The Cashout: Things Are Back To Normal For Sports Betting In April?
Gambling news roundup: The week in prediction markets, including an appeal by New Jersey in Kalshi's lawsuit, and DraftKings earnings.
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.
A look at what we can see from the very early April US sports betting numbers, including in New York. (Hints: hold looks like it is back to normal, and FanDuel is leading DraftKings.)
But first, here’s all the gambling news you need to know:
Gambling news roundup
The Closing Bell | DraftKings CEO: Prediction Markets 'Happening Whether You Want It To Or Not' (Event Horizon): “DraftKings was the latest to answer a question about the future of sports betting via prediction markets on its Q1 earnings call.”
That plus a roundup of all things prediction markets from the week.
One thing that’s not in there: New Jersey appealed its court case in which the district court had granted Kalshi’s preliminary injunction against enforcing a cease-and-desist. That is now with the US Court of Appeals for the Third Circuit. A breakdown of what that means from Andrew Kim on Twitter: “The appeal will likely take about a year to decide—maybe a year and change. The parties can try to speed that up by filing a motion to expedite, but New Jersey probably isn't in a hurry. … The stakes are higher now: whatever the Third Circuit says on Kalshi's preemption arguments will bind Pennsylvania and Delaware, too. (And courts outside of the Third Circuit may find the court's eventual decision persuasive, simply because it's by a federal court of appeals.)”
DraftKings reports Q1 earnings:
DraftKings says lack of March Madness upsets kept it from raising its forecast, but shares gain MarketWatch: “Sports-betting platform DraftKings Inc. reported a narrower-than-expected loss for the first quarter Thursday, but said that “‘customer-friendly sport outcomes in March’ — that is, people winning bets — kept it from raising its full-year sales outlook. Still, shares rose 1.8% after hours. DraftKings’ results came as Wall Street looks for signs that betting appetites are intact despite the shudders the U.S.-led trade war has sent through the economy.
Shares were up 2.5% on Friday.
“Recent product enhancements are driving outperformance in our core value drivers, and our customer metrics continue to be strong through an evolving macroeconomic environment,” said Jason Robins, DraftKings’ Chief Executive Officer and Co-founder. “If not for customer-friendly sport outcomes in March, we would be raising our fiscal year 2025 revenue and Adjusted EBITDA guidance.”
Sources: NCAA Considering Removing Ban on Pro Sports Betting (SI): “Momentum is building toward the NCAA removing its prohibition against gambling on professional sports, multiple sources tell Sports Illustrated. The Division I Board of Directors laid the groundwork for such a rule change last month and has forwarded it to the D-I Council for further discussion next week. If the council is in favor, it could be fast-tracked into existence by late June. At present, athletes, coaches and staff members cannot wager on professional sports that also are sponsored by the NCAA.”
How Pope Leo XIV is affecting the college basketball betting market (Yahoo): “The election of a new pope is always a massive world news event, and Cardinal Robert Francis Prevost being elected as the first American pope — he'll go by Pope Leo XIV — is even more newsworthy. But usually part of the news coverage doesn't have to do with with the new pope's sports fandom or how he is impacting sports betting markets. However, Prevost was born in Chicago and graduated from Villanova in 1977, which has led bettors to back the Wildcats to win their first college basketball title since 2018. Villanova (80-1 odds at BetMGM) had less than 1% of all wagers to win the 2025-26 national championship at BetMGM before Prevost was elected, but in the past 24 hours, the Wildcats are now responsible for 22% of the total wagers in the pool.”
Any time someone tells you that all sports bettors want to be sharp, just pull out this headline/story.
Sports Betting Is a Plague (The Dispatch): “When do practical policy effects trump cherished principles? The mess that has come with gambling liberalization should force the thoughtful kind of libertarian to consider that question.”
I share this with you, faithful readers, not because I agree with this content but I feel like everyone is stuck in the past. There’s sports betting in 50 states now. Write about that!
And here’s another one. Newsflash, Deseret News, you can bet on sports at Kalshi and Crypto.com right now in Utah! Please wake up.
Oklahoma Senate fails to reach agreement on sports betting, opts for summer study instead (OKC Fox): “On Thursday, Senate President Pro Tempore Lonnie Paxton confirmed an agreement on sports betting bills couldn't be reached. He added that Senators would like to study the issue this summer instead. … Sen. Paxton said Sen. Coleman came to him a few days ago and said there were issues with some of the parties involved, and they couldn't come to an agreement.”
MGM Resorts, CEO Hornbuckle Agree On New Deal Through 2028 (Casino Reports): “MGM Resorts announced Thursday it reached an agreement with CEO and President Bill Hornbuckle on a new contract through the end of 2028.
Hornbuckle, 67, has been with MGM Resorts since 1998 when he was named executive vice president of operations at the MGM Grand Las Vegas after previous stops across the Las Vegas Strip. ‘Bill is an exceptional, visionary leader who successfully guided the company through the COVID-19 pandemic while also positioning the business for long-term growth through new digital ventures, strategic M&A opportunities, and expansion into new international markets,’ said Paul Salem, chairman of the MGM Resorts Board of Directors, in a statement. ‘Bill has earned the trust, respect and admiration of his employees, peers, shareholders and this Board. We’re thrilled that he has agreed to remain in his role for the foreseeable future.’”
Lottery.com Plans to Acquire Concerts.com and TicketStub.com for $10M (MarketWatch): “Lottery.com intends to acquire Concerts.com and TicketStub.com for $10 million. The company said Wednesday it has signed a letter of intent to acquire a majority stake in DotCom Ventures, the owner of the two sites, in a cash, secured debt and stock transaction. … Concerts.com and TicketStub.com list verified tickets at transparent prices for sports, concerts, comedy, e-sports and festival events. The acquisition reflects Lottery.com's plans to expand its platform to a multi-channel entertainment business alongside Sports.com and its namesake site, the company said.”
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.
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The Cashout
Here’s what we have this week for paid subscribers:
New York and other early numbers out of April for sports betting.
App download tracker: FanDuel pushes ahead of PrizePicks
ESPN Bet opt-out watch
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