Native American tribes are fighting a new threat to their interests in gambling: sports betting through the booming events prediction markets https://t.co/X50FVTkfqf ...

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 ...

New this morning, TKO Group Holdings and Poly Market announcing a multi-year partnership. Poly Market is going to become the official prediction market partner for the UFC and Zalfpha Boxing. Joining us right now first on CNBC to discuss all of this, jumping into our octagon is Poly Market founder and CEO Shane Coplin.Good morning to you and UFC president and CEO Dana White. Good morning to you. Tell us tell us about this deal, what it means, how it came together.I don't know who wants to start here. Yes. > ...

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 ...