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(AsiaGameHub) -   Attorneys responsible for a pivotal legal victory against Meta and Google have turned their attention to sports betting operators, filing a new suit against FanDuel and DraftKings in Massachusetts. Jennifer Hoekstra, a partner with the law firm Aylstock, Witkin, Kreis & Overholtz, who contributed to discovery and briefing in the California social media litigation, is spearheading the new action. She is heading a personal injury lawsuit that contends the companies deliberately target at-risk individuals, for instance during late-night hours or following significant losses. “They develop and personalize themselves to the individual user,” Hoekstra informed ESPN. “The algorithm identifies you and your interests when you log in. It appears, making it increasingly addictive for that individual.“ Plaintiff Wagered Millions of Dollars According to the legal filing, the anonymous plaintiff placed bets totaling $3 million on FanDuel from 2023 to 2025. While the exact loss amount is unspecified, the complaint indicates his gambling grew into “an unmanageable addiction to the defendants’ sports betting platforms.” His escalating gambling habit led him to quit his job, and he is currently receiving treatment for addiction. Mirroring another suit filed this week, DraftKings and FanDuel provided him with VIP hosts. In the other case, the two plaintiffs sustained losses exceeding $2 million on the platforms. Hoekstra stated that her new lawsuit concentrates on physical injury, not financial harm. Using Social Media Arguments The core argument that succeeded in the social media lawsuit was that the product was deliberately engineered to be habit-forming. Hoekstra is applying a similar legal strategy against the gambling firms. “We’re claiming that there is an actual physical harm that is being done through the addiction,” Hoekstra explained. “This is what distinguishes our case: the allegation of a defective product that was intentionally and defectively designed to cause this injury.” The suit alleges DraftKings and FanDuel profit from problem gamblers. It references a Connecticut study indicating 51% of sports betting revenue in the state is generated by 2% of players, who are classified as problem gamblers. An earlier lawsuit against DraftKings presented data suggesting 42% of the company’s total revenue originates from roughly 3.8% of its user base. Will ‘Intentionally’ Addictive Argument Work Again? In the Meta case, the plaintiff received $6 million in damages after jurors determined that Meta and Google had intentionally created addictive social media platforms that damaged the 20-year-old's mental health. However, past rulings have found that gambling companies owe no duty of care to compulsive gamblers. Recently, a Pennsylvania judge dismissed a separate lawsuit against DraftKings. In his decision, he stated, “The Court finds that DraftKings has no duty of care to protect Plaintiffs from spending too much money or from developing or fueling a gambling addiction.” Similar to the two new suits, the dismissed complaint claimed that VIP hosts had promoted further losses. The judge determined that the hosts did not control the betting or make decisions for the individuals. “Encouraging them to place bets is insufficient to create a fiduciary relationship,” the judge wrote. A fiduciary relationship is a legal association of trust where one party (the fiduciary) acts for the benefit of another. Because individuals bet voluntarily, the VIP hosts and companies are not held legally accountable. While DraftKings was previously fined $450,000 in Massachusetts for a clear breach of state law regarding credit card deposits, the new lawsuits confront the greater challenge of proving the companies are liable for a gambler's losses. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   Capitol Hill witnessed a flurry of activity surrounding prediction markets on Thursday, as legislative pressure on event contract exchanges reached new heights. Lawmakers unveiled two separate proposals to limit the sector from different regulatory vantage points, including the STOP Corrupt Bets Act.Rep. Jamie Raskin (D-MD) and Sen. Jeff Merkley (D-OR) introduced the bicameral legislation, which takes aim at prediction market contracts linked to elections, military operations, and government actions, marking it as one of the most sweeping proposals directed at the rapidly expanding industry.  The measure was introduced on the same day that Sens. Elissa Slotkin (D-MI), Todd Young (R-IN), Adam Schiff (D-CA), and John Curtis (R-UT) put forth separate bipartisan legislation concentrating on insider trading by government officials, illustrating the swift acceleration of efforts to regulate prediction markets in Washington.  The simultaneous introduction of these bills indicates that lawmakers are implementing a coordinated, multi-pronged strategy to address prediction markets from various angles rather than pushing a single, unified measure.   If this tactic proves successful, it would lead Congress to impose restrictions on an industry that Schiff has dubbed the “Wild West.”  Legislation Targets Wagering on Elections, Warfare and Governmental Actions The STOP Corrupt Bets Act is broader in scope than several recent proposals. Rather than adopting a narrow focus on ethics or market integrity, this legislation would prohibit entire categories of event contracts.  As drafted, it would modify the Commodity Exchange Act to bar registered entities from listing or trading contracts covering specific “matters described,” including elections, sporting events, and military actions that the bill’s sponsors maintain lack commercial hedging value and essentially operate as unregulated gambling. The measure extends further than other proposals that merely restrict government officials, as it prohibits all individuals from placing such wagers.  The legislation expressly bans event contracts on: Political elections or contests Governmental actions taken by the executive, legislative, or judicial branches Sporting events or athletic competitions Military operations conducted by the United States or any foreign nation In the announcement releasing the bill, Raskin stated: “The oligarchs and opportunists are using prediction markets like Kalshi and Polymarket to enrich themselves. By banning bets on elections, legislation, acts of war and other government actions, we can oppose corrupt attempts to rig our democracy and profit from the fix, and we can redeem public faith in the idea that government is an instrument for the common good and not a casino.”  The proposed legislation specifically targets event contracts that could be influenced or even known beforehand by government insiders, as well as those that might present a risk to national security.  Lawmakers have increasingly expressed concerns that markets related to warfare and geopolitics could create perverse incentives or expose vulnerabilities in the handling of sensitive information.  The bill includes a narrow exception for contracts used for “hedging or mitigating commercial risk,” but assigns the Commodity Futures Trading Commission with defining the specific parameters.  This measure draws a clear line around which events should be completely prohibited, rather than regulating how participants engage with them, making it one of the most aggressive proposals to date.  If enacted, the legislation would require the Government Accountability Office to study the impact of prediction markets on young people, insider trading, and related issues. Legislators Employ Various Tactics as Bills Accumulate The current approach to prediction markets on Capitol Hill could be characterized as a “death by a thousand cuts” strategy. Lawmakers have introduced various bills, many with overlapping objectives and even overlapping sponsors. For example, Sens. Schiff and Curtis are challenging the industry from multiple legal perspectives simultaneously, with both co-sponsoring more than one proposal targeting prediction markets. This layered approach might ensure that if one of the bills fails to gain traction or faces constitutional challenges, another might survive. While some legislation focuses on the ethics of government officials trading on nonpublic information, other bills address regulatory “backdoors” by reclassifying event contracts as traditional sports betting or casino-style gambling. Additionally, Sens. Richard Blumenthal (D-CT) and Andy Kim (D-NJ) have introduced the Prediction Markets Security and Integrity Act, which merges insider trading prohibitions with restrictions on war-related bets and specific consumer protections like age verification and credit card bans. Above all, the multiple measures demonstrate that Congress is committed to eliminating loopholes in the current regulatory framework.  This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   The legislative effort against prediction markets pressed forward strongly on Thursday, with lawmakers unveiling yet another bill aimed at the sector.  Sens. Elissa Slotkin (D-MI), Todd Young (R-IN), Adam Schiff (D-CA), and John Curtis (R-UT) are spearheading this bipartisan initiative, known as the Public Integrity in Financial Prediction Markets Act of 2026, which seeks to prohibit government officials from leveraging insider information to gain profits from event contracts. As drafted, the legislation aims to stop federally elected officials, political appointees, and government employees from utilizing their access to sensitive, nonpublic information—acquired through their trusted roles—to execute trades on prediction markets.  Similar to other proposals, this legislation comes in the wake of multiple reports of alleged insiders securing substantial profits by making suspiciously timely trades ahead of major geopolitical events, including the joint U.S.-Israeli strikes on Iran, where six accounts earned $1.2 million.In a press release announcing the bill, Young referenced these worries: “Public service should never be a pathway to personal profit based on insider information. Recent activity in prediction markets has raised real concerns that individuals with access to sensitive, nonpublic information could exploit that advantage for financial gain.”  This measure joins a growing number of bills targeting the industry, as lawmakers from both parties voice concerns over insider trading, sports contracts, and markets linked to war and government actions.  Bill Covers Congress, Executive Branch Staff & Political Appointees The proposed bill aims to address what many view as an ethics gap, as prediction markets are being used more frequently as financial tools, sparking worries about insider trading.  Under the legislation, “covered individuals” would encompass the president, vice president, members of Congress, and employees of executive or independent regulatory agencies. Those in these categories would be prohibited from using:“Material nonpublic information that a reasonable investor would deem significant when making a decision about a prediction market contract and that is not publicly accessible.” The bill would establish strict penalties and reporting requirements: Authorizes fines of $500 or double the profit from the trade, whichever is higher.  Oversight ethics offices are required to establish regulations, issue guidance, and collect reports on transactions exceeding $250.   Any covered individual involved in a transaction worth over $250 must submit a detailed report to their oversight ethics office within 30 days.  Slotkin stressed why she believed the bill is needed: “No one should profit from the information and knowledge gained through public service, plain and simple. This bill is a crucial initial step in establishing commonsense regulations for prediction markets, with real enforcement to ensure those who violate these rules face tangible consequences. I’m proud of our bipartisan group and thank Senators Young, Schiff, and Curtis for collaborating with me to advance this critical legislation.” Curtis noted that the bill would apply long-standing insider-trading principles to a new form of financial product. Schiff, on the other hand, contended that the industry cannot be left to regulate itself. Competitive Field of Prediction Market Legislation The Public Integrity in Financial Prediction Markets Act enters an already packed arena of legislative proposals competing for attention on Capitol Hill, as members of Congress aim to define their stances in the debate. In January, Rep. Ritchie Torres (D-NY) introduced a House version of the same act.  On the same day Slotkin, Young, Schiff, and Curtis introduced this bill, Sen. Jeff Merkley (D-OR) and Rep. Jamie Raskin (D-MD) unveiled the STOP Corrupt Bets Act, a bicameral bill that would prohibit prediction market betting on elections, government actions, and military operations.  Other recent proposals include the End Prediction Market Corruption Act by Merkley and Sen. Amy Klobuchar (D-MN), Schiff’s DEATH BETS Act, and the Prediction Markets Security and Integrity Act of 2026 by Sens. Richard Blumenthal (D-CT) and Andy Kim (D-NJ).  Other bills advancing through Congress include the Prediction Markets Are Gambling Act by Sens. John Curtis (R-UT) and Adam Schiff (D-CA), and the PREDICT Act by Reps. Adrian Smith (R-NE) and Nikki Budzinski (D-IL), which focuses on political event contracts. Considering the number of bills under consideration in Congress, one thing is clear: Congress is seeking to address what it perceives as the prediction market issue from various perspectives. Though no single bill has yet distinguished itself, it appears lawmakers have no plans to ease the pressure on prediction markets in the near future. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   Smoking continues to be allowed on all 13 casino gaming floors in Missouri. Legislators have reintroduced House Bill 1618 in the state's General Assembly, which seeks to mandate smoke-free settings in casinos. The legislative cutoff is rapidly nearing, however, making it entirely possible the bill will lack the time to advance. Furthermore, a comparable proposal in Kansas has already been defeated, contrary to earlier expectations that it would become law. Missouri’s Smoke Ban in Casinos is Stuck in Endless Discussion Focusing on Missouri, the state presently permits indoor smoking in casinos due to a specific exemption in its 1993 Clean Indoor Air Law. House Bill 1618 (HB1618) seeks to change this by removing that exemption. The legislation still has a long journey ahead, particularly as the Jefferson City legislature nears its adjournment for 2026. Earlier this year, prospects for HB1618 looked considerably brighter, as it was launched with support from both parties. The bill, written by state Rep. Bruce Sassmann (R-Montgomery), is co-sponsored by two fellow Republicans and four Democrats. After receiving two readings on the House floor in January, the bill still awaits assignment to a committee for first review. With the Missouri General Assembly scheduled to adjourn on May 15, however, the likelihood of prohibiting casino smoking this year seems low as the clock winds down. Debate on HB 1618 appears to have been delayed partly due to other gambling matters legislators have addressed in recent weeks. For instance, a new bill to regulate slot machines just barely passed the House last week. This action is part of a wider state initiative to manage "gray market" slot games. Indeed, Missouri Attorney General Catherine Hanaway has already begun pursuing illegal gambling machines, with a particular focus on video lottery terminals (VLTs) that have existed in a legal gray zone. Anti-Smoking Bills in Kansas Fail In the neighboring state of Kansas, Senate Bill 176 has already met its end. The bill aimed to modify the Kansas Clean Air Act of 2010 to eliminate secondhand smoke from the state's four casinos. Kansas Senate Bill 176 has seen no movement since February, when it was sent to the Senate Committee on Federal and State Affairs. The committee created the measure at the request of state Sen. Mike Thompson (R-Johnson). A related proposal in the Kansas House of Representatives, supported by Casino Employees Against Smoking Effects, has similarly stalled. House Bill 2252 has remained inactive for weeks in the House Committee on Health and Human Services. While the Kansas Legislature does not adjourn until April 10, both SB176 and HB2252 are currently defunct after missing the state's crossover deadline of February 19 to move to the opposite chamber. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   The World Series of Poker (WSOP), a poker powerhouse established by Benny Binion, and ESPN have announced a new streaming agreement on Thursday, confirming that the world's most prestigious and popular poker event will once again be broadcast on the network. ESPN to Bring Top-Tier Poker Action to Fans This multi-year streaming partnership will begin with the 2026 edition of the event, scheduled to start on July 2, 2026, and will continue through the final table, which is set to take place from August 3 to August 5, 2026. Details of the agreement have been released, indicating that coverage will feature three tables running concurrently for the Main Event, which is widely considered the most engaging and rewarding competition on the schedule. Commenting on this significant development, Ty Stewart, CEO of the World Series of Poker, expressed his enthusiasm, calling it an excellent opportunity to provide poker enthusiasts with a more dynamic viewing experience. “It’s with great pride that the WSOP is coming home to ESPN. The legacy of this partnership helped the game explode, and we can’t wait to deliver inspiration through world-class content to a new generation of viewers,” Stewart stated. The WSOP Main Event is anticipated to be one of the most significant in its history. Last year's event saw a total prize pool of $90.5 million, distributed among over 9,735 participants. This figure represented the third-largest Main Event in the series' history, but Stewart is optimistic that the event will surpass all previous records. However, travel restrictions imposed by the Trump administration may have negatively impacted the participation of international players. Despite these challenges, the WSOP continues to maintain its cultural relevance, with various developments surrounding the brand. For instance, Phil Hellmuth, who holds 17 WSOP bracelets, recently suggested that the number of bracelets awarded annually should be reduced, arguing that the proliferation of events diminishes the value of the original bracelets. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   Tom Armenti, president and CEO of Fat Shack Inc., launched his venture after graduating from college, using $5,000 in winnings from online poker. His optimism was initially dampened by construction estimates that ranged from $150,000 to $200,000.  “There’s No Way I Can Do This” “I recall thinking, ‘There’s no way I can do this,’” Armenti stated in an interview with Business Insider’s Katherine Tangalakis-Lippert.  Instead of abandoning the idea, he devised a solution. Rather than constructing a new restaurant, he borrowed space using his poker winnings. In 2010, he introduced Fat Shack by operating out of a local bagel shop at night, after the business had closed for the day. The initial phase was challenging due to a lack of on-site storage; consequently, he stored ingredients in freezers in his garage and transported only the necessary inventory for each day.  Although the setup was less than ideal, the unique arrangement proved successful, as students began placing orders, spreading the news, and keeping the phone lines busy. Soon after, he decided to relocate the business to Fort Collins, Colorado, attracted by the significantly larger student population, and in 2011, he opened the first full-fledged Fat Shack location.  The Shark Tank Effect The business took off in the first week, with further growth following shortly, prompting him to open a second location in Boulder with a close friend. The experimental franchise was also a hit, convincing the two friends that the concept was scalable.  By 2015, they had established the first official franchise locations, often managed by individuals who had previously worked within the company. A significant milestone occurred four years later when the company appeared on Shark Tank, securing the founder a deal with Mark Cuban for $250,000 in exchange for 15% equity. Thanks to the publicity, sales experienced another surge, inquiries flooded in, and the company expanded rapidly, reaching 30 locations and generating approximately $20 million in annual revenue. Despite this success, the restaurant industry has grown more competitive due to shifting consumer habits and rising competition, forcing Fat Shack to make a difficult choice: remain true to its identity or adapt by offering healthier options.  They chose the former. “There’s no way we could reinvent ourselves as a health brand,” Armenti remarked.  The chain continues to prioritize value, enlarge portion sizes, and maintain stable pricing. To this day, the founder remains hands-on, frequently working in the stores alongside his staff. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   A new collaboration between Kalshi and ARK Invest is propelling prediction platforms into the mainstream of professional investing, as companies seek enhanced tools to forecast an increasingly uncertain future. This partnership will offer an alternative perspective to conventional forecasting techniques, harnessing the wisdom of the crowd to collect signals that traditional models often fail to capture. Prediction Markets Deliver Distinctive Insights ARK plans to test how these signals integrate into its research process. The firm, known for leveraging emerging technologies, will use prediction markets to gather an additional layer of information that complements its existing tools. Analysts aim to monitor contracts tied to economic indicators and industry trends to identify investment patterns that support their decision-making. Part of this work is already in progress. ARK has been observing Kalshi markets—such as those focused on productivity and the federal deficit—in initial studies. Researchers are looking to determine whether real-time probability pricing can detect turning points faster than traditional analysis. The continuous price fluctuations linked to these indicators may help investors precisely track current market expectations. “We believe these signals can enhance our research process and provide valuable context around key drivers across disruptive sectors, helping investors make more informed decisions.” Cathie Wood, ARK Invest founder, CEO, and CIO However, there are some ongoing concerns. Liquidity varies across contracts, and not every market attracts enough participation to generate reliable signals. Crowd behavior could also skew prices, especially in thinly traded areas. Even so, the trend is clear: firms like ARK are now using prediction markets as a valuable tool to supplement their existing earnings models and economic forecasts. Kalshi Targets Mainstream Acceptance This kind of institutional use could be a significant boost for Kalshi’s legitimacy as a mainstream financial platform. It transforms real-world uncertainty into tradable contracts, with pricing that reflects collective judgment. Rising interest from professional investors has validated Kalshi’s expansion efforts in how markets are created and distributed as the company aims to deliver a mature, established product. “As institutional adoption of prediction markets grows, Kalshi is seeing increased demand for a formal market request pipeline to help investors leverage the wisdom of the crowd.” Tarek Mansour, Kalshi CEO The ARK partnership follows a similar deal with Tradeweb Markets in February. The company is integrating Kalshi’s probability data into its trading ecosystem to complement more familiar indicators like rates and credit spreads. This addition should give portfolio managers another metric to gauge potential risk and make informed decisions. Together, these two deals show how institutions have adjusted their approach to information. The prediction market system is quickly becoming part of established workflows that handle real capital at scale. Such growing interest reflects rising confidence that probability-based markets can uncover nuances traditional analysis sometimes overlooks. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.

(AsiaGameHub) -   The American Gaming Association (AGA) has seen a decline in its membership at a time when the trade group and the industry are facing pressure from multiple fronts. The offshore gambling market continues to operate, sweepstakes casinos have faced challenges but are persisting, and significantly, the prediction market sector has experienced substantial growth, posing a threat to the interests of traditional sportsbook businesses. The Clash Between Traditional Businesses and Prediction Markets Interestingly, it is this latter development that has led to a division between the AGA and its members, with DraftKings, FanDuel, Fanatics Betting & Gaming, and now bet365 withdrawing from the organization.  While no party has publicly detailed their reasons, the fact remains that the AGA's adversarial stance towards prediction markets has coincided with a stated interest in the sector by major sports betting companies. DraftKings and FanDuel relinquished their licenses in Nevada to focus on their prediction market endeavors elsewhere, each launching a dedicated platform, with Fanatics subsequently following suit. This naturally raises the question: Is Bet365 planning to launch its own prediction market platform? The possibility exists, though there have been no official indications thus far, with bet365 not being registered with the National Futures Association, for example, nor having submitted an application to do so.  However, even if bet365 is still exploring the option, this does not preclude the company from eventually entering the space. Prediction markets are widely regarded as the next significant business opportunity for sports betting companies, with both DraftKings and FanDuel maintaining a generally optimistic outlook for their future in this area. These companies have expressed cautious skepticism that prediction market platforms would ultimately undermine the sports betting sector, asserting that they represent a distinct market segment. Meanwhile, state regulators, attorneys general, and members of Congress have continued to pursue actions against the sector. This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content. AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.