Betting industry news

    BreakingRegulatory

    President Lula targets betting industry at UN as Brazil weighs advertising curbs

    President Lula targets betting industry at UN as Brazil weighs advertising curbs

    Brazilian President Luiz Inácio Lula da Silva has intensified his criticism of the betting industry during his address at the United Nations General Assembly. This comes as the Brazilian government prepares a provisional measure aimed at restricting gambling advertising and potentially prohibiting online casinos. The move signals a potential tightening of regulations for the sector in Brazil.

    NCPG takes firmer stance on prediction markets after Kalshi controversy

    NCPG takes firmer stance on prediction markets after Kalshi controversy

    The National Council on Problem Gambling (NCPG) has adopted a firmer stance on prediction markets, issuing a warning about potential financial, emotional, and relationship harms. This move follows months of criticism regarding the organization's prior handling of Kalshi's membership. NCPG board president Derek Longmeier emphasized the real-world harm experienced by individuals involved in these markets.

    BreakingRegulatory

    UKGC suspends Targetlocal license

    The UK Gambling Commission (UKGC) has suspended the operating license of Targetlocal, trading as Ken Howell's Sports betting. This suspension follows inquiries that identified significant anti-money laundering (AML) failings within the company. The action underscores the UKGC's strict enforcement of AML compliance.

    NCPG: The risk of prediction markets harm is real

    The National Council on Problem Gambling (NCPG) released a statement from its Board President addressing the potential for gambling-related harm from the growing prediction markets. The NCPG is developing a strategic approach to mitigate these risks and advocate for consumer protection. This highlights increasing concern over the responsible growth of this market segment.

    CFTC warns prediction markets over manipulation risks in ‘mention’ contracts

    CFTC warns prediction markets over manipulation risks in ‘mention’ contracts

    The US Commodity Futures Tarding Commission (CFTC) has issued a warning to prediction market operators regarding event contracts based on an individual's words or actions. The CFTC's Division of Market Oversight states that such 'mention market' contracts carry an elevated risk of manipulation. This advisory covers contracts settling on whether a person says specific words, attends an event, or appears publicly.