Latvia has folded the Inspectorate for Supervision of Gambling and Lotteries into the State Revenue Service, which has taken over its responsibilities, according to the report. Two units within the tax authority will handle licensing and compliance, and inspections including technical checks and financial controls.
Operators in Latvia will deal with a single authority for gambling oversight, licensing and tax collection.
The day’s most important stories, free. One email a day.
Kalshi chief executive Tarek Mansour said state regulation of prediction markets would drive the industry out of the US rather than resolve the state-versus-federal dispute. Speaking at DC Fintech Week, he said the choice is whether prediction markets exist in the US or go offshore, and defended Kalshi's sports-event contracts as federally regulated financial contracts.
Kalshi chief executive Tarek Mansour warned that letting individual states oversee prediction markets would drive the sector abroad instead of resolving the tug-of-war between state and federal authorities, according to reporting by Complete iGaming. At DC Fintech Week, he framed the matter as a binary: either such markets operate inside the US or they relocate overseas.
It was reported that the NFL petitioned the United States Supreme Court over state oversight of prediction markets. The league wants states to have authority to regulate those markets.
A group of 40 state attorneys general asked the US Supreme Court to consider New Jersey’s prediction markets dispute. New Jersey wants to reverse an appellate decision giving federal commodity-trading legislation priority over its gambling rules.
Forty state attorneys general, drawn from both parties and speaking for 39 states plus Washington, D.C., have signed an amicus brief asking the US Supreme Court to take up New Jersey's suit against prediction market operators. The filing backs New Jersey's effort to reverse a decision by a lower appellate court, which held that the state's gambling statutes were displaced by federal commodity-trading law.
West Virginia delegate Shawn Fluharty argued at the Global Gaming Expo that states should oversee prediction markets instead of Washington. He compared prediction markets with moonshine and sports betting with fine wine.
Shawn Fluharty, a Democrat in the West Virginia House of Delegates, said at the Global Gaming Expo that states rather than the federal government should oversee prediction markets, according to a report of his remarks. Fluharty, who also heads government affairs for Play'n GO, spoke during a G2E session on prediction markets, regulatory oversight and integrity.
Pennsylvania lawmakers have proposed prediction-market rules covering taxation, oversight and insider trading. State Representative Danilo Burgos’s bill would give the PGCB oversight and impose a 34% state tax plus a 2% local assessment. State Representative Tarik Khan backs separate bipartisan legislation banning insider trading and market manipulation and restricting bets involving deaths and youth sport.