The Cashout: April Sports Betting Has A Battle For Third

Gambling news roundup: The week in prediction markets from The Event Horizon, updates on Ohio online casino and lottery legislation; news on the Missouri sports betting launch.

May 17, 2025

∙ Paid

TCL offers market analysis in the US gambling space in The Cashout every weekend to paid subscribers, along with a news roundup for free subscribers.

We have more April sports betting numbers. And while FanDuel and DraftKings remain in a battle for first, this summer could see a fight for who is No. 3.

But first, the free gambling news roundup. For all things prediction markets for the week, please check out my other newsletter, The Event Horizon:

Event Horizon

The Closing Bell: Nevada Ramps Up Its Case Against Kalshi

Editor’s note: A friend of the program, attorney Andrew Kim, graciously allowed me to syndicate his thoughts on the legal updates in Nevada in the Kalshi lawsuit to lead today’s roundup. Follow him on LinkedIn for more…

a month ago · 1 like · Dustin Gouker

Gambling news roundup

iGaming, iLottery legalization poised to move quickly as Ohio's budget process moves on (Statehouse News Bureau): “A plan to expand gambling in Ohio to allow for betting on casino games, horse races and the lottery online seems to be on track to move quickly – maybe even to become part of the state budget. But there are key questions the idea brings up. Senate Bill 197, a 700-page measure from Sen. Nathan Manning (R-North Ridgeville) would allow for iGaming and iLottery with a 36% tax rate, and a $50 million licensing fee. ‘I think we can be up and running pretty quickly if we get this passed — certainly if it goes in the budget, obviously,’ said Manning in an interview after the committee he chairs heard the details of his bill. ‘The revenue the first year, a lot of people are projecting a little bit more like $300 million. In a fully mature market, more like $600 to $900 million.’”
- I am a bit skeptical that a bill to legalize online casinos is going to “move quickly,” based on the history of bills on this topic in the US. But I’ll hope to be pleasantly surprised.
Lawmaker Proposes Ohio Sports Betting Handle Tax (Legal Sports Report): “Sen. Louis Blessing authored SB 199. It would levy an additional 2% tax on the overall sports betting handle in the Buckeye State. Operators could deduct the amount of federal excise tax paid, but not free play. Blessing suggests using the funds to support publicly-owned sports facilities and interscholastic athletics.”
- 1. Please stop coming up with nonsensical policies that raise taxes on sportsbooks on a whim.
- 2. This is not that much different in practice than the proposed doubling of the tax rate in the state which was already rejected. But it happens to be a worse policy that would hurt any sports betting model that generates less hold (see sports betting exchanges).
Gaming Regulators Confirm Dec. 1 Missouri Sports Betting Launch (Sports Betting Dime): “The Missouri Gaming Commission has officially opened its licensing process for interested sports betting operators, but will be unlikely to launch sports betting in the Show-Me State prior to the constitutional deadline.
The commission will accept applications for tethered and untethered sports betting licenses starting today through Sept. 12, 2025. In total, the commission will be allowed to issue up to 19 retail sports betting licenses and up to 14 online sports betting licenses under the approved framework. However, the timeline will not allow Missouri sports betting to launch earlier than the Dec. 1, 2025, constitutional deadline, according to the chairman of the Missouri Gaming Commission.”
Wyoming on limiting sports bettors: The Wyoming Gaming Commission put together a packet of information for its special meeting on Friday. In that packet was a memo from Michael Steinberg, Special Agent Supervisor, that read as follows:
- “During the annual fall meeting you instructed staff to get data from the online sports wagering operators related to their usage of limiting Wyoming patrons. After several conversations with all the operators we have received the data that we requested.
  First, it is important to note that the conversations with the operators was both educational and very productive. Director Larramendy and I learned a great deal about why operators limit patrons. Spanky, and the bettors association, would like you to believe that the operators are only limiting the bettors who are doing well and winning consistently. This is not the case.
  Most of the reasoning’s for limiting a patron revolve around the patron “cheating” in some manner. Cheating by placing prop bets while at a live event, ahead of the televised feed, beating the sportsbooks ability to remove the bet once the prop has been completed. Cheating by grouping up with other bettors to manipulate a line at one sportsbook in order to change the line at another. Cheating by creating multiple accounts to take advantage of special incentives. There are several more examples. The only reason for limiting a patron that gave us any concern was when an operator limits a patron for finding their errors in making odds and taking advantage of those errors.
  Overall, the data showed that less than 1% of Wyoming sports bettors are limited at all and most of those have very reasonable limits placed on them. Of that less than 1% of total limited bettors, less than 10% of those were limited because they exploited the sportsbook’s errors.
  To date, staff has not received any complaints from Wyoming residents about being limited by a sportsbook. Given all the data we’ve collected, staff does not see a problem in Wyoming with the limiting of sports wagering.
Penn sends letter to shareholders about proxy mess: Things are going great here, as here’s one of the headers in the letter: “Overview of HG Vora’s Blunderbuss Campaign and Reckless Approach to State Gaming Authorities and Applicable Law.” If you’re not following this, a summary and some more backstory here. Some excerpts from the letter:
- “We are writing to provide an important update on the Company’s performance, progress on its key strategic priorities to drive shareholder value and significant efforts to reach a mutually agreeable and reasonable resolution with HG Vora Capital Management, LLC (“HG Vora”).
- “Our engagement with HG Vora dates back well before 2023, however, since that time: Members of the PENN Board and management team have held more than 25 meetings or calls with representatives of HG Vora.”
- “Over the course of our engagement, HG Vora has consistently (1) made demands of the Company that would have been value-destructive and that were short-sighted, short-term and self-serving in nature, (2) demonstrated flagrant disregard for the views and directives of state gaming authorities, and (3) rejected each of our reasonable offers to reach a mutually agreeable resolution.”
- “We have engaged with HG Vora extensively in good faith and in accordance with applicable gaming laws. The Board thoroughly interviewed and evaluated all three of HG Vora’s nominees. In the course of that process, our Board determined that Mr. Hartnett and Mr. Ruisanchez would bring relevant expertise and experience in the gaming industry – across both digital and retail – and would be additive inside the Boardroom. The Board carefully considered Bill Clifford, as part of the aforementioned process; however, the Board determined that Mr. Clifford is unsuited for the PENN Board…”
  - You can check out the whole letter here.
New NBA live dealer game at Caesars (press release): “Caesars’ online casino platforms now feature a special NBA live dealer blackjack game as part of its expanding live dealer offerings. Players aged 21 and older in New Jersey, Michigan, Pennsylvania and West Virginia can now play live dealer blackjack on an NBA-branded felt on Caesars Palace Online Casino and Caesars Sportsbook & Casino. This new feature offers a unique gaming aesthetic, depicting a hardwood basketball court, as the NBA Playoffs are in full swing. ‘This expanded live dealer experience, created in collaboration with the NBA, is another example of our commitment to delivering engaging and innovative content across our digital gaming offerings,’ said Matt Sunderland, Senior Vice President & Chief iGaming Officer at Caesars Digital. ‘We’re glad to build on the successful launch of our new NBA Triple Double Power Combo slot title from last month with this expansion at a time when the excitement around NBA Playoffs continues to build.’”

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.

Bill that would give the Texas Lottery ‘a two-year lease on life’ gets Senate approval (Texas Tribune): “The Texas Senate unanimously approved a bill that would abolish the Texas Lottery Commission, move the state’s game to a different agency and add several new restrictions on how lottery tickets can be purchased.
Senate Bill 3070 would move the Texas Lottery and the state’s charitable bingo operation to the Texas Department of Licensing and Regulation and create new criminal offenses for people who buy lottery tickets online or en masse. The bill also mandates a review in two years by the Texas Sunset Advisory Commission that will determine if the game should continue in any capacity. ‘They have a two-year lease on life — we’ll see what happens under the new agency,’ Lt. Gov. Dan Patrick said as the bill was passed on Thursday.’
- This bill would also apparently ban courier services; a jackpot won via a courier was the spark for the current mess around the lottery in Texas and the idea that it could be shut down entirely.
The Case for Regulating Online Gambling (City Journal): “But prohibition is not a cure-all. While a ban would surely reduce the number of bettors and de-normalize the activity, many would simply continue their play with unregulated operators––especially now that the population of gamblers has expanded from years of legalization. This is particularly true for those most at risk, who would be even less likely to seek or receive treatment. The alternative to prohibition, however, isn’t to give online gambling free rein. Like other vices, it should be regulated to reduce its negative indirect effects, correct information asymmetries, and address behavioral market failures by focusing on the two aspects that justify government intervention: addiction and predation.”
Caesars Foundation Donates $200,000 to the International Center for Responsible Gaming to Advance Groundbreaking Research and Education on Responsible Play (press release): The International Center for Responsible Gaming (ICRG) is proud to announce that it has received a $200,000 grant from the Caesars Foundation to support cutting-edge research and education programs aimed at reducing gambling-related harm and enhancing responsible play initiatives across the globe. This grant will fund a comprehensive range of ICRG programs in 2025, including $180,000 dedicated to competitive research grants and educational dissemination focused on topics such as the biological and psychological mechanisms of gambling, co-occurring mental health conditions, treatment innovation, public health messaging and the impact of gambling-related policies. … ‘This generous commitment from Caesars Foundation underscores their ongoing leadership in corporate responsibility and dedication to advancing the science of responsible gambling,’ said Arthur Paikowsky, President of ICRG. ‘Together, we are helping ensure that policies, treatment options, and prevention strategies are rooted in rigorous and independent scientific evidence.’”
‘Refusing to move forward with even a study’: The quiet demise of allowing sports betting in Minnesota (Minn Post): “On Tuesday, the Senate Taxes Committee rejected a proposal ‘to study, evaluate, provide recommendations and issue a report on the legalization of sports betting.’ … That each attempt to legalize sports wagers dies on arrival is somewhat unusual. … The politics of sports betting in Minnesota includes debates on whether to make gaming exclusive to tribes, and how to incorporate state-licensed racetracks, which presently have cornered the state’s legal sports gambling market.”
Four Premier League clubs warned over gambling sponsors (BBC): “Four Premier League clubs have been warned by the Gambling Commission over their relationship with an unlicensed gambling business. Bournemouth, Fulham, Newcastle, and Wolves - plus Burnley who have earned promotion from the Championship for next season - are all sponsored by betting websites run by TGP Europe. The company surrendered its British licence after an investigation found it had failed to ‘carry out sufficient checks on business partners’ and breached ‘anti-money laundering rules.’”