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Last year, the DRC’s Minister of Finance Doudou Fwamba estimated iGaming operators generated around $1.7 billion in annual revenue, yet contributed approximately $1 million in taxes.
A CEO of a prominent operator in the DRC last year told iGB the tax system largely operates on a declaration basis of how much operators report to the government.
“Operators do pay, yes, but they pay whatever suits them,” they said. “In other words, we effectively pay what benefits us. All the while, the state has no means of monitoring its regulatory policies.”
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“Prediction markets have branded themselves as legal and safe, but the reality is they are not adhering to Connecticut’s consumer protection standards,” Lamont wrote in a statement.
While such orders have become customary around the nation this year, Connecticut’s missive took it one step further. The department also issued nearly 30 subpoenas to licensed gaming service providers and a bevy of media outlets. Those issued subpoenas include ones served to PayPal, Sportradar Solutions and Plaid, a payment processing app that holds a gaming licence. Although those companies are not under investigation, the subpoenas appear to be the first against service providers that conduct business with prediction markets in some form.
– In the wake of a consequential ruling by the US Court of Appeals for the Ninth Circuit against Kalshi, two operators are taking separate paths in an effort to overturn the decision. On 28 August, the Ninth Circuit ruled in a 3-0 decision that sports event contracts do not qualify as federally regulated swaps under the Commodity Exchange Act. Earlier this week, Kalshi filed for an en banc re-hearing with the Ninth Circuit, this time before an 11-judge review. Robinhood, meanwhile, filed a petition of certiorari with the Supreme Court in a move to effectively bypass the Ninth Circuit. It is widely believed that a circuit split between the Ninth Circuit and a separate decision by the Third Circuit will prompt the Supreme Court to take up the case.
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Entain highlighted data from H2 Gambling Capital that warned black market stakes in the UK are expected to nearly double from £17 billion ($22.7 billion) in 2025 to over £33 billion by 2028.
Entain emphasised offshore operators do not employ the same player protection measures and anti-money laundering standards that licensed companies must.
The company also highlighted its own research that suggests over 80% of consumers cannot “confidently distinguish” licensed operators from unlicensed ones.
