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.
Operators Close Certain Prediction Market Contracts in Utah
Several big-name trading exchanges are removing specific contract offerings in Utah after the state filed criminal charges against prediction market operator Kalshi.
FanDuel and DraftKings have stopped offering sports, politics, and novelty markets by Friday, according to multiple reports. Fanatics said it will exit Utah on Nov. 4. All three also operate legal, licensed sportsbooks in other U.S. states.
FanDuel said it will still offer financial and economic markets, and all open positions will be held until settled. These decisions come after Utah charged Kalshi and its co-founders this week with operating illegal betting in a state that has no legal form of gambling.
Utah is just the second state to file criminal charges against a prediction market operator, joining Arizona. Utah Attorney General Derek Brown filed a lawsuit against Kalshi on Oct. 20 and said prediction markets violate state laws.
“Calling it a ‘prediction market’ doesn’t change what it is, and being federally registered doesn’t put a company above the law,” Brown said.
Handle, Revenue Surge for New York Sportsbooks
No Buffalo Bills, no problem. Despite the popular NFL team enjoying a bye, New York online sports betting operators still thrived, winning back $79.4 million on a $656.1-million handle during the week ending Oct. 25.
The nearly $80 million in gross revenue was Empire State sportsbooks’ best week this football season and the most generated in New York since the week ending Jan. 18, according to the New York State Gaming Commission’s Friday report. Gross revenue grew 16% week over week, and the 12.1% hold was also the highest win rate produced since college football and the NFL kicked off in September.
The latest amount wagered was up nearly 7% from the previous week and the fourth handle over $600 million this fall. FanDuel led all operators with $36.5 million in gross revenue from a $246.7-million handle, winning back 14.8%. DraftKings won back 11.6% of a $222.1-million handle.
Half of the other six online operators produced double-digit holds for the week ending Oct. 25.
Christian Watson Injury Leads to Injury Protection Confusion
Some voided, some didn't. When Green Bay Packers receiver Christian Watson exited Thursday night's NFL game in an ambulance, sportsbooks were quick to void player prop bets on him.
When Watson made a surprise return to the game in the second half, some books honored the voids, while one major sportsbook didn't.
It's the latest example of injury protection policies only going so far.
Read more here: Watson Injury Highlights Sportsbooks' Achilles Heel
– Grant Mitchell
