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VGW owner rejects AGA criticism of sweepstakes casinos

Regulation

Virtual Gaming Worlds owner Laurence Escalante rejected criticism of sweepstakes casinos raised by the American Gaming Association, according to the report. The AGA said the dual-currency model can avoid licensing and warned of consumer and market risks; Escalante pointed to VGW's financial-crime controls. Industry participants cited growing interest in the sector and uncertainty over its legal framework.

The competing positions reflect regulatory and compliance uncertainty for companies operating in the sweepstakes-casino sector.

End-of-day close Catena Media (CTM), SEK, to 11 October 2024
Story date15 July 202411 October 2024

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AGA estimates under-21 users generated $8.844 billion in Kalshi sports trading

The American Gaming Association estimated that Kalshi users aged 18 to 20 generated more than $8.844 billion in sports-related trading volume through 27 October, based on a 4% figure the association said Kalshi had published and later changed. The AGA argues that users aged 18 to 20 can access these markets despite age limits of 21 for sports betting in numerous US states.

The American Gaming Association (AGA) estimated that Kalshi users aged 18 to 20 generated more than $8.844bn in sports trading volume through 27 October. According to the AGA, the calculation rests on information that Kalshi published on its website and later changed. In that information, the AGA said, Kalshi stated that users aged 18 to 20 accounted for 4% of its trading volume.

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