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Kalshi Pushes Back on Gambling Platform Claims
July 16th, 20255 mins

Kalshi Pushes Back on Gambling Platform Claims

Kalshi tries to defend its offerings and says that its odds and bets are different from gambling. Even though its marketing lingo includes ‘odds’ and ‘bets,’ it argues that prediction markets are different from sports betting simply because no odds are being set. All this comes on the heels of additional scrutiny from state regulators, other members of the gaming industry, and even tribal entities. As legal pressure mounts, prediction market Kalshi argues its structure - and not its semantics - separates it from sportsbooks. Kalshi, the fast-growing prediction market platform that lets users trade on outcomes ranging from elections to sports games, is once again at the center of a regulatory debate over whether it operates as a gambling site. Despite marketing language that includes phrases like “bet on NBA legally!” and merchandise emblazoned with “What are the odds,” the company insists it’s not a sportsbook. At a recent gaming industry conference, Kalshi’s attorney, Josh Sterling of Milbank, emphasized the platform’s peer-to-peer structure, contrasting it with traditional sportsbooks. There are no odds being set, Sterling told attendees, asserting that prediction markets like Kalshi merely reflect user sentiment through buy and sell interest, rather than establishing betting lines. A semantics tug-of-war The distinction, Kalshi argues, is crucial. The company claims that even though its contracts display American-style odds and allow users to wager on the outcome of events - including sports - the odds are not fixed or house-determined. Instead, they emerge from market activity. A January 31 post on social media promoted the launch of American odds on Kalshi’s site, reading: “Hello sports lovers, American Odds are live on web.” Kalshi has also used the word “bet” across its advertising campaigns, including in a Google ad with the phrase “Bet on NBA legally!” Despite this, Sterling and company officials maintain that such phrasing is merely colloquial and aligns with the broader financial vernacular. “Any promotional materials or company correspondence referencing ‘betting’ in no way indicates that Kalshi is anything but a financial platform,” a Kalshi spokesperson said. “In the same way that you can bet on a stock, derivative or a bond, you can bet on markets on Kalshi.” Betting or trading? Critics aren’t convinced Kalshi’s defense rests on its structural differences from sportsbooks. Users can place “limit orders” to set specific prices at which they’re willing to buy or sell a contract tied to an event, offering more control than traditional betting platforms like FanDuel or DraftKings. But critics argue that the presence of institutional players and the nature of sports-related markets make Kalshi indistinguishable from traditional sportsbooks in practice. “It’s ridiculous to claim prediction markets are not sports betting,” said Sporttrade Chief Executive Officer Alex Kane, whose own platform is regulated under state gambling laws. The question of whether Kalshi constitutes a sportsbook is more than academic - it carries significant regulatory consequences. State gaming commissions argue that Kalshi’s operations overlap with gambling, while Kalshi asserts it should fall under the Commodity Futures Trading Commission as a designated contract market. So far, the courts have largely sided with Kalshi, affirming CFTC oversight. But several rulings are under appeal, and the case could eventually reach the US Supreme Court. Kalshi Chief Executive Officer Tarek Mansour described the battle as a “brutal, bloody war” for the future of prediction markets. This is not gambling, Sterling said in a follow-up email. Prediction markets are fundamentally different in purpose and structure from sportsbooks. Kalshi does not win when users lose - that's a key distinction, he added. Growing influence amid criticism Kalshi’s user base has ballooned recently, especially after the 2024 US election cycle. The platform has partnered with fintech giants like Robinhood to broaden its reach, which has drawn concern from gambling addiction advocates. Cole Wogoman of the National Council on Problem Gambling warned that the blurred lines between financial platforms and gambling operations could mislead users. “Let’s look at what’s happening in practice and the problems that are coming from that,” he said. Kalshi remains defiant. “Semantics do not alter the fact that structurally, Kalshi is a derivative contract maker,” the company said in a statement. Whether courts and regulators agree may ultimately decide the company’s fate - and the future of prediction markets in the US.

Tennessee Hits Offshore Sportsbooks With $250K in Fines
July 16th, 20254 mins

Tennessee Hits Offshore Sportsbooks With $250K in Fines

The Tennessee Sports Wagering Council has issued hundreds of thousands in fines to illegal overseas sportsbooks. The five sportsbooks each have to pay $50K each, and they include BetAnySports, JazzSports, Bookmaker, BetOnline, based in Panama, and Everygame, based in Curacao. The Tennessee Sports Wagering Council has issued a combined $250,000-fine to five illicit overseas sportsbooks found unlawfully operating within state borders. Each operator was fined $50,000 for violating the Tennessee Sports Gaming Act by accepting wagers from Tennessee residents without proper licensing. The penalized operators include BetAnySports, based in Costa Rica; JazzSports, Bookmaker, BetOnline, based in Panama; and Everygame, based in Curacao. According to Sports Wagering Council officials, all five platforms have been conducting business in Tennessee illegally, exposing bettors to serious financial and data security risks. Cracking down on bad actors This latest action brings the SWC’s total fines against illegal books to $600,000, demonstrating the agency’s heightened enforcement efforts. Mary Beth Thomas, the Executive Director of the SWC, emphasized the agency's commitment to cleaning up the online sports betting landscape. “The SWC is exploring all avenues with its network of law enforcement to eliminate these bad actors from Tennessee,” Thomas said. “Consumers in Tennessee need to be aware that illegal operators will gladly take their money and personal information, and if a consumer does business with an illegal book, they give away their information to criminals.” Illegal operators often fail to provide any consumer protections, leaving bettors vulnerable to fraud, data breaches, and non-payment of winnings. Illegal sites violate more than just licensing laws Illegal sportsbooks don't just skirt the need for proper licensure - they frequently violate multiple key provisions of state law. Among the major red flags: accepting wagers on credit, allowing underage gambling, and processing bets in cryptocurrency. Many also offer casino-style games like online slots and poker, which are not permitted under Tennessee’s sports betting regulations. These features are commonly used to attract bettors but are illegal within the state. Additionally, chance-based betting markets - such as coin tosses or Gatorade color props - are outlawed under Tennessee gaming rules. In contrast, licensed sportsbooks in Tennessee must adhere to strict consumer protection standards, including identity verification, anti-money laundering protocols, and age restrictions that prohibit anyone under 21 from placing a bet. Businesses risk penalties for collaborating with illicit operators The SWC also issued a stern warning to local businesses that may be cooperating with offshore operators. Any Tennessee-based company found to be facilitating or promoting illegal sportsbooks could face both civil and criminal penalties. The council urges residents and companies alike to verify which operators are legal by consulting the list of approved licensees and vendors at tn.gov/swac. The council’s aggressive enforcement strategy has already yielded results. In October, Bovada, based in Curacao, ceased operating in Tennessee after being fined $50,000. More recently, social sportsbook Legendz withdrew from the market in April after receiving a cease-and-desist letter from the SWC. These successes demonstrate that regulatory pressure, when sustained, can force even long-running offshore platforms to retreat from illegal markets. SWC’s role in protecting Tennessee consumers The Tennessee Sports Wagering Council is responsible for regulating and enforcing all aspects of online sports wagering within the state. It licenses and monitors operators and vendors, ensuring compliance with both the Tennessee Sports Gaming Act as well as the Tennessee Fantasy Sports Act. The council also administers the state's privilege tax on sportsbook revenue. Ultimately, the SWC’s mission is to create a safe, transparent environment for sports betting in Tennessee. By holding illegal operators accountable and alerting the public to the dangers of unregulated platforms, the agency continues to promote integrity and consumer protection in the evolving online gambling space.

Daxak Calls Out Virtus.pro After World Cup Collapse
July 16th, 20254 mins

Daxak Calls Out Virtus.pro After World Cup Collapse

There are always high expectations when it comes to the Esports World Cup, and for Virtus.pro to lose out in the way they did is quite disappointing than most people think. For a team such as the Russian squad to lose out and drop out of the prestigious tournament is such a tough break and a very unfortunate timing for one of the best teams in the game. As it happened, the squad could not even budge a single win in the Elimination Phase, losing to Team Falcons with a 0:2 score and finishing 13th-16th in the tournament. No one expected that from a winning team such as Virtus.pro, and now their tough exit is roaring in the Dota 2 world. For Nikita “Daxak” Kuzmin, this loss was a very rough finish that will definitely be a massive stain in their reputation for the years to come. If it wasn’t enough, the discussion on various social media platforms and even Dota 2 forums is going to echo as an insult to injury with the way they are being trolled by critics and fans all around. Bowing Out on the Biggest Stage While some may say that it is unexpected, Virtus.pro losing out at this point did not come as a shock. For starters, the team has not won any tournament in the last few months, only finishing first in qualifiers, but never putting the nail in the coffin in the succeeding runs. The last time they won a major tournament? The Kuala Lumpur Major in 2018. If you are not convinced, Virtus.pro has not found a way to win at an impressive pace. In the last 10 matchups, they have only won once – against MOUZ in the Western Europe Closed Qualifier of The International 2025. After that, they’ve only won one game and have lost nine straight series. That includes four in a row in the Esports World Cup 2025, which proved to be the points of Daxak’s whims that definitely sent a strong message to many fans at this point. "As I said in an English-language interview, the most disappointing thing is not that we lost. There are losses when you prepared, did everything together, but something didn't work out for someone, someone got sick, something didn't work out for someone, even though everyone tried, and so on,” said Daxak. Early Exit in the EWC 2025 Virtus.pro faced Tundra, Yandex, Aurora, and Team Falcons in the elimination phase – with not a single win in each of these series. They went 0-8 in that stretch, including that massive drop to the Falcons, which hammered them to the end of the tournament for good. Not that it matters a lot, but they were one of the teams pegged to at least make a deep run in the contest. "It was hard for the coach. Imagine, every day they say that the problem is in the peak. But it wasn't. Even considering that the atmosphere for the last games had recovered a little, the lack of preparation decided the outcome. Alas, it was simply a failure on all fronts." Considering that there are a lot of promising tournaments left to play in the 2025 campaign, one can say that Virtus.pro has very ample time to at least avenge their loss and come up with a bounce-back game now more than ever.

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Discover the best legal land-based casinos across the U.S. on GambleSpot. We provide comprehensive details about licensed casinos, ensuring you enjoy safe and regulated gaming experiences. From luxurious resorts to smaller local establishments, explore the amenities, games, and unique features each legal casino offers. Stay informed about state regulations and find the top-rated legal casinos near you for an unforgettable experience.

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Rosie’s Gaming Emporium – Hampton
Rosie's Gaming Emporium – Hampton, located in Hampton, Virginia, is the ultimate casino for fun. Open 8am-4am daily, it offers a unique twist on your favorite classic casino games, with all games based on past historical horse races and the results seen on the "slot machine-type" reels for entertainment purposes only. So why wait? Visit Rosie's Gaming Emporium for the most enjoyable entertainment in Hampton, Virginia.
1996 Power Plant Parkway, Hampton, VA 23666
Phone Number: (804) 557-5600
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Rivers Casino Portsmouth
Rivers Casino Portsmouth, located in Portsmouth, Virginia, offers guests an entertaining and relaxing experience with its four restaurants, and variety of games such as Slots, Video Poker, Blackjack, Craps, Roulette, Baccarat, Poker, Texas Hold 'Em, and Three and Four Card Poker. There's something at this casino for everyone, so why not come and visit Portsmouth's Rivers Casino and try your luck?
3630 Victory Boulevard, Portsmouth, VA 23701
Phone Number: (757) 840-2100
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Hard Rock Hotel & Casino Bristol
Hard Rock Hotel and Casino Bristol is located in Bristol, Virginia and is the ultimate destination for entertainment and relaxation. The property features two bars and three restaurants, an expansive and luxurious casino and gaming area, several amenities and luxury spa treatments, and top-notch entertainment that can accommodate up to 600 people. For an overwhelming experience, you can call the toll-free number 844-490-4625. Hard Rock Hotel and Casino Bristol is the spot to stay and play in Bristol, Virginia.
500 Gate City Highway, Bristol, VA 24201
Phone Number: (276) 696-3660
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Rosie’s Gaming Emporium – New Kent
Rosie's Gaming Emporium - New Kent is located in New Kent, Virginia and is inside the Colonial Downs Racetrack. Open from 8am-2am/4am on Fridays and Saturdays, Rosie's offers entertaining ways to play. Instead of traditional slot machines, all games are based on past horse races and the results seen on the reels are for entertainment purposes only. The thrill of the race continues at Rosie's Gaming Emporium - New Kent.
10515 Colonial Downs Parkway, New Kent, VA 23124
Phone Number: (804) 966-7223
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Rosie’s Gaming Emporium – Dumfries
Rosie's Gaming Emporium in Dumfries, Virginia is the local favorite for a good time. Offering a classic gaming experience, the Emporium has 8am-2am (4am on Fridays and Saturdays) hours and plenty of old-school games to choose from. All games are based on historical horse races and the results on the entertainment-only slot machine-type reels provide big thrills - and even bigger wins! With old-fashioned hospitality and a friendly atmosphere, it's no wonder Rosie's Gaming Emporium has become the area's go-to spot for gaming fun.
18069-E Triangle Shopping Plaza, Dumfries, VA 22026
Phone Number: (804) 557-5699
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Rosie’s Gaming Emporium – Richmond
Rosie's Gaming Emporium – Richmond offers a unique twist on traditional casinos. Located in Richmond, Virginia, this gaming emporium celebrates the rich horse racing history of the state with its innovative game options. Here, all games are based on past historical horse races, and the “slot machine-type” reels are for entertainment purposes only. Open from 8am-4am/6am (Fri/Sat), Rosie's Gaming Emporium – Richmond is the perfect place for a night of Galloping Racing action. Try it out today and experience Virginia's most exciting gaming experience!
6807 Midlothian Turnpike, Richmond, VA 23225
Phone Number: (804) 557-5500
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Rosie’s Game Room – Collinsville
Rosie's Game Room in Collinsville, Virginia, offers 37 gaming machines located in an off-track betting facility, with hours 8am-2am (4am Fri/Sat). Perfect for entertainment purposes, Rosie's Game Room allows you to test your luck and take a break from the traditional horse races with "slot machine-type" reels. Come down and experience the thrill at Rosie's Game Room in Collinsville!
2360 Virginia Avenue, Collinsville, VA 24078
Phone Number: (804) 557-5709

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