This week, U.S. state legislatures were bustling with activity as numerous bills aimed at sports betting, prediction platforms, and sweepstakes casinos made significant progress.
Among the notable developments, Wisconsin's Senate approved a bill to legalize mobile sports betting, which now awaits the governor's approval. This legislation would empower Native American tribes to manage the market, similar to the framework established in Florida. However, unlike Florida, this bill permits tribes to collaborate with commercial operators like FanDuel and DraftKings, stipulating that 60% of the revenue must be allocated to the tribes—a condition that some operators argue is not economically viable.
If Governor Tony Evers endorses the bill, Wisconsin will join the ranks of states permitting mobile sports betting, although his approval is uncertain due to concerns regarding tribal alignment.
In Maine, legislators have made strides in advancing a bill that bans the use of credit cards for sports betting deposits. The bill, known as LD 2080, has passed both legislative chambers and is now awaiting final approval from Governor Janet Mills.
Maryland's House also unanimously approved HB 518, which prohibits credit card deposits for sports betting and bans prop bets on college sports. This legislation coincides with the onset of March Madness, although it is unlikely to be implemented in time for this year's tournament.
Meanwhile, Colorado's Senate Finance Committee moved forward with SB 131, which seeks to eliminate prop betting, restrict advertising, and prohibit credit card deposits, highlighting the growing regulatory scrutiny around prop bets.
On the prediction markets front, Senator Chris Murphy and Representative Greg Casar introduced the federal BETS OFF Act, aiming to prohibit betting on sensitive events, including government decisions and military actions. This bill reflects ongoing efforts at both state and federal levels to regulate prediction markets and prevent insider trading.
Tennessee's House Criminal Justice Subcommittee also advanced HB 2079, which would explicitly ban prediction market platforms within the state, classifying violations as a Class E felony. The bill is now set to be reviewed by the Judiciary Committee.
Additionally, Minnesota has introduced SB 4511, which seeks to restrict platforms that allow users to place financial bets on future event outcomes, furthering the scrutiny of prediction markets.