The Cashout: Fantasy Apps Rising; DraftKings Clears FanDuel In NY
Gambling news roundup: Kalshi's Masters betting is already bigger than the Super Bowl; Hawaii sports betting bill hits a speed bump; PrizePicks re-ups with Atlanta Braves
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.
Fantasy pick’em apps are ascedant in the App Store. Each month makes it more clear that there’s a definitive pecking order for the “Big 6” sportsbooks in the US. Plus DraftKings beats FanDuel in New York — for the first time in years for revenue.
But first, here’s all the gambling news you need to know:
Gambling news roundup
Kalshi Has More Trading On The Masters Than The Super Bowl (The Event Horizon): ”The Masters’ second round got underway this morning; with both pre-tournament and live trading, Kalshi has seen more than $33 million in volume so far. That’s a notable number, because that eclipses the $27 million traded on this year’s Super Bowl. So why is golf betting bigger?”
That plus a roundup of all things prediction markets — including a lot of stuff I don’t include in this newsletter! — in Friday’s The Closing Bell. Click and subscribe if you want EVEN MORE prediction markets news. If you are happy with your current level of PM news at The Closing Line, I am happy you are here.
Indiana on the precipice of outlawing lottery couriers (SBC Americas): “Multiple bills in Indiana that would make operating a unauthorized lottery courier service in the state a criminal offense could be close to passing. Senate Bill 94 has passed both legislative chambers and an amended version has been returned to the Senate for concurrence.”
Michigan Gaming Control Board opens investigations into unlicensed sports prediction markets (press release): “The Michigan Gaming Control Board (MGCB) has initiated investigations into unlicensed sports prediction markets operating within the state. These platforms, which bypass Michigan’s regulatory framework, have raised significant concerns about consumer protections. Michigan’s investigations align with similar actions already taken by other state regulatory bodies and focus on how this form of unlicensed sports betting may jeopardize the integrity of Michigan’s legal sports betting system. ‘We take consumer protection very seriously and are committed to ensuring that Michigan residents are engaging with safe and legal sports betting options,’ said Henry Williams, Executive Director of the MGCB. ‘Unlicensed entities not only pose a risk to consumers but also undercut the integrity and revenue-generating potential of the state’s regulated sports betting industry. We are actively investigating these practices and will pursue appropriate measures to protect Michigan bettors.’”
This isn’t new — reports about this were out earlier — but the official announcement/PR is new.
Hawaii sports betting heading to conference after House disagreement (SBC Americas): “The path to legalization for HB1308, the measure to legalize online sports betting and fantasy sports in Hawaii, is a little more complicated after the House voted to disagree with the Senate’s version of the bill. The Senate passed the amended sports betting bill earlier this week. … Sine die for this year’s legislative session is May 1, which gives the conference committee, which will include lawmakers from both chambers, a little over two weeks to iron out a compromise.”
PENN inks ex-FanDuel product leader Turchin as new CPO (SBC Americas): “PENN Entertainment has pulled in former FanDuel SVP of Product Billy Turchin to lead the company’s numerous online gaming brands into the future.
In a LinkedIn post, Turchin announced that he has joined the company as PENN Interactive’s Chief Product Officer.”
It’s clear new voices are needed if Penn is going to turn around its sports betting product with ESPN Bet. But will new voices be enough?
PrizePicks Renews Partnership with Atlanta Braves in Multi-Year Deal (press release): “PrizePicks, the largest daily fantasy sports operator in North America, has renewed its partnership with the Atlanta Braves, reaffirming its position as the club's Official Daily Fantasy Sports Partner. This new three-year agreement reinforces the longstanding relationship between the two Atlanta-based powerhouses, building on a successful collaboration that began in 2020. ‘We are thrilled to continue our partnership with the Atlanta Braves and to bring even more unforgettable experiences to fans across Braves Country,’ said Mike Quigley, Chief Marketing Officer at PrizePicks. ‘As a company rooted in community and growth, we’re proud to extend this collaboration for a fifth consecutive season and deepen our connection with fans nationwide.’”
Michigan Gaming Control Board cracks down on 13 illegal offshore gambling websites targeting state residents (press release): “The Michigan Gaming Control Board (MGCB) has taken swift and decisive action against 13 illegal offshore gambling websites, which were found to be unlawfully targeting Michigan residents. The websites in question — Captain Jack Casino, Casino Brango, Ducky Luck Casino, El Royale Casino, Jazz Casino, Jazz Sports Casino Racebook, Looselines, Planet 7 Casino, Red Dog Casino, Royal Oak Casino, Silver Oak Casino, Skybook, and Slots of Vegas — were operating without proper state licenses, in clear violation of Michigan law.”
VGW Response To Delaware Division Of GAMING ENFORCEMENT
STATEMENT (press release): Before I get into the content, I think it’s pretty interesting that VGW is now doing its own PR work. Notably, VGW (Chumba Casino, Luckyland and Global Poker brands) is not a member of the Social and Promotional Games Association. Here’s the full presser:
In relation to a statement issued by the Delaware Department of Gaming Enforcement (DGE) on 07 April, 2025, VGW stands by its online, casino-themed, free-to-play social games and sweepstakes promotions and continues to believe they comply with Delaware law, as well as the laws of all other jurisdictions in which those games continue to be offered.
VGW is deeply disappointed at the statement issued and disagrees with its assertions.
VGW is committed to working with state legislators to establish modern regulatory structures that safeguard players and provide benefits to state revenue through appropriate taxation frameworks. Similarly, we are also committed to respectful engagement with state authorities or agencies.In this situation, at the urging of the Delaware Lottery, DGE demanded that VGW cease operating despite the DGE’s own communications acknowledging that VGW’s activities had caused no harm to Delaware residents. VGW attempted to engage with DGE to understand its concerns, repeatedly requesting the opportunity to discuss these issues with the agency, but were rebuffed. As such, VGW elected to voluntarily withdraw its services from Delaware earlier this month, despite disagreeing with the DGE’s position.
VGW has operated in North America for more than a decade, creating not only great games, user experiences and entertainment but ensuring this is done safely, responsibly and at the highest level of standards.
Our full confidence in our compliance with all laws and regulations where we operate remains unchanged.
SPGA Response To PA’s Misguided Cease-And-Desist Orders On Sweepstakes Operators (press release): “The Social and Promotional Games Association (SPGA) is concerned by Pennsylvania’s recent cease-and-desist orders against 18 sweepstakes operators. This broad regulatory action is out of step with legal precedent and industry standards. Three state legislatures have recently rejected similar proposals, reinforcing what Pennsylvania’s approach may overlook: when properly structured, promotional sweepstakes are legal, safe, and widely enjoyed by American adults. ‘What games are Pennsylvania regulators going to ban next—Candy Crush? Solitaire?’ said an SPGA spokesperson. ‘Thousands of games in the App Store mix play and prizes. It’s regulatory overreach to start picking and choosing which ones they simply don’t like.’”
Sports Betting Operators Provide Massachusetts Regulators With User Limitations Data (Sports Betting Dime): “The Massachusetts Gaming Commission’s investigation into customer limitations will continue, as each of the state’s licensed sportsbooks have provided the commission’s sports wagering division with the requested player limitation data. The only problem? There’s so much data the sports wagering division cannot make any meaningful conclusions without the help of a professional. The Massachusetts Gaming Commission (MGC) unanimously agreed to bring in a data analyst to evaluate the provided information to see if there is any correlation between a customer’s win rate and a sportsbook limiting their action on a platform.”
Soft2Bet’s ToonieBet Partners with the Ottawa Senators as Official Online Casino Partner (press release): “With the Ottawa Senators securing a playoff spot in the NHL, ToonieBet will be there every step of the way, engaging fans with exclusive giveaways, premium entertainment, and a casino experience that mirrors the team’s energy and excitement.”
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The Cashout
Here’s what we have this week for paid subscribers:
The weekly app rankings: Four fantasy apps are in the top 25.
March hold is down; more “customer-friendly results?”
Full New York and Maryland numbers for March are in, with DraftKings beating FanDuel for the first time in awhile in NY.
ESPN Bet opt-out watch.
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