Weekly News Desk
Here's what you missed from another whirlwind week
Hot off the press from the Secure Stakes News Desk!
Mass Betting. A new bill introduced in the Massachusetts State House aims to increase taxes on digital betting platforms, ban betting advertising during games, and limit daily betting amounts pending personal affordability checks.
Why does it matter: Massachusetts has often been out front of other states trying to regulate state gambling activity. It’s possible other states may follow suit if the bill’s sponsors are successful.
International Intrigue. European sports integrity non-profit Play The Game unveiled a new proposal for a non-governmental entity to counter crime, corruption and other threats to sports integrity.
Why does it matter: They are trying to build a large multi-stakeholder organization to harmonize standards and enforce rules around fair play in sports at the international national level. If it succeeds it could impact many national teams and Olympic sports. I’ll be watching to see if it gets off the ground following its formal roll out this week.
Aloha Betting. Hawaii’s State Senate recently passed a law that would allow digital sports betting in the Aloha State. It would also create a Gaming Working Group to study the topic. Proponents of the Bill point to sports gambling already happening outside of potential state regulations, so why not capture that activity they say.
Why does it matter: Hawaii is one of the few states that has essentially no legal gambling. They don’t even have a lottery. So, this would be a big step. Notably, Hawaiians want tax proceeds from gambling, if approved, to go towards improving the housing situation in the state.
Fourth Time’s the Charm?. Kalshi has now received Cease and Desist letters from four states—New Jersey, Nevada, Ohio, and now Illinois. Illinois, like Ohio, also sent letters to Robinhood and Crypto.com . There doesn’t seem to be a clear path forward for Kalshi or its compatriots in any of the situations. Stay tuned to Dustin Gouker at The Closing Line who has been all over this story.
Why does it matter: Kalshi rolled out its own version of sports betting in all 50 states, even though it wouldn’t call it sports betting. If it manages to win it’s cases it would place state regulators in the back seat and place the Federal government in a position it hasn’t really expected to be in—regulating (or maybe better said as not regulating) gambling nationwide. It would bring up lots of thorny policy and tax-related questions
If you are looking for help understanding emerging threats related to gambling or other industries, how the government (especially Congress) works, writing content or more I have a consultancy and I’d love to help you. I work with clients in a variety of sectors and look forward to working with you. Please reach out to discuss any of your issues at WeinStrategyLab@pm.me.
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