This week marks a significant moment for the gambling sector as Alberta officially opened its regulated online gaming market on July 13. This launch comes alongside an IRS hearing regarding gambling loss deductions and the implementation of a ban on sweepstakes casinos in Maine. Additionally, ongoing legal disputes and court decisions are likely to continue shaping the prediction market landscape.
Regulators are also expected to release the sports betting figures for June, which may shed light on how the FIFA World Cup has influenced regulated sportsbooks, particularly given the increase in trading volumes observed during the tournament.
Here are the key gambling stories to follow this week:
Alberta's Regulated iGaming Market Launches
On July 13, Alberta's multi-license online gambling market officially went live, encompassing both sports betting and online casinos. Major industry players such as FanDuel, DraftKings, BetMGM, Caesars, and bet365 are anticipated to launch on the inaugural day. While over 50 operators have registered, many are expected to enter the market at a later stage, leading to a gradual rollout.
This launch is a landmark achievement for Canada's gambling industry, making Alberta the second province after Ontario to open its market.
What to Watch on Day One
- Which major operators will be active on the first day?
- Will companies introduce enticing bonuses and promotions to attract customers?
- Are there any technical issues or glitches during the initial days of operation?
- Will additional operators announce their launch dates?
Prediction Markets Facing Critical Developments
The legal landscape for prediction markets remains dynamic, and this week could bring further developments.
New York AG May Take Action Against Kalshi
Recently, a federal judge in New York denied Kalshi's request for a preliminary injunction against state officials, raising questions about the next steps. One potential outcome is that New York Attorney General Letitia James might initiate a civil enforcement action in state court, seeking restitution and penalties against Kalshi.
North Carolina's Legal Landscape
North Carolina is another state to watch, as Governor Josh Stein recently signed a $34 billion budget that includes a new 6% tax on revenue generated by prediction market operators. This tax could lead to legal challenges from the Commodity Futures Trading Commission or operators like Kalshi, similar to recent actions in Kentucky and Illinois.
Furthermore, rulings are anticipated on several cases, including New Mexico's motion to remand its lawsuit against Kalshi back to state court. Courts in Nevada, Massachusetts, Michigan, and Washington have previously granted similar requests.
World Cup's Final Week
The FIFA World Cup has been a significant driver of growth for the gambling industry, now entering its final week. With only four teams remaining, all of which are FIFA's top-ranked nations, the highly anticipated matches are expected to sustain the momentum that has brought the industry into the spotlight over the past month.
Expect updates on World Cup trading figures as the tournament concludes, and keep an eye on whether trading activity increases as bettors gear up for the semifinals and finals.