The Current: Kalshi Could Launch Prebuilt Parlays For Sports As Soon As Tomorrow
Gambling news roundup: Content provider pulls out of US sweepstakes casino industry; IRS targets illegal sports betting; sportsbooks do well in college football Week 1.
The Current is a weekly report on a new development in the gambling industry from The Closing Line.
Kalshi has self-certified what looks like prebuilt parlays for sporting events, according to documents filed with the Commodity Futures Trading Commission.
The prediction market platform uses the self-certification process to launch markets regularly, and the newest market appears to signal Kalshi’s intent to get into parlays. The base market is titled “Will <outcomes> occur in <events>.”
The parlays may give users the ability to bet on game outcomes and player statistics, among other things. Kalshi could launch as soon as Wednesday:
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The self-certification alludes to parlay-like constructions, and it looks like users will only be able to trade parlays that Kalshi provides. State-regulated sportsbooks not only offer pre-built parlays, but also let users build their own.
From the self-certification:
“Yes” in this contract will pay out the product of the payouts for each <component>, as dictated by each corresponding <rule>, rounded down to the nearest cent. …
Outcomes may resolve at different times (e.g., Week 1 game + Super Bowl winner).
Early resolution to "No": If any outcome becomes impossible or does not occur, market immediately resolves to "No."
Here are the definitions Kalshi uses for building the markets:
<outcomes>: <outcomes> refers to a set of specific achievements, results, or events specified by the Exchange Outcomes may include game outcomes, player statistics, team statistics, championships, awards, season statistics, playoff outcomes, draft outcomes, and milestones.
<events>: <events> refers to the competitive period(s) in which <outcomes> are measured, specified by the Exchange, including individual games, weeks of the season, the regular season, the postseason/playoffs, the full season, a career, and drafts.
< component >: <component> refers to a given <event> and its correspondent <outcome>. Each component may correspond to a <rule>, which shall dictate the resolution of that component.
< rule >: <rule> is the active Kalshi certification that will dictate the resolution of a particular <component>. For example, if <component 1 > is “Homer is the Tap Ball MVP winner in 2025,” <rule 1 > might be “SPORTAWARD.”
You can see the full filing here:
More on parlays at prediction markets:
Polymarket Seeks ‘Parlay Ideas’ On Discord As US Relaunch Looms (InGame): “Polymarket started soliciting its traders for parlay ideas, launching a Discord channel for users to suggest bets that depend on multiple outcomes, with rewards if those bets are ultimately listed and prove popular. On a Monday Discord post, a Polymarket staff member asked users to share parlays made up of between two and six existing markets. Polymarket said it will put the top three to five parlays in the channel up for a vote – also taking place on the Discord channel – twice per week. Voting will be open for 12 hours.”
If you’re playing catch-up, here was this morning's news:
And here’s my roundup of all things prediction markets; I wrote this in between two pretty big pieces of news:
Gambling news roundup
Pragmatic Play ends all supply to US sweepstakes (Next.io): “The iGaming supplier has become the first major provider to exit the controversial sweepstakes casino vertical amid regulatory pushback and lobbying from traditional gaming interests.”
A spokesperson told NEXT.io: “Pragmatic Play has chosen to discontinue licensing its games to sweepstake operators in US States where restrictions were not already in place, in light of regulatory developments and evolving legislation. We remain committed to the highest standards of compliance and will continue to engage transparently with regulators.”
The news follows a civil enforcement action filed by the City of Los Angeles against sweepstakes operator Stake.us, which named several large online casino suppliers including Pragmatic.”
IRS criminal investigators target illegal sports gambling (Accounting Today, paywall): “The Internal Revenue Service’s Criminal Investigation unit has been cracking down on illegal sports gambling, even as the legal sports betting industry explodes in popularity. Every fiscal year, IRS-CI opens over 30 illegal gambling cases, scoring a 92% conviction rate for prosecuted cases. Over the past five fiscal years, 96 defendants have been convicted of crimes tied to illegal gambling, getting jail sentences averaging between five and 33 months in federal prison. In February, 10 men pleaded guilty to managing a multimillion-dollar sport betting operation named Red44 that ran online bookmaking and betting activities through an offshore server in Costa Rica.”
Sportsbooks crush betting public in college football Week 1: 'A fantastic weekend overall' (Yahoo): “The first full weekend of college football season is always exciting for bettors, with a dizzying array of games and potential betting opportunities. However, sometimes it can serve as a painful reminder of the importance of bankroll management and patience, lest that bankroll be gone before Week 2. And for the betting public, it was unfortunately a Week 1 that they would soon like to forget. At BetMGM, the top five college football sides by total bets and the top five college football sides by total dollars wagered all went the way of the house.”
DraftKings, FanDuel, Caesars Implement Illinois Sports Betting Fees (Sports Betting Dime): “The Illinois sports betting fees are now here. DraftKings, FanDuel, and Caesars Sportsbook began charging Illinois customers a per-bet fee of either $0.25 or $0.50 on Monday, Sept. 1. FanDuel currently charges users $0.50 per bet, Caesars Sportsbook charges users a fee of $0.25 per bet, while DraftKings charges users either $0.25 or $0.50 per bet. The companies announced the new fees earlier this summer in response to the state instituting its own plan to charge licensed Illinois sports betting operators a fee for every bet they accept.”
Bet365 final Illinois sportsbook to respond to tax change (SBC Americas): “Make that 10 out of 10. Bet365 has become the last licensed Illinois sportsbook to respond to the state’s per-wager fee. The British sportsbook informed its customers in recent days that it will be imposing a per-wager fee, similar to the step taken by four other operators. However, unlike Caesars, DraftKings, Fanatics and FanDuel, bet365’s 25-cent surcharge only applies to bets worth less than $10.”
Responsible Online Gaming Association Selects Responsible Gambling Council as Vendor for Certification Program (press release): “The Responsible Online Gaming Association (ROGA), representing 90% of the legal U.S. sports betting industry by handle, has partnered with the Responsible Gambling Council (RGC) to launch a U.S. certification program for online operators promoting player well-being and responsible gaming. The certification program will offer a structured, data-driven approach to evaluating operator practices in areas such as self-exclusion, marketing, staff training, and player support tools. It will provide independent validation of operator performance, encouraging progress beyond regulatory minimums, with a focus on long-term accountability and continuing evolution of responsible gaming standards.”
“A sustainable online gaming industry must be built on evidence-based best practices, and this partnership with RGC will advance this mission by building a trusted and independent assessment to certify robust responsible gaming standards,” said ROGA Executive Director Dr. Jennifer Shatley. “Our members are committed to long-term progress, and with RGC’s support, this program will serve as a clear signal that the industry is backing that commitment with actions that will allow players to make informed decisions about the platforms they use.”
“RGC has been a leader in player protection, prevention and responsible gaming solutions globally for over 40 years. RGC’s RG accreditation program supports land-based and iGaming operators to evaluate, monitor, and manage all aspects of their RG strategy. RGC’s expertise in this space will serve as an essential resource in the creation and management of ROGA’s certification program.”
“We are proud to work with ROGA in setting a new benchmark for responsible gambling in the online space. The new certification program will build on years of evidence-based work and experience building RG Check as a trusted standard. By working together, we are creating a more transparent, accountable, and player-focused industry,” said Sarah McCarthy, CEO of the Responsible Gambling Council.
FanDuel’s Trusted Voices: Conversations About Betting is designed to equip adults, including parents and coaches, with tools and resources to talk to young people about gambling, including information on warning signs, risks and proxy betting. The program is led by retired professional basketball player Randy Livingston and his wife, basketball agent Anita Smith, who share their personal stories related to problem gambling, with the hope of preventing others from experiencing similar harms. Learn more and join the conversation here.
DraftKings looks to fuel further parlay growth with NFL Ghost Leg payout (SBC Americas): “Every sports bettor has likely been haunted by one leg of a parlay going awry and spoiling the entire bet. But DraftKings‘ latest parlay revamp will stop some customers’ feeling that phantom limb this football season. DraftKings’ new Ghost Leg feature, which will run through the first two weeks of the NFL season, allows customers who apply a Ghost Leg Token to a parlay or same-game parlay of at least three legs to receive a cash payout even if one leg loses. The promo, which can be applied to either a pre-match or an in-game parlay or SGP, pays out on the winning legs as if the losing leg never happened. So, if a user places a $10, five-leg NFL parlay using the token and one leg misses, the customer would receive winnings as if they had placed a $10 bet on a four-leg parlay consisting of the winning legs.”
FanDuel Introduces Bet Protect Program for Injury-Affected Bets (FanDuel): “FanDuel's Bet Protect program allows customers to get Bonus Bets back on a NFL player prop if the player they bet on gets injured in the first quarter of the NFL game! If you bet a player prop and that player gets hurt within the first quarter of the game, FanDuel will pay out all straights in Bonus Bets within 24 hours. For parlays or SGP bets, we’ll re-price the bet with new odds and the parlay/SGP will be paid out in Bonus bets if the leg is the only losing part of the bet.”
Virgin Hotels Las Vegas Announces William Hill as New Sportsbook Operator (press release): “Virgin Hotels Las Vegas, Curio Collection by Hilton, has announced William Hill Nevada will take over operations of the property’s sportsbook this year and bring a best-in-class sports betting offering to the destination, pending regulatory approvals. As part of this strategic partnership, William Hill will introduce a vastly expanded sports wagering menu and significantly increase the footprint of betting kiosks available for wagering 24/7. This collaboration represents the latest strategic advancement in the property's commitment to delivering an elevated and unforgettable experience for its guests and customers.
“We couldn’t be more excited to partner with William Hill to elevate our sportsbook experience,” said Cliff Atkinson, president of Virgin Hotels Las Vegas. “William Hill is the right strategic partner for us given its track record of providing an unmatched retail and mobile sports betting experience in Nevada. This transition allows us to redefine our sportsbook and align it more closely with the dynamic energy and innovation synonymous with our resort.”
Dan Patrick’s reelection plans lengthen odds for Texas casino gambling, sports betting (Dallas Morning News, paywall): “Lt. Gov. Dan Patrick’s decision to run for another four-year term is hard luck for proponents of developing casino gambling and sports betting in Texas. Though Patrick has not given his personal or political views on whether Texas should expand its tight gambling laws to include casino gambling palaces and mobile sports betting platforms, he has steadfastly maintained that the Republican votes for such plans to succeed are not in the Senate.”
Warning To Use Legal Sports Betting Companies (KIWA): “The college football season is in full swing, and the pros will soon take the field as well, which will ramp up sports betting in the state. Iowa Racing and Gaming Commission administrator Tina Eick has this advice for those considering betting on the games. She says if you have any doubt about whether the site is legitimate, you can look it up.”
UW athlete alleges abuse, Lawsuit targets sports betting site (WPR, podcast): “A lawsuit by a Wisconsin tribe is targeting a company that claims to offer legal online betting in Wisconsin. A conservative justice on the state Supreme Court won’t seek reelection. And, we hear from a former University of Wisconsin athlete who says she was psychologically abused by a coach.
