The Big Deal

How to play The Big Deal

On 16 June, a coalition of gaming lobby groups, state associations and labour unions sent a letter to the Senate urging lawmakers to include language in the bill banning sports and casino-related contracts. Among the signatories were the American Gaming Association, the Indian Gaming Association, the Association of Gaming Equipment Manufacturers and the UNITE HERE unions.

“Litigation may eventually clarify the law, but this is ultimately a question of congressional intent. Congress should not wait while this nationwide expansion of gambling continues,” the letter said. “It should use crypto legislation to reaffirm a simple principle: sports betting falls outside the CFTC’s remit and cannot be offered through prediction market platforms.”

Following the vote, IGA Chairman David Bean said in a statement that the Senate “did the right thing” by not advancing the bill. The Clarity Act “could have expanded CFTC commodities authority” without clear protections, Bean said, but he cautioned that “it is not the end of this fight”.

How to play The Big Deal

The way customers used the offering was equally instructive. Bets outside the match-winner market accounted for 63% of pre-match turnover, compared with 57% in 2022, reinforcing the importance of depth beyond traditional markets.

Post-World Cup, Kambi is now working to offer more shots-on-target options before matches and additional automated intervals in-play, creating further betting opportunities as games unfold.

“Giving bettors more ways to personalise their wagers around the players and moments they care about was a big takeaway from the tournament and one which continues to inform Kambi’s development of cutting-edge sports betting products,” Lamb says.

What is The Big Deal?

The distinction matters for crypto businesses. The filing shows regulatory work is moving forward, but exchanges and other market participants cannot yet consider it a set of rules they must adhere to. 

The CFTC’s move also comes as other US regulators continue to craft their own crypto policies. The agency and the Securities and Exchange Commission (SEC) jointly issued an interpretation in March on how certain crypto assets would be treated under federal securities laws. 

A lot of bigger questions remain without the CLARITY Act. The bill aimed to establish a federal framework for digital commodities and delineate the roles of the SEC and the CFTC.