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Looking at this week’s stories, the dominant theme is clear: prediction markets are under siege from all angles, with criminal charges, new legislation, and state-level battles all landing in the same week. Meanwhile, the UK’s gambling debt crisis reached record levels, and the numbers are hard to ignore.
This week in the online gambling industry:
- Arizona files 20 criminal counts against Kalshi, the first criminal case targeting a prediction market.
- Congress introduces the BETS OFF Act to ban wagering on government and military decisions.
- UK gambling debt support demand more than doubled in 2025.
- Portugal’s online gambling market closes 2025 at peak quarterly revenue.
- 23 Broadway raises $3M to launch an AI-powered user acquisition platform.
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Here’s the full rundown:
Regulatory & Legal Updates
Lawmakers Introduce Bill to Ban Betting on Government and Military Decisions, Gambling Insider
Senator Chris Murphy (D-CT) and Representative Greg Casar (D-TX) introduced the BETS OFF Act this week, targeting prediction market contracts tied to government decisions, military actions, terrorism, and assassination.
The bill follows reports of unusually timed bets placed on Polymarket in the hours before US military strikes in Iran, with some accounts cashing out hundreds of thousands of dollars on the same day they were created.
Arizona Attorney General Files 20 Criminal Counts Against Kalshi, iGB
Arizona Attorney General Kris Mayes has filed 20 criminal counts against Kalshi, accusing the company of operating an illegal gambling enterprise. The charges allege Kalshi unlawfully accepted bets on political contests, college sports, and individual player performances in violation of state law.
This marks the first criminal case targeting a prediction market at the state level. A federal judge declined Kalshi’s request to halt the proceedings and ordered the company to justify why the case should not proceed exclusively in state court, a ruling that could influence how similar enforcement battles play out nationally.
Wisconsin Legislature Sends Statewide Mobile Sports Betting Bill to Governor for Final Decision, Yogonet
Wisconsin’s Senate passed Assembly Bill 601 by a 21-12 vote, sending a statewide mobile sports betting bill to Governor Tony Evers. The bill would allow bets to be placed anywhere in the state, provided the servers processing them sit on tribal lands.
Evers has not committed to signing it, citing concerns over tribal support, and 64% of Wisconsin voters oppose the expansion according to a recent Marquette University Law School poll. Major operators DraftKings and FanDuel also opposed the bill, as its structure would keep the bulk of revenue within tribal governments and leave them largely sidelined.
Financial Performance & Business Moves
DigiPlus Earnings Slide in Q4 2025 as Rules Hit Online Play, iGaming Today
DigiPlus reported a sharp Q4 earnings drop. Revenue fell 27% year-on-year to PHP17.3 billion ($289M), while net income slid 36% to PHP2.5 billion ($42M). The trigger was a Q3 regulatory change that forced the unlinking of e-wallet access from licensed gaming sites, disrupting how players fund and access their accounts.
Despite the quarterly pain, full-year revenue still grew 12% to PHP84.2 billion ($1.4 billion), and Q4 results improved significantly from Q3 as the company adjusted operations and tightened costs.
SpinCore Group Enters Finland with Finnplay, European Gaming
SpinCore Group has partnered with Finnish iGaming platform provider Finnplay to position itself ahead of Finland’s upcoming regulated market opening. Finland is transitioning away from its state monopoly model, with licence applications expected to open in 2026 and licensed operators going live from January 2027.
The deal is one of several pre-regulatory agreements Finnplay has secured as operators race to be ready for what could become a €1.56 billion online gambling market by 2027.
Portugal Q4 2025 Online Revenue Hits New Peak, iGaming Today
Portugal’s online gambling market closed 2025 on a high, with Q4 gross revenue reaching €337.6 million, up 4.5% year-on-year and 13.6% on the prior quarter. Player registrations approached 5 million total, with those under 45 making up 77% of all accounts.
Casino games drove the growth, generating €214 million and accounting for over 63% of total revenue. Sports betting brought in €123.6 million, down roughly 10% compared to Q4 2024 despite betting volumes actually rising 7%.
Technology & Innovation in Gambling
White Hat Studios Launches All-in-One Engagement Ecosystem Amplify Suite, European Gaming
White Hat Studios has launched Amplify Suite, a unified engagement ecosystem designed specifically for regulated US iGaming markets. The suite brings together the studio’s promotional engine, including Win Spins, Super Mode, and Triggers, its progressive jackpot networks, and its full branded content portfolio under one connected framework.
The launch consolidates tools that were previously separate into a single commercial platform, giving operators more control over the full player journey from acquisition through to retention.
23 Broadway Raises $3M to Launch AI-Powered User Acquisition Financing Platform, NEXT
23 Broadway has raised $3 million in seed funding to spin out its proprietary user acquisition system as a standalone B2B product. The round was co-led by Betty and Will Ventures, with participation from 359 Capital, CEAS Investments, and Dave Bartman.
The platform centres on Atlas, a proprietary AI system that predicts the optimal cost of acquiring a customer and their long-term value, allowing operators to deploy marketing capital with greater precision. The new funding will be used to develop Atlas further and build additional AI-driven retention tools.
Responsible Gambling & Player Protection
Demand for UK Gambling Harm Support Surges as Debt Levels Climb, NEXT
GamCare’s Money Guidance Service helped 1,954 people in 2025, more than double the 923 seen the year before. Total reported debt through the service reached £7.2 million, a nearly three-fold increase, with the average person carrying £21,269 in gambling-related debt.
January 2026 alone set a monthly record with 233 referrals, close to three times the figure from January 2025. GamCare’s Money Guidance Manager Kathy Wade highlighted a troubling trend of people turning to gambling to cover essential bills amid the cost-of-living crisis, only to end up in a worse financial position as a result.
GamCare and debt provider PayPlan have jointly flagged a deepening link between gambling harm and financial distress in the UK. PayPlan reported 21,000 contacts in January 2026 alone, a 22% year-on-year rise. Direct referrals from GamCare’s treatment services to PayPlan reached 243 in 2025, up 34% from the previous year.
PayPlan’s Vulnerability lead Emma Gibbons noted that the rise in referrals reflects a growing number of people who feel overwhelmed and unsure where to turn after suffering gambling losses. Early debt advice, she said, is proving critical in helping people stabilise their finances and regain control.
- I’ve been spending a lot of time analyzing the online gambling ecosystem in India, Pini Melon on LinkedIn
- A new bill in Brazil is proposing sweeping restrictions on iGaming retention, iGB on X
- Authorities in Eswatini have launched a significant enforcement operation against illegal online gambling, iGaming Giant on LinkedIn
- Meta pulled 159M fraudulent ads in 2025 and now lists online gambling as a high-risk ad category, iGaming Times on X
Stories from iGaming Forums
- There are people winning more than they are losing, Bitcoin Forum
- Roobet refusing to pay AFCON 2025 bet, Reddit
- People complains on illegal Gambling sites in the Philippines, Bitcoin Forum
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