iGaming Weekly Recap (November 25 – December 1): Sweeping Changes Incoming?
The past week brought another series of eye-catching events in the iGaming industry. It was particularly rich in legislative developments, with several proposals introduced—some more critical than others—that have the potential to shape the U.S. market. Welcome to this week’s Weekly Recap, where we dive into the topics that kept the U.S. iGaming industry buzzing last week.
The National Council of Legislators from Gaming States (NCLGS) has introduced a draft of the Model Internet Gaming Act, which includes a complete ban on sweepstakes casinos, with penalties ranging from $10,000 to $100,000 for violations. The draft also defines sweepstakes explicitly and empowers regulatory bodies to enforce the rules. Additionally, the Model Internet Gaming Act proposes optimal tax rates for online gaming, set between 15% and 25% of gross revenue, along with detailed advertising guidelines, including age restrictions and requirements for responsible messaging.
A new bill in New Jersey proposes allowing the state to claim funds from inactive online gambling accounts after three years of inactivity. The bill aims to improve accountability and transparency concerning funds left in dormant accounts. Online gaming operators would be required to make multiple attempts to contact account holders before transferring the funds to the state’s unclaimed property fund. The goal of the bill is to prevent unclaimed funds from remaining in limbo.
The controversy surrounding Jake Paul’s boxing match with Mike Tyson shows no signs of settling. Last week, both Paul and his promotional company, MVP, strongly denied allegations of match-fixing, emphasizing that such actions would constitute a crime. Critics point to Tyson’s unclear form and the unusual flow of the fight, questioning the credibility of the outcome. Nakisa Bidarian, Paul’s manager and MVP co-founder, dismissed the accusations as “just another twisted compliment.” He noted that skepticism has followed Paul since the start of his career, yet Paul has repeatedly proven doubters wrong by breaking records and hosting successful events.
The Wyoming Gaming Commission (WGC) has tightened regulations on athlete harassment, broadening the definition and introducing stricter penalties, but stopped short of banning bets on individual players. Despite pressure from the NCAA, which advocated for such a ban as a way to reduce harassment, the WGC found no direct evidence linking betting to harassment. This decision followed a review of data and consultations with the University of Wyoming. While several states have already implemented bans on betting involving college athletes, Wyoming has opted for a more moderate approach.
The Massachusetts Gaming Commission (MGC) is investigating the regulation of betting limits for players. Following meetings with operators that revealed conflicting views on the impact of such limits, the MGC requested data from operators on their current practices. The collected data aims to inform potential regulations, which could include requirements for notifying players about limits and clear procedures for their implementation. The MGC emphasizes its commitment to transparency and protecting player interests. The issue remains unresolved, with further decisions pending the analysis of the gathered information.
Thanksgiving Bonus
This week, Lucky Peak released a report forecasting a record $4.5 billion in bets during the Thanksgiving Football Week Games. This would mark an 11% increase compared to last year. The record will likely be driven by the Thursday games and the special Black Friday matchup between the Kansas City Chiefs and the Las Vegas Raiders.
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Make sure to follow our weekly roundups to stay up to date on the trends, challenges and stories shaping the future of iGaming world. The next few weeks will be big – don’t miss out!
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