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On Wednesday, New Jersey Attorney General Jennifer Davenport announced that her office had filed a petition for writ of certiorari following an appeals court verdict from earlier this year that went in favour of prediction markets. That 2-1 verdict from the Third Circuit Court of Appeals was handed down in April, and New Jersey had until Thursday to petition the high court.
The petition poses the question of whether the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 in the aftermath of the Great Recession, “preempted states from regulating sports bets that occur within their jurisdictions if those bets are offered on markets registered with the Commodity Futures Trading Commission”. Prediction markets have argued that their event contracts are financial derivatives regulated by the CFTC whereas many states contend that they are simply sports bets by another name.
There is no guarantee the Supreme Court will hear the case but a separate appeals court ruling from 28 August bolsters its chances. In that case, a three-judge panel from the Ninth Circuit ruled unanimously in favour of the state of Nevada, creating a circuit court split, which is a hallmark of many Supreme Court cases.
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Entain stressed the importance of its retail networks in providing local employment and community engagement.
It noted the role of machine gaming revenue in sustaining shops outside of race days, which in turn supports local economic activity, including around £50 million annually devoted to British horse racing.
Entain warned that a sharp rise in MGD could prompt customers to migrate out of the regulated market, estimating that up to £1 billion in gambling stakes could shift to the black market.
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As work on Game in a Box progressed, Yggdrasil began to see an opportunity extending beyond its own production process.
Historically, building a game studio meant putting all the necessary components in place – from developers and mathematicians to QA and compliance, as well as the underlying systems and integrations. Alternatively, a business looking to enter the market could acquire an existing studio.
Both routes require significant investment. However, as Curwen, adds: “There are plenty of people in this industry with great ideas, brands, audiences or distribution who don’t want to build an entire slot studio from scratch.”
