The Cashout: Fanatics Is Looking Like A Legit No. 4 In US Sports Betting

Gambling news roundup: Bet365 launches in two states; sweepstakes operator faces criminal charges in Connecticut

Mar 16, 2025

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

We’ll dig into the early February sports betting numbers: Fanatics continues to impress and a search for signs of hope for ESPN Bet.

But first, a free roundup of gambling news:

Gambling news roundup

A quick piece I did on Friday:

Friday Night News Dumps: Kalshi Gets More Time In Nevada; Underdog Settles In NY

Dustin Gouker

Mar 14

Friday Night News Dumps: Kalshi Gets More Time In Nevada; Underdog Settles In NY

A couple of decently big pieces of news broke tonight, so figured I would send out a brief update.

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bet365 Live Today in Tennessee, Came Online Earlier This Week in Illinois (Sports Betting Dime): “After months of speculation, bet365 today has launched online sports betting in Tennessee, just days after also launching online sports betting in Illinois. Bet365 received an online sports betting license from the Tennessee Sports Wagering Council in February, while it was approved for approved for a management service provider license in Illinois this past December.”
- If it wasn’t already clear that Bet365 is intent on growing its share of the pie in the US, it should be now. The operator is already a major player in all the states where it’s live, and I’d expect similar as it turns on two new states.
DCP Issues Summary Suspension of High5Games License for Conducting Illegal Gaming Activity (State of Connecticut): “The Department of Consumer Protection Gaming Division has issued a summary suspension of the license for Online Gaming Service Provider, High5Games. High5Games is a licensed service provider that develops and provides online slot content for the legal gaming platforms in Connecticut. The Gaming Division’s investigation determined that High5Games also illegally operates an unlicensed online casino, High5Casino. High5Casino was marketed by High5Games as a legal ‘licensed’ casino and accepted wagers from Connecticut bettors, including individuals who had signed up for the statewide Voluntary Self-Exclusion List. … High5Games, a majority owner of High5Casino, will be charged with 1,065 criminal counts of conducting illegal gaming activity. Gaming Division Criminal Investigators will seek criminal charges for all of the violations of Connecticut’s gaming laws, for which each charge is a Class A misdemeanor carrying a penalty of up to one year in jail and a fine of up to $2,000.”
- More context from Casino Reports here and CT Insider here.
- High 5 was one of the first members of the Social and Promotional Gaming Association.
- Things are escalating quickly in Connecticut — and indeed across the country — for the sweepstakes casino and sportsbook industry. The move to criminal charges is a step beyond actions taken in states like Michigan and West Virginia. The addressable market is shrinking for operators via official actions and voluntary departures from states. And that’s before any state has passed a bill to ban the industry; legislation has been introduced and is advancing in a number of states.
- Meanwhile, Nevada Bill Would Increase Penalties for Sweepstakes, Illegal Online Gambling Providers (Covers.com): “Nevada is considering a bill that would significantly increase the penalties for illegal online gambling operators. The bill would allow for the ‘disgorgement of any profits, gains, gross receipts, or other benefits relating to illegal gaming activities.’ … Although not explicitly stated, the bill would also apply to so-called ‘sweepstakes casinos.’”
How an NBA fairy tale became sport betting’s cautionary tale (Washington Post, paywall): “Jontay Porter went from obscure to infamous in the inaugural corruption scandal of the online sports betting boom.”
Hawaii digital sports betting bill passes first senate committee (iGB): “The Hawaii senate joint committee on economic development and tourism and commerce and consumer protection unanimously moved forward HB 1308 on Thursday (13 March). Of the nine votes, four were ‘with reservations.’ The bill would allow four digital sports betting platforms and no retail locations. It does not have a tax rate or fees in it. Both were removed by a house committee that wanted to keep the issue alive. The bill has been passed in the house and now by one senate committee.”
Powerful group wants Alabama gambling bill with sports betting, table games: Can it pass? 9 things to know (AL.com): “The Poarch Band of Creek Indians operates casinos on tribal property in Atmore, Wetumpka, and Montgomery, resorts with hotels, restaurants, and entertainment venues.
The main draw for the gamblers is electronic bingo machines, which play like slot machines. There is no blackjack, poker, craps, roulette, and other table games because those are not legal. Arthur Mothershed, executive vice president of business development and government relations for the Poarch Creeks, said that means some would-be customers take their business elsewhere, like the casinos in Mississippi.”
MU discusses potential ban on sports betting (KOMU): “The University of Missouri Faculty Council discussed potential policies that could ban all faculty, staff and students from betting on Mizzou, and any UMSystem, sports Thursday afternoon at Cornell Hall. While Missouri voters narrowly approved Amendment 2 in the November general election, legalizing licensed sports betting, Missourians are still not able to place sports wagers.”
A new podcast traces how state lotteries became big business (NPR): “‘Scratch and Win’ is a new WGBH News podcast about how a bunch of Massachusetts state bureaucrats set out to beat the mob at its own game — and ended up creating a $100 billion dollar obsession.”
Six-figure jackpots at BetMGM (press release): “Two six-figure progressive jackpots were won on February 19 and February 20 at BetMGM Casino in Michigan. A player won a $577,164 progressive jackpot on a $5 spin on MGM Grand Millions on February 19. The following day, another player won $654,175 on a $60 spin on MegaJackpots Fortune Coin. ‘Two six-figure jackpots in two days truly showcases the power of our progressive jackpot network,’ said Angus Nisbet, VP of Gaming, BetMGM. ‘BetMGM awarded more jackpot progressive payouts to Michigan players than any other market in 2024, and this year is clearly starting strong for Michiganders as well.’”