The Cashout: New Jersey Maintains Brisk July Pace For US Sports Betting Revenue

The Closing Line provides gambling industry data and analysis in The Cashout every week to paid subscribers, along with a news roundup for free subscribers.

July’s sports betting performance is coming into focus with the addition of a few more data points last week, including another strong report from New Jersey.

But first, the gambling news:

• DeWine called for a prop betting ban a year ago. Little has changed in Ohio (Signal): “As Major League Baseball last July announced the suspension of two Cleveland Guardians pitchers in a sports betting scandal that would escalate into a federal wire fraud case, Gov. Mike DeWine made a bold proclamation.

  He said it was time to ban ‘all’ prop bets, referring to bets on events that occur within a sport, like whether a given rush play will yield more than 7 yards or who will lead after the first half of a basketball game.”

  • “DeWine has since narrowed his focus to “microprop” bets, referring to bets on events within a single play, not a full game, usually controlled by a single player. These, especially for non-desirable outcomes like a missed shot, are seen as uniquely vulnerable to manipulation.”

  • “Even with the slimmed down focus, Ohio hasn’t imposed any new limitations on the kinds of bets that books can offer. And only MLB has agreed to restrictions on pitch-level wagers, an agreement that can be dissolved without state input.”

  • 🔍 Sports leagues are not exactly eager to shut down these player props that have become such a fantastic funnel for fan engagement — first from fantasy sports and now from expanded sports betting. DeWine’s scaled-back approach does seem like a more reasonable proposal when it comes to combatting potential impropriety, and perhaps even inevitable in light of the recent issues. It’ll be interesting to see where the NFL ultimately lands on this.

Sponsor’s message: For iGaming companies, protecting customer privacy is paramount: Nicole Kardell acts as their guardian against federal, state and civil actions that could damage their reputations and profitability. Nicole performs on the leading edge of privacy law, helping to keep Ifrah’s clients in compliance with U.S. and international regulations governing the handling of customers’ confidential information. A certified privacy professional with expertise in European privacy law (CIPP/E), Nicole works with iGaming operators and other industry participants to navigate the complex challenge of keeping players safe.

Read More: Nicole Kardell on Keeping iGaming Clients Nimble Amidst Ever-Evolving Privacy Regulations

• FanDuel defends VIP safeguards after demand for programme’s end (NEXT.io): “FanDuel has defended its VIP programme after three lawmakers called for it to be shut down over customer protection concerns.”

  • “FanDuel rejected the premise that VIP status means weaker safeguards. Its letter described the programme as a customer-service tier operating within its wider responsible gambling system.”

  • Bill Speros has the full letter it on X/Twitter

    

    Bill Speros@billsperos

    BREAKING: @FanDuel responds to @SenBlumenthal and 2 House members requests for information about VIP markets and responsible gaming: Details: 🧵🎰 FanDuel says VIP account managers are salaried. Compensation is NOT tied to how much customers wager or whether they win or lose.

    

    6:56 PM · Aug 14, 2026 · 12.8K Views

    3 Replies · 6 Reposts · 30 Likes

• Sports betting, iGaming lobbyists on which states could legalize next (SBC Americas): “Online gambling advocates outlined their hopes and aims on a VIXIO webinar on Wednesday entitled ‘The State of Play: Lessons learned from 2026 U.S. legislative sessions‘.”

  • “Sports Betting Alliance (SBA) Chairman Jeremy Kudon is hopeful that “three or four states” will legalize sports betting in the not-too-distant future. Most immediately, the SBA and its members have invested in efforts to get Nebraska to put legal online sports wagering on its ballot for the upcoming election season, after past efforts stalled to add online to the state’s existing in-person option at physical casinos and racetracks.”

• Control board: Kalshi should pay $120K per day for noncompliance with the court (The Nevada Independent): “The Gaming Control Board said in a late Friday court filing in Carson City that prediction market Kalshi has not complied with a judge’s order to stop offering sports, election and entertainment betting in the state by the Aug. 12 deadline and should face fines of $120,000 a day.”

  • “In the filing, the control board said Kalshi ‘has profited enormously from its continued violations of Nevada law’ and state investigators were able to purchase multiple event contracts in the banned categories from Nevada through mobile phones, ‘none of which should have been possible under the court’s order.’”

  • “Kalshi’s attorneys wrote in a Friday letter to the board that investigators ‘were able to place a trade because they had violated federal law by misrepresenting their residence to Kalshi, and, in at least one instance, actively worked to circumvent the Kalshi restrictions that blocked the investigator from trading.’”

  • 🔍 Kalshi seems to be having trouble implementing effective geolocation controls in compliance with the judge’s demands, and the temperature is clearly rising in the room. This case in Nevada may also become relevant to the legal proceedings in Washington, where Kalshi has another court-ordered deadline for local geofencing by Wednesday.

  • Related: Kalshi Launches First Full Geofence, But It Only Works After Optional App Update (InGame): “Kalshi has implemented true geofencing for the first time, blocking sports trades in Nevada and Michigan, with Washington on the way soon, but the system in Michigan only works after an app update that is not required.”

    • “An InGame reporter was able to place bets on sporting events from Michigan, using an account registered to an Indiana address.”

• JPMorgan debanked Polymarket over regulatory concerns (Financial Times): “JPMorgan Chase terminated its banking relationship with Polymarket last year over regulatory concerns, underscoring escalating worries in the industry over fast-growing prediction platforms.”

  • “JPMorgan notified Polymarket that it needed to find a new bank in October, according to people familiar with the matter. Polymarket is now working with a new lender, the identity of which could not be confirmed.”

• My latest podcast (and news roundup):

• Underdog Sued By Aristotle Inc. On Heels Of IG Group Sale (InGame): “Only two weeks after Underdog’s sale to the London-based IG Group for $1.3 billion plus $850 million upside in a tiered management incentive plan, the company has a potential legal entanglement on its hands.”

  • “By way of background, Underdog purchased Aristotle Exchange DCM Inc. and Aristotle Exchange DCO Inc. in March in order to gain the licenses to run its own federally regulated exchange, focusing on sports markets.”

  • “Aristotle Inc. is perhaps best known for its platform PredictIt, a real-money exchange launched in 2014 as a nonprofit educational project of the Victoria University of Wellington, New Zealand.”

    

    Jeremy Levine@JerLevine

    First time being sued. With a bunch of claims like “fraud”, “scheme”, “conspiracy”, etc. Apparently the Aristotle folks are unhappy with the money they’re making from the sale of their licenses, even though they will end up making more than anyone else in our sale to IG. They’re

    

    7:27 PM · Aug 13, 2026 · 46.3K Views

    19 Replies · 8 Reposts · 161 Likes

Trusted Voices: Conversations About Betting is designed to equip adults, including parents and coaches, with tools and resources to talk to young people about gambling, including information on warning signs, risks and proxy betting. The program is led by retired professional basketball player Randy Livingston and his wife, basketball agent Anita Smith, who share their personal stories related to problem gambling, with the hope of preventing others from experiencing similar harms. Learn more and join the conversation here.

• FanDuel and GeoComply Renew Strategic Partnership with New Multi-Year Deal (press release): FanDuel Group, North America’s premier online gaming company, and GeoComply, the global leader in geolocation and identity intelligence, today announced a multi-year renewal — extending a relationship that has supported FanDuel's growth from a single state to over two dozen states.

  • By combining advanced KYC and identity verification tools, enhanced diligence and more, GeoComply helps FanDuel verify customer eligibility, accelerate registration, strengthen compliance safeguards and prevent fraudulent activity before it occurs.

  • GeoComply will also commit dedicated forward-deployed engineers directly to FanDuel's product and operations teams, deepening the use of location & device intelligence, behavioral signals and real-time fraud detection.

• Caesars proxy filing details months-long bidding war between Icahn, Fertitta (iGaming Business): “In late May, news broke that Caesars Entertainment was being acquired and taken private by Fertitta Entertainment in a deal valued at $17.6 billion when factoring in assumed debt. The acquisition represented the most significant move in the US casino industry in several years, perhaps since the last time Caesars was acquired by Eldorado Resorts in 2020.”

  • “Rumours surrounding a potential Fertitta acquisition had percolated for months before the deal was finalised. After the announcement, a second storyline then popped up in the following weeks – Carl Icahn, the billionaire activist investor who shepherded Caesars to the Eldorado deal before cashing out, was back in the mix as a competing bidder.”

  • “According to the filing, the timeline actually extended back to 2025, with several rounds of competing offers and discussions between the three stakeholders, and even a mysterious fourth. Icahn, as it turns out, was also the first to approach Caesars about a deal, not Fertitta.”

• Missouri has $5 million a year to combat sports betting addiction. It’s not spending it. (St. Louis Post-Dispatch): “When Missouri voters legalized online gambling two years ago, the state pledged $5 million a year to combat addiction.

  Now, nine months into its first year, Missouri has spent a fraction of that: The state’s Compulsive Gaming Prevention fund has sent just $636,166 to efforts to curb addiction, according to the Missouri Gaming Commission.”

  • “Missouri Gaming Commission Executive Director Mike Leara said the state Department of Mental Health, which is in charge of spending the money and creating the prevention network, is still building its systems.”

  • 🔍 I recall this same sort of thing happening in the District of Columbia a few years ago too, and it is just as unacceptable now as it was then. No excuses. A worrying piece of context: Since the launch of legal sports betting last December, Missouri has the highest parlay share (37% of handle; 54% of tickets) and the highest parlay hold (24%) of any market that reports these data points.

• Hard Rock Bet Rolls With The Fort and APP (press release): The Fort, the Fort Lauderdale destination widely regarded as America’s top pickleball venue, and the Association of Pickleball Players (APP), owner operators of the APP Tour, the official tour of pickleball, today announced a strategic partnership with Hard Rock Bet, the only place to legally bet on sports in Florida.

  • The partnership puts Hard Rock Bet at the center of daily life at The Fort, which serves as the official headquarters of the APP. The marquee grandstand court, where the biggest matches take place, is now the Hard Rock Bet Violet Court.

  • Hard Rock Bet also serves as presenter of The Fort’s headline social events and The Fort’s biggest tournament of the year – the 2026 APP Tour Championships (December 3-6) – serving as both presenter and Official Sports Betting Partner of the APP Tour.

• Latest from Straight to the Point:

• LuckyLand Slots Leaving US Market, Though Luckyland Casino Remains (Casino Reports): “Amid a worsening landscape for sweepstakes-style casino gaming in the U.S., with six states having passed anti-sweeps legislation this year, one of the most recognizable names in the vertical, LuckyLand Slots, has informed customers that it will soon be shuttering.”

• Wipfli report finds tribal casino revenue up 16% in 2025 as margins tighten (CDC Gaming): “The annual study, based on responses from 113 tribal casinos across 18 states, found average casino revenue increased by $14 million, or 16%, from the previous year. At the same time, operating expenses consumed a larger share of revenue, rising from 73.59% to 74.50%. Average net profit margins declined from 26.12% to 24.50%.”

• Award-winning Nevada gaming reporter Howard Stutz plans retirement (The Nevada Independent): Stutz started covering the industry in 1987 and joined The Indy full-time in 2021.

  • More from Jon Ralston: We were lucky to have Howard Stutz (and journalism was, too)

  • 🔍 If you’ve been around gambling for any length of time, you’ve read Howard Stutz. The Hall of Famer journalist from Nevada has been covering this industry just about as long as I’ve been alive, still breaking news as recently as Friday night. Just wanted take a moment to wish Howard well.

Here’s what’s on tap:

• More sports betting numbers for July

• Kalshi trading volume update

• App rankings for apps in sports betting, gambling, sweepstakes, fantasy sports and prediction markets

As always, you can check out The Handle (premium paywall) for more detailed sports betting data.