illinois law.
Illinois has only authorized gambling at riverboats or casinos holding an owners license, a racetrack holding an organization gaming license, an Illinois sportsbook holding a license under the Sports Wagering Act, or at an establishment licensed under the Video Gaming Act. 230 ILCS 10/3; 230 ILCS 40/1 et seq. It is unlawful to knowingly establish, maintain, or operate an Internet site that permits a person to play a game of chance or skill for money or other thing of value via the Internet, or that permits a person to make a wager upon the result of any sport, game, contest, political nomination, appointment, or election via the Internet, without an IGB-issued license. 720 ILCS 5/28-1(a)(12); 230 ILCS 10/18(a)(1); 730 ILCS 5/5-4.5-55. Under Illinois law no exceptions are permitted under the Illinois Prizes and Gifts Act. 815 ILCS 525/1 et seq.
The IGB has neither licensed nor authorized Chumba Casino to engage in online gambling activity. Consequently, Chumba Casino’s activity constitutes illegal gambling in violation of Illinois law. Accordingly, the IGB demands that you block Illinois residents from accessing your services or discontinue offering cash, gift cards, and other prizes through your service. Failure to do so may subject you, your affiliates, and business partners to civil or criminal penalties.
Please contact the IGB Legal Division at IGB.Legal@illinois.gov should you have any questions.
Bing Bong! New York, PrizePicks’ Real Money Game is Back (PrizePicks blog): “New York, we’re officially back. And we’re taking over. PrizePicks is live again in the Empire State, and New York users can turn their sports predictions into real money with Player Picks. Pick More or Less on player stats, build your Lineups, and compete for real money payouts — up to 2000x — anywhere in New York. It’s the same PrizePicks gameplay New York loves, upgraded with new ways to win payouts based on how your Lineups perform on a peer-to-peer leaderboard.”
More from SBC Americas: “Almost four months after being awarded an interactive daily fantasy sports (DFS) license by the New York State Gaming Commission (NYSGC), PrizePicks is back in the state with its peer-to-peer offering. The Atlanta-based company announced the launch of its P2P fantasy sports product, PrizePicks Arena, in New York after previously exiting the Empire State in 2024 over compliance concerns. The company used to offer New Yorkers access to against-the-house, pick’em-style DFS contests, but pulled those games from the state amid regulatory changes that prohibited games that mimic prop betting.”
New York State Gaming Commission Urges Leagues to Reach Out With Sports Betting Concerns (Sports Betting Dime): “The New York State Gaming Commission today sent letters to each league that participates in New York sports betting, urging representatives to reach out if they feel certain markets or bet types should be restricted, limited, or excluded in the state. Letters were sent to the NFL, MLB, NHL, NBA, MLS, and every other league that is featured in New York’s sports betting catalogue. While New York state law allows each sport league the ability to seek restrictions, limitations, or exclusions of wagers they feel would improve event integrity, no league has yet to make a request of the gaming commission.”
Here’s the letter itself, and some excerpts:
Although we have yet to receive any such request from any league, we strongly encourage – and expect – each of your leagues to avail yourselves of this tool, should you have a reasonable belief that such a restriction, exclusion, or limitation would improve wagering integrity. Should we receive such a request, the Commission would act with alacrity – despite the 60-day regulatory timeframe referenced. The most efficient manner to make such a request is by email to requests@gaming.ny.gov.
The recent allegations, investigations and prosecutions that have come to light have caused the Commission to re-examine all individual player proposition wagers that are game specific, as well as single game specific multi-leg individual player parlays. If our review requires the outright elimination of certain bets, the Gaming Commission will use its regulatory authority to prohibit them.
Finally, from an enforcement and investigatory perspective, it’s important to note that establishing a legal mobile sports wagering account requires an individual to disclose associated records and data to the wagering provider. These breadcrumbs may be readily found by integrity monitors, regulators, law enforcement and others.
New York State stands ready to further discuss the matter and assist in any way to ensure wager and game integrity. Thank you for your ongoing efforts to promote and protect your respective sports, and thereby, the sports betting public.
ICYMI this morning:
MGM Resorts International Reports Fourth Quarter And Full Year 2025 Results (press release): Global portfolio strength drives growth in 2025
4Q25 consolidated net revenues of $4.6 billion, net income attributable to MGM Resorts of $294 million, and Consolidated Adjusted EBITDA of $635 million, representing growth of 6%, 87%, and 20%, respectively
BetMGM North America Venture distributed $135 million to MGM Resorts during 4Q25, returning over 20% of MGM Resorts’ cash investment, with future distributions expected
Repurchased 15 million shares in 4Q25 and 37.5 million in 2025, reducing shares outstanding by ~48% since the beginning of 2021
“MGM Resorts once again saw the benefit of a diversified operational strategy, delivering Consolidated Adjusted EBITDA growth of 20% in the fourth quarter despite headwinds in Las Vegas,” said Bill Hornbuckle, President and CEO of MGM Resorts International. “As we enter 2026, we are full of optimism for the future driven by the solid base of group and convention business and the completion of the MGM Grand renovations in Las Vegas, continued solid and unwavering results in our Regional Operations, premium mass leadership position at MGM China, double digit revenue growth in BetMGM North America Venture, and an international pipeline of long-term growth with MGM Osaka.”
“In 2025, we drove important financial stewardship initiatives, including sourcing low cost of debt capital for MGM Osaka, driving $135 million in distributions from our BetMGM North America Venture and $153 million from MGM China, announcing the sale of the Northfield Park operations at a significant premium to our Las Vegas and Regional brick and mortar operations multiple, and repurchasing over $1.2 billion in shares,” said Jonathan Halkyard, CFO of MGM Resorts International. “The aggregate impact of these financial initiatives positions MGM Resorts with consistent sources of cash flow to fund future growth and deliver significant value for our shareholders.”
MGM 0.00%↑ was down slightly a day after getting a nice bump following BetMGM’s report.
Here’s Reuters: “Casino operator MGM Resorts International reported fourth-quarter profit above Wall Street estimates on Thursday, driven by strong performance in its online sports-betting business…. However, the company reported a nearly 9% decline in fourth-quarter revenue from lodgings, largely due to lower prices and occupancy in its Las Vegas resorts.”
Ifrah Law has been at the center of advancing iGaming in the U.S., shaping groundbreaking legislation, leading precedent-setting cases, and guiding clients that span the iGaming ecosystem through every phase of their business journey. Learn more at IfrahLaw.com.
The latest from me on prediction markets over at The Event Horizon:
Prediction market Kalshi seeks US approval to offer margin trades (Financial Times): “Prediction market operator Kalshi is seeking US regulatory approval to allow margin trading on its platform, as it seeks to lure institutional investors with sophisticated financial contracts. Kalshi has held meetings with the Commodity Futures Trading Commission over several months in its effort to win approval, according to people familiar with the matter. … If Kalshi gets approval, the platform would initially likely only offer margin contracts to institutional investors and not retail traders, according to one of the people.”
Connecticut Gov. Ned Lamont Seeks To Ban People Under 21 From Prediction Markets (InGame): “Legislation requested by Connecticut Gov. Ned Lamont would ban prediction markets from allowing users under 21 years old to purchase contracts or be targeted by advertising in the state. Governor’s Bill No. 5038, introduced at Lamont’s request and referred Thursday to the General Law Committee, would require prediction market providers to verify that users are at least 21 and physically present in Connecticut before allowing them to open an account. The legislation carves out exceptions for sports betting, online casinos, and traditional securities trading already regulated under state law.”
💡 My take: Yeah, that’s not gonna work or happen.
Kalshi Downloads Zoom Past Gambling Apps Ahead of Super Bowl (Bloomberg): “Just months ago, Kalshi Inc. lagged far behind FanDuel and DraftKings — the dominant players in US sports betting. Now, ahead of the Super Bowl, the crown jewel of the gambling calendar, the upstart prediction market has pulled far ahead, at least by one key metric: monthly app downloads. In January, Kalshi was downloaded 3 million times, more than four times the tally for either DraftKings Inc. or FanDuel, a US unit of Flutter Entertainment Plc — and more than either of those companies even during their fastest periods of growth — according to the data firm Apptopia. FanDuel said it had 3.5 million active monthly users in its most recent earnings report.”
💡 My take: Sportsbooks have never had the same opportunity of green-field acquisition in 50 states or even several states at the same time, so I am not sure this is a terribly useful comparison. But it does point to how quickly Kalshi has grown, and the number is big even in a vacuum. The big question is how many people are depositing and then sticking around. Remember when ESPN Bet was crushing downloads after it launched?
Virginia online casino & sweepstakes bill vaults committee hurdles (SBC Americas): “A proposal to legalize casino gaming in Virginia got the go-ahead at two important committee stages in the House of Delegates this week.
House Bill 161 passed the General Laws Gaming Subcommittee on Feb. 3 and then the full General Laws Committee on Feb. 5, although not without several no votes in both instances. The subcommittee voted 5-4 in favor and the full committee voted 12-8. HB 161 now heads to the Appropriations Committee. A companion measure in the Senate, SB 118, initially stalled in subcommittee but eventually advanced after the addition of several responsible gaming measures. It cleared a committee by a 9-6 vote last week and awaits review in the Finance Committee.”
Florida AG Meeting With Sweeps Operators (South Florida Reporter): “Florida Attorney General James Uthmeier has scheduled meetings with sweepstakes casino executives in early 2026 after issuing subpoenas to several platforms — a move that could determine whether the billion-dollar industry can continue operating in the state before legislators consider banning it outright.”
The meetings, first reported by Florida Politics, will allow companies to ‘exchange information, present their cases and inform them of the strict guidelines by which they must abide to continue doing business in the state.’”
“The attorney general’s dual approach—subpoenas paired with dialogue—comes as two bills that could effectively outlaw sweepstakes casinos advance through the legislature ahead of the March session.”
Mississippi House passes online sports betting for third straight year, with potential game changer (iGB): “For the third year in a row, the Mississippi House has sent the Senate a bill to expand sports betting by allowing it online. On Wednesday, House members advanced the online legalisation bill, HB 1581, by a 84-31 vote. A similar piece of legislation was sent to the Senate last year, but it died as lawmakers in the upper chamber expressed concerns about land-based casino revenue cannibalisation and gambling addiction.”
Wanna bet? Super Bowl gamblers find a way around bans thanks to prediction markets (NBC News): “There’s no legal sports betting in California, though Super Bowl-sized loopholes — in the form of new ‘prediction market’ platforms — are allowing anyone across America to wager on games anyway.”
Criminals plot to sack Super Bowl fans for a loss. Beware these scams targeting the big game. (CBS News): “Super Bowl Sunday this year is sure to feature bone-jarring hits, goofy TV commercials and fraudsters intent on separating you from your money.”
“Unfortunately, fans need to be aware that criminal fraudsters may try to steal their money and personal information through a variety of illegal sports betting, ticketing and merchandise scams,” Sen. Maggie Hassan, a Democrat from New Hampshire and ranking member of the U.S. Congress Joint Economic Committee (JEC), told CBS News.
“Democrats on the congressional panel are warning Americans to beware a range of Super Bowl scams circulating this year. Here’s what to look out for.”
State of the Industry: 2025 Results and Policy Outlook (American Gaming Association webinar, Feb 26): Join AGA leadership for a review of 2025 revenue results, a timely discussion on policy developments affecting the industry, and a brief outlook on 2026 priorities.
Agenda
Introduction | Bill Miller, President & CEO, AGA
2025 Industry Performance | David Forman, VP, Research & Carly Johnson, Director, Research, AGA
The Threat of Sports Event Contracts | Chris Cylke, SVP, Government Relations, AGA & Governor Chris Christie
2026 Look Ahead | Bill Miller, President & CEO, AGA
Is 2026 Finally The Year To Legalize Alabama Sports Betting? (Legal Sports Report): “Six Alabama Democrats want to let the voters decide whether sports betting and other forms of gaming should be legal in the state, but they face opposition. SB 257 would require a referendum that would allow the legislature to legalize a state lottery, in-person casinos and sports betting. It would create a gaming commission to license and regulate all gaming in Alabama. The Poarch Band of Creek Indians could also negotiate a gaming compact with Gov. Kay Ivey. SB 257 is awaiting a hearing in the Senate Tourism Committee.
Virginia Delegate says more college betting can be net positive for state (SBC Americas): “Across the U.S., state legislators have plenty of opinions on what to do when it comes to betting on college sports. Virginia Delegate Garrett McGuire hopes he’s found a way to ensure that it directly benefits the very in-state teams that people are wagering on. McGuire is the chief patron of a bill that would expand legal betting on college sports in Virginia by ending the prohibition on gambling on in-state NCAA Division I schools such as the University of Virginia, Virginia Tech and James Madison University. Currently, people in Virginia can only bet on out-of-state teams.”
Blask x NEXT.io: Saturday dominates as world’s most popular iGaming day: “According to new analysis from Blask, Friday and Saturday evenings seem like the default peak time for online gambling – players are off work, relaxed, and ready to spend. This holds true for many markets, but far from all. We analysed hourly and daily activity heatmaps across 110 countries using Blask data to build a typology of player behaviour patterns. The findings challenge several assumptions about when people gamble and reveal how cultural, religious, and regional factors shape playing habits worldwide.
The latest from Straight to the Point:
Flutter becomes Cure Leukaemia’s first global partner with expanded three-year commitment (press release): Flutter Entertainment today announces a major expansion of its partnership with Cure Leukaemia, becoming the charity’s first-ever global corporate partner under a three-year agreement running to 2028.
Building on Flutter’s long-standing support for the charity, the renewed and extended partnership significantly enhances the scale and global reach of its colleague fundraising and its impact. It is expected to generate $1.3 million (or £1 million) every year for Cure Leukaemia, supporting six major clinical trials already primed for delivery and allowing expansion of the globally significant Trials Acceleration Program from 15 centers to 25. Flutter’s financial commitment will also secure funding of the complementary IMPACT networks — one of only two transplant and cell therapy trials networks in the world — and the recently established MyeCare Registry generating real world data on UK patients with acute myeloid leukaemia.
As a new global partner, Flutter will continue as headline supporter of these cycling initiatives, while expanding the partnership globally through the launch of the Cure Leukaemia Running Club. This evolution will offer Flutter’s 29,000 colleagues across more than 30 countries the opportunity to take part in flagship marathon and other running events, virtual challenges, and community fundraising initiatives worldwide. The addition of running-focused initiatives will directly contribute to funding two clinical trials per year and support specialist clinical trials nurses in ten new centers.
Kerry McNally, Group Head of Communities and Engagement, Flutter Entertainment, said: “This partnership brings together two things that matter deeply to our people. The power of sport to bring communities together and the belief that everyone deserves access to better health outcomes. What makes this so powerful is that it is driven by our colleagues. Their energy, commitment, and willingness to push themselves to make a difference. Becoming Cure Leukaemia’s first global partner allows us to scale that collective effort and deliver real impact for patients around the world.”
James McLaughlin, Chief Executive, Cure Leukaemia, said: “Flutter’s support since 2023 has been of pivotal importance in funding pioneering clinical trials with the potential to transform the lives of blood cancer patients across the UK. What has been especially striking is the way colleagues from Flutter have consistently fronted up, with passion, energy, and commitment for our cause.
