The Michigan Gaming Control Board is cautioning sportsbooks not to stay out of prediction markets
Offering sports event contracts could cost sites their license
Both DraftKings and FanDuel are looking at entry into the prediction market industry
The state gambling regulatory body in Michigan is warning online sportsbooks operating in the state. If they opt to enter the prediction market industry, they will put their licenses at risk.
Henry Williams, executive director of the
Michigan Gaming Control Board
(MGCB), issued a sternly worded letter advising the operators of legal and regulated sports betting sites in the state of the risks they face should they opt to offer event contracts to Michigan players.
"The Michigan Gaming Control Board (MGCB) understands that certain licensees may be considering opportunities to operate, offer, or facilitate access to prediction markets, where individuals can buy, sell, and trade event contracts that are based on a future event, occurrence, or value," Williams wrote in his letter.
The letter was sent to commercial casinos, gaming-related commercial casino suppliers, internet gaming operators, internet gaming suppliers, sports betting operators, sports betting suppliers, and fantasy contest operators.
MGCB letter warns sportsbooks of potential consequences
Williams issued a warning to all of these entities. He cautioned about the risk that they would be taking by offering prediction markets to players in Michigan.
"The MGCB further understands that many of these prediction markets would offer sporting event contracts - event contracts in which an individual acquires a position on the outcome of a sporting event or other occurrence related to a sporting event - and would not operate in accordance with state gaming laws or pursuant to state-issued gaming licenses," Williams wrote.
"The MGCB writes to make you aware that any involvement in the offering of sporting event contracts, directly or via an affiliate, key person, related business entity, or other association, will have implications relative to your licensure in Michigan."
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DraftKings and FanDuel are considering entry into the prediction market business
The two most prominent online sportsbooks operating in Michigan are DraftKings and FanDuel. Reports are linking both companies to the prediction market industry.
There has been speculation within the industry that Flutter Entertainment, owner of FanDuel, is working on some form of operating agreement with prediction market site Kalshi. In the European market, Flutter Entertainment has proven very successful with Betfair, the largest betting exchange market in the business.
Meanwhile, reports are linking DraftKings to suggestions that the company is looking into either partnering with or purchasing some or all of Railbird Exchange. This would give it access to the lucrative prediction market.
In June, DraftKings CEO Jason Robins and Co-Founder Paul Liberman, as well as other DraftKings C-suite executives, applied to the National Futures Association as Gus III Holdings LLC.
Taking this initial step is a requirement for any company seeking regulatory approval from the Commodity Futures Trading Commission. It's necessary to be licensed to operate in the futures and derivatives marketplace.
On the other hand, BetMGM, the number three sports betting site in Michigan, is heeding the regulatory warning. The company is steering clear of the prediction market controversy.
BetMGM CEO Adam Greenblatt spoke to shareholders about entering the realm of prediction markets. His indication was that prediction markets are not currently a priority with the company. Greenblatt made this clear during Q2 earnings call.
“We have the ability, but we do not have the desire, to be a first mover,” Greenblatt said. “Our state regulators have been very clear. Our tribal partners have been very clear. Thirty-four attorneys general have been very clear.
"They do not believe prediction markets should offer sports contracts.”
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