The Cashout: Legal US Sports Betting Handle Hits Half A Trillion Dollars

Gambling news roundup: CFTC cancels prediction markets roundtable; Trump involved with Crypto.com; Lotto.com sues in Texas; NCAA expands deal with Genius Sports.

Apr 25, 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.

The legal sports betting industry in the United States has passed half a trillion dollars in handle since the fall of the federal ban in 2018. Plus a look at blended Q1 numbers for US sportsbooks.

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

Gambling news roundup

CFTC Cancels Prediction Markets Roundtable (Event Horizon): “A planned roundtable about the future of prediction markets like Kalshi has been canceled by the Commodity Futures Trading Commission. The event — which had been planned for April 30 — had never been officially announced by the CFTC to the public. The Event Horizon understands that many attendees believed that it was still happening as of earlier today.”
- The Closing Bell: So We Aren't Having A Prediction Markets Roundtable, But Why Not?: “The CFTC didn’t say it would never happen in communications with panelists, and intimated it could be rescheduled. But the CFTC was telling folks it was canceled, not postponed. … Since the CFTC won’t tell us why and has left us with virtually no information about what it actually thinks about sports event contracts, it feels appropriate to speculate wildly about why it’s not taking place.”
- Please join me for some wild speculation. But The Closing Bell is also a roundup of all things prediction markets, if you want one tidy place to get all of the news.

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Trump Media pushes forward with pivot to crypto, ETF plans (Reuters): Emphasis added by me. “U.S. President Donald Trump's social media firm, Trump Media & Technology Group, said on Tuesday it had reached a binding agreement to roll out an array of retail investment products, including crypto, in its latest bid to diversify into financial services. The plan, including a series of exchange-traded funds aligned with Trump's America First policies, followed news of a preliminary agreement reached last month between Trump Media and Crypto.com, a digital asset platform with ties to broker-dealer Foris LLC, and Yorkville America Digital, an affiliate of Yorkville Advisors, a New Jersey-based investment advisory and asset management firm.
- Crypto.com offers sports betting/sports event trading as well. If I were a conspiracy theorist, I would draw a line between this news and the fact that the roundtable about sports betting via prediction markets was just canceled. But I am not. Right? I don’t think I am.
Lotto.com suit claims TX Lotto committed sudden about-face on couriers (SBC Americas): “The drama between the Texas Lottery, lottery couriers and the continued scandal around a potentially rigged drawing escalated this week with a new lawsuit filed by Lotto.com against the Texas Lottery Commission (TLC) over the commissions rapid about-face on the legality of lottery couriers in the state. Lotto.com is seeking the Travis County court to intervene and stop former TLC Executive Director Ryan Mindell’s new proposed rules that lottery couriers are no longer allowed in the state. Mindell resigned from his post with TLC earlier this week.”
- A bill to ban couriers has passed the Senate already, but there hasn’t been action in the House.
NCAA and Genius Sports expand partnership through 2032 (press release): “The National Collegiate Athletic Association (NCAA) and Genius Sports Limited (NYSE: GENI) have announced a significant extension of their long-term partnership, reinforcing their shared commitment to innovation, transparency, and the integrity of college athletics. Under the expanded agreement, Genius Sports has been appointed as the exclusive distributor of official NCAA data to licensed sportsbooks for all post-season tournaments, including March Madness, through 2032. This long-term agreement ensures the delivery of fast, accurate, and secure data to the regulated sports betting market. Through the Authorized Gaming Licensee (AGL) program, sportsbooks will gain exclusive access to official NCAA data feeds alongside NCAA marks and logos. Genius Sports will also collaborate with participating licensees to strengthen integrity protections and promote responsible betting practices, including limiting risky bet types, ensuring compliance and safeguarding student-athletes.”
- That’s cool and all, but the NCAA needs to say something about nationwide sports betting via Kalshi et al soon, if we’re going to take it seriously on the issue of sports gambling.
Hegseth’s Personal Phone Use Created Vulnerabilities | The phone number used in the Signal chat could also be found in a variety of places, including on social media and a fantasy sports site (New York Times, paywall): Here is just the bit that intersects with this newsletter. “On Aug. 15, 2024, he used his personal phone number to join Sleeper.com, a fantasy football and sports betting site, using the username “PeteHegseth.” Less than two weeks later, a phone number associated with his wife, Jennifer, also joined the site. She was included in one of the two Signal chats about the strikes.”
- Technically, Sleeper is a daily fantasy sports app, even though it offers the chance to bet on parlays involving player stats. Given the timing (and his wife’s involvement), he was probably just using the app for a seasonlong NFL fantasy league. But it’s still a wild nugget in the larger story.
Sports betting bills advance from Oklahoma Senate panel (Oklahoma Voice): “Oklahomans may get to vote to legalize sports betting after years of failed attempts to get it through the state Legislature. A Senate panel on Thursday passed two sports betting bills, including one that potentially sets the stage for a public vote. The panel’s decision marked the first time sports betting legislation has advanced out of a Senate committee, said Sen. Bill Coleman, R-Ponca City, the measures’ Senate author.”
PrizePicks Teams Up with the San Francisco Giants as Official Daily Fantasy Sports Partner (Press release): “PrizePicks, the largest daily fantasy sports operator in North America, announced today that it has been named the Official Daily Fantasy Partner of the San Francisco Giants. The new partnership strengthens the DFS leader's presence in professional baseball and features digital and in-park activations at Oracle Park. ‘We are thrilled to team up with a legendary organization like the San Francisco Giants,’ said Mike Quigley, Chief Marketing Officer at PrizePicks. ‘PrizePicks is committed to bringing unique experiences to our players around the country and is excited to strengthen our connection with baseball fans in San Francisco and across the United States.’
As part of the multi-year partnership, PrizePicks branding will be showcased prominently throughout Oracle Park with rotating signage behind home plate and LED signage on each baseline.”
- PrizePicks also recently announced a deal with the San Diego Padres. If they aren’t doing a deal with the Los Angeles Dodgers, too, what are we even doing here?
- While daily fantasy sports has been taking place in California for more than a decade — dating back to the first offerings from FanDuel and DraftKings — it’s also not explicitly legal in the state.
Madness of NCAA Betting Puts US On Pace For March Record (Legal Sports Report): “Partial reporting from March paints a pretty pleasant picture for US sports betting. Of the 16 states that have reported their monthly numbers so far, 11 saw increased betting activity from last year. Volume is trending up 10% in same-state reporting, though revenue is slumping by the same amount on the heels of an NCAA basketball tournament that was dominated by betting favorites. Nationwide volume should surpass $15 billion at this pace — a March record and potentially the fourth or fifth biggest month ever.”
Study: NBA Refs Are Friendlier To Underdogs In Final Minutes (InGame): “New research suggests NBA referees may be playing favorites in close games — but not the way you’d expect. A study titled “With the Game on the (Betting) Line: NBA Referee Performance in the Last Two Minutes” reveals a surprising pattern in NBA officiating: Referees make significantly fewer incorrect calls against underdogs compared to favorites during crucial game moments.”
Fitch: Not implausible to see US operators forced to sell Macau casino interests should US-China relations deteriorate further (Asgam.com): “Macau’s three US operators could see their 10-year concessions terminated or not renewed when they expire in 2032 under a “worst-case scenario”, while more plausible would be pressure to sell their Macau casino stakes should US-Sino relations further deteriorate, according to ratings agency Fitch.
While both outcomes are deemed highly unlikely, the agency outlined its concerns over recent tensions related to the tariff war which could result in retaliatory measures against US gaming companies in Macau – namely Las Vegas Sands, MGM Resorts and Wynn Resorts.cau’s three US operators could see their 10-year concessions terminated or not renewed when they expire in 2032 under a “worst-case scenario”, while more plausible would be pressure to sell their Macau casino stakes should US-Sino relations further deteriorate, according to ratings agency Fitch. While both outcomes are deemed highly unlikely, the agency outlined its concerns over recent tensions related to the tariff war which could result in retaliatory measures against US gaming companies in Macau – namely Las Vegas Sands, MGM Resorts and Wynn Resorts.”