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The rejection of the Clarity Act can be viewed as a victory for gaming stakeholders in their fight against prediction markets, which are closely intertwined with the crypto world. Crypto markets have long been the second-largest category of prediction market trading, behind sports, and many crypto exchanges also now offer predictions. These include Crypto.com, Coinbase, Gemini and many others.
On 16 June, a coalition of gaming lobby groups, state associations and labour unions sent a letter to the Senate urging lawmakers to include language in the bill banning sports and casino-related contracts. Among the signatories were the American Gaming Association, the Indian Gaming Association, the Association of Gaming Equipment Manufacturers and the UNITE HERE unions.
“Litigation may eventually clarify the law, but this is ultimately a question of congressional intent. Congress should not wait while this nationwide expansion of gambling continues,” the letter said. “It should use crypto legislation to reaffirm a simple principle: sports betting falls outside the CFTC’s remit and cannot be offered through prediction market platforms.”
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“The two [concerns] are the integrity of athletic competition, and how that could potentially be impacted by a proliferation of legalized sports wagering. And then the second is really the health and well-being of student athletes.“
Stevenson added that the NCAA is determined to keep local student organisations informed of key regulations.
“Even though we are seeing legalization of sports wagering, it is still a violation of NCAA rules. I do think people and member institutions really need to make sure that their student athletes are aware, so that they don’t walk themselves into any kind of issues,” she said.
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Bet365 attributed the job cuts to a “highly competitive trading environment, plus increased regulatory and tax-related costs”.
A Bet365 spokesperson said the company was working to limit the number of job losses and support employees affected by the changes.
“We are committed to minimising the impact on our people and are exploring all avenues to reduce the number of redundancies,” the spokesperson said. “As a first step, we are planning a programme of voluntary redundancies.
