The World Cup is underway, and it is a huge opportunity for sports betting in the United States, which is one of the hosts of the event. How big is that opportunity and what should we watch over the next month? I spoke with Brian Josephs, who is vice president of the Americas for sports data and technology company Sportradar.
Related:
The World Cup will likely be the biggest gambling event in history (CNBC): “The 2026 FIFA World Cup is expected to be the biggest betting event in history — and the first to test the U.S. sports-wagering market at full scale. … Analysts predict the betting opportunities could reshape customer acquisition for sportsbooks, prediction markets and the sports-data companies that power them. Global wagers on the 2026 World Cup could top $50 billion, up from more than $35 billion during the 2022 tournament according to Macquarie analyst Chad Beynon.”
Flutter Expects Up to 100,000 World Cup Bets a Minute (Barron’s): “The 2026 FIFA World Cup kicks off Thursday, and Flutter, the largest betting brand in the world is preparing to handle an avalanche of wagers on the tournament. At peak times, the firm says it expects to manage 100,000 bets a minute.”
Michelle Cohen guides and defends Ifrah Law’s iGaming clients when government agencies launch enforcement actions alleging unlawful gambling, advertising, and marketing practices. Michelle has decades of experience advising and defending organizations facing these and other claims related to consumer protections and privacy.
When faced with cease-and-desist orders and costly litigations, Michelle’s clients count on her credibility, diligence, and deep knowledge of iGaming advertising and consumer protection laws to successfully negotiate with Federal Trade Commission (FTC) officials, state attorneys general, and gaming regulators.
Read More: Cohen on iGaming Marketing: Five Critical Steps When Regulators Call
Gambling news roundup
🚨The important stuff
CFTC’s proposed rules on prediction markets are out: You’re never going to believe this, but the rules are very friendly to prediction markets. Pretty much all sports event contracts will likely still be fine moving forward, with a few exceptions. That includes microbets on single plays…think next pitch in a baseball game, etc. The rules are not yet finalized, but this is a major step along the way.
📍My coverage below along with the usual prediction markets roundup:
Some reaction to the rules. Bill Miller, president and CEO of the American Gaming Association:
“This is a remarkable attempt to redefine what constitutes sports betting. It makes a mockery of congressional intent while going against a bipartisan coalition of 41 Attorneys General, countless legislators across the country, and the 81% of voters who recognize that the so-called “prediction markets” are backdoor sportsbooks evading state and tribal law.
The consequences are real. “Prediction markets’” evasion of state and tribal laws is estimated to have already cost communities across the country more than $1 billion in sports betting tax revenue, hurting critical local projects. This siphoning will intensify as “prediction markets” continue refusing to comply with state and tribal law.”
Mick Mulvaney, Executive Director of Gambling is Not Investing: Let's call this what it is: sports betting.
It is settled law that states and tribes are the rightful regulators of sports gambling. State and tribal officials have established thoughtful, voter-approved frameworks – complete with age minimums, consumer protections, integrity standards, and tax structures to support investment in community programs.
Now the CFTC wants to supplant state and tribal law and anoint itself a national gaming regulator, allowing companies to simply route sports betting through federal commodities law and avoid the rules.
If Wall Street can turn the Super Bowl, NBA Finals, and the World Cup into federally approved 'event contracts,' then every limit that lawmakers and regulators have placed on sports gambling becomes optional. The result will be more gambling, less accountability, and a direct challenge to state and tribal authority.
The CFTC was created to oversee commodity markets, not to become the nation's sports betting regulator. Congress never intended for federal derivatives law to become a backdoor for unsafe sports gambling.
This proposal deserves serious scrutiny from lawmakers, state officials, tribes, sports leagues, and anyone concerned about preserving the integrity of our gambling laws. A sports bet doesn't stop being a sports bet just because you call it a contract. If it quacks like a duck, it’s sports gambling.
You Can’t Bet on Little League (Money Stuff newsletter): “Instead, the CFTC asks if there is some useful economic function served by sports betting. I have previously argued that, come on, it’s sports betting; you should be embarrassed to go around saying “actually sports betting is useful for hedging and for informing economic decisions.” The CFTC is not embarrassed (pages 94-96).”
Front Office Sports | CFTC’s Proposed Sports Rules Won’t Quiet Prediction-Market Critics: “The CFTC is doubling down on the idea that they think sports are an area that falls within their jurisdiction,” former CFTC lawyer Carl Kennedy, who now works at law firm Katten Muchin, tells Front Office Sports.
🎥 FanDuel Drops Episode 3 of Series Highlighting Special Olympics Athletes
FanDuel is an Official Partner of the 2026 Special Olympics USA Games, kicking off next weekend in Minneapolis. The partnership reflects the company’s commitment to creating more inclusive opportunities to participate in sports. To help amplify the stories of athletes preparing for this summer’s competition, FanDuel created a short-form content series spotlighting athletes on their journeys to the USA Games.
This week’s episode features Tim McDonough, a track & field athlete representing Illinois, as he shares how he got into the sport and how he’s preparing to compete across five events at this summer’s games. Episodes will continue to air across FanDuel social channels every week in the lead up to the 2026 USA Games. Watch the full episode below:
🏛️ Legislative and regulatory updates
NJ Lawmakers Busy Looking To Change Sports Betting Laws (InGame): “But a series of bills now at different stages in the state legislative process threaten to, at best, change the way things are done in the state, and at worst, kind of flip over the whole apple cart. Worth noting: The bills below are either bipartisan or Democratic-sponsored, the legislature is Democrat-dominated, and the governor is a Democrat. Meaning, basically: If these bills get through, they are likely to be signed into law.”
🔮 Prediction markets
ProphetX Obtains CFTC Approval to Operate America’s First Federally Regulated Sports-Native Exchange (press release): ProphetX, America’s first sports-native prediction market, today announced that the U.S. Commodity Futures Trading Commission (CFTC) has approved its applications to register as a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO). With these CFTC licenses, ProphetX is poised to become the first sports-native, direct-clearing prediction market to launch and operate in full compliance with the CFTC’s DCM and DCO regulatory framework. The approvals follow Prophet’s submission of its DCM and DCO applications in November 2025, as well as its April 2026 comment letter responding to the Commission’s Advance Notice of Proposed Rulemaking on Prediction Markets.
“This approval positions ProphetX to become the first sports-native direct-clearing prediction market in the United States,” said ProphetX CEO and Co-Founder Dean Sisun. “We can now expand our best-in-class sports event market offerings to millions of Americans across the country while competing on a level regulatory playing field. ProphetX thanks CFTC Chairman Selig for his leadership and the Commission’s staff for their work throughout the application process, and we look forward to helping shape the future of prediction markets.”
Commission of 1: A top Wall Street regulator gains new sway over crypto, prediction markets under Trump (Politico): “Michael Selig, who leads a tiny Wall Street regulator, in less than six months on the job has begun ushering in a friendlier landscape for the hottest and riskiest frontiers of finance. But his ascendance is drawing alarms on Capitol Hill and even within his own agency, the Commodity Futures Trading Commission.”
Kalshi’s Push To Punish Polymarket Has Yet To Move CFTC (Sportico): “In a letter to the CFTC dated April 30 regarding prediction market rulemaking, Lopes Lara asked Selig to crack down on Kalshi’s main competitor Polymarket for not doing enough to block U.S. citizens from accessing its unregistered international exchange. The CFTC’s much-anticipated rule proposal for exchange betting, released on Wednesday, makes no mention of that issue. It remains possible the CFTC will take on Polymarket separate from this round of rulemaking, but the agency has not indicated any plan to do so.
I Predict the FTC and Class Action Plaintiffs May Have a Problem with Prediction Market Influencers (Ifrah Law blog): “Rather than turning a blind eye or even encouraging posts that do not disclose payments or other consideration, the prediction market platforms, any gaming company and businesses in general, should have clear rules for influencers to comply with the FTC guidelines and to disclose material connections in their posts. Companies should periodically audit compliance and take action (such as requiring removal of posts and terminating relationships). These actions can help demonstrate good faith efforts to comply with the FTC disclosure requirements.”
Timothée Chalamet + Kalshi:
📣 Industry news
The Handle: Strong Report Shows More Handle Growth For Maryland Sports Betting In May (paywall): Maryland is the latest major market to publish its May sports betting data, another favorable report to reinforce its recent pattern of growth.
Here were the vitals for the month:
Handle: $535,415,353 (▲ 6.1%)
Revenue: $65,773,621 (▼ 0.8%)
Hold: 12.3%
The Handle: Strong Report Shows More Handle Growth For Maryland Sports Betting In May
Maryland is the latest major market to publish its May sports betting data, another favorable report to reinforce its recent pattern of growth.
Hires and Higher-Ups: Casino chief the latest out the door at FanDuel (SBC Americas): “The gaming giant is now on the search for a new Managing Director of Casino after Asaf Noifeld announced plans to relinquish his role. Noifeld has been with the Flutter-owned gaming giant since May 2022 but is stepping down from his role.
“After more than 12 years with Flutter Entertainment, I’ve decided it’s the right moment for the next adventure,” said Noifeld in a LinkedIn post. “I joined the company in 2014 and honestly had no idea at the time how much this journey would shape me – professionally and personally.”
Flutter Entertainment plc Announces Intention to Delist from the London Stock Exchange (press release): Flutter Entertainment plc (”Flutter“ or the “Company“) (NYSE: FLUT; LSE: FLTR), the world’s leading online sports betting and gaming company, today announces its intention to delist its ordinary shares from the London Stock Exchange (”LSE“) with effect from 8.00 a.m. (London time) on Monday August 3, 2026 (the “LSE Delisting“).
Flutter’s shares will continue to be listed and admitted to trading on the New York Stock Exchange (”NYSE“) under the symbol “FLUT” following the LSE Delisting and, once the LSE Delisting takes effect, Flutter’s ordinary shares will only be listed on the NYSE.
Background to and Reasons for the LSE Delisting: On May 7, 2026, the Company announced, as part of its Q1 Financial Results, that it was undertaking a review of its LSE listing. As part of the review of its listing structures, the Company carefully considered, among other things, the level of trading activity in its shares on the LSE as well as the additional cost, and regulatory and administrative obligations arising from retaining the LSE listing, and concluded that it is in the best interests of the Company and its shareholders to proceed with the LSE Delisting.
Caesars Insiders Dump Shares At Prices Lower Than Pending Fertitta Offer (Legal Sports Report): “Two insiders at Caesars sold large stakes in the company this week at prices below the $31 per share offered by Fertitta Entertainment. Director Michael Pegram and Chief Legal Officer Ed Quatmann Jr. each sold millions of dollars worth of shares. The sales were executed at average prices of $29.41 or lower, leaving significant upside on the table if the shares had been held until the close of the Fertitta transaction.”
Hard Rock + Matthew Broderick:
Playradar Releases Four Football-Themed Titles Ahead of World Cup (press release): Playradar, Sportradar’s igaming brand, today announced the release of four football-themed games ahead of the 2026 FIFA World Cup which begins on June 11.
The four games titled World Football x2026, Virtual Football World Championship 2026, Football Plinko Pro, and Lucky 6: Football edition are each designed to target a different player segment. This drop features two original titles and two updated versions of pre-existing hits.
The content stack reflects Playradar’s broader strategy of connecting sports bettors and casino players through content that creates a natural link between the two verticals. Since launch in March 2026, Playradar has been rapidly expanding its geographic footprint and game offering for clients.
The headline launch, World Football x2026, is Playradar’s most distinct sports casino entertainment title to date. It captures the universally familiar experience of filling in a tournament bracket and gamifies it using popular Mines-style mechanics. Players select the outcomes of the Round of 16; if they are correct, they advance through each round to the final. One wrong prediction ends the game, while a cash-out option keeps the tension high throughout. …
Edo Haitin, EVP of iGaming said: “The scale of the 2026 World Cup is unprecedented with the sheer volume of fans entering markets worldwide creating huge demand for football-themed content, and the operators best placed to succeed are those with games that meet every need. These four titles have each been designed with that in mind. The World Cup attracts a huge spectrum of customers, and when taken together, this product stack provides operators with the tools needed to keep them engaged throughout the tournament.”
PENN Entertainment Celebrates the Official Opening of New Hotel at Hollywood Casino Columbus (press release): PENN Entertainment, Inc. is pleased to announce the new hotel tower at Hollywood Casino Columbus has officially opened. The $100 million, 203-room hotel provides guests with upscale accommodations at the premier gaming, dining, and entertainment experience in Columbus. The 150,000 square-foot tower features 183 standard rooms and 20 luxury suites, a full-service bar and restaurant - The Hill Eatery & Lounge, conference rooms, fitness center and an outdoor seating terrace. In addition to the hotel, Hollywood Casino Columbus will also introduce an expanded high limit table games room and speakeasy bar in the third quarter of 2026, pending customary regulatory approvals. PENN estimates the overall expansion will add 150 new jobs at the property.
📖 Other things you should know/read
How a Tiny British Island Fell Into an International Gambling Scandal (Bloomberg): “On a cool April morning in 2024, dozens of British police boarded a ferry on England’s northwest coast bound for the Isle of Man. Their arrival was kept secret. Only the most senior officials on the island, a self-governed state overseen by the UK, had been notified, according to a person debriefed after the raid — for fear of jeopardizing the largest law enforcement operation in the island’s history.”
Massachusetts schools launch curriculum to curb teen sports betting (WCVB): “Sports betting is surging in Massachusetts, and kids and teens are finding ways to bet underage, prompting concerns about addiction, anxiety and depression. But Medfield High School is piloting new curriculum aimed at educating students about the risks of gambling.”
"We have to do something about it now before it gets too out of hand, and it is already out of hand," said Paul Coutinho, a teacher leading the class.
Terry Rozier pleads not guilty to new charges; Feb. trial set (ESPN): “Terry Rozier pleaded not guilty Wednesday to new charges of sports bribery and honest services wire fraud conspiracy linked to an alleged scheme to defraud betting platforms by gambling with inside information. Federal prosecutors had filed the new charges last month, alleging the former NBA player agreed to a $100,000 bribe in order to manipulate his performance in a game while with the Charlotte Hornets in 2023.”
Gambling Harm Blame Game: New Study Says Researchers May Have Wrong Culprit (Casino Reports): “Much of the academic research linking legalized sports betting to financial and mental health harm can’t actually separate it from online casino gaming.”
Texas Tech ruling ignites debate on sports betting and gambling addiction (PBS): “A judge’s ruling in Texas is sending shockwaves through college sports. Texas Tech quarterback Brendan Sorsby, who wagered $90,000 on sports games, was banned from the sport. But he and the school appealed, arguing he has a gambling addiction and anxiety issues.”
Big Ten won’t prohibit members from scheduling Texas Tech amid Brendan Sorsby gambling fallout (The Athletic): “The Big Ten is not expected to implement a mandate that would prohibit schools from scheduling Texas Tech, two people involved in the discussions told The Athletic on Thursday.”
Brendan Sorsby ruling revives Iowa student‑athlete betting controversy (Des Moines Register): “The court’s temporary injunction had all corners of Iowa college sports rushing online to highlight a double standard between Sorsby’s case and the Iowa and Iowa State student‑athletes whose seasons — and in some cases careers — were derailed by a controversial state‑run gambling probe launched in 2023.”
Rule-Breaker Brendan Sorsby Did Not Corrupt College Sports (InGame): “Where the NCAA loses me is the idea that the only real answer here is to end his college career, which would have been the practical effect of the NCAA’s decision to declare Sorsby ineligible.”
Why New York’s Chuck Park Is Running An Anti-Gambling Campaign (Casino Reports): “Tired of ubiquitous ads for casinos and sports betting? New York congressional candidate Chuck Park has the solution for you: a complete ban. He equates gambling with tobacco and alcohol, as addictive substances that need federal regulation.”
“Tobacco used to be on TV all the time, on billboards, in commercials. I’m old enough to remember that too,” says the youthful-looking Park, who’s in his early 40s. “I’m actually older than I might seem.”
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