In a groundbreaking move, Nevada has become the first state to legally challenge the operations of Kalshi, a fintech company offering futures contracts on sports and election outcomes. The Nevada Gaming Control Board (NGCB) issued a cease-and-desist letter to Kalshi, marking a significant escalation in the oversight of event-based betting markets. Legal and regulatory stakes rise: The NGCB’s directive requires it to cease its Nevada...
In a strategic move to fortify its position as a global gaming hub, Macau has escalated tax rebates for gross gaming revenues generated from international players in 2024. This initiative, detailed in a recent response by the Macau Government Tourism Office (MGTO) to legislator Lei Chan U’s inquiry, underscores efforts to widen the city’s international tourism markets. Regulatory enhancements and operator compliance: With the implementation of a new...
In a pivotal decision, the Hawaii House of Representatives has passed a measure that could transform the state’s stance on gambling by introducing legal online sports betting. This move marks the furthest progression of such a proposal in the legislative arena over the past decade, igniting a robust debate among lawmakers about the potential repercussions and benefits. The bill, known...
In a significant restructuring move, BetMGM has announced it will cut 83 jobs at its headquarters in Jersey City, New Jersey. This decision comes as the company navigates a slowdown in the sports betting market, which has impacted growth and market dynamics across the industry. The layoffs, effective from May 27, were disclosed in a notice (pdf) filed with the...
In a significant legislative move, the North Carolina House of Representatives is currently deliberating a bill that could allow state residents to deduct gambling losses from their income taxes. This proposal, which aims to align state tax policies with federal regulations, has stirred a mix of support and opposition across political and public spheres. The bill, officially recognized as House...
Prior to the state election, the NSW government had campaigned on a clear pledge to significantly reduce the number of poker machines across the state. This commitment, articulated by prominent figures like Treasurer Daniel Mookhey, promised the removal of 9,500 poker machines through a dual approach of buybacks and forfeitures. During an early 2023 interview with Sky News, Mookhey emphasized the rapid implementation of their...
After a challenging period, SJM Holdings Ltd has reported a slight profit for the fiscal year 2024, marking a significant recovery from a HKD2.01 billion loss in 2023. The Macau-based casino operator attributed this turnaround to a robust performance across its major properties, including the Grand Lisboa and the Grand Lisboa Palace in the Cotai district. Financial highlights and operational success: In 2024, SJM Holdings saw...
Flutter Entertainment has successfully navigated a transformative 2024, solidifying its position as a leader in the global gaming and betting market. The company’s robust strategy and execution have yielded a significant uptick in both revenue and customer engagement, reinforcing its dominance, particularly in the U.S. with FanDuel, and expanding its influence across key international markets. Comprehensive Financial and Operational Highlights In 2024, Flutter saw its adjusted player...
YouTube, the global video-sharing platform, has announced significant changes to its content policies concerning gambling. Starting March 19th, the platform will enforce tighter regulations, specifically targeting content that promotes unapproved gambling sites and services. These changes build on existing policies aimed at curbing the exposure of potentially harmful gambling content, especially to underage users. Enhanced measures to protect users: Under the revised guidelines,...
Despite strong public support and potential for significant tax revenue, a proposal to legalize sports betting in Georgia met its demise in the Senate’s Regulated Industries and Utilities Committee. This decision has left advocates questioning the future of gambling legislation in the state. Last Thursday marked a setback for sports betting proponents as Senate Resolution 131, aimed at amending the...