The Ohio Casino Control Commission has issued a letter warning sportsbooks about offering prediction markets.
With Ohio boasting one of the biggest legal sports betting markets in the US, sportsbook operators have now been warned by the Ohio Casino Control Commission about working with or incorporating prediction markets into their services. Dated to August 25 and seen by The Closing Line, the letter highlighted that any prediction market requires a proper license and vetting to operate within the state.
“Any business relationship between an Ohio sports gaming licensee (including its related entities or those under common ownership) with any entit(ies) offering or facilitating the offering of unlicensed sports gaming in Ohio calls into question the reputation of the licensee and the integrity of sports gaming in Ohio.” – Ohio Casino Control Commission
However, the letter left it unclear whether getting a second license would be required for prediction markets, or whether operators with an existing license could look into prediction markets under that same one.
This could even affect operators who are using prediction markets in other states, with the letter stating that restricting the use of such markets to residents of Ohio “may not alleviate the suitability concern,” depending on the circumstances.
“Any business relationship between an Ohio sports gaming licensee (including its related entities or those under common ownership) with any entit(ies) offering or facilitating the offering of unlicensed sports gaming in Ohio calls into question the reputation of the licensee and the integrity of sports gaming in Ohio,” the letter, signed by Matthew Schuler, the OCCC’s executive director, stated.
This comes as Ohio Governor Mike DeWine called on the Casino Control Commission to ban prop bets, asking that they be taken off the list of wagers operators are legally allowed to offer.
The ever-growing world of prediction markets
This comes after one of the biggest prediction markets, Kalshi, recently forayed into sports betting earlier this month. Another sports betting giant, FanDuel, has also shown interest in getting into the world of prediction markets, with rumors about a potential partnership between it and Kalshi circulating.
Indeed, the competition around prediction markets has been heating up in recent months. If the Ohio Casino Control Commission takes a stronger stance on the issue, with the power of its large sports betting audience, it could represent a major obstacle for the growing sector to overcome.
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The post Ohio Casino Control Commission warns sportsbooks about offering prediction markets appeared first on ReadWrite.
This articles is written by : Fady Askharoun Samy Askharoun
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