gambling

Betting platforms FanDuel and DraftKings say tools are there to help addicted gamblers slow down.

Governor Hochul and Attorney General James announced a lawsuit against QCX LLC d/b/a Polymarket US (Polymarket) for running an illegal gambling operation in New York through its prediction market platform.

Leaked documents have exposed the hidden owners of secretive gambling sites operating from Curaçao, some of whom have amassed huge fortunes. The files also reveal that the Caribbean island’s gaming regulator overlooked…

A gambling blocker for iPhone you unlock with a physical security key. - jasonepage/Pawl

Another federal appeals court has ruled that states can enforce their gambling laws against the prediction market Kalshi, which asserts that it can only be regulated by the US government. On Friday, a three-judge panel in the US Court of Appeals for the Sixth Circuit ruled unanimously against Kalshi and in favor of Ohio and Tennessee. While the US Commodity Futures Trading Commission has exclusive jurisdiction over "swaps," the judges found that sports wagers offered on Kalshi do not meet the legal definition of swaps. Moreover, the court found that even if Kalshi wagers were swaps, the regulatory scheme created by Congress would not prohibit states from enforcing gambling laws on prediction markets. "We hold that Kalshi has not shown that its sports-event contracts satisfy the statutory definition of a 'swap' so as to fall within the scope of the CFTC's 'exclusive jurisdiction,'" said the ruling written by Judge Julia Smith Gibbons, a George W. Bush appointee. "And, even assuming that Kalshi’s sports-event contracts are swaps, we alternatively hold that the CEA [Commodity Exchange Act] neither expressly nor impliedly preempts Ohio’s or Tennessee’s gambling laws." Read full article Comments

New York sued Polymarket today, alleging that it runs an "illegal gambling operation" through its prediction market. “By running an unlicensed gambling operation, Polymarket has done more than just knowingly violate state law, they have put New Yorkers at risk, especially those underage who are most vulnerable to problem gaming," Governor Kathy Hochul said in a press release announcing the lawsuit. Polymarket is "sidestepping its obligation to pay taxes like licensed casinos and mobile sports gambling platforms do," New York said. "This tax revenue from gambling regulation funds public schools, sports programs for underserved youth, and problem gambling education and treatment." Read full article Comments