Here’s your daily rundown of the biggest stories shaping sports betting and prediction markets – from the latest industry moves to the odds, trends, and developments worth watching.
CFTC Sues to Block State Enforcement in Utah
The Commodity Futures Trading Commission has filed a lawsuit against Utah to block the state from efforting to shut down prediction markets.
This follows Utah Attorney General Derek Brown's lawsuit against Kalshi and Susquehanna last week, in which it accused the sites of offering "illegal" online gambling.
“Congress entrusted the CFTC to be the federal regulator with sole responsibility to oversee these markets. As I’ve said before, the CFTC has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives, and that’s exactly what we’ll do,” CFTC chairman Michael Selig said in a statement.
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Kalshi Adds $2,500 Monthly Deposit Limits for 18-to-20-year-olds
Prediction market platform Kalshi has expanded its safeguards to include a $2,500 monthly deposit limit for traders between the ages of 18 and 20 years old.
Another added feature is an alert to new traders with balances of more than $1,000 who have more than 25% of their funds on one trade.
"Like the stock exchange, Kalshi is available only to traders 18 and older," Kalshi co-founder Luana Lopes Lara said in a statement.
New York Sportsbooks' Revenue Slumps in September
New York's eight online sportsbooks produced a 6.6% hold in September, generating $159.4 million in revenue off of a $2.4-billion handle.
The figures from the New York State Gaming Commission represent a 17.7% year-over-year decline in revenue.
Those numbers also represent the lowest hold New York books have earned in the first month of the NFL season.
Read more here: New York Sportsbooks' Revenue Slumps in September Despite Higher Handle
Prediction Markets Generate $14B in Weekend Trading
The numbers are crystallizing and show more than $14 billion in notional trading volume at prediction markets this past weekend.
At a busy time in the sports calendar, with the NBA's return, the World Series, and the WNBA Finals, prediction market operators continue to set records, including a new one-day high of $7.2 billion on Saturday.
Kalshi led the way with $10.06 billion in notional volume, representing over 70% of the total volume.
Read more here: Kalshi Generates $10B of $14B in Weekend Trading
