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Asked by Hall on how Texas should proceed moving forward, York advised that the state should seek an order that would require prediction markets to geofence their platforms from operating statewide. York also prefers the pursuit of litigation against prediction markets in state court, rather than the federal circuit, where state attorney generals have been less successful.
“Prediction markets think they can mess with Texas,” York said. “I hope you prove them wrong.”
In response, DeNault noted that prediction markets regulated on the federal level by the CFTC offer a “safer alternative” than many offshore operators that lack the requisite consumer protections.
What is Christmas Jackpot Bells?
Prosecutors allege that five suspects had operated internet-based gambling services without the required German licences from at least July 2021. The volume of bets placed on these platforms reportedly exceeded €5.8 billion between mid-2021 and the end of 2023.
In addition to illegal gambling, investigators suspect extensive tax evasion, with a projected tax shortfall of about €77.6 million for 2024.
The DSWV, representing licensed sports-betting operators, broadly welcomed the law enforcement action as a necessary response to the illegal market’s growth and associated risks.
What is Christmas Jackpot Bells?
The AiA hosted the first Africa Safer Gambling Week this week, bringing together stakeholders such as regulators, operators and industry associations on a range of issues relating to safer gambling.
As Kesitilwe explains, a key theme of the week has been turning conversations on safer gambling into practical actions.
He says the signs have so far been “very encouraging”, telling iGB: “The initiative demonstrates that cooperation does not have to remain at the level of conference and policy discussion.