The Cashout: US Sports Betting Hold Under 7% For March So Far

Gambling news roundup: Nielsen research shows sports betting commercial volume isn't as bad as people think; plus the week in prediction markets news.

Apr 18, 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.

US sports betting operators continue to struggle with hold in March. And DraftKings continues to push FanDuel for market share.

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

Gambling news roundup

Sick of all those sports betting ads? It might not be so bad (ESPN): “According to the Nielsen research, there were more ads for alcohol than for sports betting during NBA, WNBA and MLB programming in 2024. Betting ads were more frequent than alcohol during NFL, NHL, PGA, NASCAR and MLS programming. NHL games had the highest percentage of gambling-related ads of the major sports leagues at 4.2%. Sportsbooks accounted for 0.8% of the total national spend on television commercials in 2024, while advertising for alcohol represented 1.4%. Gambling and alcohol combined for less than 5% of the total advertising during sports content.”
Assemblyman Seeks to Cap New York Sports Betting, Limit Advertisements (Sports Betting Dime): “Assemblyman Robert C. Carroll’s (D-44) bill, A7962, will limit the amount a New York sports betting customer can wager in a day, cap the amount of times they can deposit into an account, prohibit certain sports betting advertising language, and block out times when sports betting advertisements can be shown. … The bill will prohibit advertising content that contains the phrase ‘bonus’, ‘no sweat’, ‘bonus bet’, or other similar types of phrases. Advertising content will also not be allowed include information on odds boosts or similar offers.”
- I half joked that sportsbooks should quit New York and go do prediction markets if this bill passes.
Get up to speed on all things prediction markets: Don’t have time to read all the prediction markets news? It’s aggressive, I know. I do a roundup at my other newsletter every Friday. And there is a cease-and-desist tracker map!
Event Horizon
The Closing Bell: Kalshi Expands Sports Betting Menu, But Robinhood On Sidelines (For Now)
The big news for Kalshi this week was a massive expansion of its sports betting catalog. Namely…
Read more
2 months ago · 1 like · Dustin Gouker
- One thing I forgot to put in that roundup, Kalshi’s Nevada Court Win May Be Short-Lived Due To Federal Wire Act Ban On Sports Betting (Forbes): “Congress isn’t shy when it comes to setting a clear federal policy on the divisive subject of sports gambling. In every instance, it has done so explicitly – starting with the Wire Act of 1961, which prohibits the interstate transmission of wagering information related to any “sporting event of contest” (a ban which is still in effect), and further exemplified by the Professional and Amateur Sports Protection Act of 1992, which, until its demise in 2018, prohibited state-authorized sports wagering.”
  - The kitchen sink will eventually be used by all interested parties to try to push back on sports betting via prediction markets. IANAL, so I just tell you what the lawyers say. Dan Wallach (story above) believes the Wire Act is a legitimate avenue to pursue.
  - Attorney Andrew Kim does not think the current state cases in Nevada and New Jersey will hinge on federal laws: “What these cases aren't about: … 3. Whether the contracts violate the Wire Act, UIGEA, IGRA … or any other federal law. The states can try to make the argument that exclusive CFTC regulation can't be squared with all these other laws. I think that's a hard argument to make, for any law except IGRA, because none of the other laws focus on the word "gaming."
  - Another firm — Brownstein, Hyatt, Farber Schreck — has outlined some of the arguments at the federal level, including the Wire Act: “Therefore, if events contracts can be said to involve the staking of something of value where a certain sum of money shall be paid or delivered to one of them upon the outcome of a sporting event, it seems likely that such conduct is betting or wagering. And if the wires (the internet) are used to facilitate such activity, the Wire Act would seem to be implicated.”
  - I am just the messenger. Choose your own adventure.
Arizona Department of Gaming Issues Multiple Cease-and-Desists (press release): “The Arizona Department of Gaming (ADG) has taken decisive enforcement action this week against multiple unlicensed and unregulated gambling operators — both domestic and international — that have been unlawfully targeting Arizona residents. As part of its ongoing efforts to protect the public and uphold Arizona gaming laws, the Department has issued several cease-and-desist orders to unlicensed entities offering unlawful wagering activities. The named operators are allegedly providing access to various illegal online gaming services, including slot-style casino games, “sweepstakes” platforms, sports wagering, horse race betting, and peer-to-peer wagering exchanges. These operations are not licensed by the State and fail to meet Arizona’s strict regulatory requirements, thereby posing significant consumer protection and financial risks to Arizonans. The following unlicensed operators have been issued cease-and-desist orders:
- Sweepstakes:
  - ARB Gaming, LLC d/b/a Modo.us
    - MODO.us (online casino) / BITMODO LLC
    - Modo
    - Epic Hunts
  - Event Wagering Sportsbook:
    - Generiz
  - Peer-to-Peer Exchange:
    - ProphetX
  - Offers Multiple Types:
    - MyBookie
    - BetUS.com.pa”
- This interest in unregulated operators of course leads us to wonder about what Arizona thinks about prediction markets offering sports betting…
Budget With NC Sports Betting Tax Hike Passes Senate (Legal Sports Report): “The North Carolina Senate approved a proposed two-year, $65 billion budget Thursday with a 30-15 vote. The budget, Senate Bill 257, includes a provision that would double the NC sports betting tax rate to 36% from 18%.”
Alberta Sports Betting Bill Takes Step Forward (Legal Sports Report): “After blowing by an original Alberta sports betting launch estimate, progress is moving forward. Alberta lawmakers advanced the iGaming Alberta Act through a second reading Wednesday. Minister Dale Nally’s proposal lacks major Alberta sports betting details, which will likely be ironed out in the next step: the Committee of the Whole.”
Online gambling vs. retail casinos (LinkedIn): I enjoyed this short post from David VanEgmond, founder of Bettor Capital. An excerpt: “Real-estate owners and brick & mortar operators can lobby against regulated online casino gambling, but that won't stop consumer demand for modern digital experiences like everything other aspects of life. Offshore sites, sweepstakes or other new, unregulated product offerings will fill the void to mimic digital casino game play with real-money components, even if the lobbying holds off online casino regulation.”
- To wit, I wrote this almost two years ago, and everything has only gotten more aggressive in the interim: The Myth That Online Gambling Is Effectively Banned Anywhere In The US.
Fanatics Sportsbook Is Expanding Its FanCash and Fair Play Initiatives (press release): “Fanatics Sportsbook will debut FanCash Drop, a new game giving customers the chance to win FanCash. And, this Friday only, all players are guaranteed to win prizes. The new FanCash Drop game offers customers an exciting new way to win FanCash each week. … FanCash Drop will be available to sportsbook customers every Friday, and prizing will vary each week.”
- “Fanatics Sportsbook customers have enjoyed more than $6 million in winning parlay payouts thanks to Fair Play since the start of the football season. Every year during the NBA playoffs, the game’s brightest stars rise to meet the moment, so it's only fitting that Fanatics Sportsbook does the same, with an exclusive Fair Play protection extension from the first quarter to the first half for the entire NBA Playoffs. Fair Play will kick in whether it’s a straight, parlay or Same Game Parlay (SGP). In addition, Fanatics Sportsbook will introduce the Fair Play Hub in the app, where customers can track live player news and Fair Play payouts.”
- In Fair Play, if a player unexpectedly exits a game early, Fanatics Sportsbook pays out the Under as a winner and refunds any Over single player prop bets.
- Refunding bets has often been haphazard and led to a lot of whining bettors on social media over the years. Fanatics has at least codified and been consistent when it does refunds, which is exponentially better than randomly doing it.
Division III Management Council supports deregulation of pro sports betting (NCAA): “During its two-day virtual meeting this week, the Division III Management Council took action to support, in concept, noncontroversial legislation deregulating betting on professional sports. Additionally, the council directed staff to develop concepts for the appropriate Division III committees regarding a safe harbor, limited immunity or reduced penalties for student-athletes who engage in prohibited sports betting but seek help for problem gambling. ‘Exploring the concept of a safe harbor or limited immunity for student-athletes involved with sports betting reaffirms that harm reduction and education will continue to be paramount. We are seeking to deregulate betting on professional sports because we believe it will be more likely that student-athletes and staff will seek help for problem gambling,’ said Jason Verdugo, chair of the council and athletics director at Wisconsin-Eau Claire.”

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