The Bulletin Board
THE LEDE: Is Virginia the key to unlocking legal online casinos in the US?
ROUNDUP: A look at the stories you may have missed.
PREDICTION MARKET ROUNDUP: News from the prediction market front.
AROUND the WATERCOOLER: The affiliate industry is still taking lumps.
STRAY THOUGHTS: One remaining sponsorship opportunity.
Sponsor’s Message: Increase Operator Margins with EDGE Boost Today!
EDGE Boost is the first dedicated bank account for bettors.
Increase Cash Access: On/Offline with $250k/day debit limits
No Integration or Costs: Compatible today with all operators via VISA debit rails
Incremental Non-Gaming Revenue: Up to 1% operator rebate on transactions
Lower Costs: Increase debit throughput to reduce costs against ACH/Wallets
Eliminate Chargebacks and Disputes
Eliminate Debit Declines
Built-in Responsible Gaming tools
To learn more, contact Matthew Cullen, Chief Strategy Officer, Matthew@edgemarkets.io
The Lede: Is Virginia the Spark That Will Light the Online Casino Torch?
If you thought Maine legalizing online casinos earlier this year was a surprise, let me introduce you to a state further south on the Atlantic seaboard, Virginia.
Online casino bills passed the Virginia House and Senate last week, and while there are differences in the two pieces of legislation, there is a distinct possibility that Virginia could join the ranks of online casino states… and that would be a very big deal, considering the last three states to legalize online casinos are Connecticut, Rhode Island, and Maine, three New England states that possess a total population of 6.2 million. Virginia and its 8.8 million residents are a different animal, particularly with neighboring Maryland also a top contender to legalize online casinos — as STTP has reported for Forecast Tier subscribers, an online casino hearing is scheduled for March 11, 2026 in the Maryland Senate Budget and Taxation Committee at 1 PM.
Before we get too far ahead of ourselves, there is a significant sticking point, as the two chambers passed different bills, and the major sticking point isn’t taxes or market access, it’s a reauthorization clause that was added to the Senate bill, requiring both chambers to pass the bill again in 2027 before it can take effect.
Both bills SB 118 and HB 161 limit licenses to the state’s five casinos, with each licensee able to operate up to 3 skins (15 total). Licenses come with a price tag of $500,000 (for the five casinos), plus a $2 million fee per platform. Both bills also imposes a 20% tax and a further 6% tax as an “economic development fee.” There are also some minor differences in the allocation of tax revenue.
Reading between the lines, both chambers needed mulligans to pass the bills, which is a clear indication that there was some political horse trading going on behind the scenes, and part of that horse trading may have been the knowledge that the reauthorization clause is a get-out-of-jail-free card, as every lawmaker will have at least one more vote to cast before the bill officially passes: If the clause is removed in the House, the Senate would need to concur. If the House approves the Senate bill unchanged, the bill would need to be reauthorized next year.
Still, there is a lot of momentum behind the effort, and we could be looking at the most consequential state to add online casinos since Michigan in 2019.
STTP would also point to recent comments by Gov. Abigail Spanberger’s office, which called on the legislature to create a singular gambling regulatory body before it tackles online casinos, skill games, and other expansions.
Secretary of Agriculture and Forestry Katie Frazier said, “Governor Spanberger is deeply concerned about any discussions of gaming expansion in Virginia without first establishing a single entity with clear authority, consistent standards and strong compliance and enforcement capabilities.”
Roundup: So Much News; So Little Newsletter Space
Wisconsin Assembly passes mobile sports betting bill [The Center Square]: The Wisconsin Assembly passed AB 601, a bill that would authorize mobile sports betting through the state’s gaming tribes. The bill was passed in a unanimous voice vote Thursday, the final day the Assembly was scheduled to be in session. As The Center Square reports, “It remains unclear if the Senate will take up the bill and send it to Gov. Tony Evers, who has voiced support for the plan.”
Is PokerStars rebranding to FanDuel Poker in the US? [Pokerfuse.com]: “It’s been nine months since the speculation of FanDuel Poker — the idea that the leading US sportsbook would merge with the iconic international online poker brand PokerStars — first swirled… According to a report on PRO today, there are now multiple signals that there is genuine progress behind the scenes, and that a merger between the two brands could be imminent.” Evidence from Pokerfuse includes new subdomains for testing in New Jersey, Michigan, and Pennsylvania, poker-related job postings, and staff transfers from PokerStars.
29th Western Indian Gaming Conference kicks off on Tuesday [Press Release]: “The California Nations Indian Gaming Association (CNIGA) will be holding their 29th annual Western Indian Gaming Conference (WIGC) next week from February 24 through 26 at the Pechanga Resort Casino in Temecula, CA… This year, it will feature multiple presentations and panels focusing on threats posed by the dubious use of predictions markets for sporting events, as well as a new California law banning online sweepstakes gambling.”
Prediction Market Roundup: News From the PM Front.
NCAA requests Kalshi stop using March Madness [Gambling Harm]: The NCAA has asked Kalshi to stop using ‘March Madness’ on its platform. “The NCAA has previously addressed issues with Kalshi illegitimately using NCAA marks for their offerings,” the NCAA said in a statement to GamblingHarm.org on Friday. “This continues to be a misrepresentation of any NCAA involvement, and we have requested immediate removal of NCAA trademarks.”
Fanatics accuses Polymarket of poaching executive [Front Office Sports]: “Polymarket announced the hiring of former Fanatics executive Ari Borod on Thursday. Behind the scenes, Fanatics sued to stop the prediction-market platform from poaching Borod, although the two sides eventually agreed to settle. While Borod has now been announced as Polymarket’s president of sports business development, unsealed documents from the suit obtained by Front Office Sports reveal new information about Fanatics’s apparent plans to purchase an exchange and a claim that Fanatics founder Michael Rubin and betting CEO Matt King are personally invested in Kalshi.”
Tradeweb and Kalshi announce partnership deal [Press Release]: Tradeweb Markets and Kalshi have announced a strategic partnership to “collaborate with the goal to expand institutional access to Kalshi’s prediction market data and analytics and advance market infrastructure for prediction markets trading to institutional investors through Tradeweb’s global electronic trading platform. Tradeweb has also made a minority investment in Kalshi.”
Connecticut lawmakers want to ban prediction markets [InGame]: A Connecticut hearing on putting age restrictions on prediction markets devolved into a prediction market struggle session, with more than one committee member calling for a ban: “Frankly, I would outright ban it,” Committee Chair Roland Lemar said. Said committee member Tim Ackert: “I completely agree with a full-on ban. … I think this market is something that if we even have a bill like this, we are validating, in a way, the use of it. I think any time we give credit to something like this platform by regulating it, then we’re saying it’s OK above this age. I don’t want to say supporting it, but giving it validity.” Of course, statewide bans will have zero impact on the overarching debate, as the prediction market argument is only the CFTC, not states, can regulate them.
Prediction Markets Quote of the Week: “In Florida, we kind of have a unique relationship with the Seminole Tribe of Florida. There was things done long before I was Governor to give them exclusive rights over gaming. They also have the exclusive rights over sports betting. And so the question is: Is something like Kalshi, is that clashing with the laws of the state of Florida? Or is it separate? It’s more of a prediction (market). So we’re kind of trying to get our mind around that.” ~ Florida Gov. Ron DeSantis on CNBC’s Squawk Box
SPONSOR’S MESSAGE - Underdog: the most innovative company in sports gaming.
At Underdog we use our own tech stack to create the industry’s most popular games, designing products specifically for the American sports fan.
Join us as we build the future of sports gaming.
Visit: https://underdogfantasy.com/careers
Around the Watercooler
Social media conversations, rumors, and gossip.
Publisher’s Note: I incorrectly wrote that the Better Collective company’s name was RotoWire. I have corrected it to RotoGrinders.
It’s been a rough couple of years for content producers in the affiliate space as companies continue to shed employees in favor of AI, a lack of new state launches, and companies like Google and X restricting affiliate activity.
As I previously reported in November 2024:
XL Media sold off its remaining US assets to Sportradar.
Catena Media went through another round of layoffs, a $40 million write-down, and divested or mothballed a number of sites.
Better Collective announced a round of layoffs, letting as many as 100 [later estimated to be 300] individuals go.
And then there is the loss of sweepstakes, which were restricted in numerous states over the last 12 months, and were propping up affiliates — prediction markets are the new opportunity, but they pay far less than online sportsbooks, casinos, and sweepstakes per customer.
The cutbacks have continued, as RotoGrinders (now a Better Collective property) recently let go of three longtime employees, with at least two relaying the news on social media, Kevin Roth and Dan Back:
And then there is Clickout Media, which just went through its own round of layoffs, beginning with freelancers, followed by in-house editorial staff, per Gaming & Co:
“Clickout Media, the affiliate publisher and iGaming operator behind a portfolio of sports and gambling sites including Esports Insider and Gambling Insider, has reportedly implemented a large round of editorial layoffs as part of a shift to AI-focused content production.”
There are also the Google (2025) and X (2026) policy changes, with X recently restricting gambling from influencer and paid partnerships and the overhanging possibility of regulators taking a closer look at the affiliate sector.
Overall, the sector has not been kind to investors:
These trends help explain the eyebrow-raising following Genius Sports’ acquisition of Legend for $1.2 billion — and Genius’ subsequent stock tumble (down 43% since the start of 2026:
Stray Thoughts
Straight to the Point has a single weekly sponsorship spot remaining. Shoot me a message if you’re interested in scooping it up!