The Cashout: FanDuel, DraftKings Still In Dead Heat For March Sports Betting

Plus US online casinos hit a new record. Gambling news roundup: The NBA makes its feelings known about sports betting via prediction markets; Fanatics launches standalone online casino.

May 02, 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.

March is neck-and-neck for the two biggest US sports betting operators, while the US online casino industry is still booming with record numbers almost across the board.

But first, here’s all the gambling news you need to know:

Gambling news roundup

The Closing Bell: Robinhood Talks Kalshi Deal, Sports Betting In Q1 Earnings (Event Horizon): “Robinhood’s partnership with Kalshi and its continued rollout of prediction markets — including sports betting — was a major theme of the Q1 earnings call of the trading platform. The top-line number is that Robinhood has seen a billion contracts traded via prediction markets. And while half of that came on the November elections, most of the rest came on sports, including March Madness betting.”
- Link also includes a roundup of ALL prediction markets news from this week. Including some stuff you probably didn’t read before.
- NBA: 'Integrity Risks Posed By Sports Prediction Markets Are More Significant' Than Legal Sports Betting (Event Horizon): “Without oversight and regulation tailored to the specific circumstances of sports wagering, the integrity risks posed by sports prediction markets are more significant and more difficult to manage than those presented by legal, regulated sports gambling,” reads the letter, signed by Alexandra Roth, the NBA’s vice president and assistant general counsel for league governance & policy.
- Illinois Gaming Board Agrees To Wait On Kalshi Enforcement As Federal Litigation Unfolds (Comped.com): “Communications obtained from the Illinois Gaming Board via a Freedom of Information Act (FOIA) request indicate Illinois has agreed to temporarily hold off enforcement actions against Kalshi, the federally regulated prediction market operator. This agreement comes as Kalshi faces regulatory scrutiny from multiple states, including Nevada and New Jersey. According to the email sent by a Kalshi attorney, Illinois gaming regulators have agreed to preserve the status quo until at least April 30, pending a key status conference scheduled in federal court in Nevada. The email states explicitly that the Illinois authorities agreed ‘not to initiate any civil or criminal enforcement against Kalshi’ until after that hearing.”
  - It’s not clear what’s next, since that date has passed.
Fanatics launches standalone online casino app in four states (SBC Americas): “Fanatics Betting & Gaming is expanding its offerings with the launch of a standalone online casino product in four regulated markets across the country. Fanatics Casino debuted on Friday in Michigan, New Jersey, Pennsylvania and West Virginia giving it access to some of America’s largest regulated online casino markets.”
NCAA, Iowa State negotiate sports betting discipline for 5 football support staffers (AP): “The NCAA has taken disciplinary action against five current or former Iowa State football support staff members for combining to make more than 6,200 online bets totaling more than $100,000 on professional and college games, including men’s and women’s basketball games involving the Cyclones.
The five were identified during a state investigation into sports wagering activities in campus athletic facilities from 2021-23. They face no criminal charges.”
Oddsmakers talk Kentucky Derby: Size of the field could be a ‘concern with Journalism’ (The Athletic): Journalism opened as the favorite for many reasons, but is he a surefire bet? “Journalism is coming off four straight wins, so everyone’s conversation starts with that horse,” Thomas Gable, director of race and sports at the Borgata in Atlantic City, said. “If there’s one concern with Journalism, it’s the size of the field. He’s used to competing against small fields in California, and we know sometimes the traffic in the Derby is too much to handle. He drew a great post and doesn’t have a lot of question marks around him coming in, so he’s the rightful favorite.”
- DraftKings Targets Kentucky Derby Betting With App Upgrades, Promotions (Legal Sports Report): “DraftKings is once again leaning into the Kentucky Derby as a key customer acquisition and engagement opportunity, and this year’s effort comes with several changes aimed to improve access and ease of use around the Super Bowl of horse racing. … DraftKings’ DK Horse app launched a single sign-on with the main DraftKings sportsbook and fantasy platform ahead of last year’s Derby, allowing bettors to go between products without needing separate logins. Avello told LSR the enhancement led to twice as much engagement on the app.”
MoviePass’ next big pivot is basically blockchain sports betting for film buffs (The Verge): “Today, MoviePass and Mysten Labs announced the imminent launch of Mogul, a new “competitive entertainment experience” inspired by fantasy sports. Built on Mysten’s Sui blockchain, Mogul will give users a way to compete against one another with fantasy-style tournaments and challenges focused on making predictions about films’ critical ratings, awards they might win, and how they perform at the box office. Users will be able to win digital collectibles (read: NFTs) and in-game currency, while comparing their rankings on a leaderboard.”
New Jersey and UAE gaming regulators to work together (SBC Americas): “The respective gaming regulators of New Jersey and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MOU) to collaborate on strengthening the commercial gaming industry. The New Jersey Division of Gaming Enforcement (DGE) and the UAE’s General Commercial Gaming Regulatory Authority (GCGRA) will work together on regulatory cooperation with a focus on responsible gambling, technology and innovation and cybersecurity. Part of the idea is to help New Jersey’s gaming infrastructure and technology ecosystem maintain and grow its international competitiveness.”

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.