Intelligence Brief
The structure beneath the structure. What the market doesn't know it doesn't know.
Wisconsin joins multistate push against Kalshi sports contracts
The conventional read of this moment holds that Kalshi remains in a strong position because the CFTC preemption argument, even weakened, gives the company grounds to contest every state acti…
Brazil's health system lawsuit puts betting firms on notice
Georgia tribes gain gambling licence advantage over prediction markets
CFTC probes Adam Kinzinger for betting on his own pardon
Casino executive Tom Reeg warns of daily fantasy sports threat
MGM Chief Executive Bill Hornbuckle Steps Down
Nobody knows who owns it. Everyone assumes someone does.
CFTC's swap redefinition puts White House review ahead of the courts
The first rule would extend the regulatory definition of a swap to cover event contracts traded on platforms including Kalshi, Polymarket, Crypto.
Kalshi blocks candidates from wagering on their own elections
Play'n GO warns Brazil ban will push gamblers toward unlicensed sites
Equity event contracts find no safe harbour as SEC scrutiny sharpens
NCPG director search puts responsible gambling's future on the line
Mention market ban fails to close the manipulation window
Eleven subscriptions. Nine of them do the same thing.
DraftKings AI investigation turns on a rule Massachusetts wrote first
Maynard, the Massachusetts Gaming Commission chairman, confirmed Thursday that Executive Director Dean Serpa would engage directly with DraftKings to understand the specifics of its machine-…
Sixth Circuit finds Kalshi sports contracts outside federal swap rules
The Sixth Circuit's reasoning turned on a clause in the statutory definition of swaps — the requirement that a contract depend on events "associated with a potential financial, economic, or …
Sixth Circuit joins growing judicial consensus against Kalshi
Massachusetts Gaming Commission orders AI audit of sportsbooks
Robinhood and Crypto.com urge Supreme Court to clarify prediction market rules
Kalshi margin proposal locks out retail traders by design
Missouri's licensing demand puts six platforms in a 10% tax trap
Missouri's licensed sportsbook operators pay a 10 percent tax on adjusted gross revenue, submit to Gaming Commission oversight, verify that customers are 21 or older, and meet responsible ga…
Delaware has never seen you. It doesn't need to.
Kalshi margin proposal shifts collateral burden onto the CFTC
Polymarket faces CFTC probe as Kalshi contests wash-trading claims
New Jersey asks Supreme Court to decide on Kalshi sports contract legality
Ninth Circuit tribal ruling leaves Kalshi's en banc bid exposed
Buckhout Faces Scrutiny Over Betting on Own Congressional Race
Texas governor race becomes proxy battle for prediction market future
What the hearing on 15 September established is that Texas is not a passive jurisdiction waiting to be told what federal law requires.
The spread is where your edge quietly goes to die.
CLARITY Act fails in Senate as tribal gaming wins Ninth Circuit
Tribal leaders leave CFTC with no answers on prediction market rules
Massachusetts Gaming Commission quits national problem gambling body
Texas argues state sovereignty in federal betting case hearing
Pennsylvania Sets October 14 Deadline to Remove Skill Games
CLARITY Act cloture vote tests Democratic calculus on crypto
Kalshi's contract on passage before October 2027 ran as high as 64% overnight before settling back.
Nebraska sports betting group seeks tax cut for sportsbooks
If voters approve in November, the Nebraska Racing and Gaming Commission would have until June 1, 2027 to write the rules.
Nebraska's November ballot puts online sports betting to a public vote
Cluster of Polymarket accounts found winning on KPMG-audited firms
Third and Ninth Circuits split on sports contract classification
Connecticut extends enforcement to eight platforms as Coinbase and Crypto.com join halt orders
Yokohama mayor's resignation reopens Japan casino licence race
By July 2026 a third-party law firm had found he routinely called subordinates "morons" and "human scum.
ESMA warns Polymarket and Kalshi lack EU authorisation
Underdog surrenders DFS licences to fight on federal ground
Nevada hands Kalshi a second state court defeat in a week
Mexico's cabinet gambling reform puts licensing timeline in play
Caesars asks federal court to dismiss Cayuga Nation mobile betting claim
CFTC rewrite threatens to hand states the argument Kalshi needs to beat
UK consumers use US prediction sites as FCA weighs retail ban lift
When regulators designed to prevent consumer harm instead push consumers toward operators with no regulatory standards at all, the harm function has inverted.