The Cashout: More Evidence Of Bet365's Rise In App Downloads, State Numbers
Gambling news roundup: Nevada responds to Kalshi's lawsuit; Michigan regulator investigating prediction markets; new responsible gambling messaging from AGA; the bad news for California sports betting
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.
If you’re looking for momentum in the US sports betting space beyond Fanatics, continue to look at Bet365. In The Cashout, I take a look at the latest in gambling app downloads, plus Kentucky and New York sports betting numbers.
But first, here’s all the gambling news you need to know:
Gambling news roundup
Michigan Sports Betting Regulators Confirm Prediction Markets Investigation (Legal Sports Report): “As states begin to examine and take action against sports event trading platforms, Michigan sports betting regulators could add this to their growing list of actions. The Michigan Gaming Control Board confirmed with LSR Friday that it has opened investigations into the sports prediction markets offered by unlicensed Michigan sports betting entities. A spokesperson said the agency has issued no cease-and-desist letters.”
Michigan was the most predictable state to look into Kalshi et al, if we’re being honest.
We also have a response in federal court from Nevada after Kalshi brought a lawsuit against state regulators. Nevada issued a cease-and-desist to Kalshi in March for allegedly operating illegal sports betting. Kalshi is hoping the court will stop Nevada from enforcing the C&D. Some key bits:
“The Court should deny Plaintiff KalshiEX LLC’s (Kalshi) request for the equitable relief of a temporary restraining order and a preliminary injunction. Kalshi failed to demonstrate that Congress, by the enactment of the Commodity Exchange Act, intended to preempt Nevada gaming laws under the Supremacy Clause. Nor do the actions of State Defendants’ in attempting to prohibit unlawful conduct by enforcing gaming laws constitute irreparable harm. The balance of the equities and the public interest in maintaining the integrity of the Nevada gaming industry warrant the denial of Kalshi’s motion.”
“Here, Kalshi chose to violate Nevada gaming laws. And after receiving the Board’s cease-and-desist letter and even securing an extended response deadline, Kalshi did not timely comply with the NGCB’s letter. Instead, Kalshi chose to continue its actions, and decided to ask this Court to issue a TRO and preliminary injunction—extraordinary equitable remedies—to facilitate Kalshi’s illegal conduct. This foul play, alone, torpedoes Kalshi’s ability to establish irreparable harm and enjoin the Board’s “dispatch of its own internal affairs.” Midgett, 254 F.3d at 850. Further still, preliminary injunctive relief is unwarranted here because Kalshi largely seeks relief for non-irreparable monetary and reputational harms; harms which Kalshi itself has created.”
“Allowing Kalshi to continue violating Nevada gaming law, thereby depriving Nevada of its authority to regulate gaming activity within its own borders, irreparably harms the sovereign interests of Nevada.”
While thing here:
For all the news about prediction markets this week, including my now trademarked* Cease & Desist Tracker, check out The Event Horizon (*not trademarked). I am really proud of these weekly roundups, I hope you’ll give it a look:
American Gaming Association launches new responsible gaming messaging: “To evolve our industry’s approach to responsible gaming, the American Gaming Association has developed a cohesive, research-backed messaging platform that connects players to responsible play. At its core, Play Smart from the Start reflects a simple idea: when you play with purpose, everyone wins. The gaming industry reminds consumers to make informed choices to enjoy gaming responsibly as entertainment. Recent research shows that players don’t see a difference between responsible gaming messages and problem gambling messages. As a result, most players tune out and don’t believe the message is for them. Play Smart from the Start is designed to be relevant to all players.”
I am glad to see industry stakeholders continue to embrace how important responsible gambling is, both in terms of messaging and tools. Good stuff from the AGA; more on this next week.
The California sports betting deal that wasn’t: After reports that California tribes and some regulated sportsbooks had worked out a plan in principle to have legal online sports betting, a lot of cold water has been splashed on the idea by a large cohort of tribes. The California Nations Indian Gaming Association put out this statement:
“The California Nations Indian Gaming Association (CNIGA) and the Tribal Alliance of Sovereign Indian Nations (TASIN) issued the following statement today in response to a report published yesterday, which suggested that tribes and commercial entities had reached an agreement on a California sports betting plan: ‘Tribal leaders are offended that the Sports Betting Alliance invited a reporter into what was intended to be a private roundtable discussion among tribal leaders regarding this controversial issue. This breach of trust highlights why such discussions must be led by tribal governments and organizations, rather than operator-funded groups. While the meeting was productive in some ways, the suggestion that an agreement had been reached between tribes and commercial operators is simply false. Further discussions among tribal governments are expected to take place in the coming weeks and months. Let there be no false illusion: establishing an acceptable framework and governance model will take time. This is a complex matter that involves navigating federal, state, and tribal laws, which requires thorough debate and careful resolution.’”
I would keep betting “overs” for the year that California legalizes online sports betting for the time being.
Gambling stocks not immune to market chaos: Gambling companies haven’t fared much better than the rest of the market over the past two days as tariffs from President Donald Trump have sent markets reeling. A sampling of how some US-facing gambling companies that we follow closely here have fared this week:
Flutter: $206.32, down 7% (down even more in after-hours trading)
DraftKings, $31.67, down 7%.
MGM Resorts, $26.86, down 10%
Penn, $14.29, down 13%
Caesars, $23.18, down 10%
Senate Leader: Alabama Sports Betting Dead In 2025 (Legal Sports Report): “During the same week Alabama sports betting legislation appeared to start gaining its annual steam, Senate leadership quickly deemed it dead.
Senate President Pro Tempore Garland Gudger said Thursday that Alabama gambling legislation is dead in 2025. Along with Alabama sports betting, that includes casinos and a lottery, as it is one of five states without one.”
WELP
Mega Millions ticket price rises to $5 next week. These are the new prize amounts (NJ.com): “While the cost of a Mega Millions ticket climbs to $5 starting with Tuesday’s drawing, lottery prizes will be larger and the odds to win the jackpot will improve. That’s because the Megaplier — previously an extra $1 — will be included in the cost of what was previously a $2 ticket. So in essence, lottery officials say, players will pay $5 for access to non-jackpot prizes that previously cost $3. Players who won $2 in the old game will take home $10, $15, $20, $25 or $50 once the revamped game launches April 8 due to the automatic multipliers. There will be no more break-even prizes.”
‘Cash shell’ of XLMedia to delist for good in May (SBC Americas): “XLMedia leaders do not intend to pursue any further M&A activity and the company will delist from the London Stock Exchange after the sale of its core assets last year.
In an annual results statement on Thursday, XLMedia said that the company is currently considered “a cash shell” under LSE Alternative Investment Market (AIM) rules.”
Hard Rock Bet Welcomes Dale Earnhardt Jr. as Brand Ambassador (Press release): Hard Rock International and Hard Rock Bet have welcomed NASCAR Hall of Famer Dale Earnhardt Jr. as a brand ambassador. Included with this exciting partnership are a variety of brand integrations from the Cafe, to the Rock Shop®, to engagement with Hard Rock Bet players and a branded free-to-play game on Hard Rock Neverland Casino and Jackpot Planet.”
Gambling industry reverse job board
Are you hiring for a role right now? Or are you looking for your next opportunity in the gambling industry? I run a free-to-use reverse job board with about 200 prospective hires across all segments of the industry. Take a look, and please share with anyone who is hiring or looking for work!
Gambling newsletters
The Cashout
Here’s what we have this week for paid subscribers:
The sports betting and fantasy app rankings. (This is going to be a standing item from now on, especially in weeks when we don’t have a lot of new numbers to digest.)
Kentucky, New York and other sports betting numbers.
ESPN Bet opt-out watch.
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