Tabcorp has paid more than AUD 2.7 million ($1.9 million) in penalties after Australia’s communications regulator found the wagering giant repeatedly broke telemarketing and spam laws by contacting customers who had opted out of marketing, calling numbers on the Do Not Call Register, and ignoring basic telemarketing rules. 

The Australian Communications and Media Authority (ACMA) announced the enforcement action on 22 July after investigations covering more than a year of activity involving the company’s VIP customer marketing program.

Tabcorp compliance failures trigger sweeping ACMA regulatory sanctions

ACMA said Tabcorp made 351 telemarketing calls to numbers on the Do Not Call Register without consent, placed 82 calls outside permitted hours, and made nearly 4,000 calls without properly identifying the caller or explaining the purpose of the call. The regulator also found the company sent more than 217,000 marketing emails and SMS messages over 16 days to customers who had already unsubscribed.

The findings combined several investigations completed over the past two years. One inquiry covering February to May 2024 found 283 breaches of the Do Not Call Register Act and another 867 breaches of the Telecommunications Act. A later investigation covering November 2024 to June 2025 uncovered 68 additional Do Not Call Register breaches and 6,438 telemarketing rule breaches involving prohibited calling times and failures to identify callers.

ACMA also examined Tabcorp’s electronic marketing after the company disclosed problems with its messaging systems. Investigators found 217,687 commercial electronic messages were sent to 41,550 electronic addresses between March 31 and April 15, 2025, despite recipients having withdrawn consent. The regulator issued a $1.254 million ($877,700) Spam Act penalty alongside a separate $1,504,800 ($1.1 million) telecommunications infringement notice, taking the combined total above $2.75 million.

The latest action follows an earlier ACMA case in June 2025, when Tabcorp paid more than AUD 4 million after investigators found thousands of unlawful marketing messages were sent to members of its TAB X VIP program without meeting Spam Act requirements. The investigation concluded the company failed to obtain consent in some cases, omitted required sender details, and did not provide working unsubscribe facilities. Regulators also criticized personalized promotions offering incentives including bonus bets and event tickets.

Beyond the financial penalties, Tabcorp has entered an enforceable undertaking requiring an independent review of its governance, systems, policies, staff training and compliance processes for VIP marketing. The consultant must report findings to both the Tabcorp board and ACMA, while the undertaking remains in force for 24 months.

“When people join the Do Not Call Register or unsubscribe from marketing messages, they are making a clear choice,” Yorke said.

“Those choices must be respected – especially given the heightened risks of financial loss and psychological harm from gambling marketing.”

The regulator said the action forms part of a crackdown on unlawful marketing, while Tabcorp has also faced recent regulatory action over illegal in-play betting and failures to prevent underage gambling, adding to mounting compliance scrutiny.

Featured image: ACMA via Facebook

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The NCAA Division III Management Council has approved new sports-betting reinstatement guidelines that reduce penalties in some cases while keeping a firm focus on protecting competition. The change takes effect immediately and applies only to first-time violations that do not involve concerns about the integrity of games or attempts to influence outcomes.

Under the revised policy, eligible student-athletes can receive reduced penalties if they complete an appropriate clinical evaluation or support program. Council members said the update is designed to encourage athletes to seek help when gambling becomes a problem without weakening the NCAA’s long-standing commitment to fair competition.

NCAA responds to changing sports betting challenges 

The decision comes as college sports continue to face growing scrutiny over gambling-related risks. Earlier this year, federal prosecutors unveiled an alleged international point-shaving scheme involving NCAA Division I men’s basketball and professional games in China. Investigators allege the operation relied on bribery, wire fraud and manipulated performances to exploit point-spread betting, highlighting how difficult those markets can be to monitor because of their high betting volume and unpredictable results.

Integrity experts have said suspicious activity is usually identified through unusual betting patterns rather than the size of individual wagers, while cross-border betting remains especially challenging because overseas operators often do not share data with U.S. monitoring systems. The case has also renewed calls for stronger athlete education and greater international cooperation to detect manipulation before it spreads across competitions.

The NCAA has also recently reaffirmed its ban on sports wagering by student-athletes and athletics staff. A proposal that briefly would have allowed betting on professional sports was rescinded after Division I member schools voted to restore the previous rule, leaving the prohibition in place across all three NCAA divisions.

Enforcement efforts have continued as well. In separate cases announced previously, six former men’s basketball student-athletes from New Orleans, Mississippi Valley and Arizona State were ruled permanently ineligible after investigations found betting-related game manipulation or the sharing of inside information with known bettors.

Alongside the reinstatement changes, the Division III council approved sponsorship of legislation to establish a National Collegiate women’s flag football championship, with a potential inaugural event planned for spring 2028 if all NCAA divisions adopt the proposal. Members also supported legislation allowing prospective student-athletes to sign limited agreements with agents before enrolling to help identify future playing opportunities.

The council also approved Division III budgets for the 2027 and 2028 fiscal years and the division’s 2026-27 strategic plan, both of which now head to the Presidents Council for final review in August. Leadership elections, strategic recommendations and continued exploration of an Athletic Trainer Connect program were also approved during the meeting.

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Polymarket plans to challenge a decision by France’s National Gambling Authority (ANJ) to block access to its website, calling the move unexpected while preparing a legal case in the French courts. Even as it disputes the order, the company says it will keep talking with French officials in hopes of resolving the disagreement.

On Wednesday (July 22), the prediction market operator said it disagreed with the regulator’s action but intends to continue cooperating with authorities throughout the legal process. The company described recent discussions with French officials as constructive and said it believes financial technology innovation can continue in France despite the dispute.

“We are disappointed by the French gaming authority’s (ANJ’s) sudden decision to unilaterally block our website — we intend to challenge this decision through the legal process in France,” the company said.

French regulators ordered internet service providers to block the platform after concluding it was still accessible despite earlier enforcement efforts. The ANJ said it has monitored services offered by ADVENTURE ONE QSS INC. through Polymarket since November 2024 and believes those offerings may amount to unauthorized gambling under French law.

France and Polymarket clash over gambling and financial regulation

Polymarket said it had already stopped French users from trading on the platform beginning in November 2024. According to the company, people in France have since been able to visit only to view information rather than place trades. It said the regulator’s decision to block the entire website was surprising because it also prevents visitors from accessing market information without participating.

The company argued that many people use the site to follow changing probabilities for future events and that prediction markets provide useful insight by reflecting collective expectations about real-world outcomes.

Polymarket also pushed back against comparisons with traditional gambling operators. It said users trade blockchain-based financial instruments linked to verifiable real-world events, with prices determined through peer-to-peer market activity instead of bookmaker-set odds. The company added that it does not take positions in its own markets or profit from individual event outcomes.

The ANJ has taken a different view. Earlier this year, it reiterated that prediction market websites are not authorized in France and warned they share addictive characteristics with regulated gambling products without providing equivalent consumer protections. The regulator also cited concerns over alleged manipulation involving weather-related markets and noted an ongoing cybercrime investigation by French authorities. It further argued that versions of Polymarket available in France and Europe lack adequate Know Your Customer identity checks.

French regulators said the platform attracted more than 578,000 visits during June and pledged to keep monitoring any technical or compliance changes. Polymarket said discussions with French authorities, including the cybercrime unit of the Paris Public Prosecutor’s Office, remain ongoing, but it provided no timetable for its legal challenge or for restoring access in France.

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Authorities have arrested eight people after carrying out coordinated raids at two suspected illegal gambling venues in central Doncaster. The enforcement action involved several agencies working together to investigate businesses believed to be operating without the required licenses.

Investigators carried out the operation under the name Operation Snaresbrook. Officers from the Gambling Commission, South Yorkshire Police, Immigration Enforcement, and City of Doncaster Council’s trading standards and licensing teams all took part. The coordinated effort focused on disrupting suspected unlawful gambling activity and gathering evidence from the two premises.

According to officials, one person was arrested on suspicion of offenses under the Gambling Act 2005. Seven other people were arrested over alleged immigration offenses. During searches at both locations, officers seized nearly £9,000 in cash. They also recovered poker tables, slot machines, and account books that investigators said could provide important evidence.

The Gambling Commission said the latest action is part of its continuing partnership with police forces and local authorities to identify and close illegal gambling operations. The regulator added that it will keep working with enforcement partners across Great Britain to tackle unlawful gambling wherever opportunities arise.

Doncaster raids target suspected crime linked to illegal gambling

Authorities say illegal gambling venues are often connected to broader criminal behavior, including organized crime and money laundering. They argue that coordinated enforcement helps protect legitimate licensed businesses while disrupting wider criminal networks.

Councillor Gemma Cobby, Cabinet Member for Regulation and Enforcement, Planning and Safer Communities at City of Doncaster Council, said: “Illicit gambling dens are often linked to organised crime gangs and can be used to launder money. Their fraudulent practices also undermine trust in legitimate businesses that are licensed and regulated. Illegal gambling has no place in our city. Members of the public can help by making us aware of any concerns they may have about the practices of local businesses. We investigate all reports that come through to us so please don’t hesitate to get in touch.”

Inspector Lisa Bird of Doncaster Central Neighbourhood Policing Team said: “Illegal gambling is a crime and it is vital that all businesses follow the laws put in place.

“Illegal gambling is often linked to other criminality, including organised crime, money laundering and human trafficking, all of which threatens the safety and security of our city centre. We will continue to gather intelligence on those suspected of having links to illegal gambling and will work closely with partners to tackle the issue and target those involved in this criminality.”

Immigration Enforcement Assistant Director for Yorkshire Tim Gallacher said: “This was a successful operation for Immigration Enforcement, with officers showing the utmost professionalism throughout. It shows the close relationship we have with law enforcement and other partners to crack down on this illegal activity. Immigration offenders who are gambling every day by being here illegally can be in no doubt that they will be tracked down and removed at the earliest opportunity.”

Sue Young, Executive Director of Operations at the Gambling Commission, said: “We are constantly looking for opportunities to work with police and other agencies to crack down on all forms of illegal gambling.”

City officials are encouraging anyone who suspects illegal activity at a business to report concerns anonymously through the Citizens Advice reporting system for Trading Standards or by telephone. They said the raids also support Doncaster’s Safer City initiative, a joint council and police partnership focused on cutting crime, tackling antisocial behavior, and improving public safety across the city.

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Tribal gaming operations across the United States delivered another record-breaking year, generating $46.2 billion in gross gaming revenue during fiscal year 2025, according to newly released figures from the National Indian Gaming Commission. The total was up 5.3%, or $2.3 billion, from fiscal year 2024 based on independently audited financial statements covering 545 gaming operations owned by 246 federally recognized tribes across 29 states.

The latest report builds on the previous year’s record. In fiscal year 2024, tribal gaming generated $43.9 billion in gross gaming revenue, a $2.0 billion increase over fiscal year 2023 and overall growth of 4.6%. That earlier report was based on audited statements from 532 gaming operations owned by 243 federally recognized tribes across the same 29 states.

Commission officials said seven of the agency’s eight administrative regions recorded year-over-year revenue gains during fiscal year 2025, showing continued momentum across much of the tribal gaming industry.

“The continued success of Indian gaming further underscores its importance as a means to support self-sufficiency and strong tribal governments,” said NIGC Vice Chair William Kirkland. “The agency is proud to work alongside tribal leaders to uphold a regulatory framework that protects these achievements and ensures the benefits endure for future generations.”

Gross gaming revenue, commonly known as GGR, represents the total amount wagered by players minus winnings paid back to them. The commission relies on that figure as the industry’s primary financial benchmark and compiles its annual report from independently audited financial statements submitted by tribal gaming operations.

Tribal gaming revenue continues to strengthen local economies

The commission said gaming revenue continues to provide a major source of funding for tribal governments. Those dollars help pay for public services, infrastructure, education, healthcare, housing, economic development projects, and cultural preservation efforts while supporting greater financial independence for tribal nations.

“I would like to wish the Indian gaming community a job well done on another strong year. These GGR results reflect the continued commitment of tribal regulators and operators to responsible growth and community benefit,” Avery said.

The 2024 report also highlighted strong regional performance, with the Oklahoma City and Washington, D.C., regions posting double-digit growth over the previous fiscal year.

“This year’s GGR reflects not only the resilience of the tribal gaming industry, but also the dedication of tribal leadership in preserving and growing this important economic driver for their communities,” said NIGC Acting Chairwoman Sharon Avery in the news release.

“These revenue numbers demonstrate the positive impacts of tribal gaming and the essential role it plays supporting tribal sovereignty, job growth, infrastructure, education, and important social, health, and welfare programs in tribal communities – just to name a few,” said Vice Chair Jeannie Hovland.

Created under the Indian Gaming Regulatory Act in 1988, the National Indian Gaming Commission works with federally recognized tribes to oversee gaming operations, protect the integrity of the industry, and ensure compliance with federal law. Officials said the latest results again demonstrate the industry’s resilience and its continuing role in strengthening tribal governments and communities.

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Resorts World New York City has expanded again, reopening the first floor of its commercial casino and adding 1,400 slot machines less than three months after becoming the city’s first full-scale casino with live table games.

The latest expansion lifts the property’s total to 3,900 slot machines, giving the Queens venue more capacity as demand continues to grow. Company executives expect the additional machines to increase gross gaming revenue while generating more tax revenue for New York State.

The new gaming space features Dragon Den, a themed area with 114 Aristocrat games. It includes 48 Dragon Link machines and progressive jackpots, including a top prize of $1 million.

“Since the moment we opened, our slot machines have been incredibly popular with the public, generating more than $230 million in gross gaming revenue in just 11 weeks,” said Robert DeSalvio, President of Genting Americas East. “With these 1,400 new games, we will be able to accommodate more patrons and generate even more in taxes for the state.”

Resorts World strengthens position after historic New York City launch

The first-floor reopening builds on momentum created in April, when Resorts World officially became New York City’s first casino to offer live dealer table games. Blackjack, craps, baccarat and roulette debuted after the property transitioned from a long-running racino that had previously operated only slot-style video lottery terminals.

That launch followed the awarding of new downstate casino licenses, allowing Resorts World to become the first approved project to begin operating as a full casino. Competing developments planned for Queens and the Bronx remain several years from opening, giving the property an early advantage in the market.

The current expansion is also the opening step in a much larger redevelopment. Resorts World plans to invest $5.5 billion in transforming the site into a fully integrated resort by 2030. The completed project is expected to include a 350,000-square-foot gaming floor with 6,000 slot machines, 800 live table games, a 7,000-seat entertainment venue, 2,000 hotel rooms and more than 10 acres of public green space.

Company officials say the casino already produces close to $1 billion in annual gross gaming revenue. Since opening in 2011, the property says it has contributed more than $5 billion to New York’s public education system.

Future commitments also include $2.5 billion for the Metropolitan Transportation Authority and a $2 billion community benefits package.

The Queens property remains New York City’s only casino-hotel, featuring the 400-room Hyatt Regency JFK Airport at Resorts World New York City alongside restaurants, bars, meeting facilities and entertainment venues. The company says it welcomes around 5 million visitors annually as it continues expanding toward its long-term integrated resort vision under operator Genting Group.

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Wisconsin election officials are telling residents they cannot legally bet on an election and vote in that same contest, setting off a fierce response from prediction market company Kalshi, which says the state’s guidance violates the Constitution.

The Wisconsin Elections Commission said state law disqualifies anyone who has made or become interested in a bet or wager on the outcome of an election from voting in that election. The reminder comes as federally regulated prediction markets, including Kalshi, continue expanding access to contracts tied to political races.

“We want voters to understand that they cannot legally make a bet on an election and cast a ballot in that same election,” Wisconsin Elections Commission Administrator Meagan Wolfe said. “We are not able to police someone placing a bet on these platforms, but it’s important for voters to understand the consequences if they bet on an election outcome.”

The commission pointed to Wisconsin Statute § 6.03(2), which bars anyone with a direct or indirect interest in an election wager from voting in that election. It also cited Wisconsin Statute § 12.13(1)(a), saying knowingly voting while disqualified is a Class I felony. Commissioners unanimously approved a memorandum on the issue during their July 9 meeting, warning that suspected violations could trigger voter eligibility challenges and referrals to local prosecutors.

Kalshi rejected the commission’s interpretation almost immediately.

“The Wisconsin Elections Commission threatening to prosecute Wisconsin voters and strip away their voting rights for engaging in legal trading activity is unconstitutional and illegal,” Kalshi General Counsel Robert Denault wrote on X. 

“Election markets certified by the CFTC and available on federally regulated exchanges are legal. Wisconsin hasn’t challenged them. And if Wisconsin believes election markets certified by the CFTC are improper, then it should sue the CFTC — not try to prosecute voters and take away their voting rights. The Wisconsin Elections Commission should retract this guidance before courts are required to force them to do so.”

Wisconsin state’s election guidance escalates clash with Kalshi

Benjamin Freeman, Kalshi’s head of government relations, also criticized the guidance.

“The Wisconsin Election Commission’s warning to people who trade on elections: ‘it could cost you your vote,'” Freeman wrote. “THIS IS INSANE. The Commission is implying they will literally disenfranchise voters who use Kalshi to trade elections. This is blatantly unconstitutional and illegal.”

He added that Kalshi has “hundreds of thousands of users in Wisconsin alone” and called the commission’s statement “active voter suppression.”

The dispute lands amid broader fights over prediction markets in Wisconsin. Earlier this year, Gov. Tony Evers signed Executive Order 294 barring executive branch employees from using confidential government information to profit from prediction markets or help others do so, saying public trust depends on integrity. State officials said no known violations prompted the order, but cited growing concerns as prediction markets expand.

Wisconsin has also sued Kalshi, Robinhood, Coinbase, and related companies, alleging sports-related event contracts amount to illegal sports betting under state law. Federal regulators have challenged parts of that effort. Meanwhile, the elections commission says Wisconsin’s voter qualification rules still apply regardless of where or how an election wager is placed.

Featured image: Kalshi / Canva

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A Washington judge has ruled that prediction market operator Kalshi likely violated the state’s gambling and consumer protection laws, paving the way for a preliminary injunction that could require the company to stop offering its event-based contracts to Washington residents while the lawsuit moves forward.

King County Superior Court Judge John McHale found Washington is likely to prevail on key claims in its case against Kalshi and determined consumers face a likelihood of “actual and substantial injury” if the company’s operations continue during the litigation. The judge granted the state’s request for a preliminary injunction and said the final terms will be issued on August 5 after additional briefing from both parties.

Attorney General Nick Brown described the decision as an important early victory for the state.

“This victory is the first step toward holding Kalshi accountable for their brazen violations of Washington law,” Brown said in an accompanying statement. “Kalshi padded their pockets as they promoted illegal betting on sports, elections, the total number of measles cases this year, what will witnesses say during a child trafficking hearing, and even natural disasters.”

McHale’s order says Kalshi runs an online platform where users “place bets on the outcome of various events,” spanning sports, elections, politics, entertainment, finance and other subjects. According to the ruling, customers buy “yes” or “no” positions on future events, receive payouts if they are correct, lose their money if they are wrong, and Kalshi collects a transaction fee on every wager. The judge concluded each contract “risks money, relies in part on chance, and promises a payout to winners.”

The court also rejected Kalshi’s argument that its federally regulated prediction market is shielded from Washington’s gambling laws. McHale ruled the Commodity Exchange Act does not preempt the state’s gambling statutes and found that complying with Washington law “would not prevent Kalshi from complying with applicable Federal law.”

Washington gains major early victory against Kalshi after judge backs state

McHale also found the state’s consumer protection claims were likely to succeed, concluding Kalshi’s advertising may mislead Washington residents. The order states the company’s claims that it offers “legal betting” in Washington “are likely to mislead a reasonable consumer” about whether the activity is lawful. The judge further concluded that “Kalshi’s provision, marketing, and advertising of illegal gambling activities constitute unfair and/or deceptive acts or practices” under the Washington Consumer Protection Act.

Among the examples cited was an advertisement in which a customer said they “found a way to bet on the NFL even though we live in Washington.” The court said Kalshi continued targeting Washington consumers even after the Washington State Gambling Commission warned in December 2025 that event-based contracts were not authorized in the state.

The guidance prohibited both operators and residents from offering or participating in prediction markets. At the time, the commission said sports wagering remained legal only through authorized tribal casinos and noted that litigation around prediction markets in other states could shape future policy.

McHale also found Washington was likely to succeed on claims that Kalshi violated multiple provisions of the Washington Gambling Act, including illegal online gambling, bookmaking and professional gambling.

The dispute has already involved a fight over jurisdiction. After Washington filed its lawsuit in King County Superior Court earlier this year, Kalshi removed the case to federal court, arguing it operates a federally regulated derivatives exchange overseen by the Commodity Futures Trading Commission and that the dispute belongs under federal law. Washington maintains the platform functions as illegal gambling under state law despite that federal oversight.

The order also directs Kalshi to preserve records relating to Washington customers while the case continues. Both sides must submit proposed injunction language before McHale issues the final order.

Featured image: Kalshi / Canva

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Today in prediction market news, we’re following the biggest developments shaping the industry, including today’s congressional hearing on sports prediction markets, a Washington state court’s preliminary injunction against Kalshi, and renewed calls from Senate Democrats for stronger federal oversight of prediction markets. We’ll also cover Polymarket’s launch of a new research arm, expert commentary on the legal future of prediction markets, and breaking developments across prediction markets, sports event trading, crypto, and regulated forecasting throughout the day.

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A St. Louis trafficker who admitted blowing more than $1.5 million in cocaine proceeds through gambling has been sentenced to 15 years in federal prison after prosecutors said he tried to repay the debt by using international money laundering networks.

Derek Rockette, 53, pleaded guilty in January to conspiracy to distribute and possess controlled substances, conspiracy to launder money, and being a felon in possession of a firearm. Prosecutors said he took part in a cocaine trafficking operation from at least 2016 through 2021 while also laundering drug money during a four-year stretch.

Court records showed Rockette’s gambling losses left him owing more than $1.5 million to two money laundering organizations connected to his cocaine supplier. Investigators said he then spent months trying to settle those debts by moving large amounts of cash through multiple transactions.

St. Louis trafficker buried by million-dollar gambling debt

According to investigators, Rockette handed one person $200,000 in May 2018. Two months later, he transferred another $158,720, but the Drug Enforcement Administration and Illinois State Police intercepted that cash while it was headed to Chicago. On Aug. 2, 2018, authorities said he delivered another $59,114, which was quickly deposited into a bank account before being sent to Mexico.

Investigators also described additional cash transfers involving confidential sources. In late August 2018, Rockette gave a DEA confidential source $100,000 that was supposed to be delivered in Chicago. Authorities traced the money to a Chinese money laundering organization and eventually seized $222,300. In October 2018, prosecutors said he provided another $59,800 to a confidential source working with Homeland Security Investigations.

Federal prosecutors said the Chinese organization routed the money through a trade-based laundering scheme that paid credit card bills tied to airline tickets sold in China. They said a separate Mexico-based network deposited cash through ATMs before rapidly transferring the funds into Mexico.

The investigation also uncovered other criminal conduct. On March 25, 2019, Rockette ran from officers with the St. Louis Metropolitan Police Department and the DEA before authorities found him carrying a firearm. Because of a 2008 federal conviction for conspiracy to distribute more than 100 kilograms of marijuana, prosecutors said he was legally barred from possessing firearms.

During a traffic stop on March 23, 2021, authorities recovered about $2,000 in cash along with 236 grams of cocaine, 3 grams of fentanyl, and 12 grams of a mixture containing heroin, fentanyl, and cocaine, according to prosecutors.

The case was investigated by the DEA, the FBI, Homeland Security Investigations, the St. Louis Metropolitan Police Department, and the Illinois State Police. Assistant U.S. Attorney James Delworth handled the prosecution. Federal officials said the case was part of Operation Take Back America, a Justice Department initiative focused on transnational criminal organizations and violent crime.

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A group of Senate Democrats is urging Congress to tighten federal oversight of prediction market platforms, warning that pending digital asset legislation could weaken tribal gaming protections and erode states’ authority over gambling as lawmakers across Washington pursue a wider crackdown on the fast-growing industry.

Sen. Martin Heinrich and 11 other Democratic senators have asked two key Senate committees to revise pending digital asset legislation before it advances, arguing that the bills could unintentionally expand prediction markets at the expense of long-standing tribal and state gaming systems.

Senate Democrats call for stronger guardrails on prediction markets

In a letter to the leaders of the Senate Banking, Housing, and Urban Affairs Committee and the Senate Agriculture, Nutrition, and Forestry Committee, the lawmakers said the Digital Asset Market Clarity Act (CLARITY Act) and the Digital Commodity Intermediaries Act (DCIA) would reduce oversight of decentralized finance betting platforms while allowing prediction markets to operate outside existing gambling frameworks.

They wrote, “We write with urgency regarding the continued lack of proper regulation over prediction markets and the resulting circumvention of state and Tribal gaming regulatory frameworks. The Digital Asset Market Clarity Act (CLARITY Act) and Digital Commodity Intermediaries Act (DCIA), as currently drafted, will only serve to exacerbate these issues by further removing regulatory accountability for decentralized finance (DeFi) betting protocols that deploy unvetted prediction and wagering markets, directly infringing on instances of Tribal gaming exclusivity and state police powers.”

The senators said prediction markets offering sports-related contracts and casino-style products threaten tribal gaming revenue, which supports healthcare, education, housing, public safety and other government services under the Indian Gaming Regulatory Act of 1988. They also noted that tribes expanded into legal sports betting after the Supreme Court’s 2018 Murphy v. NCAA decision.

According to the letter, some prediction market operators have relied on Commodity Futures Trading Commission oversight of derivatives markets to offer nationwide sports and event wagering while avoiding state licensing and tribal regulation. The senators warned that broader CFTC authority without new safeguards would strengthen that approach.

They wrote, “Any further Congressional grant of exclusive CFTC jurisdiction over digital asset markets without ample guardrails for prediction market contracts will reinforce the CFTC’s claimed exclusive authority over event contracts and permanently circumvent the hard-won regulatory and economic protections established under IGRA and states’ police powers.”

The group wants Congress to explicitly preserve the authority of the Indian Gaming Regulatory Act and tribal-state gaming compacts while banning CFTC-regulated entities from listing prediction contracts that function as sports bets or casino-style games. They also proposed limiting decentralized finance exemptions so they do not extend to derivatives markets.

The request comes as Congress increases scrutiny of prediction markets on several fronts. Earlier this year, the Senate unanimously approved an ethics rule immediately banning senators, Senate staff and Senate officers from trading on prediction markets over concerns that access to nonpublic information could create unfair advantages. Lawmakers described the move as part of a wider effort to strengthen public trust.

Congress has also introduced several bipartisan proposals targeting the industry. The BETS OFF Act would prohibit contracts tied to government actions, military operations and other events where insiders could influence or know outcomes in advance. Another bipartisan measure, the Prediction Markets Are Gambling Act, would ban federally regulated sports prediction contracts, with supporters arguing they are effectively sports betting that belongs under state and tribal oversight. In the House, the proposed PREDICT Act would prohibit members of Congress, senior executive branch officials and their families from trading on political prediction markets, reflecting growing concern over insider trading risks and the industry’s evolving regulatory landscape.

The letter was signed by Heinrich, Alex Padilla, Tina Smith, Maria Cantwell, Richard Blumenthal, Jacky Rosen, Mark Kelly, Patty Murray, Tammy Baldwin, Adam Schiff, Brian Schatz and Gary Peters. It also includes draft legislative language outlining the proposed changes to federal law.

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Bally’s Chicago reached a major step toward opening its permanent casino this week after construction crews lifted the final structural steel beam into place, bringing the massive riverfront development to its full height. The topping-off ceremony at 560 W. Grand Ave. signaled that the building’s structural framework is now complete as work shifts toward interior construction and finishing ahead of a planned spring 2027 debut.

City officials, labor leaders, project partners and hundreds of construction workers gathered at the former Chicago Tribune Freedom Center site to celebrate the milestone. The $1.7 billion project is expected to create about 3,000 permanent jobs and become Chicago’s first permanent casino destination.

Chicago Mayor Brandon Johnson, Alderman Walter Burnett Jr., Bally’s Executive Chairman Soo Kim, union leaders, members of the Chicago Community Builders Collective and trades workers attended the event. More than 1,000 tradespeople have worked on the project.

“This is a significant milestone for Bally’s Chicago and reflects the incredible effort of the union trades and partners who have made this moment possible,” said Soo Kim in a statement. “We’re proud of the progress to date and excited to move into the next phase as we deliver a one-of-a-kind destination for the people of Chicago.”

Bally’s Chicago casino project reaches full height after years of setbacks

The signed beam, topped with an American flag, was lifted into place in keeping with a longstanding construction tradition. The completed structural work includes the main casino building and a 34-story hotel tower overlooking the Chicago River.

The permanent resort is rising on the 30-acre River West property and is designed to reconnect nearby neighborhoods with expanded public river access and new outdoor gathering spaces. Bally’s also released updated renderings showing planned gaming areas, entertainment spaces and social venues designed by WATG.

When complete, the development will feature 3,400 slot machines, 173 table games, 10 food and beverage venues operated with Levy Hospitality, a 500-room hotel, a 3,000-seat entertainment theater and event center, 3,300 parking spaces and public riverfront amenities. Bally’s has said the complex will offer about 4,000 gaming positions overall, making it the largest casino in Illinois.

The project has faced several delays since Bally’s was selected in 2022. Construction was temporarily halted after debris entered the river, regulators later stopped work over an unauthorized waste hauler, and engineers required foundation changes that moved the hotel tower. Despite those setbacks, Kim told attendees, “We had some fits and starts. We’re going to be done early next year. We’re excited to finish it all up.”

Illinois regulators have also approved an extension allowing Bally’s temporary Medinah Temple casino to continue operating through September 9, 2027, while construction continues. City leaders expect the permanent resort to generate more than $100 million in annual revenue to support police and fire pensions and other municipal priorities once it opens.

Featured image: Heron Agency / Bally’s Corporation

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Betting-related threats should move to the top of football’s agenda once the 2026 FIFA World Cup ends, according to the Council of Europe. On the day of the tournament final, Secretary General Alain Berset called on FIFA to begin work immediately on a stronger international framework to protect the game’s integrity before the 2030 World Cup. He argued that fast-growing prediction markets and micro-betting are creating fresh opportunities for manipulation by allowing wagers on individual moments rather than only final results.

Berset said the commercialization of sports betting has reshaped integrity risks across football. The Council of Europe said betting markets now extend to highly specific in-game events, making fraud harder to detect and easier to organize. It also noted that FIFA accepted a prediction market as an official tournament partner with a presence inside stadiums, a move Berset suggested reflects how closely betting has become tied to major competitions.

“The next challenge is not crowd violence. It is money and power,” Berset said, arguing that football needs to address emerging threats before they become entrenched.

World Cup betting surge sharpens integrity debate

Berset wants a post-final dialogue, described as a “third half,” that would bring governing bodies together to create new integrity protections before the next World Cup. He pointed to previous Council of Europe initiatives, including agreements developed after the 1985 Heysel Stadium disaster, the Anti-Doping Convention and the Convention on the Manipulation of Sports Competitions, saying binding international rules have successfully addressed earlier crises in sport.

He also pointed out other issues that surfaced during the tournament, including a disciplinary sanction suspended after political pressure, questions surrounding refereeing authority and racist abuse directed at players. Together, he said, those incidents exposed broader weaknesses in football governance.

Recent research suggests betting activity around the tournament could reach unprecedented levels. A Paysafe study of 3,850 adults across 12 countries found that 60% plan to place World Cup bets online or through mobile apps, while 19% expect to gamble on the tournament for the first time. Among those intending to bet, 64% said they would wager on match day or during games, and 37% expect to bet more than usual, rising to 51% in the United States.

Regulators are already responding. France’s gambling authority, the ANJ, has urged licensed operators to restrain World Cup advertising after promotional budgets increased by more than 25% compared with the previous year. The regulator also warned against filling additional commercial time created by planned hydration breaks with betting promotions, citing concerns about excessive exposure and gambling-related harm.

Concluding the statement, Berset said, “Tonight, the final whistle will end the tournament. Let it also open the third half and the urgent work of strengthening the integrity of sport.”

Featured image: Canva / Council of Europe via press release

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Congress is set to hear sharply conflicting testimony Tuesday (July 21) over who should regulate sports prediction markets and whether Congress should step in to redefine them as gambling instead of federally regulated financial products.

The committee is expected to debate whether sports event contracts should continue under the oversight of the Commodity Futures Trading Commission through the Commodity Exchange Act or instead fall under the state and tribal gaming systems that oversee traditional sports betting.

Witnesses defending the current framework say the CFTC already has the legal authority it needs to regulate these contracts. Representatives from the American Gaming Association and the Indian Gaming Association, however, are asking lawmakers to either prohibit the products or place significant limits on them.

Testimony obtained before the hearing shows both gaming organizations arguing that prediction markets have effectively created nationwide sports betting under federal commodities law while avoiding the state and tribal regulatory structures established after the Supreme Court’s 2018 Murphy v. NCAA ruling.

“Our concern is narrow and urgent,” AGA’s Senior Vice President of Government Relations, Chris Cylke writes. “A growing number of platforms are using so-called ‘sports event contracts’ to offer nationwide sports betting under the guise of federally regulated financial products.”

The AGA says it supports financial innovation in general but argues that sports event contracts “function as sports wagers in every meaningful sense” while operating outside regulatory frameworks “that Congress, states, tribes, and voters have spent decades building.”

AGA calls on Congress to redefine sports prediction markets

The American Gaming Association is asking Congress to reinforce what it describes as three fundamental principles governing sports wagering.

“First, sports wagering is gambling, regardless of whether it is described as an event contract, prediction market, futures contract, or financial instrument,” the testimony states.

The organization also argues that responsibility for gambling policy should continue to rest primarily with states and tribal governments. In addition, it says “CFTC-registered entities should not be permitted to offer sports betting or casino-style gambling nationwide through self-certified contracts.”

The AGA ultimately asks lawmakers to reaffirm “that sports betting belongs within state and tribal gaming frameworks — not on prediction market platforms operating under federal commodities law.”

The Indian Gaming Association makes a similar case, arguing that prediction markets weaken both state authority and tribal sovereignty.

Chairman David Bean writes that “sports betting through prediction markets tramples on the sovereignty of tribal and state governments.”

Bean argues that decisions about gambling have historically been made at the local level rather than by federal regulators.

“Since the Supreme Court’s 2018 Murphy v. NCAA decision, tribes and states continue to debate the potential risks and rewards of whether to legalize and regulate online sports betting or maintain criminal prohibitions.”

According to the testimony, the CFTC’s current approach overrides those local policy choices.

“However, the current one-person CFTC has removed local governments from the online gambling debate, proclaiming that online sports betting is now legal on every Indian reservation and in every state,” Bean writes. “No one voted for this, and Congress did not pass a law to authorize online sports gambling.”

Industry groups push Congress to restore regulatory boundaries

Both gaming organizations argue that prediction markets look and operate much like traditional sportsbooks.

“Pull up your prediction market app and you see the same bets that are offered in every other legal sportsbook authorized by tribal and state governments,” Bean writes. “Moneylines, totals, parlays, and prop bets.”

The testimony argues that the biggest difference is not how the products function but how they are regulated.

“The only key difference is that prediction markets avoid the regulatory systems that tribes and states have established to protect consumers and the integrity of American sports.”

The IGA says state and tribal systems generally include safeguards such as minimum age requirements, responsible gambling measures, limits on certain wagers, deposit controls, and consumer protection rules.

Bean also argues that sports event contracts do not fit the traditional purpose of commodity derivatives.

“The outcome of a sporting event is not a commodity, a price index, a commercial input, an interest rate, a currency, or a financial benchmark,” the testimony states.

The association contends that sports event contracts “do not manage price risk in the manner of futures, swaps, or other hedging instruments.”

Instead, Bean argues, “They are not tied to any commercial exposure, and they do not mitigate any pre-existing risk — they create risk for its own sake.”

Gaming organizations challenge the CFTC and Kalshi approach

The Indian Gaming Association also focuses heavily on Kalshi, arguing that the company has shifted its legal position on sports event contracts.

According to the testimony, Kalshi previously argued during litigation involving election event contracts that federal law prohibited sports-related event contracts before later choosing to self-certify sports contracts.

“In January of 2025, Kalshi reversed the positions listed above by self-certifying event contracts directly related to the outcomes of sporting events,” Bean writes.

The filing reproduces statements it says Kalshi made during earlier litigation, including arguments that Congress “did not want sports betting to be conducted on derivatives markets” and that contracts involving games generally lack commercial hedging value.

The testimony also disputes Kalshi’s description of itself as a peer-to-peer prediction market.

“Kalshi and other prediction markets falsely claim that what they offer is not gambling, because there is no ‘house’ — this is their claim to innovation.”

Bean argues instead that the exchange depends on institutional market makers and proprietary trading firms, giving professional participants advantages over retail traders.

“This is not innovation — what Kalshi offers is a mirror to traditional sports gambling authorized by state and tribal governments, but without the guardrails, regulations, or oversight.”

Both the AGA and IGA are urging Congress to pass H.R. 7840, the Event Contract Enforcement Act. They argue the legislation would reaffirm state and tribal authority over sports betting while preventing federally regulated exchanges from listing sports event contracts.

“We respectfully urge this Committee to advance H.R. 7840,” Bean writes. “This bill would reaffirm existing tribal and state government authority to regulate sports betting… and quiet the chaos and federal overreach that the CFTC is fostering.”

Witnesses supporting prediction markets argue the CFTC already has authority under existing commodities law to oversee sports event contracts and maintain that additional legislation is unnecessary.

Featured image: Canva

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The UK government has opened a consultation on plans to stop British sports organizations from signing sponsorship and advertising deals with gambling companies that are not licensed by the Gambling Commission. Ministers say the move would close a loophole that has allowed overseas betting brands to maintain a high-profile presence in English sport despite being unable to legally serve customers in Great Britain.

The eight-week consultation, published by the Department for Culture, Media and Sport on July 15, would make it a criminal offence for clubs, leagues, venues and other organizations to enter sponsorship or advertising agreements with unlicensed gambling operators. While the proposal applies across sport, football is expected to feel the biggest impact because of its long-running reliance on betting partnerships.

The proposed rules would cover shirt sponsorships, LED advertising boards, stadium branding, event programmes and naming rights. Ministers argue the current framework allows overseas operators to secure visibility through geo-blocked websites, even though those restrictions can be bypassed using virtual private networks.

UK ministers seek to close loophole on gambling sponsorships

The consultation follows the collapse of white-label provider TGP Europe in 2025 after it surrendered its Gambling Commission licence during an anti-money laundering investigation. According to the government, that episode exposed weaknesses in existing legislation after several football clubs were left with sponsorship deals linked to brands no longer licensed in Britain.

Officials want the ban introduced before the 2027/28 football season, although they are also seeking views on allowing existing agreements to continue until August 2028. The government estimates around 40% of Premier League clubs held sponsorship or advertising deals with unlicensed operators during the 2025/26 campaign.

The proposals build on plans first outlined earlier this year, when ministers signaled they intended to tighten sponsorship rules as part of a crackdown on illegal gambling. They also come as Premier League clubs voluntarily ended front-of-shirt gambling sponsorships from the 2026/27 season, although betting brands will still be permitted on sleeves, pitchside advertising and other commercial assets.

Research from Investigate Europe points out how deeply betting companies are embedded in football. Its study found 296 of 442 clubs across the top 31 leagues in the European Union and the UK had at least one gambling partnership during the 2024/25 season, while every Premier League club had some form of betting partner.

Entain welcomed the consultation and urged football authorities not to wait for legislation before ending relationships with unlicensed operators.

The Betting and Gaming Council, as well as Stella David, Chief Executive of Entain, welcomed the consultation, describing it as an important step in tackling illegal gambling. She argued that unlicensed operators often have links to organized crime, avoid UK taxes and are not required to provide the consumer protections imposed on licensed firms.

David said in a statement, “We welcome the launch of this consultation, which was expected earlier this year and represents another important step forward in tackling illegal gambling.”

She said the government had correctly identified the risks created by sponsorship agreements with unlicensed operators, adding that clubs and governing bodies should not wait for legislation before acting.

“Given that principle has now been established, we believe clubs, leagues and governing bodies should act immediately and voluntarily end relationships with unlicensed operators rather than wait for legislation to compel them to do so,” David said.

David also urged regulators to follow the Financial Conduct Authority’s approach to unregulated crypto firms, warning that sponsorship agreements with unlicensed gambling operators could quickly lose their value.

Entain said research from H2 Gambling Capital estimates the illegal gambling market has grown from £5 billion in gross gambling yield in 2019 to £16.6 billion in 2025, with further expansion expected. The company also cited Betting and Gaming Council analysis suggesting unregulated operators could account for almost half of UK gambling advertising spending during the 2026/27 season.

The company argued that enforcement should extend beyond football sponsorships to the wider online ecosystem, including search engines, social media platforms, affiliate networks and payment providers that help illegal operators reach consumers.

David said the consultation should be part of a broader strategy rather than the only response to the problem.

“Today’s consultation represents a significant step forward,” she said, but warned that “Sponsorship restrictions should not become a substitute for tackling the wider digital ecosystem that enables illegal gambling operators to grow their presence in Great Britain.”

Entain said it has also written to Premier League Chief Executive Richard Masters, urging the league to prohibit sponsorship and advertising by unlicensed gambling operators, beginning with LED perimeter advertising before the 2026/27 season. 

The company has also contacted Independent Football Regulator Chair David Kogan OBE to propose governance measures aimed at preventing unlicensed gambling companies from using English football to promote their brands.

Featured image: Canva

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Illinois is asking a federal judge to reject requests that would temporarily block the state from enforcing its gambling laws against sports and election prediction markets, arguing the products are ordinary wagers instead of federally regulated financial instruments.

In a 43-page response filed in the U.S. District Court for the Northern District of Illinois and reviewed by ReadWrite, Attorney General Kwame Raoul’s office said the Commodity Futures Trading Commission, Kalshi, and the Coalition for Fair Markets are unlikely to succeed in their bid for a preliminary injunction. According to the state, “Sports and election event contracts are not ‘swaps'” under the Commodity Exchange Act and, even if they were, “Congress did not intend to displace state gaming laws.”

The filing answers motions brought by the CFTC, Kalshi, and the industry coalition in consolidated litigation over Illinois’ efforts to stop Kalshi from offering sports and election event contracts without complying with Illinois gaming laws.

“Ordinary citizens understand that it is gambling to wager money on which team will win a baseball game or which candidate will win an election,” the state wrote. Illinois said prediction markets “offer ‘event contracts’ that allow Illinois residents to wager money” while claiming those products “are not gambling, however, but rather are sophisticated financial instruments used for hedging risk.”

Illinois seeks to preserve state control over sports prediction markets

Illinois argued that description conflicts with both the Commodity Exchange Act and Congress’s purpose in regulating swaps. The state said swaps are derivatives tied to underlying financial assets, while Kalshi’s contracts instead pay out based on sports contests or election results. It also argued the law addresses the occurrence of an event rather than the outcome of one. As the filing states, “An ordinary American interpreting the word ‘event’ would conclude that the Kentucky Derby is an event. But [which horse] wins the Kentucky Derby is an outcome of that event, not a separate event in and of itself.”

The state also rejected the argument that downstream financial effects transform these contracts into swaps. “Congress defined a ‘swap’ as an agreement that provides a payout based on an event that is inherently economic in nature,” Illinois argued, adding that athletic competitions and elections “are not inherently financial, economic, or commercial in the same sense as a change in interest rates or the relative value of two currencies.”

The latest filing follows months of increasingly public opposition from Illinois regulators. In October 2025, the Illinois Gaming Board issued a memorandum stating that “‘Predictions markets’ constitute gambling activity under Illinois law.” The board also warned that operating platforms allowing wagers on sports or elections without an Illinois license is unlawful and cautioned that violations in other states could affect licensing suitability in Illinois.

Illinois noted that it previously sent cease-and-desist letters to companies including Kalshi and Robinhood. Other states, including Pennsylvania, Arizona, Ohio, and Tennessee, have also raised concerns or issued warnings about prediction markets.

Beyond the legal merits, Illinois argued the plaintiffs failed to show irreparable harm and said the balance of equities favors continued enforcement. “The public plainly suffers when unregulated gambling occurs on the prediction markets’ platforms,” the filing states, adding that the Illinois Gaming Board has “the experience and expertise necessary to ensure that sports wagering is done safely and responsibly.” The state asked the court to deny the requested preliminary injunctions.

Featured image: Canva

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Arizona Cardinals vice president of player personnel Ryan Gold has been suspended indefinitely by the NFL after the league concluded he violated its gambling policy. The discipline took effect immediately, and the league said Gold cannot seek reinstatement until after the 2026 NFL season.

League officials said the suspension stems from rules that bar NFL employees from betting on league games. The NFL also said its investigation found no evidence that inside information was used and no indication that the integrity of any game was affected.

The Cardinals said they cooperated throughout the investigation and accepted the league’s decision.

“We have fully cooperated with the NFL’s investigation and accept the discipline issued to Ryan Gold,” the team said. “As an organization, we are committed to maintaining the integrity of the game and adhering to all league policies.”

Gold plans to challenge NFL gambling suspension

Gold is expected to appeal. His attorney, Mike Caspino, told ESPN that the league’s case does not support the punishment and said his client intends to fight the allegations through the NFL’s appeal process.

“Ryan Gold has been an outstanding NFL executive for over a decade,” Caspino said. “The accusations made by the league regarding his participation in prohibited gambling activities are blatantly false. We have demanded an appeal, and we look forward to clearing his good name.”

Caspino said the betting activity involved Gold’s wife, who allegedly made $10 weekly parlay wagers with a group of high school friends. According to the attorney, Gold did not participate in those bets. Caspino also argued Gold could not have shared confidential draft information because he did not know which players Arizona planned to select. He said only Cardinals owner Michael Bidwill and general manager Monti Ossenfort had that knowledge.

The suspension arrives as the NFL continues tightening its oversight of sports betting following the proliferation of legalized wagering across the United States. League policy prohibits employees from betting on NFL games, placing wagers from team or league facilities, or sharing confidential information that could affect betting markets.

The league has also increased its focus on prop betting. In a 2025 memo sent to clubs, NFL executives Renie Anderson, Jeff Miller and Ted Ullyot outlined categories of prohibited prop bets, including wagers considered inherently objectionable, officiating-related, determinable by one person in one play, or based on predetermined events. The memo said the league regularly works with regulators and sportsbook partners to restrict such wagers while continuing year-round education, monitoring and disciplinary efforts aimed at protecting game integrity.

Gold remains suspended unless he successfully appeals or is later reinstated under league rules. The Associated Press first reported the suspension in a story published on the NFL’s official website.

Featured image: Defense Visual Information Distribution Service

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France’s National Gambling Authority (ANJ) has ordered French internet service providers to block access to the Polymarket website, saying the platform promotes gambling services that are not authorized to operate in the country.

The order was issued on Thursday (July 16) after the ANJ concluded the platform was still reaching users in France despite earlier enforcement efforts intended to restrict access.

According to the regulator, it has been monitoring services provided by ADVENTURE ONE QSS INC. through the Polymarket website since November 2024. Officials said the company’s offerings may qualify as unauthorized gambling under French law.

After receiving an initial formal notice from the ANJ, the company introduced geoblocking intended to stop financial transactions linked to its gaming services from French territory. The regulator said those measures proved ineffective in practice because French users were still able to reach the platform.

France joins widening enforcement against Polymarket

In February 2026, the ANJ again stated that prediction market websites are not authorized in France and should be regarded as illegal gambling sites. The authority said the platforms share addictive characteristics with regulated gambling products but do not provide the consumer protections required in the licensed market, urging users to remain cautious.

The regulator also raised concerns about the integrity of certain betting markets available on the platform. It said some weather-related bets appeared to have been manipulated after weather sensors may have been hacked. A criminal investigation was opened on May 4, 2026, by the cybercrime unit of the Paris Public Prosecutor’s Office before being assigned to the Office for Combating Cybercrime (OFAC).

The investigation also highlighted the lack of user identification on versions of Polymarket available to French and European users. According to the ANJ, the platform does not have Know Your Customer (KYC) procedures to verify user identities.

French regulators said Polymarket’s audience has grown steadily over the past two years. During June alone, the website recorded 578,751 visits and 205,057 unique visitors. Officials said the homepage, which displays live betting odds across numerous events, acts as a major promotional channel for gambling services that are not licensed in France.

The ANJ noted that promoting unauthorized betting or gambling websites is a criminal offense under French law. Publishing odds or payout ratios to advertise unlicensed online gambling services can carry fines of up to €100,000 ($114,293).

The authority said it has regularly exercised its website-blocking powers since receiving them and blocked 1,290 URLs during 2025. It added that it will continue monitoring any changes introduced by ADVENTURE ONE QSS INC., including whether the company adopts identity and location verification measures robust enough to stop users in France from accessing the service.

France’s action comes as regulators around the world increase scrutiny of prediction market platforms. In October 2025, Romania’s National Gambling Office (ONJN) added Polymarket to its blacklist after determining the platform was conducting gambling activities without a local license. Romanian officials argued Polymarket functions as a “counterparty bet,” with users wagering against one another while the platform earns commissions, and instructed internet providers to block domestic access.

Pressure expanded further in May 2026 when Indonesia blocked Polymarket after concluding that the platform operates as online gambling under national law. Indonesian authorities said prediction markets allowing users to stake money on uncertain future events fall within the country’s gambling restrictions regardless of whether they use cryptocurrencies or blockchain technology. Officials also began targeting social media promotion of the platform and warned that similar services could face future enforcement.

Featured image: Polymarket / Canva

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The volume of market data available to retail traders has never been higher. Their decision-making accuracy? It hasn’t necessarily improved with it.

In the mid-1970s, a professional trader’s day started with a newspaper, a phone, and a price sheet. The information was limited. The decisions were sharp.

Today, the same trader opens a session to live news feeds, social media alerts, AI-generated summaries, economic calendars, analyst commentary, and four screens refreshing simultaneously. The information is endless, and for a significant portion of the trading community, decision-making has gotten worse.

The cost of too much

Researchers at the Federal Reserve and the Milenio MIPP Institute studied the relationship between information volume and investor performance, building an information overload index using data from the New York Times stretching back to 1885. The findings were direct: higher information overload is associated with lower trading volume and deteriorating decision accuracy. The more investors are bombarded, the less efficiently they process what actually matters.

A separate study on cognitive load and financial markets found that a one-standard-deviation increase in information complexity reduces the speed at which traders incorporate new data by 18%, while the duration of mispricing increases by 23%. The researchers identified three mechanisms behind this: selective attention failure, processing errors, and what they called strategic complexity.

In plain terms, more information does not produce better decisions. At a certain point, it produces slower ones, or none at all.

How the attention economy entered the trading room

Herbert Simon, economist and Nobel laureate, once wrote that “a wealth of information creates a poverty of attention.” He wrote that before the internet existed, and the observation has aged into something close to prophecy.

The trading environment in 2026 is embedded in the attention economy, with platforms competing for traders’ eyes. Social media algorithms surface the loudest signals, not the most useful ones. AI commentary tools generate summaries of summaries, adding another layer of interpreted noise on top of already noisy data. Real-time news aggregators fire alerts every few minutes, each framed as urgent.

The volume of signals has increased sharply. The quality of each signal has not kept pace. A trader now needs to distinguish between information that’s genuinely useful to their strategy and information that’s simply available. That’s a cognitive task on top of every other cognitive task that the trading session already demands.

Attention economics confirms that human cognitive capacity has a ceiling. When input exceeds that ceiling, accuracy declines, confidence erodes, and response times slow. All three of those outcomes are expensive inside a trading session.

The execution problem nobody talks about

Information overload does not show up on a trade log as “cognitive failure.” It shows up as a missed entry, an early exit, or a position held too long because three conflicting analysts said three different things and none felt conclusively wrong.

The decision-making process for beginners processing 12 or more indicators at once slows down by 3–8 seconds per trade. That window, brief as it sounds, is where conviction dissolves. A trader who had a clear strategy at 09:00 begins second-guessing it by 10:00, not because the market changed but because the commentary did.

Reactive trading is the most direct product of this dynamic. Instead of acting on a prepared strategy, the trader acts on the latest input. A headline moves them out of a position they planned to hold, or a social media post makes them doubt a setup they had spent two days researching. The trade they execute is not the trade they planned. The result is performance that does not reflect the trader’s actual analytical ability, because the analytical work gets overridden at the moment of execution.

This is the execution cost of cognitive overload. It sits between a trader’s strategy and their P&L, invisible and unmeasured, eroding returns that should have been captured.

What separates the traders who perform

The distinction between traders who manage information and those who are managed by it is not determined by talent but by their process.

The traders who perform consistently in high-noise environments tend to share a specific approach. They define their signals before the session opens, not during it. They decide in advance which data points are relevant to their strategy and which are not. They do not update that list mid-session unless the market structure itself has changed, not because a pundit changed their view on X.

Experts in high-stakes, time-compressed decision environments reduce cognitive load through pattern recognition and not information accumulation. The most experienced traders have narrowed their inputs to the ones on which their edge depends, and they have trained themselves to ignore the rest.

This is less about disconnecting from markets and more about having a defined process for what affects the decision. A trader with two reliable signals and the discipline to act on them will outperform a trader with twenty signals and the hesitation that comes with them.

The platform is one piece of a larger picture

Execution quality and platform stability can’t be seen as secondary concerns. When a trader has filtered the noise and is ready to act, slippage, latency, or a requote adds friction at the worst possible moment. 

A strong trading environment cannot create conviction for the trader, but it can reduce unnecessary friction once that conviction exists. That distinction matters in high-noise markets, where the space between decision and execution is already crowded with doubt, alerts, commentary, and fast-moving price action.

For CFD traders facing this environment, Exness could prove invaluable. The broker reports the most precise execution in the market,¹ alongside over three times less slippage,² resulting in precise execution during high-impact news.³ For CFD traders trying to act on a prepared strategy rather than reacting to noise, execution quality matters because even a clear decision can be weakened if the final fill does not reflect the conditions the trader intended to trade.

Spreads are part of the same equation. Exness has recorded the lowest spreads in the market across 28 major and minor forex pairs,⁴ giving active CFD traders a more stable cost environment when filtering signals across currencies. This does not replace analysis, but it reduces one more source of uncertainty between the plan and the trade.

Exness Terminal also supports discipline. When CFD traders are already surrounded by too much information, the last thing they need is a fragmented workspace. To counter this, Exness Terminal brings charting, trading, position management, and account controls into one web and mobile environment, with features such as multi-chart layouts, one-click trading, and built-in risk management tools. The value is not more information for its own sake but rather clearer context and fewer steps between analysis, decision, and execution.

Risk controls also matter when markets move faster than a trader can process. Exness’ 0% stop out level allows positions to remain open until stop out at 0% margin, while Negative Balance Protection helps ensure CFD traders do not lose more than their account balance.^{4 5} These protections do not remove trading risk or fix poor decisions; they help define the environment in which risk is managed.

Operational reliability is also part of that environment. At Exness, over 98% of withdrawal requests are processed automatically,⁶ although processing times may vary depending on the chosen payment method.⁶ For CFD traders, access to funds and reduced operational friction matter because the trading experience does not end when a position closes.

But even a technically superior platform cannot fix a decision that was never made clearly. The broker handles execution. The trader handles conviction, and in 2026, conviction requires managing the information environment as actively as managing the position itself.

The edge that comes from less

There’s a counterintuitive argument worth considering. In an era where every data point is accessible and every opinion is broadcast in real time, the ability to consume less deliberately has become a measurable advantage.

The traders who will perform consistently going forward are the most focused, and not the most informed. Information discipline, the deliberate narrowing of inputs to what is signal and the conscious rejection of what is noise, is a skill. It’s trainable, and in 2026, it’s arguably more valuable than any individual strategy. A good strategy poorly executed under cognitive pressure produces the same result as a bad strategy.

The attention economy wants more consumption. Better performance, for most traders, requires less of it.

¹ Most precise execution claims refer to average slippage rates on pending orders based on data collected between September 2024 and July 2025 for XAUUSD, USOIL, and BTC CFDs on the Exness Standard account vs similar accounts offered by four other brokers. Delays and slippage may occur. No guarantee of execution speed or precision is provided.

² 3x less slippage claims refer to average slippage rates on pending orders based on data collected between September 2024 and July 2025 for XAUUSD, USOIL, and BTC CFDs on Exness Standard account vs similar accounts offered by four other brokers. Delays and slippage may occur. No guarantee of execution speed or precision is provided.

³ Exness Pro has the lowest median spreads out of 16 brokers across 28 FX majors and minors, in the week of 5-10 April 2026, comparing tightest spread-only accounts across brokers.

⁴ Exness allows positions to remain open until stop out at 0% margin level. Once 0% margin level is reached, the position is closed regardless of whether the trader has decided to close it.

⁵ Trading is risky. T&Cs apply.

⁶ At Exness, over 98% of withdrawals are processed automatically. Processing times may vary depending on the chosen payment method.

⁷ Spreads may fluctuate and widen due to factors including market volatility and liquidity, news releases, economic events, when markets open or close, and the type of instruments being traded.

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Two British members of the Scattered Spider cybercrime collective who helped carry out the 2024 cyberattack on Transport for London have been sentenced to five-and-a-half years in prison, bringing to a close what the UK’s National Crime Agency described as the country’s biggest cybercrime prosecution to reach the courts.

While the Transport for London (TfL) breach was the focus of the prosecution, the case also provides one of the clearest public links yet between individuals convicted in the UK and the cybercrime group responsible for some of the most disruptive ransomware incidents in recent years, including the attacks on MGM Resorts International and Caesars Entertainment in Las Vegas.

Thalha Jubair, 20, and Owen Flowers, 18, pleaded guilty last month before being sentenced at Woolwich Crown Court on Thursday. Prosecutors said the pair infiltrated TfL’s systems between Aug. 31 and Sept. 3, 2024, forcing the transport operator to reset passwords for roughly 28,000 employees, disrupting multiple customer services and leaving the organization with about £29 million in recovery costs.

Authorities said the hackers gained extensive administrative access after using social engineering techniques to compromise employee credentials. Investigators recovered recordings, screenshots, chat logs and other digital evidence tying the pair to the intrusion.

The NCA described the defendants as members of Scattered Spider and said the Transport for London investigation was “lengthy, highly complex and painstaking.”

“The perseverance and meticulousness of our officers, and the work of our partner organisations, meant that Jubair and Flowers had no option other than to plead guilty and take responsibility for their offending,” said Paul Foster, deputy director and head of the NCA’s National Cyber Crime Unit.

“The profile of offenders like Flowers and Jubair demonstrates the increasing threat from cyber criminals based in the UK and other English-speaking countries, epitomised by Scattered Spider.”

Foster added: “This is why we work closely with partners at home and abroad to identify offenders within these networks and bring them to justice.”

TfL case exposes Scattered Spider network attack against MGM and Caesars

The case is thought to be significant beyond the TfL attack because both men were identified by the National Crime Agency as members of Scattered Spider, a loose network of primarily English-speaking hackers known for targeting major corporations through help desk impersonation, SIM-swapping and other social engineering tactics.

The same group attracted worldwide attention in September 2023 after breaching MGM Resorts International, triggering widespread outages that disabled hotel room keys, slot machines, payment systems and other operations across its casino properties. Caesars Entertainment was also compromised during the same campaign after attackers allegedly stole customer data. Those incidents established Scattered Spider as one of the most capable financially motivated cybercrime groups operating against large enterprises.

Security researchers say Scattered Spider is not a traditional organized gang but a loose collection of hackers connected through an underground online ecosystem known as “The Com.” 

According to KrebsOnSecurity, members collaborate across Telegram and Discord communities, sharing techniques, recruiting accomplices and coordinating attacks. The publication also reported that some participants in those communities have been linked to online “harm groups” involved in stalking, harassment, sextortion, doxing and coercing vulnerable victims into self-harm.

The outlet also states that the guilty pleas represented the first time key members of the group publicly admitted responsibility in a major criminal case. The report noted that Flowers separately admitted participating in conspiracies targeting U.S. healthcare providers SSM Health and Sutter Health.

Although prosecutors focused on the TfL intrusion, investigators have described the case as evidence of the growing threat posed by young, English-speaking cybercriminals operating from the UK. 

The National Crime Agency said the prosecution demonstrates its wider effort to identify and dismantle members of Scattered Spider working alongside international law enforcement partners, such as the FBI. The sentencing also comes as authorities and security researchers continue investigating the wider ecosystem surrounding the group, including links to cybercrime, SIM-swapping and online harassment communities that have helped fuel some of the most high-profile attacks against major companies in recent years.

Featured image: National Crime Agency

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