Digital Wager Wire highlights the most significant events affecting the domestic and international sports betting and gaming industries each week throughout the year.
Underdog Goes All-In on Prediction Markets
Underdog Sports, known as a major player in the daily fantasy sports arena, had grand plans to expand into the mobile sports betting market when it secured its first license in March 2024 to operate in North Carolina. However, the company’s expansion into the mobile sports betting market stagnated until it applied for, and was ultimately granted, a license in the nascent Missouri market, set to launch on December 1st. Yet, only weeks before that launch, Underdog withdrew its license and subsequently shuttered its operations in North Carolina, preferring to shift to the ever-growing prediction market, where state gaming regulators have waged a legal battle to prevent them from offering sports event contracts within their boundaries. Underdog realized there was no way to simultaneously operate sports betting and prediction market platforms in those states, so they chose the latter and surrendered their licenses in both states. Much like DraftKings, Fanatics, and FanDuel, they could have chosen to operate their prediction platform brand only in non-sports betting states, such as California and Texas, but have decided to operate in all 50 states through a collaboration with Crypto.com, a firm governed by the Commodity Futures Trading Commission (CFTC). Underdog customers in North Carolina should be aware of the following timelines and procedures:- Underdog will stop accepting sports wagers on Tuesday, December 16th.
- Underdog expects to settle all outstanding sports wagers by Thursday, December 18th.
- A sports wagering account holder can withdraw funds from their account throughout and after the closure.
- Underdog is converting all unused sports wagering funds to withdrawable funds on individual accounts.
Senator Says New York Ready to Discuss iGaming
The highly anticipated announcement of the winning bids on the three downstate casino licenses has come and gone. On December 1st, it was revealed that Hard Rock Metropolitan Park, Bally’s Bronx, and Resorts World New York were awarded the coveted licenses, with MGM Resorts withdrawing its Empire City bid just six weeks before the announcement. Now that the downstate casino hurdle has been cleared, State Senator Joe Addabbo Jr., a champion of all things gaming in the Empire State, has expressed his desire to revive the online casino gambling discussion that has been shelved until this upcoming session. New York has remained the most lucrative online sports betting market in the nation, but the addition of iGaming would generate a reported $1.5 billion annually to the state’s coffers. Senator Addabbo insists it will not only deliver badly needed revenue to the state but will also provide consumer protections and responsible gambling guardrails. Addabbo recently sponsored the bill to outlaw online sweepstakes operating with dual currency in New York and has now focused his attention on legalizing iGaming. The 61-year-old Democrat said his sweepstakes bill “is not the end of the conversation, but rather a necessary step toward responsible modernization of New York’s online gaming landscape.”
