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Eilers & Krejcik analyst predicts licensed operators will enter sweepstakes casinos

Regulation

Matt Kaufman of Eilers & Krejcik said licensed operators could enter the sweepstakes casino sector and argued that the businesses operate within legal contest frameworks. The American Gaming Association has called for closer scrutiny, citing consumer and market risks, while Kaufman predicted some states with regulated online casinos may issue cease-and-desist orders.

The differing views signal potential regulatory and competitive pressure for licensed operators considering sweepstakes products.

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Regulation

Ted Cruz to file bill giving states control over sports prediction markets

US Senator Ted Cruz is preparing legislation that would give state and tribal governments authority over sports-related contracts offered by prediction markets, citing Bloomberg Law. Cruz intends to file the bill after the 3 November midterm elections. The measure would bar operators from offering contracts linked to gambling activities, including sports betting, without approval from the relevant state or tribal government.

A bill granting state and tribal governments say over sports contracts sold by prediction markets is being drafted by US Senator Ted Cruz, Bloomberg Law reported. He plans to introduce it once the November 3 midterm elections are over. As of now, the text is absent from Congress' website.

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