Category: News

New York just fired a warning shot at the sports-betting industry. State regulators are ready to wipe out popular player prop bets and same-game parlays if they keep threatening the honesty of games.

The New York State Gaming Commission sent a blunt letter to every major sports league on Wednesday. The message: clean up these high-risk wagers or we will do it for you.

Player prop bets and same-game parlays now sit at the center of multiple scandals. The most public case involves Toronto Raptors backup Jontay Porter, who received a lifetime ban from the NBA in April after the league found he shared confidential information with bettors and deliberately limited his own playing time to cash bets.

That case alone triggered alarms. Gambling revenue in New York exploded past $2 billion in tax money since legal mobile betting launched in January 2022, yet regulators now fear the fastest-growing bet types also create the easiest path for corruption.

The commission pointed to “recent allegations, investigations and prosecutions” as the main reason for the sudden review. Officials worry that bets on single players in single games give athletes, coaches, or even trainers too much power to influence outcomes for profit.

What Bets Are on the Chopping Block

The state singled out two specific wager types:

• Game-specific individual player props (example: Will Aaron Judge hit a home run tonight?)
• Same-game multi-leg player parlays that combine several player props from one contest

These bets differ from traditional point spreads or over/under totals on team performance. A single player can control or fake an injury to hit or miss a prop threshold without hurting the final score much. That makes them perfect tools for anyone looking to fix part of a game quietly.

Regulators gave leagues until early next week to send formal requests for restrictions. If leagues stay quiet, New York says it will act alone and ban whatever it deems dangerous.

Leagues React Fast and Loud

The NBA, NFL, NCAA, MLB, NHL, and Major League Soccer all confirmed they received the letter. Several already support limits.

The NFL and NCAA have pushed for nationwide prop-bet bans on college athletes for years. Now even pro leagues appear ready to sacrifice some betting options to avoid more black eyes.

An NBA spokesperson told reporters the league “continues to work closely with regulators and operators to protect the integrity of our games.” Behind the scenes, sources say most leagues welcome the move because it shifts blame away from them if fans lose popular bets.

How This Hits Your Wallet and Phone

New York leads the country in sports-betting tax revenue. Last fiscal year alone, the state collected more than $860 million. Player props and same-game parlays drive a huge slice of that money.

FanDuel and DraftKings both list dozens of player props for every primetime game. Same-game parlays often carry the highest margins for the books and the biggest payouts that keep casual bettors hooked.

If New York pulls the plug, expect a sharp drop in handle, the total money wagered, and in tax dollars. Operators may shift promotions to safer team bets or rush to offer new products that stay inside the rules.

Regular fans will notice the change fast. No more easy $5 bet on your favorite pitcher to record over 6.5 strikeouts. No more 10-leg same-game parlay that turns twenty bucks into twenty thousand.

What Happens Next and When

The Gaming Commission set an aggressive timeline. Leagues must reply soon. Regulators plan to finish their review in weeks, not months.

Any ban would start in New York only, but the state matters so much that other big markets like New Jersey and Pennsylvania often follow its lead. A New York prohibition could spark a domino effect across the country.

Operators already brace for impact. Shares of DraftKings dipped more than 3 percent after the letter became public Wednesday afternoon.

The state made one thing crystal clear: protect the games first, worry about the money second.

This moment feels bigger than one state or one bet type. After years of explosive growth, sports betting faces its first real rollback. Fans love the action, leagues love the exposure, and states love the cash, but nobody loves another gambling scandal that drags athletes into court.

New York just drew a line in the sand. Players, leagues, and betting companies now have to decide which side they stand on before regulators decide for them.

Mike DeWine now says signing the 2021 gambling bill is the one decision he wishes he could take back, warning of addiction, aggressive ads, and threats to sport integrity.

Cleveland, Ohio — Governor Mike DeWine dropped a bombshell Wednesday, telling the cleveland.com editorial board that legalizing sports betting ranks as the single biggest mistake of his seven years in office.

The Republican governor, who signed the bill in December 2021, pointed to exploding addiction rates among young men, nonstop advertising, and growing fears that gambling money could corrupt professional and college games.

What DeWine Actually Said

“People always ask me what mistakes I made,” DeWine told editors. “I’ll lead with signing the bill for sports gaming. That’s the biggest mistake I made.”

He called the volume of betting “staggering” and the advertising “relentless.” Ohioans wagered $7.7 billion in 2023 and nearly $8.9 billion in 2024, numbers the governor said shock him every time he sees them.

“It’s a huge problem among young males up to age 45,” DeWine said. “We have many of them addicted, many spending money they simply do not have.”

The Numbers Behind the Regret

Ohio’s sports betting rollout on January 1, 2023, was one of the fastest and largest in U.S. history.

Here are the official handle figures from the Ohio Casino Control Commission:

• 2023: $7.73 billion wagered
• 2024: $8.87 billion wagered (through December)
• First 24 months total: more than $16.6 billion

Tax revenue looks impressive on paper — roughly $1 billion for the state — but DeWine now says the human cost far outweighs the dollars.

National studies back up his worry. The National Council on Problem Gambling says about 1 in 5 young adult males now show signs of gambling disorder, double the rate before widespread legalization.

In Ohio, calls to the state’s gambling helpline jumped 260% in the first year of legal betting.

Advertising That Never Stops

Walk into any gas station or scroll any app in Ohio and the ads hit you immediately: “Bet $5, get $200 in bonus bets,” “Risk-free first bet up to $1,000.”

DeWine called the marketing “in your face, 24/7.” Industry data shows Ohio gambling companies spent more than $1.2 billion on advertising and promotions in the first two years — more per capita than almost any other state.

Integrity Risks Hit Close to Home

The governor also raised alarms about game integrity. “When you have this much money flowing, the temptation for point-shaving or worse becomes real,” he warned.

Ohio is home to the Bengals, Browns, Reds, Guardians, Cavaliers, Blue Jackets, and major college programs. The NFL, NBA, and NCAA have all reported spikes in suspicious betting alerts since 2022.

Just last year, the University of Dayton expelled several athletes linked to improper betting activity, and Toledo faced NCAA scrutiny over similar issues.

Where Ohio Goes From Here

DeWine stopped short of calling for a full repeal — he admitted that ship has sailed — but he wants major changes:

• Slash the number of advertising minutes during games
• Ban credit-card wagering
• Raise the minimum age from 21 to 25
• Force betting apps to share data with the state to spot problem gamblers faster

Lawmakers in Columbus say new restrictions will be introduced when the General Assembly returns in February.

The governor ended his remarks on a somber note. “We opened the door thinking we could control it. We were wrong. And families are paying the price every single day.”

Evoke plc shocked markets Tuesday by slashing its 2025 profit outlook and refusing to give 2026 guidance while a strategic review that could end in a full sale hangs over the company. Shares in the William Hill and 888 owner plunged as much as 12% in London trading, wiping out hundreds of millions in market value in hours.

The British gambling giant now expects full-year 2025 revenue of about £1.79 billion, up just 2% from 2024 but well below the £1.84 billion analysts had penciled in. Adjusted EBITDA will land between £355 million and £360 million, a solid 14% jump year-on-year yet short of the £362 million-plus the company itself promised just months ago.

What Triggered the Sudden Drop

Investors ran for the exits after Evoke blamed tougher-than-expected trading in the fourth quarter. Revenue slid 3% to roughly £464 million in the final three months of 2025.

The company pointed to brutal sports-book margins. Last year, big punter wins on football and horse racing hammered bookies across the industry. This year, results swung the other way, handing customers hefty payouts and squeezing operator profits. Evoke called it a “normalized” sporting calendar, but the damage was already done.

The bigger cloud remains the looming rise in UK gambling taxes and ongoing regulatory pressure that continues to eat into margins across the sector.

Strategic Review Keeps Everyone Guessing

Evoke launched a formal strategic review last year and now says it is “considering all options,” including a potential sale of the entire company or individual brands.

Chief executive Per Widerström, who took the helm in late 2023, has spent the past two years trying to turn around the business after the £2.2 billion purchase of William Hill’s non-US assets from Caesars Entertainment. The deal loaded the balance sheet with debt just as Britain tightened gambling rules and affordability checks kicked in.

No one knows if a white knight buyer will step up or whether Evoke will break itself up to maximize value. That uncertainty froze investors Tuesday.

How the Numbers Stack Up

The EBITDA miss, though small in percentage terms, signals that cost cuts and efficiency drives are not keeping pace with regulatory headwinds.

Broader Pain Across UK Gambling Stocks

Evoke is not alone. Entain, Flutter, and Rank Group have all warned on profits in recent months as the industry digests higher taxes, stricter advertising rules, and new stake limits on online slots.

Britain’s remote gaming duty stays at 21% for now, but operators already pay a new statutory levy to fund research and treatment, and many fear further hikes in future budgets. Add in the cost of safer-gambling tools and affordability checks, and profit pools are shrinking fast.

For Evoke, the William Hill retail estate, once seen as a crown jewel, has become a drag as footfall shifts online and shop closures accelerate.

What Happens Next for Investors and Punters

Until the strategic review concludes, probably sometime in the first half of 2026, Evoke shares look likely to stay volatile. Some analysts believe a break-up could unlock value, with the US joint venture with Sports Illustrated and the core online brands potentially worth more apart than together.

Others worry that without a quick sale, Evoke will keep burning cash on debt interest and regulatory compliance while competitors with cleaner balance sheets pull ahead.

One thing is clear: the glory days of sky-high margins in British online gambling are over. Companies like Evoke now face a tougher, more expensive world where every pound won from customers costs more to win and keep.

The sharp sell-off Tuesday shows investors have little patience left for surprises. After years of promises, they want action, and they want it fast.

Chicago’s push to legalize video gambling terminals in bars and restaurants hangs in the balance, even after the City Council gave it the green light last month. Mayor Brandon Johnson and key aldermen now say more talks are needed, sparking fresh drama in the city’s 2026 budget saga. What changes could reshape this plan, and how might it affect everyday Chicagoans?

The City Council voted 29-19 in late December to pass a revenue plan that included legalizing video gambling terminals, or VGTs, to help plug budget holes without the mayor’s proposed head tax. This move came after tense standoffs that nearly shut down city government. Officials called the budget a “living document,” hinting at room for tweaks.

Johnson’s team sees the VGT plan as unfinished business. Top adviser Jason Lee stressed it needs “more time and some judicious collaboration.” The approval marked a rare defeat for the mayor, who had pushed for other revenue ideas like taxing high-earner jobs. Now, these talks are the first big effort to alter the budget passed over his objections.

Aldermen who backed the plan argue VGTs could bring in millions for the city. Estimates from city finance experts suggest up to $35 million in annual revenue from taxes on the machines. But critics worry about the social costs, pointing to a 2019 Illinois gambling expansion that led to more addiction cases.

One short fact stands out. Since Illinois allowed broader gambling, mental health providers have reported a spike in people seeking help for betting problems, according to a recent Axios report.

Key Players Push for Changes

Mayor Johnson has signaled he’s open to adjustments but wants protections in place. His administration fears unchecked VGTs could hurt neighborhoods already struggling with crime and poverty. Aldermen like those from wards hit hard by economic woes see the machines as a quick cash boost for local spots.

Negotiations focus on details like where VGTs can go and how many per location. Some council members want limits to avoid oversaturation in low-income areas. Bally’s, the company building Chicago’s new casino, has loudly opposed the plan, warning it could cut their revenue and jobs.

In a letter last month, Bally’s leaders claimed VGTs might siphon off casino visitors, threatening the $1.7 billion project set for River West. That casino, delayed beyond its 2026 deadline, already faces funding woes.

Talks involve balancing revenue needs with community concerns. Johnson aide Lee noted the process requires input from all sides to get it right.

• Revenue Potential: City projections show VGT taxes could generate $20-35 million yearly, based on models from other Illinois towns.
• Addiction Risks: State data from 2024 indicates a 15% rise in gambling helpline calls since expansions began.
• Job Impacts: Bally’s estimates up to 500 casino jobs at risk if VGTs draw away gamblers.

These points highlight the trade-offs at play.

Broader Effects on Chicago’s Economy

Legalizing VGTs could change the city’s bar and restaurant scene, giving small businesses a new income stream. Owners in suburbs with VGTs report boosts in foot traffic and sales. But in Chicago, where gambling has been limited, this shift raises questions about fairness.

Experts from the Illinois Gaming Board point to data showing VGTs in other areas added $800 million to state coffers in 2024 alone. For Chicago, it might mean funding for schools or roads without raising property taxes, which hit a record high last year.

Yet, the plan ties into bigger fights, like Illinois lawmakers’ efforts to block Chicago’s new sports betting tax. Set to start January 1, 2026, that 10.25% levy aims to raise funds but faces state pushback. Lawmakers in Springfield introduced bills to stop cities from adding such taxes, calling it a power grab.

One key study from Gambling Insider in early 2026 analyzed similar expansions. It found that while revenue grows, communities often see more problem gambling, with treatment costs rising 20% in affected areas.

This uncertainty affects everyday people. Bar owners hope for extra cash to survive rising costs, while residents worry about addiction hitting families hard.

Challenges from State and Local Pressures

State-level drama adds layers to Chicago’s VGT push. Illinois expanded gambling in 2019, allowing VGTs outside the city, but Chicago held off due to past scandals. Now, with budget shortfalls topping $1 billion, leaders see it as a fix.

Johnson’s team wants safeguards, like banning machines near schools or churches. Aldermen counter that delays could mean lost revenue amid economic strains.

A 2025 report from the Civic Federation, a watchdog group, urged careful rollout to avoid pitfalls seen elsewhere. It cited examples where quick expansions led to regulatory messes.

Public sentiment is mixed. Some residents cheer the idea for funding city services, while others fear it preys on vulnerable groups.

These negotiations test Johnson’s leadership in his first term. With the budget passed against his wishes, any changes could set precedents for future council-mayor relations.

One thing is clear. The talks aim to refine the plan before implementation, possibly by spring 2026.

Chicago’s video gambling saga shows how tough choices in tough times can divide leaders and communities. As negotiations drag on, the city balances quick cash against long-term risks, leaving many to wonder if VGTs will truly help or just create new problems.