Key Points
- Flutter Entertainment executives address rumors that the company is seeking a deal with Kalshi
- The speculation was raised during questioning at a Nevada Gaming Board hearing
- Kalshi is currently facing a cease-and-desist order in Nevada
Appearing before the Nevada Gaming Control Board (NGCB), Flutter Entertainment officials were forced to deal with the elephant in the room. There has been speculation within the industry that Flutter is working on some type of deal with prediction market site Kalshi.
Kalshi is currently prohibited from offering its prediction market services in the state of Nevada. The NGCB issued a cease-and-desist letter to Kalshi in March, ordering the company to cease operations in Nevada. In response, Kalshi sued the NGCB. In its suit, Kalshi's lawyers cited the fact that its prediction market services are legal and federally regulated through the Commodities Futures Trading Commission by the Commodities Exchange Act.
Flutter Entertainment appeared before the board because the company is seeking entry into the Nevada market through its American sports betting site, FanDuel. Although Nevada doesn't offer online sports betting, retail sports betting has been legal in the state since the 1940s.
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NGCB has questions for Flutter officials
The NGCB owns a reputation for leaving no stone unturned when investigating any person or group seeking a gaming license to operate in the state. Naturally, with Flutter making an appearance before the board, someone was bound to raise the Kalshi issue.
It was board member George Assad, a former judge, who put forth the question of Kalshi's legality during the hearing.
“It may go to the Supreme Court, and in that case, I think we will prevail,” Assad said. "Commodities are rice, corn, wheat, silver, gold, platinum, and pork futures. Whether Duke will win the NCAA Tournament is not a commodity.”
Flutter private counsel Erica Okerberg responded to Assad's query. She indicated that no deal with Kalshi was forthcoming.
“There were media reports around that, and the company has not entered into any transaction or agreement with Kalshi,” Okerberg said. “Like other gaming operators, they continue to monitor the litigation and regulatory matters. If there were any change in that position, we would speak with the Gaming Control Board about it.”
FanDuel eyeing Nevada expansion
Currently operating online and retail sportsbooks in 25 states, Flutter is investigating the notion of expanding its FanDuel operations into the Nevada retail sports betting market.
"The company is always evaluating opportunities on whether expansion across Nevada might be appropriate,” Okerberg said in response to a question from an NGCB commissioner.
Nevada gaming officials may require that FanDuel acquire at the very least a partnership in a brick-and-mortar Nevada casino to qualify for a licence to operate in the state.
Top sports betting sites investigating the prediction market
Kalshi began offering sports contracts in January through the derivative trading company, Robinhood. Since they are federally licensed, prediction market companies are operating with the belief that they are free to operate in all 50 states. Nevada is among the state gambling regulatory bodies that are challenging this matter in court.
Regardless, online sports betting sites are viewing prediction markets as an opportunity. It's a method for gaining access to states in which there are still prohibitions on sports betting.
There was speculation recently that DraftKings was in talks about acquiring Railbird. A recently-launched prediction market site, Railbird, works in partnership with Polymarket, the world's largest prediction market.
FanDuel officials
acknowledged in the spring
that the company had been closely monitoring developments with Kalshi. In the European market, Flutter Entertainment has proven very successful with Betfair, the largest betting exchange market in the business.
“We're very thoughtful about it," Flutter CEO Peter Jackson said during the company's quarterly earnings report in May. "Particularly having seen so much success in terms of having the best product (BetFair) in the market.
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