#Sportsbetting & gaming lawyer. Co-Founder @UNHLaw sports wagering. Teach @MiamiLawSchool. Contributor @Forbes. Co-Founder @Condetrimental #sportslaw podcast.
Hallandale Beach, Florida
Joined November 2024
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Major-Questions Doctrine Could Shift Focus Back To Sports Gambling In Prediction Market Cases
My latest for Forbes.
forbes.com/sites/danielwalla…
For someone who has so carefully calibrated her reemergence, partnering with an offshore sportsbook while trying to rebuild NFL ties is a curious choice. The league has made its hostility to unregulated sports gambling abundantly clear. See league’s stance on prediction markets.
Dianna Russini appears set to debut new weekly show with BetUS in return to NFL media awfulannouncing.com/nfl/dian…
The CFTC is reinterpreting its impartial-access rule mid-litigation, seemingly to bolster its federal preemption arguments after appellate setbacks.
Can regulatory guidance accomplish what the CFTC failed to achieve in court?
My 14-part thread on why this may be all for show.🧵
1/ ALL FOR SHOW.
The CFTC’s latest impartial-access interpretation looks like another attempt to bolster Kalshi’s faltering impossibility/conflict-preemption argument. Coming after adverse CA6/CA9 rulings (📸), a tribal injunction, and the midterms, the timing is telling.
13/ Last year, the CFTC advised DCMs and other registrants to prepare for state enforcement and litigation through risk management and contingency plans.
Now it questions geographic restrictions adopted in response to those risks.
What changed, besides its litigation strategy?
One tribe. Five years ago. A fundamentally different proposal excluding retail traders and limiting trading to commercial hedgers and market makers. Quite a stretch to equate that with today’s mass-market sports prediction platforms. Context matters. Is that all you’ve got?
Give this some thought, @WALLACHLEGAL and @VictorRocha1: In 2021, the Seneca Gaming Corporation argued—in support of proposed NFL event contracts by the management team that now runs @RotheraMarkets—that “[t]hese contracts are not bets or wagers by any measure,” rather they would allow sportsbooks to hedge their risk. If true then, why not true now? Sounds familiar, eh @mansourtarek_?
So the supposed contradiction rests on one tribe’s support for a withdrawn, sportsbook-hedging proposal five years ago. No retail traders. No props or parlays. A different market structure. Treating that as an endorsement of today’s platforms is a serious reach.
🚨 BREAKING: NY state judge orders Kalshi to show cause why it should not be compelled to comply with AG Letitia James’s investigative subpoena targeting influencer promotions, alleged fake winning trades, and Kalshi’s market-making practices.
Hearing set for Dec. 17.
Kalshi is also seeking federal protection against the NY AG’s subpoenas.
But with a state judge now setting a hearing on enforcement, Judge Broderick may have added reason to resolve the pending remand motion—potentially bringing Kalshi closer to being geofenced in NY.