Industry Trend - Native American tribes face a new threat to their gambling interests: sports betting through booming events prediction markets [1]

According to Bloomberg, Kalshi Inc. has been sued in a proposed class action in New York alleging that it operated unlicensed sports betting and misled users about its market-making practices, including allowing its affiliate Kalshi Trading to set odds unfavorable to customers. The complaint says Kalshi promoted “legal sports betting” without holding any state gaming licenses. Co-founder Luana Lopes Lara denied the allegations, saying Kalshi’s market-making operates like other regulated financial exchanges. ...

What about the predictions markets. Very hot right now. Fast growing.Do you think that there's a risk that they they cannibalize sports betting. >> Yeah. So, so first um I'll give >> and also are you gonna get in. >> I'll give this to you first right here.Let's go. I'm giving it to you right now. We got to make we're launching the next couple weeks.>> Launching a >> fanatics prediction markets. Absolutely. >> Is this with crypto.com as rumored. >> Uh it is. it it is with Crypto.com and we're super excited a ...

Partnership & Strategy - TKO Group Holdings and Poly Market are entering a multi-year partnership, with Poly Market becoming the official prediction market partner for UFC and Zalfpha Boxing [1] - The partnership aims to enhance fan engagement by integrating live Poly Market odds into the fight experience, creating a real-time "scoreboard" [3][4] - UFC is looking to integrate new technologies to improve fan engagement and attract a younger audience, extending to platforms like Paramount/CBS [7][14][17] Prediction Market Dynamics - Poly Market allows users to buy and sell predictions like stocks throughout the fight, creating a new way to engage with the sport [6] - Poly Market views event outcome predictions as financial markets, advocating for a fair and efficient market structure compared to traditional sports books [10][12][13] - The company focuses on user behavior that is more like trading than traditional sports betting [13] Sports Betting & Integrity - UFC is involved in both prediction markets (Poly Market) and traditional sports betting (DraftKings) [8] - The increasing availability of data helps monitor betting lines and detect suspicious activities, aiding in policing potential game fixing [19] - UFC emphasizes its commitment to integrity, stating it will aggressively pursue anyone attempting to compromise the sport [23]

So listen, some new developments in just the last hour on that bombshell baseball betting situation with a Cleveland pitcher arraigned in federal court. Didn't make a plea, was indicted, though of course. Here's Luis Ortiz walking out of court after a judge said he could only travel to Massachusetts and New York.Look at him obviously surrounded by cameras. This has become a real big uh sports world story and well beyond, too. He's supposed to be in court in New York later this week.Prosecutors are accusing ...

Industry Trend - DraftKings CEO suggests Polymarket-style prediction markets may expand sports betting access in more US states [1]

Polymarket to go live in the US by late November as sports betting becomes key battleground for prediction markets: Bloomberg https://t.co/aU8Fd524wB ...

Sports Betting Industry Concerns - NBA commissioner expresses deep concern over integrity of competition due to illegal gambling investigations involving NBA personnel [1][2] - Sports leagues initially distanced themselves from gambling but have recently embraced it through partnerships with DraftKings, FanDuel, etc [3][4] - The rise of sports betting is ubiquitous and incidents like these were expected [4] - Compulsive betting is a growing concern, especially among young people, with 75% of college students betting on sports [13] - A significant percentage (6%) of college student bettors are losing $500 or more per day [14] - Micro-betting or live in-game betting, focused on individual player performance, is increasingly popular [6][7] - The ease of access to online betting platforms leads to compulsive behavior, with individuals betting at all hours on various sports [15] Potential Risks & Integrity Threats - There are concerns about players potentially influencing game outcomes (e g, faking injuries) to affect betting results [8][9] - The accessibility of betting on individual actions makes it easier for single players to compromise the integrity of the game, compared to past scandals requiring multiple participants [11][12] - The anonymity and ease of access provided by online platforms exacerbate the risk of widespread gambling addiction and potential match-fixing [15]

I was talking to Carmelo Anthony. He is actually our CNBC sport video cast guest for next week. But I had to ask him, look, this is going to be the story of the day, the story of the week, the story of the month for you. Carmemelllo Anony's an NBC sports basketball announcer. I'm sure he's going to be talking about this. Then I said, "Look, what is your thoughts on all of this. Do you feel like sports betting affects the integrity of the game. " Take a listen to what he told me. you know, athletes are they ...

Miami Heat guard Terry Rozier and Portland Trail Blazers head coach Chauncey Billups have been arrested in connection with a federal investigation into sports betting. Listen to that and the latest stories on Bloomberg News Now. https://t.co/kcrMEv1NmX ...