iGaming Weekly Recap (February 10–16, 2025): The Greatest Show on Earth
The U.S. gambling industry has been buzzing with activity, making it challenging to keep up with everything at once. Prediction markets are in a product sprint following a green light from a reformed CFTC, while pressure is mounting on sweepstakes casinos—led by Mississippi’s latest moves. Some states are doubling down on gambling expansion efforts, while others are abandoning their hopes entirely. And all of this is happening in the shadow of a historic Super Bowl. As always, in this week’s Weekly Recap, we’ll break down the key topics that shaped the U.S. gambling scene over the past week.
Efforts to legalize sports betting in Minnesota have hit a roadblock. Senator Klein’s bill, which aimed to legalize both retail and online betting, stalled in a Senate committee after a tied vote. The primary concerns centered around gambling addiction and regulatory measures. A competing proposal from Senator Marty, which included stricter regulations and a ban on college sports betting, faced a similar fate. With no progress on either bill, the chances of legalizing sports betting in Minnesota this year now appear slim.
Donald Trump has nominated Brian Quintenz, a former CFTC commissioner and Kalshi board member, to chair the regulatory agency. Quintenz brings extensive experience in finance and cryptocurrencies, having worked with both Kalshi and Andreessen Horowitz. His nomination is particularly significant for Kalshi, a prediction market platform, as he could advocate for a more favorable regulatory approach to such markets. A strong proponent of clear regulations for blockchain and digital assets, Quintenz’s leadership could signal a shift in cryptocurrency oversight. His nomination still requires Senate approval.
Hawaii’s HB1308 bill, which aims to legalize online sports betting, has made progress, clearing key committees despite opposition. Analysts say this is the furthest the state has ever come in the push for legalization. Other bills, including SB 1569, SB 1572, and SB 1507, are also on the table, covering fantasy sports, retail betting, and even online casino gaming and a state lottery. However, resistance remains strong, particularly from law enforcement, citing concerns over crime and addiction. While Hawaii is closer than ever to lifting its gambling ban, there’s still a long road ahead. The final decision rests with Governor Josh Green.
New York is working to expand sports betting by legalizing prop bets and season-long wagers. The Senate approved SB 2616, allowing bets on seasonal events, sports awards like the Heisman Trophy, and even coin tosses. Currently, the state restricts these wagers, but the bill aims to align New York with other major markets. Before becoming law, it still needs approval from the Senate, House, and Governor. A review will also assess potential risks to sports integrity.
The Mississippi Senate has passed SB 2510, a bill aimed at banning online sweepstakes casinos. It expands the definition of gambling, classifying sweepstakes games as gambling devices and giving regulators more power to shut down illegal operators. The bill enforces stricter penalties, including fines up to $100,000, up to 10 years in prison, and asset forfeiture. It targets operators and promoters, not players, aiming to curb illegal gambling platforms. If approved by the House, Mississippi will be the first U.S. state to ban online sweepstakes casinos.
Bonus: All Eyes on the Caesars Superdome
Staying on top of everything happening in the industry is becoming a real challenge. It helps to have a focal point—and what better one than Super Bowl LIX? Over the past week, the biggest sporting event has been analyzed from every angle. Experts have weighed in on everything from the Drake-Kendrick beef and Kanye West’s ad stunts to the crowd’s reaction to Taylor Swift and Donald Trump.
Fortunately, we can leave the celebrity drama to others—there’s plenty to discuss from a gambling industry perspective.
As expected, Super Bowl LIX was massive, though not exactly profitable for sportsbooks. FanDuel handled 16.6 million bets from around 3 million active users, peaking at 70,000 bets per minute. Bettors had a good night, with most wagering on a high-scoring game (over 48.5 points) and an Eagles victory, an outcome that didn’t favor operators.
GeoComply reported a 14% increase in active player accounts compared to last year’s Super Bowl. Notably, states that cracked down on illegal operators saw nearly double the growth in active bettors compared to those that didn’t.
In Pennsylvania, bettors placed a record-breaking $101.5 million, but for the first time in five years, operators took a $6.5 million loss.
For BetMGM and Caesars, Super Bowl LIX became the most-bet single sporting event in their history. At Caesars, game parlays outpaced traditional straight bets, and live betting activity surged—especially when the Chiefs were trailing.
DraftKings Q4 Report, Entain CEO Steps Down
Let’s take a rapid-fire look at other major events from last week that can’t be ignored.
On Friday, DraftKings released its Q4 financial report, showing a 13% year-over-year revenue increase. The operator brought in $1.39 billion, up from $1.23 billion in Q4 2023. Looking ahead, DraftKings projects 2025 revenue to land between $6.3 billion and $6.6 billion.
“We continued to efficiently acquire and engage customers, expand structural sportsbook hold percentage, and optimize promotional reinvestment in fiscal year 2024, while we simultaneously experienced customer-friendly sports outcomes,” said DraftKings’ CEO Jason Robins.
Meanwhile, prediction markets are having their moment, especially with Kalshi board member Brian Quintenz now leading the CFTC.
Kalshi is rapidly expanding its offerings, while Robinhood CEO Vlad Tenev emphasizes that prediction markets aren’t just trading assets but also a powerful source of information. This is an aggressive push unlike anything the gambling industry has seen before. Under normal circumstances, regulators might step in, but with the CFTC’s shifting stance, that’s far from certain.
Amid the chaos that kicked off 2025, sweepstakes casinos have taken a hit. Mississippi is set to become the first state to officially ban them, and others may soon follow.
A key event from last week worth highlighting is Gavin Isaacs’ departure as CEO of Entain. Stella David is stepping in as interim CEO, marking her return to the role. The long search that led to Isaacs’ hiring has now unraveled, leaving the gambling giant at another critical crossroads. Entain must now rethink its strategy and future direction.
With the industry evolving faster than ever, we’ll be back next week with more key developments. Stay tuned to Weekly Recap to stay ahead of the game!
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