iGaming Weekly Recap (October 28 – November 3): The High Stakes of Election Season
With the US elections looming this week, iGaming was all about politics. From the growing debate on election betting to Elon Musk’s voter initiative and Missouri’s sports betting bill. Here are the top U.S. stories from October 28 to November 3.
First, let’s take a closer look at the recent shake-ups in the affiliate market. Better Collective, the parent company of Playmaker HQ and Action Network, has laid off over 100 people due to financial issues. Factors include Google algorithm changes that have hit several Better Collective sites in the search rankings and a slower than expected market in Brazil due to regulation. This week ended with a 36.5% drop in the stock price to $13.08.
The conversation around betting on US election outcomes is heating up with platforms like Polymarket and Kalshi in the mix. The Commodity Futures Trading Commission (CFTC) just approved congressional election contracts on Kalshi but is still fighting court cases on this. Critics like Senator Jeff Merkley think election betting will only increase corruption by allowing wealthy people to influence public opinion. Proponents say these markets are a real time measure of public opinion but there are concerns around market manipulation and ethics.
Missouri is heading to a November 5 referendum on legal sports betting. Major industry players like DraftKings and FanDuel have jointly put in over $40 million to the “Winning for Missouri Education” campaign. Caesars Entertainment is opposed, citing competition concerns. If passed, sports betting in Missouri could bring in $28.9 million in tax revenue per year. Recent polls show a narrow margin of support for legalization.
Philadelphia District Attorney Larry Krasner filed a lawsuit against Elon Musk and his PAC, America PAC, for voter manipulation. Musk’s offer of a $1 million prize to registered voters in key states was deemed an illegal lottery under Pennsylvania law. Experts like UCLA’s Professor Rick Hansen say it could be considered vote buying and Musk and America PAC could face legal consequences.
After a long legal battle, West Flagler Associates and the Seminole Tribe of Florida reached a settlement on sports betting. A 2021 agreement gave the Seminoles exclusive rights to online sports betting in Florida which West Flagler contested. The settlement requires West Flagler to drop all future lawsuits and the Seminole Tribe will promote jai alai betting on its Hard Rock Bet platform. This is a big deal for Florida gaming.
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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 and politics. The next few weeks will be big – don’t miss out!
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