As we wrap up another week in the gambling sector, here’s a summary of the key events, both positive and negative, that have unfolded.
This week's recap features a heartfelt appeal from a prominent sports figure to the President, significant developments in prediction markets, and a celebration of the anniversary of legalized sports betting.
Bingo: Dana White Urges Trump to Reconsider Gambling Tax Deduction Limits
Despite efforts from US Representative Dina Titus and professional gamblers, the call for change has largely gone unheard. However, UFC President Dana White has reached out to Donald Trump, hoping to make an impact. The controversial provision in the One Big Beautiful Bill, which limits the deductible losses for gamblers to 90%, has raised concerns across the gambling community. White emphasized to the President that the current legislation makes betting in the US illogical, as it can lead to tax liabilities even when players incur losses.
Bust: Trump Media’s Prediction Market Plans Scaled Back
In a recent update, the Trump Media & Technology Group has significantly revised its initial vision for a prediction market. Initially announced in collaboration with Crypto.com, the Truth Predict platform was expected to cover a wide range of topics, from elections to sports. However, the focus has now shifted to a more limited marketing partnership with Crypto.com’s existing platform.
Bingo: Polymarket Launches in the US
After a beta testing phase that began in October, Polymarket has officially launched its prediction market for US users. While it still has a long way to go to compete with Kalshi, which boasts a daily volume ten times greater, this launch provides Polymarket with an opportunity to close the gap.
Bust: Significant Layoffs at GDC Group
In a move aimed at stabilizing finances, Gambling.com has laid off approximately 150 employees as it transitions to an “AI-first” model. The company anticipates that reducing its workforce by 25% will save around $13 million annually, though market reactions have been negative, with stock prices continuing to fall.
Bust: Governor Stitt’s Veto Overturned
Governor Kevin Stitt's veto of SB1589 was overridden, leading to Oklahoma becoming the third state this year to prohibit dual-currency casinos. Stitt argued that the law would criminalize a harmless activity and hinder innovation, but lawmakers disagreed, reflecting a trend of legislative pushback against gubernatorial vetoes.
Bingo: Celebrating Eight Years of Legal Sports Betting!
To conclude the week, we commemorate the eighth anniversary of the legalization of sports betting in the US. The Supreme Court's decision on May 14, 2018, to overturn PASPA has allowed states to establish their own sports betting regulations. While the journey has had its challenges, the overall impact has been positive, fostering a new industry and enhancing the sports experience for many.