iGaming Weekly Recap (October 13–19, 2025): PrizePicks Returns to New York
California Governor Gavin Newsom signed legislation effectively banning sweepstakes casinos in the state. Meanwhile, Peter Jackson shared insights on Flutter and FanDuel’s dynamic growth and future prospects, including prediction markets. Nevada warns against sports event contracts, and PrizePicks announced its return to New York after a 2024 settlement.
Flutter Entertainment CEO Peter Jackson discussed the company’s strategy, focused on global scale and market dominance, aiming to be number one in the U.S. and achieve “gold medal” positions worldwide, leveraging global assets known as Flutter Edge. Jackson emphasized the massive growth potential in the international market, projected to reach nearly $300 billion by 2030, and noted that sports betting and online gaming are a “very defensive” consumer spending category, resilient to economic downturns; the company also saw improved liquidity after listing on the New York Stock Exchange.
Governor Gavin Newsom signed Assembly Bill 831 (AB 831), which effectively bans online sweepstakes casinos across the state, making California the most populous state to implement such a ban. Set to take effect January 1, the law targets the dual-currency system used by these platforms, where “sweep coins” can be redeemed for cash prizes, to close a legal loophole exploited to mimic real-money gambling.
BetMGM reported Q3 2025 financial results exceeding its own expectations, with net revenue reaching $667 million (up 23% year-over-year) and achieving a positive EBITDA of $41 million. This strong quarter was driven by the iGaming segment, contributing $454 million in net revenue (up 21%), though the online sports betting segment showed faster growth, up 36% to $202 million in revenue.
The Nevada Gaming Control Board (NGCB) issued a stern warning to its licensees, including casinos and sports betting operators, regarding involvement in prediction markets and offering Sports Event Contracts. The NGCB firmly classifies these contracts, including bets on the World Series of Poker, Esports, Oscars, and political elections, as wagers subject to Nevada regulations, not financial instruments, regardless of their legal definition elsewhere. The regulator argues that prediction firms like Kalshi operate illegally, lacking required gaming licenses or approvals for sports betting in Nevada, bypassing state taxes and licensing fees, even if the contract is traded on a CFTC-regulated exchange.
PrizePicks, a leading sports entertainment operator, obtained an interactive fantasy sports license from the New York State Gaming Commission, enabling it to relaunch its peer-to-peer (P2P) contests in the coming weeks. This successful return to the lucrative New York market follows a 2024 legal settlement and prior cessation of paid operations, requiring close collaboration with regulators to align the company’s model with the Commission’s strict 2023 fantasy sports requirements, which prohibit games mimicking proposition wagering.
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