The Cashout: Kalshi Eclipses $4B In Weekly Volume For First Time
Roundup: Caesars digital stops taking credit cards; MGM Resorts reports Q1; updates on prediction markets and sweepstakes bills in state legislatures.
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TCL provides gambling industry data and analysis in The Cashout every week to paid subscribers, along with a news roundup for free subscribers.
The slowdown in the sports calendar is not slowing down Kalshi, which hit $4 billion in trading volume over a seven-day period for the first time ever. A billion of that volume came from parlays.
And early April numbers for New York look promising for state-regulated sportsbooks.
More on that after the roundup.
Chambers-ranked litigator George Calhoun acts as a strategic guide for Ifrah Law’s iGaming clients who face difficult business challenges. When iGaming operators are trapped in unfavorable legacy agreements or scrambling after their business partners suddenly bail out, George provides the strategic counsel they need in an industry defined by rapid expansion, complex agreements, and high commercial stakes. George draws on his extensive bankruptcy and restructuring know-how to protect clients’ profitability and viability – at the negotiating table, in arbitration, or in the courtroom.
Read More: Calhoun on Keeping iGaming Companies Competitive and Thriving
Gambling news roundup
⚖️ Legislative and regulatory
Prediction markets ban passes Minnesota Senate (SBC Americas): “The Minnesota Senate voted Thursday to ban prediction market platforms from operating in the state. Senators approved Sen. John Marty’s Senate File 4511 on April 30 by a 56-10 vote, sending it over to the state House of Representatives. The bill sets out definitions for the term “prediction market” and stipulates that offering or advertising any product that falls under that umbrella would be banned. Violators would be guilty of a felony crime.”
Iowa Legislature Passes Sweepstakes Casinos Bill As Session Winds Down (Sweepsy): “In an extended legislative session, Iowa lawmakers passed a bill this week that gives the state’s gambling regulators greater power to police sweepstakes casinos. Iowa legislators passed Senate File 2289 Tuesday, with the Senate concurring with a House version sent over last week. The bill now heads to Gov. Kim Reynolds.”
New York bill would create prop bet task force to study risks (SBC Americas): “A New York Senator believes the state needs to take a long, hard look at prop bets to decide whether the potential risks are worth it. Sen. Jeremy Zellner introduced Senate Bill 10153 this week, and it was referred to the Senate Committee on Racing, Gaming, and Wagering on Thursday. The legislation would establish a ‘proposition betting task force’ within the Rockefeller Institute of the state government to study proposition bets.”
Nebraska Sports Betting Referendum ‘On Pace’ For Necessary Signatures (Sports Betting Dime): “Tax Relief Nebraska, a committee hoping to legalize online sports betting in the Cornhusker State, reported today it is “on pace” to collect the necessary amount of signatures to place a referendum question on the state’s November general election ballot.”
“Jordan McGrain, a petition sponsor for Tax Relief Nebraska, told Sports Betting Dime there is a ‘ton of enthusiasm’ in the state for legalized online sports betting. The group began collecting voter signatures earlier this year after the Nebraska Secretary of State approved its petitions to legalize Nebraska online sports betting.”
And a legislative roundup from InGame.
🔮 Prediction markets
After DOJ Charged First Prediction Market Insider Trading Case, Will The Losers Be Repaid? (InGame): “Eight days have passed since April 23, when the Department of Justice (DOJ) charged U.S. soldier Gannon Ken Van Dyke with making a number of insider trades on Polymarket’s global site on the removal of Venezuelan President Nicolas Maduro. The trades, the DOJ claims, resulted in more than $400,000 in profit for Van Dyke. But what about that $400,000? What if you were unlucky enough to stake money on Maduro remaining in power through the end of January, and lost money because of the alleged insider trades?”
My most recent roundup at The Event Horizon:
This Is Your Brain On Five-Minute Bitcoin Markets (Casino Reports): “For the record, crypto trading, of all stripes, is responsible for about 20% of all Polymarket International volume, according to EKG. Meaning upward of 8% of all trading volume on Polymarket International is people betting on whether the price of Bitcoin will go up or down in the time it takes to watch an episode or two of Bluey.”
Play with a Plan during the NBA Playoffs
FanDuel Responsible Gaming Ambassadors Craig Carton and Randy Livingston share a quick message on the importance of betting responsibly during the NBA playoffs. Randy and Craig encourage using responsible gaming tools, like deposit and wager limits, to build a solid gameplan and keep their betting activity within budget. Learn more by clicking the RG icon in the app or by visiting FanDuel.com/PlayWithAPlan.
📣 Industry news
Caesars Digital stops accepting credit cards across all sites (SBC Americas): “The U.S. online gambling industry is reconsidering the use of credit cards en masse, and Caesars Entertainment is the latest operator to ban them as a payment method. Caesars stopped accepting credit card account funding on its online gambling platforms in the United States on April 14, the company confirmed to SBC Americas on Thursday.”
MGM buoyed by Macau, digital in Q1 as Las Vegas ekes out first gain since 2024 (iGB): “MGM Resorts rode the strength of its Macau and digital segments to a slight group revenue increase in its Q1 results released Wednesday, with regionals holding steady and Las Vegas posting its first year-over-year revenue increase since 2024.”
“The company’s net revenue of $4.5 billion in Q1 represented a 4% increase YoY, but consolidated adjusted EBITDAR fell 9% to $580 million and net income slid 16% to $125 million. All of MGM’s segments – Las Vegas, regional, China and digital – notched YoY revenue increases for the quarter. Every segment reported adjusted EBITDAR declines, however, with the exception of digital, which trimmed its EBITDAR loss from $34 million a year ago to $26 million this quarter.”
ALT Sports Data and Caesars Entertainment Announce Partnership to Power New Formula 1 Betting Product Across its Sports Betting Platforms (press release): ALT Sports Data, a global leader in engagement solutions and official data for emerging sports, today announced a partnership with Caesars Entertainment. The partnership powers a new, next-generation Formula 1 betting product for Caesars’ sports betting platforms, delivering one of the most advanced wagering experiences ever offered on motorsports across Caesars Sportsbook and William Hill digital and retail platforms.
Caesars Sportsbook and William Hill will leverage ALT Sports Data’s proprietary Formula 1 models, pricing, and real-time data infrastructure to offer a comprehensive and differentiated suite of betting markets. Built on sub-second latency data and hundreds of inputs per car, the platform enables dynamic pricing and continuous market recalibration throughout Formula 1 race weekends.
The product introduces a new category of Formula 1 betting, combining pre-race, in-race, and micro-market opportunities into a single, integrated experience. This includes live race micro markets, predictive driver performance modeling, and large-scale race simulations that generate thousands of possible race outcomes per event, allowing for deeper and more accurate pricing across every lap.
“Formula 1 is one of the most complex and data-rich environments in global sport, and that complexity creates an opportunity to completely redefine the betting experience,” said Joe Dunnigan, CEO and Founder of ALT Sports Data. “Our platform is designed to unlock that potential at scale, and partnering with Caesars allows us to bring a truly differentiated, always-on product to market that reflects the speed, strategy, and unpredictability of Formula 1.”
“Formula 1 continues to captivate fans with its intensity, strategy, and constant innovation,” said Eric Hession, President of Caesars Digital. “By integrating ALT Sports Data’s advanced modeling and real-time official data, we’re able to elevate our Formula 1 offering and give customers a more dynamic way to experience every moment of the race weekend.”
Arrow McLaren and PrizePicks Announce Exclusive Partnership with Unveiling of Indianapolis 500 Entry (press release): The Arrow McLaren IndyCar Team and PrizePicks, the leading sports entertainment operator in North America, announced today a multi-faceted partnership making PrizePicks an Official Partner of the Indianapolis-based race team.
Against the backdrop of Formula 1 race week in Miami, the two brands unveiled the No. 31 PrizePicks Arrow McLaren Chevrolet during McLaren Racing Live, marking the debut of the striking purple Indianapolis 500 livery in front of fans at Regatta Harbor. The moment also served as the formal announcement of PrizePicks as the Primary Partner for Ryan Hunter-Reay’s entry in the 110th Running of the Indianapolis 500.
PrizePicks branding also will be featured on the inner halo of the McLaren Mastercard F1 lineup for Miami Grand Prix weekend and on the rear tire ramps of all three full-time Arrow McLaren cars – the No. 5, No. 6 and No. 7 Arrow McLaren Chevrolets – throughout the 2026 season. The partnership includes a co-branded content series across Arrow McLaren social media and digital platforms throughout the Month of May.
Ryan Hunter-Reay, Driver, No. 31 PrizePicks Arrow McLaren Chevrolet, said: “I’m psyched to work with PrizePicks and the No. 31 Arrow McLaren Chevrolet team. PrizePicks is a creative and innovative group that will bring a breath of fresh air and fanbase with them to the Indy 500 and IndyCar racing. We’re currently locked into our first major objective - the Indy 500 Open Test, but can’t wait to get that edgy PrizePicks paint scheme on track in May!”
Joey Molko, Senior Vice President of Partnerships, PrizePicks said: “At PrizePicks, everything we do is about bringing fans closer to the sports they love. Partnering with McLaren Racing – the most iconic team in motorsports – lets us take that mission to the track. We are excited to work together to connect fans with motorsports in totally new and innovative ways that only PrizePicks and McLaren can deliver.”
📖 Other things you should know/read
Ex-NBA star Terry Rozier expected to face new charges in alleged gambling scheme (NBC News): “Federal prosecutors in Brooklyn notified former NBA player Terry Rozier this week that they expect to file a superseding indictment against him in the sweeping, multi-year gambling scandal that has ensnared the league. The Justice Department is expected to file new charges of sports bribery and honest services wire fraud against the former Miami Heat guard by mid-May, his attorney Jim Trusty told NBC News.”
Coaches, Analysts Warn Sorsby Saga Signals Growing Betting Risks in NCAA (Covers): “Several prominent voices in college football are pointing to Texas Tech quarterback Brendan Sorsby’s gambling addiction as a warning of the dangers of sports betting. …”
“Education. It’s all you can do,” Georgia head coach Kirby Smart said while discussing sports betting among college athletes at the Regions Tradition Pro-Am golf tournament Wednesday, per CBS. “It’s rampant. It’s all over. You can’t watch the TV station without an advertisement for gambling.
The $11 Billion Casino-Style Economy Built on Players Who Can Never Cash Out (Bloomberg): “And they can be: You download the game at no cost and start with a small stash of coins. But you’ll almost certainly run out—because, as at every casino, the house always wins. Then you’ll be prompted through a stream of pop-ups to pay real money for more coins, to avoid waiting (maybe an hour, maybe all day) for the game to dispense more free ones. Even when you pay, and win, you can’t cash out. It’s the defining element of a social casino; the prize is the make-believe coins, and perhaps some dopamine.”
Penn State program aims to raise awareness of gambling addiction after casino opening (Centre Daily Times): “A new campaign that focuses on raising awareness of gambling addiction among the Penn State community has kicked off, shortly after the official opening of Happy Valley Casino. The Penn State Collegiate Recovery Community (CRC), a community that supports students in recovery from various addictions, recently launched its ‘Know the Odds’ campaign that focuses on early intervention by raising awareness and reducing stigma around seeking help.”
The latest podcast from Straight to the Point:
The Cashout
Here’s what’s on tap:
Updated March sports betting numbers
Weekly NY sports betting numbers in April
Kalshi (and Polymarket US) trading volume
Sports betting, fantasy sports, sweepstakes and prediction markets app rankings
As always, you can check out The Handle (premium paywall) for more detailed sports betting data.
Updated March sports betting numbers
There’s some new data, including Ohio, but not much has changed on the top-line year over year for March.
Handle: Down 3%
Revenue: Up 38% (from a very rough comp with low hold in March 2025)
Hold: 9.5%
Check out Ohio data at The Handle (premium paywall; email for a trial), as well as online casino metrics:
