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“Prediction markets have branded themselves as legal and safe, but the reality is they are not adhering to Connecticut’s consumer protection standards,” Lamont wrote in a statement.
While such orders have become customary around the nation this year, Connecticut’s missive took it one step further. The department also issued nearly 30 subpoenas to licensed gaming service providers and a bevy of media outlets. Those issued subpoenas include ones served to PayPal, Sportradar Solutions and Plaid, a payment processing app that holds a gaming licence. Although those companies are not under investigation, the subpoenas appear to be the first against service providers that conduct business with prediction markets in some form.
– In the wake of a consequential ruling by the US Court of Appeals for the Ninth Circuit against Kalshi, two operators are taking separate paths in an effort to overturn the decision. On 28 August, the Ninth Circuit ruled in a 3-0 decision that sports event contracts do not qualify as federally regulated swaps under the Commodity Exchange Act. Earlier this week, Kalshi filed for an en banc re-hearing with the Ninth Circuit, this time before an 11-judge review. Robinhood, meanwhile, filed a petition of certiorari with the Supreme Court in a move to effectively bypass the Ninth Circuit. It is widely believed that a circuit split between the Ninth Circuit and a separate decision by the Third Circuit will prompt the Supreme Court to take up the case.
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Yet tax collection continues to plague the sector’s progress.
Last year, the DRC’s Minister of Finance Doudou Fwamba estimated iGaming operators generated around $1.7 billion in annual revenue, yet contributed approximately $1 million in taxes.
A CEO of a prominent operator in the DRC last year told iGB the tax system largely operates on a declaration basis of how much operators report to the government.
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CME Group (NASDAQ: CME) and the index provider announced a partnership in July. With the MLB deal in place, the exchange operator will offer derivatives based on the baseball indexes.
“The agreement paves the way for CME Group to list weekly, monthly and quarterly cash-settled futures contracts, pending regulatory review, based on the CME FSPI MLB benchmarks,” according to a statement issued by FutureSports.
Launch dates for the MLB team futures contracts weren’t revealed, but spring training for the 2027 season commences on Friday, Feb. 19, according to the league schedule.