Legal Sports Report

Legal US sports betting industry news and views via @bymatthewwaters, @sam_mcquill, and @eric_ramsey

[Sam McQuillan @sam_mcquill]

Thought we left the sports betting ad blitz in 2020?

Prediction markets have this NFL season feeling like déjà vu all over again. Only this time, Sydney Sweeney is straddling event contracts and Ari Gold is yelling about social casinos.

https://t.co/8fiDznN7iB

[Sam McQuillan @sam_mcquill]

Saturday was the most-bet day in Kalshi history, with a record $2.3B in notional trading volume. Nearly 60% came from parlays.

Just 7 days in, September 2026 already ranks Top 7 all-time in monthly volume, per @TickerTracker_.

[Legal Sports Report @LSPReport]

Fanatics' responsible gaming head compared prediction markets to offshore sportsbooks for lacking safeguards, as company acquires its own prediction market infrastructure.

Story from: @sam_mcquill
https://t.co/mDd83FUJAR

[Legal Sports Report @LSPReport]

Federal judge ruled New York gambling laws apply to Kalshi's sports contracts despite CFTC registration. Kalshi appealed as jurisdictional battles escalate toward Supreme Court.

Story from: @patevans
https://t.co/6jxCjt64U4

[Legal Sports Report @LSPReport]

California tribal leaders confirmed 2028 target for sports betting ballot initiative. Polling shows 60% of Californians now believe online sports betting is already legal, up from 20% previously.

Story from: @sam_mcquill
https://t.co/ZxKxquz7YO

[Legal Sports Report @LSPReport]

IG Group acquiring Underdog for $1.3B (including $200M earnout). Positions fintech as third-largest U.S. prediction markets operator behind Kalshi and Robinhood.

Story @ByMatthewWaters
https://t.co/7WEfq8qdaN

[Legal Sports Report @LSPReport]

Rush Street Interactive raised guidance to $255M adjusted EBITDA on $1.58B revenue. World Cup delivered record results. Alberta launch exceeds Ontario metrics on population-adjusted basis.

Story @ByMatthewWaters
https://t.co/9sU2APsBcX

[Legal Sports Report @LSPReport]

@DraftKings and @Delta launched SkyPicks, a free-to-play sports prediction game on domestic flights with Delta gift card prizes. U.S. Senator Richard Blumenthal inquired into the partnership.

Story @ByMatthewWaters
https://t.co/OZtBvagxBF

[Legal Sports Report @LSPReport]

Federal judge blocked Minnesota's prediction market ban, finding state law likely preempted by federal CFTC authority. First major judicial setback for state outright ban. Case continues while law remains blocked.

Story from: @patevans
https://t.co/KgslOp5p9O

[Legal Sports Report @LSPReport]

@BetMGM delayed $500M EBITDA goal beyond 2027, citing prediction markets as primary competitive pressure. Customer acquisition costs up 15%. CEO cites "very challenging" market conditions.

Story @ByMatthewWaters
https://t.co/PEXics1p4E

[Legal Sports Report @LSPReport]

@FanaticsCasino acquiring Water Street Labs and CX Clearinghouse to bring prediction markets infrastructure in-house, joining Underdog, DraftKings and Robinhood in vertical integration strategy.

Story from: @sam_mcquill
https://t.co/uxPs3NHsH3

[Legal Sports Report @LSPReport]

NCLGS unanimously approved resolution calling on Congress to declare prediction markets illegal gambling, leaving regulation to states and tribal governments.

Story @ByMatthewWaters
https://t.co/gofQGplZJX

[Legal Sports Report @LSPReport]

Kalshi agreed to block sports, election and entertainment contracts in Nevada by August 12 via third-party geofencing. Non-compliance carries $120,000 per day fine. Follows court orders since March.

Story from: @patevans
https://t.co/pFUvuy5fXj

[Sam McQuillan @sam_mcquill]

LeBron James' decision sent prediction markets into a frenzy Friday, raising questions about whether they can reliably stay ahead of traditional news media in the absence of insider trading.
https://t.co/46Ro5ErgSQ

[Legal Sports Report @LSPReport]

From massive trading volume to growing Wall Street interest, here's how prediction markets became part of the World Cup conversation.

Watch @sam_mcquill's recap ⬇��

Full article here: https://t.co/cxwx04y65L

[Sam McQuillan @sam_mcquill]

At this time yesterday the 76ers were 9% to land LeBron on Kalshi and Polymarket.

1000% ROI.

[Legal Sports Report @LSPReport]

Wisconsin Elections Commission warned voters cannot legally bet on election prediction markets and vote in that same election. Violating 1849 law is a Class I felony. Kalshi called the guidance voter suppression.

Story from: @patevans
https://t.co/s65rCQeTdG

[Legal Sports Report @LSPReport]

Kambi stock rose 7.9% as company raised EBITA forecast on World Cup success. Generated €1B+ handle with 18% margin. Live Bet Builders grew to 22% of live betting from 3% in 2022.

Story @ByMatthewWaters
https://t.co/NARYKumVI8

[Legal Sports Report @LSPReport]

Siena Poll: 39% of New Yorkers believe online sports betting is bad for the state. BYU study shows households cut net brokerage investments by 20% since legalization in May 2018.

Story from: @patevans
https://t.co/rQsxPmXOsX

[Legal Sports Report @LSPReport]

House Agriculture subcommittee held hearing on prediction markets. Chairman Rep. Dusty Johnson said Congress has obligation to provide regulatory clarity. More hearings expected.

Story @ByMatthewWaters

https://t.co/QJ9O7AFF1G